Apis India Ltd Auditor Reports

JO

The Members of

APIS India Limited

I. REPORT ON THE AUDIT OF THE
STANDALONE FINANCIAL STATEMENTS

1. OPINION

A. We have audited the accompanying
Standalone Financial Statements of APIS
India Limited ("the Company"), which
comprise the Balance Sheet as at March
31, 2026, the Statement of Profit and
Loss (including Other Comprehensive
Income), the Statement of Changes in
Equity and the Statement of Cash Flows
for the year ended on that date, and a
summary of the significant accounting
policies and other explanatory
information (hereinafter referred to as
"the Standalone Financial Statements").

B. In our opinion and to the best of our
information and according to the
explanations given to us, the aforesaid
Standalone Financial Statements give the
information required by the Companies
Act, 2013 ("the Act") in the manner so
required and give a true and fair view in
conformity with the 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, 2026, the
profit and total comprehensive income,
changes in equity and its cash flows for
the year ended on that date.

2. BASIS FOR OPINION

We conducted our audit of the Standalone
Financial Statements in accordance with the
Standards on Auditing specified under section
143(10) of the Act (SAs). 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 issued by the

Institute of Chartered Accountants of India (ICAI)
together with the independence requirements
that are relevant to our audit of the financial
statements under the provisions of the Act and
the Rules made there under, and we have fulfilled
our other ethical responsibilities in accordance
with these requirements and the ICAls Code of
Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Standalone
Financial Statements.

3. EMPHASIS OF MATTERS

We draw the attention on the trade receivable
amounting to Rs. 358.99 Lakhs which is classified
as disputed trade receivable-considered good.
Management has made a provision of expected
credit loss on for Rs. 729.85 lakhs on their
foreign debtors that is classified under disputed
trade receivables. However, as explain to us,
management is in position to recover the amount
and same is also covered under ECGC.

Further, the delays in receipt of proceeds
denominated in foreign currency against export
of goods made by the Company to its overseas
customers aggregating to Rs. 524.03 lakhs as on
31 March 2026, beyond the timelines stipulated
under the Foreign Exchange Management Act,
1999. The management of the Company has filed
the necessary applications with the appropriate
authority for condonation of such delays to
regularize the default. Pending condonation
of such deiay by the appropriate authority,
management is of the view that the possible
penalties that may be levied are currently
unascertainable but would not be material and
accordingly, no consequential adjustments have
been made to the accompanying statement with
respect to such delay/default.

Our opinion is not modified in respect of the
above.

4. KEY AUDIT MATTERS

Key audit matters are those matters that, in our
professional judgment, were of most significance
in our audit of the Standalone Financial
Statements of the current period. These matters
were addressed in the context of our audit of the
Standalone 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 matters to be
described as key audit matters.

5. INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITORS REPORT THEREON

A. 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 Annexure to
Boards Report, Corporate Governance
and Shareholders Information to the
extent applicable, but does not include
the Standalone Financial Statements and
our auditors report thereon. Our opinion
on the standalone financial statements
does not over the other information and
we do not express any form of assurance
conclusion thereon.

B. 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 Standalone 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 material misstatement of
this other information; we are required
to report that fact. We have nothing to
report in this regard.

6. MANAGEMENTS RESPONSIBILITY
FOR THE STANDALONE FINANCIAL
STATEMENTS

A. The Companys Board of Directors
is responsible for the matters stated
in section 134(5) of the Act with
respect to the preparation of these
Standalone 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 Ind-AS and other
accounting principles generally accepted

in India. This responsibility also includes
maintenance of adequate accounting
records in accordance with the provisions
of the Act for safeguarding the assets
of the Company and for preventing and
detecting frauds and other irregularities;
selection and application of appropriate
accounting policies; making judgments
and estimates that are reasonable and
prudent; and design, implementation
and maintenance of adequate internal
financial controls, that were operating
effectively for ensuring the accuracy
and completeness of the accounting
records, relevant to the preparation and
presentation of the standalone financial
statements that give a true and fair view
and are free from material misstatement,
whether due to fraud or error.

B. In preparing the Standalone 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 dose.

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

7. AUDITORS RESPONSIBILITY FOR THE
AUDITOFTHESTANDALONE FINANCIAL
STATEMENTS

A. Our objectives are to obtain reasonable
assurance about whether the Standalone
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 Standalone Financial
Statements.

