Bindal Exports Ltd Auditor Reports

To the Members of BINDAL EXPORTS LIMITED

PLOT NO. 270, BINDAL HOUSE, SURAT KADODARA ROAD,

NEAR KUMBHARIA BUS STAND, KUMBHARIA,

SURAT - 395010

Report on the financial statements Qualified Opinion

We have audited the accompanying financial statements of BINDAL EXPORTS LIMITED, which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss (including statement of other comprehensive income), the statement of changes in equity and the Cash Flow Statement for the year then ended, and notes to the financial statements including a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, subject to qualifications mentioned herein after in this report, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2025;

b) In the case of the Statement of Profit and Loss, of the loss for the year ended on that date including other total comprehensive income; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Basis for Qualified Opinion

a) In absence of ascertainment by the company of liability towards Gratuity to be paid to retiring employees through Actuarial Valuation, its impact on the profits/ (losses) of the company cannot be ascertained.

b) The company is not making provision for leave salary on accrual basis.

c) The company is not making provision for bonus on salary on accrual basis.

d) The company has made donation of Rs. 25,00,000 toward scientific research to Surat Raktadan Kendra & Research Centre which is exceeding five per cent of its average net profits for the three immediately preceding financial years but prior permission of the company in general meeting has not been taken as per section 181 of the company act.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statement as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone financial statement section of our report, including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The result of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

Key Audit Matters	Auditors Response
Balance with Statutory Authorities:	We have relied on the representation of the management that, these balances are either refundable or may be adjusted against future liability arising of account assessments if any.
The Company is reporting balances due and receivable from several statutory authorities, including GST/ VAT/ Excise/ Service Tax, aggregating to Rs. 06.78 lacs.
Gratuity, Bonus and Leave Encashment: The company has not made provision for Gratuity, Bonus and Leave encashment payable to employees in its books of accounts. As per the policy the payment is made to retiring employees on an ad hoc basis.	The company should obtain Actuarial valuation report on Gratuity to be provided depending on the strength of employees / workers and their duration of employment. The company must provide for Bonus as per Provision of payment of Bonus Act, 1965. The issue has been dealt with by way of qualification in the Independent Auditors Report.
Trade Receivables: Balance Confirmation from Trade Receivables having non-moving balances is not obtained by the company. The total amount of such trade receivables are Rs. 23.93 lacs.	We are unable to form an opinion about the early recovery of these outstanding debts. However, management has confirmed realisation of these trade receivables within a year.
GST on transfer of GIDC Land: The company has not charged GST on GIDC Land transferred during the year	Matter regarding GST on transfer of leasehold rights in land allotted by the Gujarat Industrial Development Corporation (GIDC) is pending with Supreme Court of India. However, The Gujarat High Court has ruled that the assignment of leasehold rights in land allotted by the Gujarat Industrial Development Corporation (GIDC) constitutes a transfer of immovable property and, is not subject to GST.
Bank Balances: Bank statements of two Bank of Baroda accounts is not obtained by the company.	We are unable to form an opinion about the outstanding balance in Bank of Baroda Accounts amounting to Rs. 0.77 Lacs. However, as per the management there is no transaction in both account and these are Dormant accounts. Also, management has confirmed that the account will be closed within a year.

Information other than the financial statement and auditors report thereon.

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Boards Report including Annexures to Boards Report, Business Responsibility Report but does not include the financial statement and our auditors report thereon. The report is expected to be made available after the date of this auditors report.

Our opinion on the standalone financial statement does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statement or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, bases on the work we have performed, we conclude that there is no material misstatement of information we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters 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, including other comprehensive income, changes in equity 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, read with Rule 11 of the Companies (Accounting Standard) Rules, 2021. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies;

Date: 29/05/2025

making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibility for the Audit of the Financial Statements

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

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

a) 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.

b) 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

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

d) 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.

e) 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 Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 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.

Date: 29/05/2025

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 Act, we give in the Annexure-A a statement on the matters specified in the paragraph 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 obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 11 of the Companies (Accounting standard) Rules, 2021.

