Aik Pipes & Polymers Ltd Auditor Reports

To the Members of AIK PIPES AND POLYMERS LIMITED

• Report on the Financial Statements

We have audited the Financial Statements of AIK PIPES AND POLYMERS LIMITED which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss and Statement of Cash Flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information [hereinafter referred to as "the Financial Statements"].

• Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2025, the Profit & Loss and its cash flows for the year ended on that date.

• Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion except that the company is not complying with the Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 , details of the same is given in Other Legal and regulatory Requirements of the report.

• Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors and the Management is responsible for the preparation of the other information. The other information comprises the information included in the Companys Annual Report, but does not include the Financial Statements and our auditors report thereon.

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

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

• Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the applicable accounting standards and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

• Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

a) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b) Obtain an understanding of internal control relevant to the audit in order to design 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 has adequate internal financial controls system in place and the operating effectiveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

d) Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw

attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

e) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in

(i) Planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

• Report on Other Legal and Regulatory Requirements

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 best of our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d. In our opinion, the financial statements comply with the applicable Accounting Standards specified in section 133 of the Act read with Rule 7 of Companies (Accounts) Rules 2014.

e. On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,2025 from being appointed as a director in terms of Section 164(2) of the Act.

f. Since the Companys turnover as per last audited Financial Statements is less than Rs.50

Crores and its borrowings from banks and financial institutions at any time during the year is less than Rs.25 Crores, the Company is exempted from getting an audit opinion with respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls vide notification dated June 13, 2017.

g. With respect to the other matters to be included in the Auditors Report in accordance with

Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements wherever applicable;

b) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

c) The company does not have any amounts required to be transferred to the Investor Education and Protection Fund.

d) The Management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

e) The Management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

f) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to my/our notice that has caused me/us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any material mis-statement.

g) The company has not declared or paid any dividend during the year.

h) Rule 11(g) of Companies (Audit and Auditors) Rules 2017

a. Based on our examination which included test checks and information given to us, the Company has used accounting softwares for maintaining its books of account, which did not have a feature of recording audit trail (edit log) facility throughout the year for all relevant transactions recorded in the respective softwares, hence we are unable to comment on audit trail feature of the said software. Therefore, Rule 11(G) is not complied here

b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books, except for the matters stated in the above paragraph, on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014

c. The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2 above on reporting under section 143(3)(b) of the

Act and paragraph 1 above on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

3. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For R.P. Khandelwal & Associates Chartered Accountants FRN:- 001795C

CA Nitin Khandelwal

Partner

M.No.:-414141

UDIN: - 25414141BMLBMP8170

Place: Jaipur

Date: 29^th May, 2025

Annexure A referred to in the Independent Auditors Report:

In terms of Companies (Auditors Report) Order 2020 (the Order), issued by the Central Government, in terms of section 143(11) of The Companies Act, 2013, we further report, on the matters specified in paragraph 3 and 4 of the said Order, as under:

1. In respect of Property Plant Equipment and Intangible Assets:

a) The company has maintained proper records showing full particulars including quantitative details and situation of Property Plant, and Equipment.

b) The company do not possess any intangible assets and hence the clause regarding maintaining of proper records of intangible assets is not applicable.

c) The company has physically verified fixed assets during the year based on a regular and phased program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

d) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the company) disclosed in the financial statements are held in the name of the company.

e) The company has not revalued any of its Property, Plant & Equipment (including Right to Use assets). The company do not own any intangible assets and hence the clause regarding revaluation of intangible assets is not applicable to the Company.

f) No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder;

2. In respect of its inventories:

a) Physical verification of inventory has been conducted at reasonable intervals by the management and in our opinion, the coverage and procedure of such verification by the management is appropriate. Discrepancies noticed were less than 10% for each class of inventory.

b) The Company has not been sanctioned working capital limits in excess of ^ 5 crore, in aggregate, at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

3. In respect of loans given, investments, guarantees and security:

a) In our opinion and according to the information and explanations given to us, the company has not made any investments in or provided any guarantee or security to firms or limited liability partnership .

b) According to information and explanations given to us and based on audit procedures carried by us, in our opinion the investments made and guarantees provided during the year and the terms and conditions of the grant of loans and guarantees provided during the year are prima facie, not prejudicial to the company.

c) According to information and explanations given to us and on the basis of our examination of the records of the company , the above mentioned Loan Amount is Overdue for more than Ninety days .

d) According to the information and explanations given to us and on the basis of our examination of the records of the company, there is no loan or advance in the nature of loan granted falling due during the year, which has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to same parties.

e) According to the Information and Explanations given to us and on the basis of examination of the records of the company, company granted a loan or advance in the nature of loans either repayable on demand or without specifying any terms or period of repayment

Particulars	Amount
Aggregate Amount granted/provided during the year - Sanwariya Hospitality and Ventures LLP	Nil
Balance Outstanding as at Balance sheet date - Sanwariya Hospitality and Ventures LLP	^79,05,000.00

4. Section 185 and 186 of the act:

The company has not made investments, granted any loan, provided any guarantee or security to parties covered under Section 185 and 186 of the Act. Accordingly, the provisions of clause 3(iv) of the Order is not applicable to the Company.

