AMS Polymers Ltd Auditor Reports

To

The Members of

AMS Polymers Limited

(Formerly, Sai Moh Auto Links Limited)

Report on the Audit of the Financial Statements for Financial Year- 2024-25

Adverse Opinion

We have audited the accompanying standalone financial statements of AMS POLYMERS LIMITED (Formerly, SAI MOH

AUTO LINKS LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), and Statement of changes in Equity and the 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 for the year then ended (hereinafter referred to as the "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, because of the significance of the matter discussed in the Basis for Adverse Opinion Section of our report, the aforesaid financial statements do not give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the company as at March 31, 2025, changes in equity and its of its cash flows for the year then ended.

Basis for Adverse Opinion

For the paragraphs mentioned below, we are unable to obtain sufficient and appropriate audit evidence on the matters mentioned below, which may have a material and pervasive impact on the financial position of the Company for year ended on March 31, 2025.

1. The Company has not maintained a proper Fixed Asset Register and did not provide detailed records necessary for the verification of property, plant, and equipment (PPE). In the absence of asset-wise records, information regarding useful lives, methods, and supporting documentation for physical verification, we were unable to obtain sufficient and appropriate audit evidence regarding the existence, classification, and valuation of fixed assets as reported in the financial statements.

In accordance with the Indian Accounting Standard (Ind AS) 16 Property, Plant and Equipment, an entity is required to maintain detailed records of each class of PPE, including historical cost, accumulated depreciation, and carrying amount. IndAS-16 also mandates that depreciation be systematically allocated over the useful life of each asset, which must be reviewed annually. Further, physical verification of assets is a critical internal control practice to support their continued existence and condition.

Due to the absence of proper documentation and records, we were unable to evaluate whether the recognition and measurement principles as per Ind AS 16 have been appropriately applied. Consequently, we are unable to determine whether any adjustments may be necessary in respect of PPE balances.

The potential impact of these limitations is considered material and pervasive to the financial statements. Accordingly, we have expressed an adverse opinion.

2. We were unable to obtain sufficient and appropriate audit evidence regarding the existence, condition, and valuation of inventory (stock-in-hand) as at March 31, 2025. The management did not provide any report of physical verification or valuation of inventory as at the balance sheet date. In the absence of such documentation, we were unable to perform alternative audit procedures to verify the inventory quantities and valuation.

Inventories are a material component of the Companys financial statements. As per the accounting policies disclosed by the Company, inventories are required to be measured at the lower of cost and net realisable value in accordance with the principles laid down under Indian Accounting Standard (Ind AS) 2 Inventories. Due to the lack of audit evidence, we were unable to determine whether adjustments were necessary to the carrying amount of inventories, and consequently, to the cost of goods sold and profit for the year.

Accordingly, we believe that the possible effects of the undetermined adjustments arising from this matter are material and pervasive to the financial statements, and therefore, we have expressed an adverse opinion.

3. The Company has not provided ageing schedules for trade receivables and trade payables as at the balance sheet date. Furthermore, no external confirmations were obtained from customers and suppliers to substantiate these balances. We also observed that certain trade receivables have been outstanding for periods exceeding one year. Despite the prolonged overdue status and uncertainty regarding their recoverability, the Company has not recognised any provision for doubtful debts.

In accordance with the requirements of Indian Accounting Standard (Ind AS) 109 Financial Instruments, an entity is required to assess at each reporting date whether there is objective evidence of impairment of financial assets measured at amortised cost, including trade receivables. Additionally, Ind AS 107 Financial Instruments, Disclosures mandates adequate disclosure of credit risk and ageing of financial assets. The Company has not complied with these requirements. Further, the Company has not disclosed information relating to dues to Micro, Small and Medium Enterprises (MSME) as required under the Micro, Small and Medium Enterprises Development Act, 2006.

In the absence of ageing schedules, disclosure of MSME dues, balance confirmations, and an appropriate assessment of expected credit losses, we were unable to obtain sufficient and appropriate audit evidence to verify the completeness, existence, accuracy, and valuation of trade receivables and trade payables as reported in the financial statements.

Accordingly, we are unable to determine whether any adjustments may be required in respect of these balances. The potential impact of these limitations is considered material and pervasive to the financial statements. As a result, we have expressed an adverse opinion.

