Bansal Multiflex Ltd Auditor Reports

To

The Members of BANSAL MULTIFLEX LIMITED

Report on the Audit of the Standalone Financial Statements as on 31 March 2026.

Disclaimer of Opinion

We have audited the accompanying standalone financial statements of BANSAL MULTIFLEX LIMITED ("the Company"), which comprise the balance sheet as at 31st March, 2026, and the statement of Profit and Loss and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

We do not express an opinion on the accompanying financial statements of the entity. Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient and appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for Disclaimer of Opinion

We were not able to conduct 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 responsibilities in accordance with these requirements and the Oode

Reason for Disclaimers are as follow: -

i. (a) The Honble National Company Law Tribunal, Ahmedabad {"NCLT") by an order dated 18-12-2020 admitted the Corporate Insolvency Resolution Process (CIRP") application filed by financial creditors and appointed Mr. Balmukund Kabra as Interim Resolution Professional. In the first meeting of Committee of Creditors ("COC") held on 04-02-2021, IRP was replaced by Mr Kailash Shah as RP, Same has been confirmed by adjudicating bench, dated 8-3-2021.

(b) The Company was acquired under CIRP as a going concern through a resolution plan which was approved by COC committee, NCLT has also given approval of the same vide order dated 31-5-2022.

(c) No operational or business activities were conducted in the company at least since the insolvency commencement date i.e. 18-12-2020 except for the activities related to the resolution process as required by the resolution professional.

(d) These events cast significant doubt on the ability of the Company to continue as a going concern. The appropriateness of the said basis is inter-alia dependent on the Companys ability to infuse requisite funds for meeting its obligations (including statutory liabilities and these in respect of contracts entered into for purchase of goods and assets), rescheduling of debt/other liabilities and resuming normal operations.

ii. The Company has not produced us the Statutory Registers and records as required to be maintained and kept by it under the provisions of the Companies Act, 2013;

iii. The Company has not produced attendance Registers and minutes of the General Meetings, Board Meetings, minutes of meetings of the Committee of Creditors, valuation reports for inventories and plant and Machineries and the outcome of certain procedures carried out as a port of the CIRP and Committees of the Directors

Committees of the Board of Directors of the Company and therefore we are NOT able to state that the proceedings thereof have been properly recorded in the Minute Book and Registers maintained for the purpose and that they have been duly signed.

iv. The company has not complied with AS - 15, with respect to employee benefits. Provision has not been made for gratuity and other post-employment benefits.

v. Internal Audit Report were not available for the year, so we are not able to give our comments on internal control in the company.

vi. Company has not appointed full-time Company Secretary required under section 203 {and Rule 8 and Rule 8A of companies appointments & remuneration of Managerial Personnel Rule 2014) of Companies Act, 2013.

Kev Audit Matters

Key audit matters (KAM} 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. Due to the non-availability of supporting documents or opinions, we do not provide separate opinion on the key audit matters. We are reporting important Key audit matters as under:

We draw attention to the Notes to accounts no. 22(B)(11) of the attached financial statments of the company been prepared on the going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has almost no realizable value of the asset which were existed on its books and its net worth stands fully eroded. These conditions indicate the existence of material uncertainty that cast significant doubt about companys ability to continue as going concern. The appropriateness of the said basis is inter-alia dependent on the Companys ability to infuse requisite funds for meeting its obligations (including statutory liabilities and these in respect of contracts entered into for purchase of goods and assets), rescheduling of debt/other liabilities and

The company has not carried out detailed assessment of the useful life of Companys assets as company is in progress of updating fixed assets register, so assets wise useful life working is not possible, Further Management has made the impairment provision on the entire block of Property, Plant and Equipments. We are unable to comment on the impact on statement of Profit & Loss Account.

We have also examined non-compliance with regards to the applicable provisions of the following:

i. As per the information available and details provided to us by the management, Secretarial Standards issued by The Institute of Company Secretaries of India, Secretarial Standard 1 is not applicable as No Board Meeting or Meeting of Committee of Board of Directors was conducted during the period under review.

ii. The Listing Agreement entered into by the Company with the Stock Exchanges read with Securities and Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015. During the period under review, we give our disclaimer of opinion in these regards compliances of the Company complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above.

iii. As per the approved resolution plan shared with us, the contingent liabilities stand extinguished and accordingly no outflow of economic benefits is expected in respect thereof Hence no contingent liability has been determined in the financial statements. Further, based on the information provided to us, management has submitted application for Extinguishment of income tax Demand u/s 156A of Income Tax Act.

iv. We have reported information and details available to us by the company, in this audit report, there may be additional information over and above not reported or available to us.

