Akshar Spintex Ltd Auditor Reports

To the Members of Akshar Spintex Limited
Report on the Financial Statements
Opinion

We have audited the accompanying financial statements of Akshar Spintex Limited ("the which

comprises the Balance Sheet as at March 31,2025, and the Statement of Profit and Loss, 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.

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, and profit, total comprehensive loss, its cash flows and the changes in equity 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.

We have determined that there are no other key audit matters to communicate in our report.

Emphasis of Matter

We draw your attention to Note 38.2 to the financial statements where the Companys management has stated
that outstanding balances, if any, at the year-end in respect of trade receivables, trade payables etc. are subject
to confirmation from those respective parties and consequential reconciliation or adjustments arising there
from. These have not been independently verified by us during the year under review. Any adjustment to the
value of such balances as appearing in the balance sheet of the Company may have an effect on the profit and
net assets of the Company for the period and year ended March 31,2025.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Boards Report
including Annexures to Boards Report, Corporate Governance and Shareholders Information, 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 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 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 maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate implementation and maintenance of 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
statement 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 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 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
skepticism throughout the audit. We also:

1. 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.

2. 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.

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

4. 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.

5. 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 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 "Annexure A" a

statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable^

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 Cash Flow Statement dealt with by this Report
are in agreement with the books of account.

d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on March 31,2025 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31,2025 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 financial reporting of the Company and
the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

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, 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.

h. 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 -Refer Note 31 to the financial statements;

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

c. There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company

d.

1. The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) 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 or entity, including foreign entity ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
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;

2. The Management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, 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;

3. Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (1) and (2) above,
contain any material misstatement.

e. The Company has not paid any dividends during the year and hence, the provisions of Section 123
of the Act are not applicable to the Company.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from
1 April 2023.

Audit trail maintained throughout the year: Based on our examination which included test
checks, the Company has used an accounting software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software. Further, during the course of our audit we
did not come across any instance of audit trail feature being tampered with. Additionally, the audit
trail has been preserved by the Company as per the statutory requirements for record retention.

Annexure A

Referred to in the section Report on Other Legal and Regulatory Requirements on of the Independent

Auditors Report of even date to the members of Akshar Spintex Limited on the financial statements as

of and for the year ended March 31,2025

(i) (a) In respect of its property, plant, and equipment:

(A) The Company has maintained proper records showing full particulars, including quantitative
details and situation of property, plant and equipment.

(B) The Company does not have any intangible assets and hence, is not required to maintain
records for the same.

(b) The Company has a programme of verification of property, plant and equipment to cover all the
items in a phased manner over a period of 2 years which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain
property, plant and equipment and investment property were physically verified by the
Management during the current reporting period. According to the information and explanations
given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examined by us and
based on the examination of the registered sale deed/transfer deed/conveyance deed, we report
that, the title deeds, comprising all the immovable properties of land and acquired buildings which
are freehold, are held in the name of the Company as at the balance sheet date.

(d) The Company has not revalued its property, plant and equipment and intangible assets during
the reporting period and hence, clause (i)(d) of the Order is not applicable.

(e) As explained to us by the management of the Company, there have not been any proceedings
initiated or pending against the Company under the Benami Transactions (Prohibition) Act, 1988
and rules made thereunder during the current reporting period or as at the balance sheet date.

(ii)

(a) We have not been provided with the records of inventory verification done by the management
of the company during the reporting period. Hence, we are unable to comment on whether there
were any material discrepancies noticed by the management and whether the same have been
dealt with in the books of accounts of the Company during the reporting period.

(b) In our opinion and according to the information and explanations given to us, the Company has
been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on
the basis of security of current assets; the quarterly statements filed by the Company with the banks
during the reporting period are not in agreement with the books of accounts of the Company. The
details regarding such reconciliation is as disclosed in note 32.2 of the financial statements.

(iii) According to the information and explanations given to us, the company has not made investments in,

provided any guarantee or security or granted any loans or advances in the nature of loans, secured or

unsecured, to companies, firms, Limited Liability Partnerships or any other parties, hence clause (iii) of
the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us, the Company has not
made any loans, investments or provided any guarantees and hence, the provisions of Sections 185 and
186 of the Companies Act, 2013 are not applicable to the Company.