4. The Company has not made any provision for gratuity as required under Indian Accounting Standard (Ind AS) 19 Employee Benefits, nor has it disclosed the actuarial valuation, assumptions, or other related disclosures mandated by the Standard. This constitutes a non-compliance with the applicable financial reporting framework. In the absence of such provision and disclosure, the employee benefit obligations are understated, and the liabilities and expenses for the year are not fairly presented. The impact of this non-compliance is material and pervasive to the financial statements. Accordingly, we have expressed an adverse opinion.

5. During the course of our audit, we observed that the Company has not complied with the provisions of Section 177 and Section 188 of the Companies Act, 2013, in respect of related party transactions. The Company has neither maintained a proper register of contracts or arrangements in which directors are interested, as required under Section 189, nor obtained prior approval or necessary disclosures from the Audit Committee and the Board of Directors, wherever applicable, for transactions with related parties.

Further, there was a lack of appropriate documentation and supporting evidence to substantiate the nature, terms, and arms length basis of such related party transactions. The absence of proper records and approvals not only constitutes a violation of the statutory requirements but also raises significant concerns over governance, transparency, and the potential risk of misstatement or misappropriation.

In view of the above, we were unable to obtain sufficient and appropriate audit evidence regarding the completeness, accuracy, and disclosure of related party transactions in accordance with Indian Accounting Standard (Ind AS) 24 Related Party Disclosures. This non-compliance is considered material and pervasive to the financial statements, particularly in the context of related party balances and transactions. Accordingly, we have expressed an adverse opinion on the financial statements.

We conducted our audit in accordance with 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 Standalone Financial Statements section of our report. We are independent of the company in accordance with the Code of Ethics and provisions of the Companies Act, 2013 that are relevant to our audit of the standalone financial statements in India under the Companies Act, 2013, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics and the requirements under the Companies act, 2013. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion.

Managements Responsibility 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015.

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 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 responsibility is to conduct an audit of the entitys Financial Statements in accordance with Standards on Auditing and to issue an auditors report. However, because of the matters described in the Basis for Adverse Opinion paragraph of our report, we were unable to obtain sufficient appropriate audit evidence to provide an opinion on these 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 Standards on Auditing ("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 judgement and maintain professional skepticism 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

1. 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.

2. As required by Section 143(3) of the Act, we report that: a) We have sought and, except for the possible effects of the matter described in the Basis for Adverse Opinion paragraph above, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) Except for the possible effects of the matter described in the Basis for Adverse Opinion paragraph above, in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, statement of change in equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of accounts presently maintained by the Company and disclosed to us. d) Except for the matter described in the Basis for Adverse Opinion paragraph above, in our opinion, the aforesaid financial statements comply with the Indian Accounting Standards 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 31st March, 2025 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) The adverse remarks relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Adverse Opinion paragraph above. g) With respect to the adequacy of the Internal Financial Control over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". 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, as amended in our opinion and to the best of our information and according to the explanations given to us: (i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements Refer Note 37 to the financial statements. (ii) Except for the possible effects of the matter described in the Basis for Adverse Opinion paragraph above, the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses- Refer Note XX. (iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. (iv) (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in the notes to accounts, 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.

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in the notes to accounts, 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.

(c) 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 (a) and (b) above, contain any material misstatement. (v) (a) During the year No final dividend proposed, declared and paid by the Company in accordance with Section 123 of the Act, as applicable. (b) During the year No interim dividend declared and paid by the Company until the date of this report is in compliance with Section 123 of the Act. (c) The Board of directors of the Company have neither proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting nor the dividend proposed is in accordance with section 123 of the Act, as applicable. v. Based on information and explanation given to us, which included test checks, the company has used an accounting software "Busy" for maintaining its books of account for the financial year ended March 31, 2025 which has not a feature of recording Audit Trail (edit log) facility and the same has operated throughout the year. So, we are unable ascertain whether there were any instances of the audit trail feature been tampered or not during the year. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 01^st April, 2023, reporting under rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2025.

For KVA & Company

Chartered Accountants

(Firmfs Registration No. 017771C)

Sd/-

Vimal Kishore Agrawal

Partner

Membership No. 510915

Place: New Delhi

Date: 28.05.2025

UDIN: 25510915BMLJXX3636

Annexure A to the Independent Auditors Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal Regulatory Requirement of our report of even date to the financial statements of the Company for the year ended March 31, 2025, On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we

1. In respect of the Companys property, plant and equipment, right-of-use assets and intangible assets: a. A. The Company has not maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

B. As per the financial statement the company does not have any Intangible Assets, hence sub clause (B) of paragraph 1 of order is not applicable.

b. We have not been given information regarding physical verification of Property, Plant & Equipment carried out if any, during the year by the Company. Hence, we are unable to comment as to whether there is any material discrepancies on physical verification. c. As per the financial statement of the company does not have any immovable properties are held in the name, hence clause C of paragraph 1 of order is not applicable.

d. As per the information and explanation provided to us, plant and Equipment are showing in current value and company does not have any immovable properties and intangible assets.

e. According to the information and explanation given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder during the year.