Information other than the financial statements and auditors

The Companys Board of Directors is responsible for the other inforr information comprises the information included in the Directors

Annexures to the Directors Report, but does not include the standalone financial statements and our auditors report thereon.

We have given disclaimer of opinion on the standalone 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 standalone 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 are required to report that fact and information available with us and it is reported in basis for disclaimer of opinion, key audit matters and other applicable paras.

Responsibilities of Management and Those Charged with Governance for the Standalone 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 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 standalone financial statements, management is responsible for

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 Responsibilities for the Audit of the Financial Statements

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

However, because of the matters described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment 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) the Companies Act, 2013, we are also responsible for expressing our

opinion on whether the company has adequate internal financial 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.

• 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.

• 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.

• We also performed procedures in accordance with the Circular No. CIR/CFD/CMD 1/44/2019 dated 29th March, 2019 issued by the SEBI. We under Regulation 33(8) of the Listing Regulations to the extent applicable.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act, we report that:

a) Due to possible effects of the matter described in the Basis for Disclaimer of Opinion paragraph and Key audit matters paragraph, we were unable to obtain 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 not been kept by the Company so far as details and records provided to us.

c) Due to possible effects of the matter described in Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient and appropriate audit evidence to provide a basis for an audit opinion on these standalone financial statements. Therefore, we cannot comment whether 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 or not.

d) In our opinion, the aforesaid financial statements subject to the matters mentioned in the Basis for Disclaimer of Opinion para above comply with the Accounting Standards specified under Section 133 of the Act, read with Rule

7 of the Companies (Accounting Standards) Rules, 2015, as

AnnexureA

Report on Internal Financial Controls with reference to financial statements

Report on the Internal Financial Controls under Clause fH of Sub-section 3 of Section 143 of the Companies Act. 2013 ("the Act"^

DISCLAIMER OF OPINION

In conjunction with our audit of the standalone financial statement of BANSAL MULTIFLEX LIMITED ("the Company") as of March 31, 2026, we give disclaimer of opinion on the internal financial controls over financial reporting as of that date.

We do not express an opinion on the accompanying standalone financial statements of the company. Because of the significance of the matter described in the Basis of Disclaimer of opinion section of our main audit report., we have not been able to obtain sufficient and appropriate evidence to provide a basis for an audit opinion on these standalone financial statements.

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. 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 fin over financial reporting based on our audit. We conducted our audit

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.

Because of the matter described in the Basis for Disclaimer of Opinion paragraph, we were not able to obtain sufficient and appropriate audit evidence to provide a basis for an audit opinion on internal financial controls system over financial reporting of the Company.

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 -

• pertain to the maintenance of records that, in reasonable detail, accurately and

fairly reflect the transactions and dispositions of the assets of the company:

• provide reasonable assurance that transactions are recorded as

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 authorizations of management and directors of the company; and

• 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 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.

e) We have not received the written representations from the directors as required under Section 164(2) of the Companies Act, 2013 regarding their disqualification as on 31st March, 2026. Accordingly, We are unable to state whether any director is disqualified as on March 31, 2026 from being appointed as a director in the terms of Section 164 {2} of the Act, as the matter described in the Basis for Disclaimer of Opinion section above.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A.

g) In view of the matters described in the Basis for Disclaimer of Opinion section of our report, we are unable to comment on the compliance with the provisions of Section 197 read with Schedule V of the Companies Act, 2013.

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:

i. Due to possible effects of the matter described in Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient and appropriate audit evidence to comment whether company have any pending litigations which would impact its financial position.

ii. Due to non-availability of details, we are not able to comments on Whether the company have any long-term contracts including derivative contracts for which there were any material foreseeable losses or not.

iii. Due to non-availability of details, we are not able to comments on whether any amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. The company has not produced attendance registers and minutes of the General meetings, Board meetings of the Directors such as the Audit Committee, Remuneration Committee and Stakeholders Committee. No documents were produced before us to testify the giving of the proper notices to any shareholders and the board of directors meetings and committee of the board of directors of the company and therefore we are NOT able to state whether the proceedings thereof have been properly recorded in the Minute book and Registers maintained for the purpose and that they have been duly signed.

v. No dividend has been declared or paid during the year by the company.

vi. Due to possible effects of the matter described in Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient and appropriate audit evidence to comment whether company has used such accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility.

Abhinav Kaushik

(Partner)

Membership 531501 No.