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

(i) Identify and assess the risks of
material misstatement of the
standalone 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 controls

ii) Obtain an understanding of
internal financial controls relevant
to the audit in order to design audit
procedures that are appropriate in
the circumstances. Under section
143(3)(i) of the Act, we are also
responsible for expressing our
opinion on whether the Company
has adequate internal financial
controls system in place and the
operating effectiveness of such
controls.

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

iv) 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 Standalone
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.

v) Evaluate the overall presentation,
structure and content of the
Standalone Financial Statements,
including the disclosures, and
whether the Standalone Financial
Statements represent the
underlying transactions and events
in a manner that achieves fair
presentation.

C. Materiality is the magnitude of
misstatements in the Standalone
Financial Statements that, individually
or in aggregate, makes it probable that
the economic decisions of a reasonably
knowledgeable user of the Standalone
Financial Statements may be influenced.
We consider quantitative materiality
and qualitative factors in (i) planning the
scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate
the effect of any identified misstatements
in the Standalone Financial Statements.

D. 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.

E. 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.

F. From the matters communicated with
those charged with governance, we

determine those matters that were of
most significance in the audit of the
Standalone 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.

II. REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS

1. As required by Section 143(3) of the Act,
based on our audit report 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 relating
to preparation of the aforesaid
financial statements 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 including

Other Comprehensive Income,
Statement of Changes in Equity
and the Statement of Cash Flow
dealt with by this Report are in
agreement with the relevant

books of account maintained for
the purpose of preparation of the
aforesaid standalone financial
statements.

D. In our opinion, the aforesaid

standalone 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, 2026
taken on record by the Board of
Directors, none of the directors is
disqualified as on March 31, 2026
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 "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:

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, as amended
in our opinion and to the best of
our information and according to
the explanations given to us:

i. The Company have pending
litigations in various matter
as reported in Note 30 for
which management cannot
estimate the impact on its
financial position and shown
as contingent liability.

ii. The Company did not have
any long-term contracts

including derivative contracts
for which there were any
material foreseeable losses.

iii. There were no amounts
which we re 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, 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, no funds
(which are material
either individually or in
aggregate) have been
received by 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
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 mis-
statement.

v. Duringthe year, company has
not declared or paid dividend
during the year which is in
compliance with section 123
of the Companies Act, 2013.

vi) Based on our examination
which included test checks,
performed by us on the
Company have used
accounting software for
maintaining its respective
books of account for the
financial year ended March
31, 2026 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 audit, we have not
come across any instance of
the audit trail feature being
tampered with.

As proviso to Rule 3(1) of
the Companies (Accounts)
Rules, 2014 is applicable
from 1 April 2023 reporting
under Rule 11(g) of the
the Companies (Audit
& Auditors) Rules, 2014
on preservation of audit
trails as per the statutory
requirement for record
retention is applicable and
preserved by the company
for the financial year ended
on March 31,2026.

2. As required by the Companies (Auditors
Report) Order, 2020 ("the Order") issued
by the Central Government in terms of

Section 143(11) of the Act, we give in
"Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the
Order to the extent applicable.

For G A M S & Associates LLP
(Chartered Accountants)

FRN 0N500094

CA Anil Gupta
(Partner)

M. No. 088218

Date: May 30, 2026
Place: New Delhi
UDIN: 26088218UAATOE2029

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in 1(i) under Report on Other Legal and Regulatory Requirements Section of our report to the Members of APIS India Limited of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 143 OF THE COMPANIES ACT, 2013 (THE ACT)

We have audited the internal financial controls over financial reporting of APIS India Limited ("the Company") as of March 31, 2026 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 Companys management 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 ("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 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") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, 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 Institute of Chartered Accountants of India. 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 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, 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 31st March 2026, 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.

For G A M S & Associates LLP
Chartered Accountants
FRN 0N500094

Sd/-
CA Anil Gupta
(Partner)
M. No. 088218

Date: May 30, 2026
Place: New Delhi
UDIN: 26088218BUAATGE2029

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under Report on Other Legal & Regulatory Requirements section of our report to the Members of Apis India Limited of even date)

Pursuant to the Companies (Auditors Report) Order 2020 To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment on the basis of available information.

? The Company has maintaining proper records showing full particulars of intangible assets.

