To the Board of Directors of New Markets Advisory Limited Report on the Audit ofFinancial Results

Opinion

We have audited the annual financial results of New Markets Advisory Limited(hereinafter referred to as the 'Company") for the year ended March 31 2021 and theBalance Sheet and the Statement of Cash Flows as at and for the year ended on that dateattached herewith being submitted by the Company pursuant to the requirement ofRegulation 33 and Regulation 52 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 as amended (the 'Listing Regulations').

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial results:

i. are presented in accordance with the requirements of Regulation 33 and Regulation 52of the Listing Regulations in this regard; and

ii. give a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable accounting standards prescribed under Section 133of the Companies Act 2013 (the "Act") and other accounting principles generallyaccepted in India of net profit and other comprehensive income and other financialinformation of the Company for the year ended March 31 2021 and the balance sheet and thestatement of cash flows as at and for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act and other applicable authoritative pronouncements issuedby the Institute of Chartered Accountants of India.' Our responsibilities under thoseStandards are further described in the 'Auditor's Responsibilities for the Audit of theFinancial Results' section of our report. We are independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to our audit of the financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be key audit matters to be communicated inour report.

Other Matters

The continuous spreading of COVID -19 across India has resulted in restriction onphysical visit to the client locations and the need for carrying out alternative auditprocedures as per the Standards on Auditing prescribed by the Institute of CharteredAccountants of India (ICAI). As a result of the above the entire audit was carried outbased on remote access of the data as provided by the management of the Company. This hasbeen carried out based on the advisory on "Specific Considerations while conductingDistance Audit/ Remote Audit/ Online Audit under current Covid-19 situation" issuedby the Auditing and Assurance Standards Board of ICAI. We have been represented by themanagement of the Company that the data provided for our audit purposes is correctcomplete reliable and are directly generated by the accounting system of the Companywithout any further manual modifications.

We bring to the attention of the users that the audit of the financial statements hasbeen performed in the aforesaid conditions.

Our audit opinion is not modified in respect of the above.

Emphasis of Matter

Advance given to creditors and outstanding trade payables/ receivables which pertainsto the business of the company that was closed in FY 2018-19 are yet to be settled. Dueto the outbreak of Corona Virus (Covid 19) and lockdown on the account of the same therecoverability of the balances is yet to be determined by the management. The saidadvances are subject to confirmation.

Other Information

The Company’s management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in theCompany’s annual report but does not include the financial statements and ourauditors’ report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management’s Responsibilities for the Financial Results

These financial results have been prepared on the basis of the annual financialstatements. The Company's Board of Directors are responsible for the preparation andpresentation of these financial results that give a true and fair view of the net profitand other comprehensive income and other financial information of the Company and thebalance sheet and the statement of cash flows in accordance with the recognition andmeasurement principles laid down in the Indian Accounting Standards prescribed underSection 133 of the Act read with relevant rules issued thereunder and other accountingprinciples generally accepted in India and in compliance with Regulation 33 and Regulation52 of the Listing Regulations. The Board of Directors of the Company are responsible formaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error which have beenused for the purpose of preparation of the financial results by the Directors of theCompany as aforesaid.

In preparing the financial results the Board of Directors of the Company areresponsible for assessing the ability of the Company to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors of the Company are responsible for overseeing the financialreporting process of the Company.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the financial resultsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial results.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the financial resultswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

ii. Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.

iv. Conclude on the appropriateness of the Board of Directors’ use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial results or if such disclosures are Inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

v. Evaluate the overall presentation structure and content of the financial resultsincluding the disclosures and whether the financial results represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 (‘theOrder’) issued by the Central Government of India in terms of Section 143(11) of theAct we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

1. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the statement of change in equity and the Cash Flow Statement dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with Ind AS specifiedunder Section 133 of the Act.

e) On the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312021 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure 2" to this report.

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has no pending litigations on its financial position.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there

were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and

Protection Fund by the Company

2. With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act.

In our opinion and to the best of our information and according to the explanationgiven to us the remuneration paid/ provided by the company to its directors during theyear is in accordance with the provisions of Section 197 of the Act. The remuneration paidto any directors is not in excess of the limit laid down U/s 197 of the IT Act. TheMinistry of Corporate Affairs has not prescribed other details U/s 197 (16) which requiresto be commented by us.

Annexure A to Auditor’s Report

The annexure referred to in independent auditor’s report to the members of theCompany on the financial statements for the year ended March 312021. We report that:

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. As explained to us the Company has a program for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the Company and the nature of its assets. The discrepanciesreported on such verification were not material and have been properly dealt with in thebooks of account.

c. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management the title deeds of immovable properties are held in the name of thecompany.

2. (a) to (c) As per the information and explanations given to us the company does nothave any inventory. Hence no further comments are given in relation to the same.

3. In our opinion the Company has not granted any loans to person covered in theregister maintained under section 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us thecompany has neither given any loan nor made any investment during the year thereforeprovisions of section 185 and 186 of the Act regarding thereto are not applicable.However the company has given loans to various parties within the prescribed limit ascovered under section 186 of the Companies Act 2013.

5. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2021 and therefore the provisions of the Clause 3 (v)of the Order are not applicable to the Company.

6. To the best of our knowledge and explanation given to us the provisions ofmaintenance of cost records under sub section (1) of Section 148 of the Act are notapplicable to Company for the financial year 2020-21. Accordingly Clause (vi) of Order isnot applicable.

7. a. Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax cess goods & service tax and other material statutory dues have generally beenregularly deposited with the appropriate authorities though there has been a slight delayin a few cases.

According to the information and explanations given to us no undisputed amountspayable in respect of income-tax service tax sales-tax duty of custom duty of excisevalue added tax cess goods & service tax and other material statutory dues wereoutstanding for the year end for a period of more than six months from the date theybecame payable.

b. According to the records of the Company there are no dues outstanding ofincome-tax sales- tax service tax duty of custom duty of excise value added tax andcess on account of any dispute for the year ended March 31 2021.

8. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management we are of the opinion that the Company has not defaulted in repaymentof dues to a financial institution bank or debenture holders or government.

9. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management and on an overall examination of the balance sheet we report thatthe company has not raised any money by way of public issue or further public offer duringthe year.

10. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

11. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has not been paid.

12. In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

13. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the notes to the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.

i. According to the information and explanations given to us the provisions of section45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company

ANNEXURE B TO INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 10(f) of the Independent Auditors’ Report of even date tothe members New Markets Advisory Limited on the financial statements for the year endedMarch 31 2021

Report on the internal financial controls under clause(i) of sub-section 3 of section143 of the Act

We have audited the internal financial controls over financial reporting New MarketsAdvisory Limited (‘the Company’) as of March 31 2021 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s responsibility for internal financial controls

The Company’s Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor’s responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the ‘Guidance Note’) and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of internal financial controls over financial reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles.

A company’s internal financial control over financial reporting includes thosepolicies and procedures that:

1. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company.

2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company.

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.