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

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B". Our report express 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 requirement of section 197(16) of the Act and, as amended, in our opinion and to the best of our information and according to the explanation 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; and

h) With respect to the other matters included in the Auditors Report and to the best of our information and according to the explanations given to us:

I. The details of pending litigations by and against the company which would impact its financial position is submitted in Notes to Financial Statements;

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

III. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company as there were no amounts which required to be transferred.

IV. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,

i) No funds 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(s) or entity(ies), including foreign entities 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

Date: 29/05/2025

Ultimate Beneficiaries or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

ii) No funds have been received by the company from any person(s) or entity(ies), including foreign entities 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.

iii) Based on audit procedures carried out by us, that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us believe that the representations under sub-clause (i) and (ii) contain any material misstatement.

V. The Company has not declared or paid any dividends during the year and accordingly reporting on the compliance with section 123 of the Companies Act, 2013 is not applicable for the year under consideration.

VI. Based on our examination carried out in accordance with the Implementation Guidance on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014 (Revised 2024 Edition) issued by the Institute of Chartered Accountants of India, the company has used accounting software for maintaining its books of account, which has a feature of recording audit trail (edit log) facility except that no audit trail enabled at the database level for accounting software AAA (database SQL) and BBB (database db2) to log any direct data changes. Further, the audit trail facility has been operating throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. [Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention]. Our examination of the audit trail was in the context of an audit of financial statements carried out in accordance with the Standard of Auditing and only to the extent required by Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014. We have not carried out any audit or examination of the audit trail beyond the matters required by the aforesaid Rule 11(g) nor have we carried out any standalone audit or examination of the audit trail.

	For Rajesh Bhauwala & Co. (Chartered Accountants)
Place: SURAT Date: 29/05/2025 UDIN: 25103431BMLAKD6139	Sd/- (RAJESHKUMAR BASUDEV BHAUWALA) Partner M.No. 103431 ICAI FRN: 118275W

BINDAL EXPORTS LIMITED

PLOT NO. 270, BINDAL HOUSE, SURAT KADODARA ROAD,

NEAR KUMBHARIA BUS STAND, KUMBHARIA,

SURAT - 395010

Annexure "A" to the Auditors Report

The Annexure referred to in our report to the members of BINDAL EXPORTS LIMITED for the year Ended on 31-03-2025 we report that:

Particulars	Auditors Remark
(a) Whether the records maintained by the company display the complete particulars on the details, quantity and situation of tangible and intangible assets;	The company has maintained proper records showing full particulars including quantitative details and situation of its tangible and intangible assets.
(b) Whether the management has carried out physical verification of the assets at different intervals reasonable with the size of the company.	As explained to us, assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) Whether the material discrepancies, if any, noticed on physical verification have been accounted for in the books of accounts.	No material discrepancies were noticed on such verification.
(d) Whether the title deeds pertaining to the immovable properties (except properties which are leased by the company with duly executed lease agreements in the companys favour) disclosed in the financial statements are held in the name of the company	Yes
(e) Whether the title deeds are not held in the name of the company	No
(f) Whether a revaluation has been done by the company of its property, plant and equipment (including the right of use assets) or intangible assets or both during the year and, if so, whether the revaluation is based on the valuation by a Registered Valuer.	No revaluation has been done.
(g) In case of a change in values upon revaluation, specify the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of property, plant and equipment or intangible assets.	N.A.
(h) Whether any 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. If yes, whether the company has appropriately disclosed the details in its financial statements.	No proceeding has been initiated.
(a) Whether the management has carried out physical verification of inventory at reasonable intervals;	Yes
(b) whether any discrepancies of 10% or more in the	No

 

aggregate for each class of inventory were noticed and if so, whether they have been properly dealt with in the books of accounts;
(c) Has the company, during any point of time of the year, sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets.	Yes
(d) Are the quarterly returns or statements filed by the company with financial institutions or banks in agreement with the books of account of the Company. In case of non-agreement, to provide	The Statement are given in the banks on the basis of provisional data and always subject to difference in valuation, discount and reconciliation, so the difference arise between the data.