(v) According to the information and explanations given to us, the Company has not accepted any deposits
during the current reporting period in terms of provisions of Sections 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the rules made thereunder. Hence, reporting under clause (v)
of the Order is not applicable.

(vi) The maintenance of cost records has been specified by the Central Government under Section 148(1) of
the Companies Act, 2013 in respect of its products. We have broadly reviewed the cost records
maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as
amended prescribed by the Central Government under sub-section (1) of Section 148 of the Companies
Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and
maintained. We have, however, not made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.

(vii) In our opinion and according to the information and explanations given to us, in respect of statutory
dues:

(a) The Company has generally been regular in depositing undisputed statutory dues including Goods
and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax,
duty of customs, duty of excise, value added tax, cess and any other statutory dues to the
appropriate authorities apart from a few delays in the payment of professional tax.

There were undisputed amounts payable in arrears as at the balance sheet date for a period of
more than six months from the date they became payable. The details of which are as follows:

Name of statute	Nature of dues	Amount unpaid (in Rs. lacs)	Period to which the amount relates	Due date of payment	Actual date of payment
Gujarat Professional Tax Act	Professional Tax	4.97	F.Y. 2020-21	Monthly	Not paid till date of report
Gujarat Professional Tax Act	Professional Tax	5.09	F.Y. 2021-22	Monthly	Not paid till date of report
Gujarat Professional Tax Act	Professional Tax	3.43	F.Y. 2022-23	Monthly	Not paid till date of report
Gujarat Professional Tax Act	Professional Tax	3.01	F.Y. 2023-24	Monthly	Not paid till date of report
Gujarat Professional Tax Act	Professional Tax	1.43	F.Y. 2024-25	Monthly	Not paid till date of report

(b) Details of statutory dues which have not been deposited as at the balance sheet date on account
of disputes are given below:

Name of statute	Nature of dues	Forum where dispute pending	Period to which the amount relates	Gross amount due (in Rs. lacs)	Amount unpaid (in Rs. lacs)
The Income Tax Act, 1961	Income Tax	The Commissioner of Income tax (Appeals)	A.Y. 2018-19	119.16	119.16

(viii) According to the information and explanations given to us, the Company does not have any transactions,
which were not recorded in the books of accounts and which have been surrendered or disclosed as
income during the current reporting period in the tax assessments under the Income-tax Act, 1961.

(ix) (a) In my opinion and according to the information and explanations given to me, the Company is in

default of the repayment of loans/borrowings to financial institutions/banks, the details or which
are as follows:

Nature of borrowing	Name of lender	Amount not paid on due date (in Rs. Lakhs)	Whether principal or interest	No. of days of delay or unpaid	Remarks, if any
Rupee Term Loan	SIDBI	36.75	Both	1-6	-

(b) In our opinion and according to the information and explanations given to us, the Company has
not been declared as a willful defaulter by any bank or financial institution or other lender during
the reporting period.

(c) The Company has obtained term loans during the current reporting period which, in our opinion
and according to the information and explanations given to us, have been utilized for their stated
purpose(s).

(d) According to the information and explanations given to us, and the procedures performed by us,
and on an overall examination of the financial statements of the company, we believe that no funds
raised on short-term basis have been used for long-term purposes by the Company. We have
however not made a detailed examination of the same.

(e) The Company does not have any associate, subsidiary or joint venture and hence, clause (ix)(e) of
the Order is not applicable.

(f) The Company does not have any associate, subsidiary or joint venture and hence, clause (ix)(f) of
the Order is not applicable.

(x) (a) During the current reporting period, the Company has not raised funds by way of initial public offer

or further public offer (including debt instruments) and hence reporting under clause (x)(a) of the
Order is not applicable to the Company.

(b) During the current reporting period, the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures and hence reporting under
clause (x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no

fraud by the Company and no material fraud on the Company has been noticed or reported during
the current reporting period.

(b) To the best of our knowledge and according to the information and explanations given to us, no
report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by the
auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government.

