AKG Exim Ltd Auditor Reports

To the Members of AKG Exim Limited

Report on the Audit of the Standalone Financial Statements Opinion
Opinion

We have audited the accompanying financial statements of AKG Exim Limited ("the company"),which
comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as the "standalone financial statements").

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 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 March 31, 2025, its Profit 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 Companies Act, 2013. 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 Companies Act, 2013 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.

Information other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors and Management is responsible for the preparation of the other
information. The other information comprises the information obtained at the date of this auditors
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 during the course of our 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.

Responsibility 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
Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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 accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act,. This responsibility also includes the
maintenance of adequate accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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.

Those Board of Directors are also responsible for overseeing the companys financial reporting process.
Auditors Responsibility

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 the
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 scepticism throughout the audit. We also:

• 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.

• 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
Companies Act, 2013, 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.

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

• 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.

• 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.

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

As required by Section 143 (3) of the Act, we report, to the extent applicable 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 purpose 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 & Loss & Cash Flow Statement dealt with by this
report are in agreement with the books of accounts;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Companys internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditors Report in accordance with the
requirements of section 197(16) of the Act, as amended:

h) In our opinion and to the best of our information and according to the explanations given to us,
the remuneration paid by the Company to its directors during the year is in accordance with the
provisions of section 197 of the Act.

i) 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, as amended 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 standalone financial statements.

b. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts;

c. We draw attention to the Statement which describes that the Company has changed its
accounting policy with respect to [briefly state the policy change, valuation of
inventories, and the same has been applied retrospectively. The effect of such change
on the results of the quarter/period is not determinable.

As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) ofthe Act, we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements
section of our report to the Members of AKG Exim Limited of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Subsection 3
of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AKG Exim Limited (the
"Company") as of March 31, 2025 in conjunction with our audit of the standalone financial
statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Management of the Company is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India
(the "ICAI"). These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the
timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial
reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued
by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls over financial reporting
was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, including the management representation letter,
is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial
controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
companys internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use,
or disposition of the companys assets that could have a 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 financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial
controls over financial reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the
Company has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at
March 31, 2025, based on the criteria for internal financial control over financial reporting established
by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section

of our report to the Members of Infosys Limited of even date)

(i) : Property, Plant and Equipment and Intangible Assets

• Based on the information provided and reliance placed on the Management Representation
Letter, the Company has maintained proper records showing full particulars, including
quantitative details and situation of its Property, Plant and Equipment and Intangible Assets.

• The management has confirmed that physical verification of Property, Plant and Equipment
was conducted during the year, and no material discrepancies were noticed.

• Title deeds of immovable properties disclosed in the financial statements are held in the name
of the Company, as confirmed by management.

• The Company has revalued its Property, Plant and Equipment during the year, and such
revaluation is based on market rates as per the Management Representation Letter.

(ii) : Inventory

• The management has confirmed that physical verification of inventory was conducted on a
periodic basis.

• No discrepancies were noted during such verification as per the Management Representation
Letter.

• The Company has revalued inventory during the year based on prevailing market rates, and
reliance has been placed on the Management Representation Letter for this assertion.

(iii) : Loans, Advances, Guarantees, and Securities

• The Company has granted loans and advances to certain companies during the year amounting
to INR 2,06,36,408.

• Based on the Management Representation Letter, the terms and conditions of such loans and
advances are not prejudicial to the interests of the Company.

• The repayment schedules have been stipulated, and repayments of principal and interest are
being received as per the agreed terms.

• No amounts are overdue as of the balance sheet date, and no instances of loan renewals,
extensions, or fresh loans granted to settle existing dues have occurred during the year.

(iv) : Compliance with Sections 185 and 186

• According to the Management Representation Letter, the Company has complied with the
provisions of Sections 185 and 186 of the Companies Act, 2013.

• Necessary approvals have been obtained wherever required, and the limits prescribed under
Section 186 have not been exceeded.

• The management has also confirmed that no loans have been provided to directors or related
parties in contravention of Section 185.

(v) : Deposits

• Based on the Management Representation Letter, the Company has not accepted any deposits
within the meaning of Sections 73 to 76 of the Companies Act, 2013, or the relevant rules
framed thereunder.

(vi) : Maintenance of Cost Records

• The Company is not required to maintain cost records under Section 148(1) of the Companies
Act, 2013, as confirmed by management.