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in a phased manner in our opinion and having regard to the size of the Company and nature of its business. No material discrepancies were noticed on such physical verification.

c) As explained to us, title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

d) The Company has not revalued any of its Property, plant and Equipment and Intangible Assets during the year.

e) No proceedings have been initiated during the year or are pending against the company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

ii) a) As explained to us, physical verification has been conducted at reasonable intervals by management. According to the information and explanations given to us, discrepancies noticed were not material.

b) The Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at any points of time during the year, 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.

iii) The Company has not granted loans, secured or unsecured to companies, firms, Limited Liability Partnership or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clauses 3(iii)(a), (b), (c), (d) of the order are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of sections 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security.

v) The Company has not accepted any deposits or amounts which are deemed to be deposits and hence, the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

vi) As informed to us, the maintenance of cost records has not been specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, in respect of the activities carried on by the company.

vii) a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident fund, Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Goods and Services Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2026 for a period of more than six months from the date on when they become payable.

six months from the date on when they become payable.

b) According to the information and explanations given to us, dues in respect of Income-Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Goods and Services Tax, Cess and other material statutory dues which have not been deposited as at 31 March 2026 on account of any dispute are given below:

Name of the Statute	Nature of Dues	Amount (? in 000)	Period to which the amount relates	Forum where dispute is pending
Central Excise Act, 1944	Custom	1,147.00	2009-10 to 2010-11	Customs, Excise and Service Tax Appellate Tribunal
Income Tax (Appeal)	Income Tax	792.78	2021-22	CIT (A)
Income Tax (Appeal)	Income Tax	335.26	2022-23	CIT (A)
Income Tax (Appeal)	Income Tax	1,092.56	2023-24	CIT (A)
Income Tax (Appeal)	Income Tax	775.88	2024-25	CIT (A)
Contingent Liability for the Year 2020-21	Income Tax	55,071.85	2018-19	-
Contingent Liability for the Year 2020-21	Income Tax	6,217.65	2017-18	-
Sales Tax, Delhi	Income Tax	842.79	2012-13	DVAT
Sales Tax, Delhi	Income Tax	2,849.24	2013-14	DVAT
GST Penalty	GST	3,000.00	2018-19	GST
GST Penalty	GST	1,044.00	2018-19	GST
GST Karol Bagh	GST	135.00	2018-19	GST
Liability against C, H & P	GST	802.05	2018-19	GST
GST - Head Office	GST	1,994.35	2020-21	GST
GST - Head Office	GST	306.19	2019-20	GST
GST - Head Office	GST	3,574.55	2018-19	GST

viii) There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

ix) a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.
b) The Company has not been declared willful defaulter by any bank or financial institution or government or government authority.
c) The company has not taken any long term loans during the year. Hence, reporting under clause 3(ix)(c) of the Order is not applicable.
d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.
e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.
f) The Company has not raised any loans during the year and hence reporting on the clause 3(ix)(f) is not applicable.

x) a) Based on the information and explanations given by the management, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year and hence reporting under clause 3(x)(a) of the Order are not applicable to the Company.
b) Based on the information and explanations given by the management, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) during the year under review and hence reporting under clause 3(x)(b) of the order are not applicable to the company and hence not commented upon.

xi) a) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

? Also, there were no whistle blower complaints received by the Company during the year.
b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.
c) As informed to us, no whistle blower complaints were received by the Company during the year.

xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company.

xiii) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of the Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

xiv) a) In our opinion the company has an adequate internal audit system commensurate with the size and the nature of its business except the financial irregularities reported in para (xii), matter specified in para (ii) in respect of property, plant and equipment and inventories and para (vii) in respect of inventory.

b) We have considered the internal audit report for the year under audit, issued to the company during the year and till date, in determining the nature, timing and extent of our audit procedures.

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

xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) The company has not conducted any Non-banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from 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) There are no CIC as a part of the group.

xvii) The company has not incurred Cash losses during the financial year covered by our audit and the immediately preceding financial year.

xviii) There has been no resignation of the statutory auditors of the company during the financial year.

xix) On the basis of financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and 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 on the date of the audit report indicating the company is not capable 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 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.

xx) The company has spent the amount on the CSR activities in compliance with the provision of section 135(5) of the said act.

xxi) Audit of associate company i.e. Kapil Anand Agro Private Limited ("the Company"/"the Parent"), in which wholly owned subsidiary company named Anandhrat Smart India Private Limited holds 50% equity in the Company. According to the Audit Report of Kapil Anand Agro Private Limited, the land and building amounting to Rs. 220.21 Lakhs held in the name of Director and Promoter of the Company, however, according to the Audit Report the Company has signed Sale Purchase Agreement with the Director and Promoter and the Company is in the process of transfer of title deed in its name.

For G A M S & Associates LLP
(Chartered Accountants)
FRN 0N500094

Sd/-
CA Anil Gupta
(Partner)
M. No. 088218

Date: May 30, 2026
Place: New Delhi
UDIN: 26088218BUAATGE2029