 

Quart er	Amount as per Books of Accounts	Amount reported in Quarterly statements	Amount of differen ce (In Lakhs)
Q1	918.23	929.79	-11.56
Q2	1044.02	1026.37	17.65
Q3	1045.98	1043.72	2.26
Q4	712.04	744.98	-32.94

 

(a) Whether the company has during the year made any investments in, given any guarantee or security or granted any loans or advances which are characterised as loans, unsecured or secured, to LLPs, firms or companies or any other person,	According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 during the year.
(b) whether 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;	N.A.
(c) in respect of loans and advances in the nature of loans whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular;	N.A.
(d) if the amount is overdue, state the total amount overdue for more than ninety days, and whether reasonable steps have been taken by the company for recovery of the principal and interest	N.A.
(e) whether any loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same parties, if so, specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year [not applicable to companies whose principal business is to give loans]	N.A.
(f) whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment, if so, specify the aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2	N.A.

 

	Date: 29/05
of the Companies Act, 2013;
(iv) Whether the company has given any loans to directors or any other person in whom the director is interested, or made any investments, whether the company has made compliance with the provisions governing such loans, investments and guarantees.	No such transactions.
(v) In case the company has accepted deposits or deemed deposits, whether the company has followed the directives of the RBI as under: - Compliance with the provisions prescribed for accepting deposits under section 73 to 76 of the Companies Act, 2013. - The nature of contraventions, if the above provisions are not followed. - Compliance with any order passed by any court or tribunal. - Reporting of any noncompliance with the provisions of Companies Act, 2013.	According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not accepted any deposits.
(vi) In case the company is required to maintain cost records, whether the records have been maintained during the year and non-compliance if any	As per information & explanation given by the management, maintenance of cost records prescribed by the Central Government under subsection (1) of section 148 of the Companies Act, 2013 is not applicable to the Company.
(vii) Whether the company has: - Regularly deposited statutory dues. - Are any statutory dues pending for a period more than 6 months as on the balance sheet date. - In case of any disputed statutory dues, the amount of such dues, the forum before whom the dues are litigated.	According to the records of the company, undisputed statutory dues including TDS to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2025 for a period of more than six months except TDS demand of Rs. 118530 for A.Y. 2009-10, Rs. 87190 for A.Y. 2010-11, Rs. 87530 for A.Y. 2011-12, Rs. 12300 for A.Y. 2012-13, Rs. 8600 for A.Y. 201314, Rs. 1770 for A.Y. 2016-17, shown on Traces portal. According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes except

 

Name of Statue	Nature of Due	Amount Involved	Amount Paid	Period	Forum Where dispute is Pending
Central Excise Act, 1944	Excise Duty, Interest & Penalty	12660585	674000	01.04.2009 - 31.03.2010	Comm. Of Central Excise & Customs, Surat
Central Excise Act, 1944	Excise Duty & Penalty	21316		20.02.2016 - 31.03.2017	Asstt. Comm. Central Excise Div-II, Surat-1
Custom Act, 1962	Custom Duty, Interest & Penalty	2180896		01.04.2010 - 31.03.2011	Addl. Director Customs and Excise, Mumbai

(viii) Whether any transactions which are not recorded in No such transactions.