(vii) : Statutory Dues

• The Company is generally regular in depositing undisputed statutory dues with appropriate
authorities.

• According to the Management Representation Letter, there are no undisputed statutory dues
outstanding for more than six months as of the balance sheet date.

• Details of disputed statutory dues are as under -

S. Defendant No. Name	Plaintiff Name	Case Number	Amount	Status
Kingston 1 Peptech Pvt Ltd.	AKG Exim Limited	9086/2016	35,68,285.00	Pending, Rohini Courts, Delhi
		9088/2016
		9089/2016
		9090/2016
		9091/2016
Sidhant 2 Timbers Pvt Ltd.	AKG Exim Limited	8094/2016	25,24,776.00	Case Settled and Closed Recovery of settlement amount received
		8095/2016
		8096/2016
		12534/2016
		13019/2016
		10782/2016
Aarush 3 Extrusion Pvt Ltd.	AKG Exim Limited	11126/2016	74,28,328.00	Pending, Rohini Courts, Delhi
		11533/2016
4 Om Brothers	AKG Exim Limited	11152/2016	72,78,042.00	Pending, Rohini Courts, Delhi
5 Ashirwad Timbers	AKG Exim Limited	1089/2018 1090/2018	34,39,394.00	Pending, Rohini Courts, Delhi
Santogen 6 Natural Resources Ltd.	AKG Exim Limited	4765/2018	10,94,118.61	Case Settled and Closed Recovery of settlement amount received
7 R & N Metal (Pvt.) Ltd.	AKG Exim Limited	3331, 3332/2019	37,80,294.00	Pending, Rohini Courts, Delhi
8 Global Ispaat Private Limited	AKG Exim Limited	COMS/0000003/2023	1,08,43,783.00	Pending, GOA Court, GOA
Transasia 9 Private Capital Limited	AKG Exim Limited			This case belongs to Mr. Rajeev Goel, Director of the Company and this matter is pending before the court against him in his individual capacity
CBI (in the 10 Matter of Govinda International)	AKG Exim Limited			Fraud Case of Govinda International in Ghaziabad District Court, Uttar Pradesh by CBI against AKG Exim and Rajeev Goel

(viii) : Undisclosed Income

• Based on the Management Representation Letter, no transactions previously unrecorded in the
books have been surrendered or disclosed as income during the year in tax assessments.

(ix) : Borrowings

• The Company has not defaulted in repayment of loans or borrowings or in the payment of
interest thereon to any lender during the year, as confirmed by the management.

(x) : Utilization of Borrowed Funds

• The management has confirmed that borrowings were used for the purposes for which they
were obtained.

(xi) : Fraud

• According to the Management Representation Letter and information provided, no fraud by the
Company or on the Company has been noticed or reported during the year.

(xii) : Nidhi Companies

• The Company is not a Nidhi Company. Accordingly, this clause is not applicable.

(xiii) : Related Party Transactions

• All related party transactions have been disclosed in the financial statements as per the
requirements of Sections 177 and 188 of the Companies Act, 2013, and are based on arms
length pricing.

• Remuneration given to Mr. Tejas Goel without the approval of Shareholders.

(xiv) : Internal Audit

• The management has confirmed that the Company has an adequate internal audit system
commensurate with the size and nature of its business.

• Internal audit reports were reviewed and considered by the statutory auditors during the course
of the audit.

(xv) : Non-Cash Transactions with Directors

• As confirmed by management, no non-cash transactions with directors or persons connected
with them have been entered into during the year.

(xvi) : Registration under RBI Act

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India
Act, 1934.

(xvii) : Cash Losses

• Based on the Management Representation Letter, the Company has not incurred cash losses
during the current or immediately preceding financial year.

(xviii) : Auditors Resignation

• There have been no instances of resignation of the statutory auditors during the year.

(xix) : Material Uncertainty in Repayment of Liabilities

• The management has confirmed that there is no material uncertainty regarding the Companys
ability to meet its liabilities as and when they fall due.

(xx) : Corporate Social Responsibility (CSR)

• The CSR provisions are not applicable to the Company.

(xxi) : Qualifications in CARO Reports of Components

• As this report pertains to the standalone financial statements, this clause is not applicable.

For Dharam Taneja Associates

Chartered Accountants

FRN: 003563N

 

Sd/-

Varun Taneja

(Partner)

Membership No. 095325

 

Place:-New Delhi

Date: May 17, 2025

UDIN: 25095325BMIJUU2978