CIAN Agro Industries & Infrastructure Ltd Auditor Reports

To,

The Members

CIAN Agro Industries & Infrastructure Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone Financial statements of CIAN Agro Industries & Infrastructure Limited (the Company) which comprise of the Balance Sheet as at 31st March 2025. the Statement of Profit and Loss (including other comprehensive income). Statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the financial statemenL including material accounting policies and other explanatory information (hereinafter referred to as * Standalone Financial Statements).

2. 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 (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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31stMarch 2025. and its profit and other comprehensive income, changes in equity and cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further descrtsed 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 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 3udit evidence we have obtained is sufficient and appropriate to provide a basts for our opinion on the standalone financial statements.

Emphasis of Matter

4. We draw attention to

a. Note No. 2.1 to the financial statements, which describes that the Company has revised its estimation for the revaluation cycle of certain classes of non-volatile Property. Plant and Equipment from 3 years to 5 years, in accordance with the requirements of Ind AS 16 Property, Plant and Equipment. This change has been made during the current financial year based on a change in management s estimate.

b. Note No. 4 Non-Current Investments where the Company has valued investment in equity shares of bank at cost.

c. Note No. 29 Other Income and 24 Trade Payables, where the Company has written back certain trade

payables that were outstanding for a period exceeding three to five years during the current financial year. Such balances were derecognized and credited to the Statement of Profit and Loss

Our opinion is not modified in respect of the above.

Key Audit Matters

5. 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.

Key Audit Matters (KAM)
Why the matter was considered to be one of most significance in the audit	How the matter was addressed in our audit
The company had given and received advance payments for trade transactions. These	\u2022 Reviewed historical transaction data and account activity.
advances were subsequently reassessed based on current facts and circumstances.	\u2022 Evaluated the basis for reclassification of these balances as financial assets or financial liabilities in accordance with the
Accordingly, these balances were reclassified as	principles of Ind AS 109.
financial assets or financial liabilities under Ind AS 109 - Financial Instruments, and subsequently measured at fair value in accordance with Ind AS 113 - Fair Value Measurement. The resulting fair value changes were recognised in the Statement of Profit and Loss as per the requirements of Ind AS 109.	\u2022 Reviewed and assessed the appropriateness of the valuation methodology and key assumptions applied by management to measure the fail value of these balances, including discount rates, expected timing of settlement, and credit risk
Given the materiality of the balances, the judgement involved in reclassification and valuation, and the impact on the financial	considerations, as required under Ind AS 113 - Fair Value Measurement. \u2022 Reviewed disclosures In the financial
statements, this was considered a key audit matter.	statements to assess compliance with Ind AS 109 and Ind AS 113, particularly in relation to financial instruments, valuation techniques, and fair value hierarchy.

Other Information

6. The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report but does not include the Standalone financial statements. Consolidated Financial Statements and our auditors reports) thereon The Companys Annual report is expected to be made available to us after the date of this auditors report

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

8. In connection with our audit of the Standalone financial statements, our responsibility is to read the other information identified above when it becomes available and. in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

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

9. The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act.

2013 (Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, of the Companies (Accounts) Rules.

2015. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, ; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone 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 and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing. 3S applicable, matters related to going concern and using the going concern basis of accounting unless the board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the company are responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

10. 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

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 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 nsk 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(3X1) of the Companies Act. 2013. we are also responsive for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.

d. Condude on the appropriateness of Management and Board of Directors use of the going concern b3sts of accounting in preparation of standalone financial statements 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.

e. 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.

11. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the 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.

eport on Other Legal and Regulatory Requirements

12. 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 paragraphs 3 and 4 of the Order, to the extent applicable.

13. A) As required by section 143 (3) of the Act. we report that

a. We have sought and obtained 3ll the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit

b. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matter stated in paragraph 13(B)(f) below on reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rule.2014.

c. The Standalone Balance Sheet the Standalone Statement of Profit and Loss s (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid consolidated financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards)

Rules. 2015.

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

g. The opinion relating to maintenance of accounts and other matters connected there with are as stated in paragraph 13(B)(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

B) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules. 2014, in our opinion and to the best of our information and according to the explanations given to us:

a. The Company does not have any pending litigations which would impact on its financial position.

b. The Company did not have any material foreseeable losses on long-term contracts including derivative contracts dunng the year ended 31 March 2025

c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

d. (i) The management has represented that, to the best of their knowledge and belief, as disclosed in the Note 39(v) to the standalone financial statements, 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 persons) 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 (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(fi) The management has represented, that, to the best of it s knowledge and belief, as disclosed in the Note39(vi) to the standalone financial statements, 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 performed 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) contain any material mis-statement.

e. The company has not declared or paid any dividend during the year, hence there is no contravention of the provisions of section 123 of the Companies Act. 2013.