2. (a) We have not been provided any reports pertaining to physical verification of inventories conducted during the year. Hence, no audit evidence is available according to SA-501. As such, we are unable to comment if the frequency of the physical verification of inventories is reasonable. So, we are unable to comment whether coverage and procedure of such verification by the management is appropriate. As informed to us, any discrepancies of 10% or more in the aggregate for each class of inventory were not noticed on such verification. However, we are unable to comment regarding method of determination of valuation of inventory.

(b) The company has been sanctioned working capital limits in excess of five crore rupees (at any point of time during the year), in aggregate, from banks or financial institutions on the basis of security of current assets; quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company.

3. (a) As per the information explanation given to us the company during the year 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: (a) during the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity.

(b) According to the information and explanation given to us, the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the companys interest; (c) Schedule of repayment of the principal amount and the payment of the interest have not been stipulated and hence we are unable to comment as to whether receipt of the principal amount and the interest is regular. (d) According to the information and explanation given to us, no amount is overdue in this respect; (e) According to the information and explanation given to us, in respect of any loan or advance in the nature of loan granted which has fallen due during the year, none has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties; (f) The company has granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

4. As per the information available with us, the company has not given any loan to directors or any other person in whom the director is interested.

5. The Company has not accepted any deposits from the public. Therefore, the directive issued by the Reserve Bank of India and the provision of section 73 to 76 or any other relevant provisions of the Companies Act, 2013, and the rules framed there under does not arise.

6. As per the information and explanation provided to us, maintenance of cost records has not required as prescribed by the Central Government in section 148(1) of the Companies Act, 2013.

7. (a) As per the information and explanations given to us and on the basis of our examination of the books of account, and records, the company is regular in depositing undisputed statutory dues within in the prescribed time to the appropriate authorities and there are no arrears of outstanding statutory dues as on the last day of the financial year for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no statutory dues which have not been deposited on account of any dispute.

8. According to the information and explanation given to us, company has no transactions, not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961);

9. (a) As per financial statements, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year; (b) Company is not declared wilful defaulter by any bank or financial institution or other lender; (c) According to the information and explanation given to us, term loans were applied for the purpose for which the loans were obtained; (d) According to the information and explanation given to us, funds raised on short term basis have not been utilised for long term purposes; (e) According to the information and explanation given to us, 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 explanation given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies;

10. (a) According to the information and explanations given to us, the Company has not raised money, by way of initial public offer or further public offer (including debt instruments) and no term loan has been taken during the year by the Company. (b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(10)(b) of the Order is not applicable.

11. (a) According to the information and explanations given to us, and on the basis of our examination of the records of the Company provided to us, no material fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the period.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed by us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, from the date of appointment up to the date of this report;

(c) As per the information and explanations given to us, the company has not received any whistle- blower complaints during the year;

12. The Company is not a Nidhi Company and hence reporting under clause 3(12) of the Order is not applicable.

13. As explained in the Basis for "Adverse Opinion" section of our main report, we are unable to comment whether the transactions during the year with the related parties were in compliance with Section 177 and 188 of the Companies Act, 2013.

14. (a) According to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business; (b)As per the information provided to us Internal Auditors report available for our consideration. The findings of the internal audit report have been discussed and management are in process to adopt the suggestions.

15. According to the information and explanation given to us and on the basis of our examination of the records of the Company, we observed that, the Company has not entered into any non-cash transactions with its directors or persons connected with them and hence provisions of section 192 of the Companies Act, 2013 are not applicable.

16. (a) In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Therefore, the Clause (xvi) of (a to c) of paragraph 3 of the Order is not applicable to the Company. (b) According to the information and explanation given to us and based on our examination of the records of the Company, there is no Core Investment Companies (CIC) in the group. Accordingly, provision of clause 3(16)(d) of the Order are not applicable to the Company;

17. According to the information and explanations given to us and based on the audit procedures conducted we are of opinion that the company has not incurred any cash losses during the year and the immediately preceding financial year;

18. There has been no resignation of the statutory auditors of the company during the year;

19. 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 indicating that company is incapable of meeting its liabilities existing at the date of 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 except to the matter described in Basis for Adverse Opinion paragraph in our report that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all 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. As per the information and explanation given to us, there are no amounts required to be spent towards Corporate Social Responsibility (CSR) in compliance Section 135 of the Companies Act. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year.