5. In respect of deposits accepted:

The Company has not accepted any deposits or amounts which are deemed to be deposits from public within the meaning of the directions issued by the Reserve Bank of India, provisions of Sections 73 to 76 of the Act, any other relevant provisions of the act and the relevant rules made thereunder. Accordingly, the provisions of clause 3(v) of the Order is not applicable to the Company.

6. Cost Records:

Name of the statute	Nature of Dues	Amount (Rs.)	Financial year to which amount relates
Income Tax Act, 1961	Short Deduction of TDS	51,900.00	2020-21
Income Tax Act, 1961	Short Deduction of TDS	27,380.00	2021-22
Income Tax Act, 1961	Short Deduction of TDS	5,660.00	2022-23
Income Tax Act, 1961	Short Deduction of TDS	1,380.00	2023-24

The Company is not maintaining Cost records and the same is not applicable to them as per the provisions of section 148(1) of Companies Act, 2013

7. Statutory Dues:

According to the information and explanations given to us in respect of the statutory dues:

a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Goods & Service Tax, Duty of Customs, Cess and any other statutory dues with the appropriate authorities and no statutory dues were outstanding as at 31st March, 2025 for a period of more than six months from the date they became payable except as followings:

b) According to the information and explanation given to us, there are no dues of income tax, Goods & service tax & duty of customs outstanding on account of any dispute.

8. Undisclosed Income:

According to the information and explanations furnished by the management and based on the audit procedures carried out during the course of audit, we have not come across any transactions not recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

9. Default in repayment of loans:

a) In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment loans or other borrowings or in the payment of interest thereon to any lender.

b) According to the information and explanations given to us the on the basis of our audit procedures, we report that the company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

c) In our opinion and according to the information and explanations furnished to us, the company has utilized the money obtained by way of term loans during the year for the purposes for which they were obtained.

d) According to the information and explanations furnished to us, the audit procedures performed by us and on an overall examination of the financial statements of the company, we report that no funds raised on short-term basis have been used for long-term purposes by the company.

e) According to the information and explanations furnished to us and on an overall examination of the financial statements of the company, we report that the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

f) According to the information and explanations furnished to us and the audit procedures performed by us, we report that the company has not raised any loans during they ear on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

10. In respect of Capital raising:

a) The Company has not raised any money by way of initial public offer during the year.

b) The company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Accordingly, the provisions of clause 3(x)(b) of the Order are not applicable to the Company.

11. Frauds:

a) Based on the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanation furnished to us by the management, no fraud on or by the company has been noticed or reported during the year.

b) As there was no fraud on or by the company that have been noticed during the year, the question of reporting to Central Government through Form ADT-4 does not arise.

c) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to information and explanations given to us, the company has not received Whistle-Blower complaints during the year, which have been considered by us for any bearing on our audit and reporting.

12. Nidhi Company:

As the company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the reporting under clause 3(xii) of the order is not applicable to the company.

13. Related Party Transaction:

The company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such Related Party Transactions have been disclosed in the standalone financial statements as required by applicable accounting standards.

14. Internal Audit:

a) In our opinion and based on our examination, the company has an internal audit system commensurate with the size and nature of its business.

b) We have considered the internal audit reports of the company relevant for the period under audit.

15. Non Cash Transaction:

Based upon the audit procedures performed and the information and explanations furnished by the management, the company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company.

16. Registered u/s 45IA of RBI Act, 1934:

a) In our opinion and according to the information and explanations furnished to us, the company is not required to be registered under section 45IA of the Reserve Bank of India, 1934 and accordingly, the provisions of clause 3(xvi)(a) of the Order are not applicable to the Company.

b) In our opinion and according to the information and explanations furnished to us, the company has not conducted any Non-Banking Finance or Housing Finance Activity and hence the provisions of Clause 3(xvi)(b) of the Order are not applicable to the Company.

c) In our opinion and according to the information and explanations furnished to us, the Company is not a Core Investment Company and accordingly the provisions of Clause 3(xvi)(c) of the Order are not applicable to the Company.

d) In our opinion and according to the information and explanations furnished to us, the group do not have any Core Investment Company and accordingly the provisions of Clause 3(xvi)(d) of the Order are not applicable to the Company.

17. Cash Losses:

The Company has not incurred any cash losses during the financial year covered in this report or the immediately preceding financial year.

18. Auditor Resignation:

During the year under review, there has been no resignation of statutory auditors.

19. Financial Position:

According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the date of the balance sheet as and when they fall due within a period of one year from the Balance Sheet date. We, however, state that this is not an assurance

as to the future viability of the company. We further state that our reporting is based on the facts upto the date of the audit report and we neither give any guarantee nor any assurance that all the liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

20. Corporate Social Responsibility:

The provision of Section 135 of the Companies Act 2013 in relation to Corporate Social Responsibility are not applicable to the company during the year and hence reporting under this clause is not applicable.

21. Consolidated Financial Statements:

As this audit report covers Standalone Financial Statement, the provisions of Clause 3(xxi) dealing with qualifications and adverse remarks by respective auditors of companies included in the Consolidated Financial Statement is not applicable.

For R.P. Khandelwal & Associates Chartered Accountants FRN:- 001795C

CA Nitin Khandelwal

Partner

M.No: 414141

UDIN: 25414141BMLBMP8170

Place: Jaipur

Date: 29^th May, 2025