(c) To the best of our knowledge and according to the information and explanations given to us, the
Company has not received any whistle-blower complaints during the current reporting period.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not
applicable.

(xiii) In our opinion and according to the information and explanations given to us the Company is in
compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions
with the related parties and the details of related party transactions have been disclosed in the financial
statements etc. as required by the applicable accounting standards.

(xiv) (a) In our opinion, the Company has an inadequate internal audit system commensurate with the size

and nature of its business.

(b) We have not considered the reports of the Internal Auditors for the period under review during our
audit of the Company.

(xv) In our opinion and according to the information and explanations given to us, during the current
reporting period the Company has not entered into any non-cash transactions with its directors or
directors of its holding, subsidiary or associate company, if any or persons connected with them and
hence provisions of Section 192 of the Companies Act, 2013 are not applicable.

(xvi) (a) The Company is not required to be registered under Section 45-I of the Reserve Bank of India Act,

1934.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities during
the current reporting period and hence, is not required to obtain a Certificate of Registration from
the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

(c) The Company is not a Core Investment Company ("CIC") as defined in the regulations made by the
Reserve Bank of India.

(d) The Company does not have any Group companies and hence, clause (xvi)(d) of the Order is not
applicable to the Company.

(xvii) In our opinion, the Company has not incurred any cash losses during the current reporting period and in
the immediately preceding reporting period.

(xviii) There has not been any resignation of the statutory auditors during the current reporting period under
review.

(xix) In our opinion, subject to our comments and observations in the auditors report, if any, 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, the auditors knowledge
of the Board of Directors and management plans, we are unable to arrive at a conclusion regarding the
Companys capability of meeting its liability existing at the balance sheet as and when they fall due within
a period of one year from the balance sheet date.

(xx) (a) According to the information and explanations given to us, the Company has not transferred

unspent amount, in respect of other than ongoing project(s), to a Fund specified in Schedule VII to
the Companies Act, 2013 within a period of six months of the expiry of the financial year in
compliance with the second proviso to sub-section (5) of section 135 of the Act.

(b) According to the information and explanations given to us, the Company does not have any
ongoing project(s) for which funds remain unspent under sub-section (5) of section 135 of the
Companies Act and hence, is not required to transfer any funds to a special account in compliance
with the provision of sub-section (6) of section 135 of the Companies Act, 2013.

(xxi) Clause (xxi) of the Order is not applicable in the report on the standalone financial statements of the
Company.

Annexure B

Referred to in point f. of the section Report on Other Legal and Regulatory Requirements of the
Independent Auditors Report of even date to the members of Akshar Spintex Limited, on the financial
statements for the year ended March 31,2025

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act

In conjunction with our audit of the financial statements of the Company as of and for the year ended March
31, 2025, we have audited the internal financial controls over the financial reporting of Akshar Spintex
Limited ("the Company") as of that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls
based on 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 ("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 the respective 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial
reporting 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 deemed to be prescribed under Section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls, both applicable to an audit of internal financial controls and both
issued by the ICAI. Those Standards and the Guidance Note require that we comply with the 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 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 assessed risk. The procedures
selected depend on the auditorsjudgement, 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 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 unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect of 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 control
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

According to the information and explanations given to us and based on our audit, the following material
weakness(es) have been identified as at March 31,2025:

er. The Company did not have an appropriate internal control system for customer acceptance, credit
evaluation and establishing customer credit limits for sales, which could potentially result in the
Company recognizing revenue without establishing reasonable certainty of ultimate collection^

b. The Company did not have an appropriate internal control system for inventory with regard to
receipts, issue for production and physical verification. Further, the internal control system for
identification and allocation of overheads to inventory was also not adequate. These could
potentially result in material misstatements in the Companys trade payables, consumption,
inventory and expense account balances.

In our opinion, 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 internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note issued by ICAI.

For,

HB Kalaria and Associates

Firm Reg. No. 104571W

Chartered Accountants

 

Hasmukh Kalaria

Partner

Mem. No. 042002

UDIN: 25042002BMJEY03819

 

Place: Rajkot

Date: 10/05/2025