21. As the Audit Report is on Standalone Financials Statement, paragraph 3(21) of the Order is not applicable.

For KVA & Company

Chartered Accountants

(Firmfs Registration No. 017771C)

Sd/-

Vimal Kishore Agrawal

Partner

Membership No. 510915

Place: New Delhi

Date: 28.05.2025

UDIN: 25510915BMLJXX3636

ANNEXURE eBf TO THE INDEPENDENT AUDITORfS REPORT

(Referred to in para 2 (h) under ‘Report on other legal and regulatory requirement of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (gthe Acth)

We have audited the internal financial controls over financial reporting of AMS Polymers Limited (‘the Company) as of March 31, 2025 in conjunction with our audit of the Financial Statements of the Company for the year ended on 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 design and 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, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and the timely preparation of reliable financial information, as required under Companies Act, 2013.

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 Institute of Chartered Accountants of India and the standards on Auditing prescribed under section 143(10) Of Companies Act 2013, to the extent applicable to an audit of internal financial controls. Those standards and Guidance Note require that we comply with ethical requirements and plan and perform the order 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 includes obtaining understanding of internal financial controls over financial reporting and assessing the risk that material weaknesses exist, the and testing and evaluating the design and operating effectiveness of internal control based on Assessed risk. The procedures depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statement, due to fraud or error. However, because of the matters described in the Basis for Adverse Opinion paragraph of our report, we were not able to obtain sufficient appropriate audit evidence to understand and provide an opinion on internal financial controls 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 maintenance of records that, in reasonable details, accurately and fairly reflect the transactions and dispositions of asset of the company; 2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statement in accordance with Generally Accepted Accounting Principles and that receipts and expenditures of company are being made only in accordance with authorizations of Management 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 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 oversight of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of the internal financial controls over financial reporting to future periods are subject to the risk that 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.

A ‘material weakness is a deficiency, or a combination of deficiencies, in internal financial control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Companys annual or interim Financial Statements will not be prevented or detected on a timely basis.

Adverse Opinion

Because of the significance of the matters described in the Basis for Adverse Opinion paragraph below, we are unable to obtain sufficient appropriate audit evidence to provide a basis for our opinion whether the company had adequate Internal financial controls over financial reporting and whether such Internal financial controls were operating effectively as at March

31, 2025. Accordingly, we do not express an opinion on the companys financial controls over financial reporting.

Basis for Adverse Opinion

For the reasons stated below (1 to 5), we are unable to obtain sufficient appropriate audit evidence so as to provide a basis for our opinion as to whether the Company had adequate internal financial controls over financial reporting and whether such internal financial controls were operating effectively as at March 31, 2025.

1. The Company does not have an appropriate Internal Control System to ensure all the Standard Accounting Policies on various matters. Further, the Financial Statements have not been prepared in strict compliance with the requirements of relevant sections of the Companies Act, 2013 and Accounting Standards along with other rules and regulations.

2. The company does not have Standard Operating Procedures containing policies, processes and standards resulted inconsistent process and increased risk and errors also contributing to inefficient conduct of business.

3. Company does not have proper Fixed Asset Register and Physical Verification Reports for Property, Plant & Equipments and also Company does not have Valuation and physical verification report for inventory as such to identify the control over safeguarding of assets with regard to obsolete, damage, impaired and non-moving items.

4. The company does not have organizational structure defining roles and responsibilities.

5. In addition to above, for reasons stated in our main report "Basis for Adverse Opinion" company has not establish system of internal control over financial reporting in accordance with the provisions of Companies Act, 2013. We have considered the basis of adverse opinion reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Financial Statements of the Company for the year ended March 31, 2025 and the adverse has affected our opinion on the said Financial Statements of the Company and we have issued Adverse opinion on the Financial Statements of the Company.

For KVA & Company

Chartered Accountants

(Firmfs Registration No. 017771C)

Sd/-

Vimal Kishore Agrawal

Partner

Membership No. 510915

Place: New Delhi

Date: 28.05.2025

UDIN: 25510915BMLJXX3636