Darshan Orna Ltd Auditor Reports

Report on the Financial Statements
Opinion

We have audited the accompanying financial statements Darshan Oi na Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2025. and the Statement of Profit and Loss, including the 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 the significant accounting policies and other explanatory
information (hereinafter referred to as "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us. the aforesaid financial
statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so
required and give a tiue and fair view in conformity with the accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and its profit including other comprehensive income, the changes
in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as specified
under section 143(10) of the Act. 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 (ICAI) together with
the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act 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 audit opinion on the Financial Statements.

Information other than the financial statements and Auditors Report thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the
information included in the Directors report, but does not include the Financial Statements and our Auditors Report
thereon. Our opinion on the Financial Statements does not cover the other information and we do not express any foim
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 such other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based
on the work we have per formed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.

Responsibility of Management for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to
the preparation of these 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 Indian Accounting Standards (IND AS)
specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended.

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 the frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation

and presentation of the Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the Financial Statements, management is responsible for assessing the Companys ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. 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 fr om 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 scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible 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.

• 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
fail presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit. We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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 Section 143(11) of the Act, we give in tke"Annexure 1", a statement on the matters specified

in paragraphs 3 and 4 of the Order.

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 puiposes 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;

(c) The Balance Sheet, the Statement of Profit and Loss including the statement of other comprehensive
Income, the Statement of Changes in Equity and the Cash Flow Statement 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 prescribed under
Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

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

(f) With respect to the adequacy of the internal financial controls of the Company with reference to these
financial statements and the operating effectiveness of such controls, refer to our separate report in
"Annexure 2" to this report.

(g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our opinion and according to the information and explanation
given to us by the management, the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of Section 197 read with Schedule Y of the Act.

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

i. The Company does not have any pending litigations which have impact on its financial position
in its financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses; and

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

iv. With respect to Investments:

(a) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other persons or entities, 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;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company
from any person or entities, 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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

v. The Company has not declar ed or paid dividend during the year.

vi. Based on our examination, which included test checks, the Company has used Tally based accounting
software system for maintaining its books of account for the year ended March 31, 2025 which is
subject to the feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the software systems.

Annexure 1 referred to in Paragraph 1 on Report on Other Legal and Regulatory Requirements of Our Report

of even date of Darshan Orna Limited for the year ended March 31, 2025

(i) With respect to Property, Plant and Equipment:

(a) (A)The Company has maintained proper records showing full particulars, including quantitative details
and situation of property, plant and equipment.

(B) The Company has maintained proper records showing full particulars of intangibles assets as
disclosed in the books of accounts.

(b) Property, plant and equipment have been physically verified by the management during the year in
accordance with a planned programme of verifying them over the period of three years which, in our
opinion, is reasonable haring regard to the size of the Company and the nature of its assets. No material
discrepancies were identified on such verification.

(c) Based on our examination of the property tax receipts and lease agreement for land on which building
is constructed registered sale deed / transfer deed / conveyance deed provided to us, we report that. The
title deeds of immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) disclosed in note to the financial statements under
Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or
intangible assets during the year ended March 31,2025.

(e) There are no proceedings initiated or are pending against the Company for holding any Benanii property
under the Prohibition of Beuami Property Transactions Act, 1988 and rules made thereunder.

(ii) In respect of Inventories:

(a) The inventory has been physically verified by the management during the year. In our opinion, the
frequency of verification is reasonable. No material discrepancies were noticed on such physical
verification.

(b) The Company has not been sanctioned any working capital limits in excess of Rs. 5 crores, from banks
on the basis of security of cuirent assets and other properties of the Company. Thus requirement of
Clause (3) (ii)(b) of the Order does not apply to the Company.

(iii) During the year, the Company has not provided any loans and advances in the nature of loans, and not provided
security, guarantee to any other entities. Hence reporting under 3(iii) of Paragraph 3 the Order is not applicable
to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has not provided
loans, advances, investments, guarantees and securities to directors including entities in which they are
interested, therefore reporting under 3(iv) of Paragraph 3 the Order is not applicable to the Company.

(v) According to the information and explanations given to us, the Company has not accepted any deposits within
the meaning of sections 73 to 76 of the Act. Therefore, the provision of Clause (v) of paragraph 3 of the Order
is not applicable to the Company.

(vi) To the best of our knowledge and according to explanation given to us, the Central Government has not
prescribed maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 for
the service of the Company. Accordingly, the provision of Clause (vi) of paragraph 3 of the Order is not
applicable to the Company.