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

Based on our examination which induded test checks, and communication done, except tor the instances mentioned below, the Company has used accounting software for maintaining its books of account, which has a feature of recording audit trail (edit log) fadlity and the same has operated throughout the year for all relevant transactions recorded in the respective software.

i. There is no frontend facility available to disable or enable the audit logs; this function is controlled exdusively through the database system.

ii. The system is designed without an automatic mechanism to send alerts to higher authorities regarding the disabling of the audit trail.

Our opinion is not modified on the above matter

h. With respect to the other matters to be induded in the Auditors Report in accordance with the requirements of

section 197(16)oftheAct as amended:

In our opinion and according to the information and explanations given to us. the remuneration paid by the Company to its directors during the current year is in excess of the limits laid down under Section 197 of the Companies Act 2013. However, the Company has passed a special resolution in the general meeting, in accordance with the provisions of the first proviso to Section 197(1). enabling such payment Accordingly, the remuneration paid is in compliance with the provisions of Section 197 of the Act. The Ministry of Corporate Affairs h3s not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

	For P. G. Joshi & Co., Chartered Accountants
	FRN; 104416W
	CA Avinash Joshi
	Partner
	M No.: 030904
Place: Nagpur Dato: 30/05/2025 UDIN: 250309Q4BMJPFN9121

" Annexure A" to the Independent Auditors Report of CIAN Agro

Industries & Infrastructures Limited

Referred to in paragraph 12 under the heading Report on Other Legal & Regulatory Requirement of our report of even date to the Standalone Financial Statements of the Company for the year ended

31stMarch. 2025:

I. In respect of the Companys property, plant and equipment, right-of-usc assets and intangible assets:

a) (A) The Company has maintained proper records showing full particulars, including quantitative details

and situation of Property, Plant and Equipment. Such records are maintained in electronic form and are generated in legible form as and when required for review. These electronic records remain accessible and unaltered with clear identification of its origin, destination, and date.

(B) The Company has maintained proper records showing full particulars of intangible assets

b) According to the information and explanation given to us and on the basis of our examination of the records of the company, the company has a regular programme of physical verification of its Property, plant and equipment by which all property, plant and equipment are verified in a phased manner over a period of one year. In accordance with this programme, certain property, plant and equipment were verified during the year In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duty executed in favor of the lessee) disclosed in the standalone financial statements 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) According to the information and explanation given to us and on the basis of examination of records, there are no proceedings that 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.

II. In respect of Inventory:

a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by management were appropriate. No discrepancies were noticed on verification between the physical stocks and the book records that were 10% or more in the aggregate for each class of inventory.

b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. However, the quarterly returns or statements filed by the Company with such banks have not been provided to us for verification. Accordingly, we are unable to comment on whether such returns or statements are in agreement with the books of account of the Company.

III. According to the information given to us and on the basis of examination of records, the company has

not made investments and has not granted loans or advances in the nature of loans, unsecured, to companies, firms. Limited Liability Partnerships or to any other parties However, the company has granted a financial guarantee in respect of Loan taken by one of the subsidiaries. Information in respect of

which is given below:

a) The following tabic presents the particulars of financial guarantees provided by the entity:

Particulars	Guarantee	Security	Loans	Advance in nature of Loans
Varron Aluminum Private Limited	2611.63 Lakhs*		353.10 Lakhs

* Guarantee amount represents the Net value of loan in respect of which guarantee is provided by the entity. Since the financial guarantee fails the recognition criteria as per Ind AS therefore the carrying amount of the same in the books is nil as at 31 st March 2025.

b) According to the information and explanations given to us and based on the audit procedures conducted by us. in our opinion the terms and conditions of the guarantee and loan provided are. prima facie, not prejudicial to the interest of the Company

IV. The Company has not granted loans or provided any guarantees or securities to parties covered under section 185 of the Companies Act, 2013 ("the Act"). The Company has complied with the provisions of section 186 of the Companies Act 2013 in respect of loans granted, investments made and guarantees and securities provided, as applicable.

V. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits or any amount deemed to be deposits from the public within the meaning of the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Accordingly, clause 3{v) of the Order is not applicable to the Company.

VI. The Company has maintained cost accounts & records as notified by the Central Government under subsection (1) of Section 148 of the Act. in respect of the activities carried on by the Company. However, the cost records were not made available to us. Thus, a detailed examination of the same was not possible.

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 is in the practice of depositing undisputed statutory dues including Provident Fund. & Income-tax after the end of the respective financial year and dues related to Goods & Services Tax at the end of every month with the appropriate authorities. According to the information and explanations available to us. undisputed amounts of statutory dues, in arrears as at 31stMarch. 2025 for a period of more than six months, are given 3S follows:

Statutory Dues Payable	Amount (Rs. In Lakhs)
Provident Fund	36.70
Professional Tax	0.35
ES.I.C	0.70
TCS	3.62
IDS	77.96
Total	119.33

b) According to the information and explanation given to us, there are no dues of income tax. sates tax. service tax. goods & service tax outstanding on account of any dispute except for those mentioned below:

Nature of the statute	Nature of dues	Forum where Dispute Is Pending	Period to which the Amount Relates	Amount (Rs. In lakhs)
Goods and Service Tax Act. 2017	Goods and Service Tax	Appellate Tribunal	FY 17-18.18-19,19- 20	130.21

VIII. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income dunng the year in the tax assessments under the Income Tax Act, 1961 (Sec 43 of 1961)

IX.