the accounts have been disclosed or surrendered

before the tax authorities as income during the year. The details of such income tax assessments should be disclosed. - Whether such undisclosed income has been recorded in the accounts during the year.
(ix) Whether the company has made any default in the repayment of loans to banks, government, debenture-holders, etc. then the amount and period of default;	Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.
(x) Whether the company has raised any funds from a public offer (equity or debt capital), details of the funds applied for the purposes. Also, the details of default or delays and rectification measures taken. - Has the company made any private placement or preferential allotment of shares or convertible debentures (fully, partially or optionally convertible) during the year, whether the same is in accordance with section 42 and section 62 of the Companies Act, 2013. - Whether the funds raised, have been used for the purposes they were raised and the noncompliance, if any.	N.A. (No such fund raised)
(xi) Whether any fraud by the company or any fraud done on the company. If any such fraud has been noticed or reported any time of the year. If yes, nature and amount involved have to be reported. - Whether the auditors of the company have filed a report in Form ADT-4 with the Central Government as prescribed under the Companies (Audit and Auditors) Rules, 2014. - In case of receipt of whistleblower complaints, whether the complaints have been considered by the auditor.	Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.
(xii) Compliance with provisions applicable to a Nidhi company: - Maintaining of net owned funds to deposit ratio of 1:20 for meeting liabilities. - Maintaining 10% term deposits (which are unencumbered) for meeting liabilities. - Details of any default in payment of interest on deposits or repayment of for any period.	NA (Not a Nidhi Company).
(xiii) Whether the company has complied with the provisions of section 188 of the Companies Act, 2013 in respect of transactions with related parties. Also, whether appropriate disclosures are made in the financial statements;	Yes.
(xiv) Does the company have an internal audit system in accordance with its size and business activities? - Have the reports of the internal auditors been considered by the statutory auditor.	Yes.

 

Whether the company has undertaken non-cash transactions with their directors or other persons connected to the directors, whether the restrictions imposed are complied with.	No such transactions have been entered with directors.
a. Is the company required to be registered under the RBI Act and whether the company has obtained registration. b. Whether the company has carried on any Non-Banking Financial or Housing Finance activities (NBFC or HFC) without having a valid registration certificate from RBI. c. Is the company a Core Investment Company (CIC) under the RBI regulations and does it continue to fulfil the criteria of a CIC. In case the company is an exempted or unregistered CIC, does the company continue to fulfil the criteria for exemption. d. Does the group to which the company belongs have more than one CIC as part of it, then indicate the number of CICs which are in the group.	No such Registration is required U/s. 45-IA of the RBI Act, 1934.
Whether the company incurred any cash losses in the financial year and the immediately preceding financial year, the amount of cash losses incurred.	Yes. The company has incurred cash loss of Rs. 88,36,809/- in the financial year 2024-25. No cash loss has been incurred in immediately preceding financial year i.e. F.Y. 2023-24.
Whether during the year, has there been any resignation of statutory auditors, if yes, has the auditor considered the objections, issues or concerns raised by the outgoing auditors.	Yes.
Existence of any material uncertainty on the date of the audit report on an evaluation of: - The ageing report, financial ratios and expected dates of realisation of financial assets and payment of financial liabilities, any other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans. - Opinion whether the company can meet its the liabilities which exist as at the balance sheet date when such liabilities are due in the future.	On the basis of the financial ratios disclosed in notes to the financial statements, 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 managements 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 that company is not capable of meeting its liabilities existing at the date of balance sheet as and when the 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 not 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 the fall due.
Transfer to fund specified under Schedule VII of	N.A.
Companies Act, 2013
- With respect to obligations under Corporate Social Responsibility, whether the company has transferred the unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of 6 months from the expiry of the financial year.
- Whether any amount which remains unspent has been transferred to a special account in accordance with provisions of section 135 of the Companies Act, 2013.
Qualifications or adverse auditor remarks in other group companies	No.
In case there have been any qualifications or adverse remarks in the audit reports issued by the respective auditors in case of companies included in the consolidated financial statements, to indicate the details of the companies and the paragraph numbers of the respective CARO reports containing the qualifications or adverse remarks.

 

	For Rajesh Bhauwala & Co. (Chartered Accountants)
Place: SURAT Date: 29/05/2025 UDIN: 25103431BMLAKD6139	Sd/- (RAJESHKUMAR BASUDEV BHAUWALA) Partner M.No. 103431 ICAI FRN: 118275W

Annexure "B" to the Independent Auditors Report of Even Date on The Standalone Financial Statements of BINDAL

EXPORTS LIMITED

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

We have audited the internal financial controls over financial reporting of BINDAL EXPORTS LIMITED as of March 31, 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls. 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

The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025.

	For Rajesh Bhauwala & Co. (Chartered Accountants)
Place: SURAT Date: 29/05/2025 UDIN: 25103431BMLAKD6139	Sd/- (RAJESHKUMAR BASUDEV BHAUWALA) Partner M.No. 103431 ICAI FRN: 118275W