(vii) According to the information and explanation given to us, in respect of statutory dues:

(a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues
including, Provident fund, Employees State Insurance, Income Tax, Goods and Sendee Tax, Custom
Duty, Professional Tax, Cess and other material statutory dues applicable to it. According to the
information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues
were outstanding at the March 31, 2025 for a period of more than six months from the date of becoming
payable.

(b) According to the information and explanations given to us and the records of the company examined by
us, there are no dues of income-tax, goods and service tax, duty of customs, and any other tax which have
not been deposited on account of any dispute.

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of
account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the
requirement to report on clause B(viii) of the Order is not applicable to the Company.

(ix) The Company has not raised any term loans or other borrowings or on the pledge of securities held in its
subsidiaries. Hence, the requirement to report on clause 3 (ix)of the Order is not applicable to the Company.

(x) According to the information and explanation given to us, in respect of Public Offer:

(a) The Company has not raised any money during the year by way of initial public offer / further public
offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not
applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of shares /fully or partially
or optionally convertible debentures during the year under audit and hence, the requirement to report
on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) According to the information and explanation given to us, in respect of Fraud:

(a) No fraud by the Company or no fraud on the Company has been noticed or reported during the year.

(b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been
filed by cost auditor / secretarial auditor or by us in Form ADT - 4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) No whistle blower complaints received by the Company during the year.

(xii) The Company is not a Nidhi company and hence reporting under 3(xii)(a) (b) and (c) of 3 the Order is not
applicable to the Company.

(xiii) According to the information and explanations given by the management, transactions with the related
parties are in compliance with Section 177 and 188 of Companies Act, 2013, where applicable, and the details
have been disclosed in notes to the financial statements, as required by the applicable accounting standards.

(xiv) As per section 148 of Companies Act, 2013 the company requires to have an internal audit system
commensurate with the size and nature of its business. In our opinion, the Company have an Internal Audit
System, however we have not provided with any Internal Audit Reports during the FY 2024-25.

(xv) The Company has not entered into any non-cash transactions with its directors and hence requirement to
report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) According to the information and explanation given to us, in respect of Investment:

(a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to
the Company. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not applicable
to the Company.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without
obtained a valid Certificate of Registration (COR) from the Reserve Bank of India as per the Reserve
Bank of India Act, 1934.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to
the Company.

(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on
clause 3(xvi) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the current financial year and in the immediately preceding
financial year.

(xviii) There has been resignation of the statutory auditors during the year due to Casual Vacancy.

(xix) On the basis of the financial ratios disclosed in 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 management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that
any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company.
We further state that our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due.

(xx) According to the information and explanation provided to us, the Company does not fulfil the criteria as
specified in Section 135 of the Companies Act, 2013.

Annexure 2 referred to in Paragraph 2(f) on Report on Other Legal and Regulatory Requirements of Our Report
of even date of Darshan Orna Limited for the year ended March 31, 2025

Report on the Internal Financial Controls under Section 143(31(1) of the Companies Act, 2013 ("the Act"!

We have audited the internal financial controls over financial reporting of Darshan Orna Limited (‘the Company) as
of March 31, 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that
date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the Company consider ing the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the
"Guidance Note") issued by the ICAI. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were oper ating 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 with reference to these financial
statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls, both issued by the ICAI. The Guidance Note and those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
Controls with reference to these financial statements 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
with reference to these financial statements and then operative effectiveness. Our audit of internal financial controls
with reference to these financial statements, included obtaining an under standing of internal financial controls with
reference to these financial statements, assessing the risk that material weakness exists, and testing and evaluating the
design and oper ating effectiveness of internal controls based on the assessed risk. The procedures selected depend on
the auditors judgment, including the assessment of the risks of material misstatement of the financial statements,
whether due fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our audit opinion
on the internal financial control system over financial reporting with reference to these financial statements.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial controls with reference to these 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 control
with reference to these financial statements 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 gener ally accepted accounting principles, and that receipts and expenditur es 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 material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to these financial statements

Because of the inherent limitations of internal financial controls with reference to these financial statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud
may occur and not to be detected. Also, projections of any evaluation of the internal financial controls with reference
to these financial statements to future periods are subject to the risk that the internal financial controls with reference
to these financial statements may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanation given by the management, the Company
has, in all material respects, an adequate internal financial controls with reference to these financial statements and
such internal financial controls with reference to these financial statements were operating effectively as at March 31,
2025, based on the internal controls with reference to these financial statements criteria established by the Company
considering the essential components of internal controls stated in the Guidance Note on issued by the ICAI.

For AKGVG & Associates

Chartered Accountants

ICAI Firm Registration No.: 018598N

UDIN: 25118627BMKTDN5197

 

Priyank Shah

Partner

Membership No.: 118627

 

Place: Ahmedabad

Date: May 30, 2025