(a) In our opinion, the company h3S not defaulted in repayment of loans or other borrowings or in the payment o interest thereon to any lender during the year

(b) The company has not been declared willful defaulter by any bank or financial institution or Government authority or other lender

(c) Based upon the audit procedures performed and the information and explanations given by the term loans, prima fade, have been applied for the purpose for which they were obtained

(d) On an overall examination of the financial statements of the Company, funds raised on short term basis have, prima fade, 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) Based upon the audit procedures performed and the information and explanations given by the management the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

X.

(a) The Company has not raised moneys by way of initial public offer or further public offer (induding debt instruments) during the year and hence reporting under dause 3(x)(a) of the Order is not applicable.

(b) Dunng the year, the Company has not made any preferential allotment or pnvate placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under dause 3(x)(b) of the Order is not applicable.

(a) Dunng the course of examination of books and records of the company, carried out within accordance with the applicable auditing standards and according to the information and explanation given to us. no fraud by the company or on the company, by its officers or employees, has been noticed or reported during the year.

(b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act. 2013 has been filed by Cost Auditor or Secretarial Auditor and us. in Form ADT 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report

(c) There were no whistle blower complaints received by the Company during the year (and up to the date of this report), and hence they were not considered.

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

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

XIV. (a) In our opinion, the company has an internal audit system in place but requires strengthening to make it commensurate with the size and nature of its business.

(b) The internal audit report for the year was not received by us as of the date of this report, accordingly, it has not been considered in forming our opinion under this clause.

XV. In our opinion and according to the information and explanations given to us, the Company has not entered into 3ny non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act are not applicable to the Company.

XVL (a) In our opinion, the Company is not required to be registered under section 45-IAof the Reserve 8ank of India

Act, 1934. Hence, reporting under clause 3

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xviXd) of the Order is not applicable.

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 year.

XIX. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, in our opinion no material uncertainty exists as on the date of the audit report that company is 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. (a) In respect of sub-section (5) of section 135 of the Companies Act, based upon the audit procedures

performed and the information and explanations given by the management there is no such unspent amount to be transferred to Fund specified in Schedule VII to the said act Accordingly, the provisions of clause 3 (xx) of the Order are not applicable to the Company and hence not commented upon.

(b) Based upon the audit procedures performed and the information and explanations given by the management there is no such amount remaining unspent under sub-section (5) of section 135 of the Companies Act, pursuant to any ongoing project that has been transferred to special account in compliance with the provision of sub-section (6) of section 135 of the said Act

	For P. G. Joshi & Co., Chartered Accountants
	FRN: 104416W
	CA Avinash Joshi
	Partner
	M No.; 030904
Place : Nagpur Date: 30/05/2025 UDIN: 250309Q4BMJPf"N9121

" Annexure B" to the Independent Auditors Report of CIAN Agro Industries & Infrastructures Limited for the year ended 31st March 2025

Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of

Section 143 of the Act

Referred to in paragraph 13(f) under the heading Report on Other Legal & Regulatory Requirement of our report of even date to the financial statements of the Company for the year ended

31stMarch. 2025

1. We have audited the internal financial controls over financial reporting of CIAN Agro Industries & Infrastructures Limited as of 31st March. 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

2. 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

3. 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") 3nd 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 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.

4. 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 induded 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 ludgment, induding the assessment of the risks of material misstatement of the Standalone Financial Statements, whethe r due to f raud or error.

5. We believe that the audit evidence we have obtained is suffident and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting with reference to standalone finandal statements.

Meaning of Internal Financial Controls Over Financial Reporting

6. A companys interna! financial controls with reference to financial statements 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 controls with reference to financial statements include 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 authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use. or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. 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 interna! 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 detenorate.

Opinion

8. In our opinion, the Company has. in all material respects, an adequate internal financial controls system over financial reporting except for the following material weaknesses identified:

a. Attention is drawn to the non-maintenances of properly documented processes/ policies including documentation for recording of purchase. Sales. Manufacturing activity, inventory including its valuation. Loans and Investment activities etc.

b. Tracking of processes to confirm that these controls are in line with the companys policy was not possible in the absence of such documentation.

However, our opinion in not qualified on the above matters.

Such internal financial controls over financial reporting were operating effectively as at 31stMarch, 2025 which however, need further strengthening, 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 P. G. Joshi & Co., Chartered Accountants
	FRN: 104416W
	CA Avinash Joshi
	Partner
	M No.; 030904
Place : Nagpur Date: 30/05/2025 UDIN: 25030904BMJPTN9121