Deep Industries Ltd Auditor Reports

To,

The Members of
Deep Industries Limited

Report on the Audit of the Standalone Financial

Statements

Opinion

We have audited the accompanying standalone financial
statements of Deep Industries Limited (the Company) which
comprise the Balance Sheet as at March 31,2026, and the statement
of Profit and Loss (including the statement of other comprehensive
income), Statement of changes in equity and Statement of cash
flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other
explanatory information (herein after referred as "the standalone
financial statements").

In our opinion and to the best of our information and according to
the explanations given to us, the standalone financial statements
give the information required by the Companies Act, 2013 (the
"Act") in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 as amended ("Ind AS") and
other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31,2026, and its profit,
total comprehensive income, the statement of changes in equity
and its cash flows for the year then ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) 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 Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the

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

Emphasis of Matter

We draw attention to Note No. 49.1 of the standalone Financial
Statement regarding Scheme of Amalgamation of Kandla Energy &
Chemicals Limited ("KECL"), a wholly owned subsidiary, with Deep
Industries Limited ("DIL") and their respective shareholders and
creditors. The Scheme has been duly sanctioned by the Honble
National Company Law Tribunal (NCLT), Ahmedabad.

The accounting treatment of the amalgamation has been carried out
in accordance with the applicable Indian Accounting Standards (Ind
AS), including the principles prescribed under Ind AS 103 - Business
Combinations. The Appointed Date of the Scheme is March 31,2025.
Accordingly, the comparative figures for the previous period/year
have been restated and/or reclassified, wherever necessary, to give
effect to the Scheme and to ensure comparability with the current
year presentation.

Our opinion is not modified in respect of these matters.

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 statements as a whole, and
in forming our opinion thereon, and we do not provide a separate
opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated
in our report.

Key Audit matter	Auditors Response
Recoverability and write-off of leaacv trade receivables	Our audit procedures in relation to the above included, among others, the following:
As disclosed in Note No. 57 to the Standalone financial statements, the Company had legacy trade receivables pertaining to periods prior to its acquisition under the Corporate Insolvency Resolution Process (CIRP).
As disclosed in the Standalone financial statements for the previous year ended 31 March, 2025, the assessment of the recoverability of these legacy trade receivables was ongoing as at that reporting date. During the current year, Management completed the assessment based on additional information and evidence obtained and recognised the write-off of identified unrecoverable balances.	- Obtained an understanding of the process established by Management for assessing the recoverability of the legacy trade receivables and tested the design and implementation of relevant internal controls.
During the year ended 31 March, 2026, Management completed a comprehensive assessment of the recoverability of these legacy receivables. The assessment involved significant judgement in evaluating the ageing of balances, financial position of counterparties, and status of legal proceedings, historical recovery experience, subsequent recoveries and other relevant available evidence.	- Evaluated the methodology and assumptions adopted by Management in assessing the recoverability of the legacy receivables and determining whether there was a reasonable expectation of recovery in accordance with the requirements of Ind AS 109, Financial Instruments.
Based on the outcome of the assessment, Management concluded that there was no reasonable expectation of recovery of certain legacy trade receivables and accordingly wrote off receivables amounting to Rs. 20,828.49 lakhs during the year in accordance with the impairment and derecognition requirements of Ind AS 109, Financial Instruments.	- Examined, on a sample basis, the underlying customer records, invoices, correspondence, legal documentation and other supporting evidence forming the basis of Managements assessment.
The assessment of recoverability and determination of the amount to be written off involved significant management judgement and estimation. Considering the materiality of the balances involved and the extent of audit effort required in evaluating Managements assessment, this matter was determined to be a Key Audit Matter.	- Reviewed the ageing analysis of receivables and evaluated the period for which the balances had remained outstanding.
	- Verified subsequent recoveries, where applicable, up to the date of our audit report.
	- Verified that the write-off was approved by the appropriate authority in accordance with the Companys delegation framework.
	- Evaluated whether the accounting treatment adopted by the Company for the write-off was in accordance with Ind AS 109, Financial Instruments.

Information other than Standalone Financial Statements &
Auditors Report thereon

The Companys Board of Directors is responsible for the Other
Information. The Other Information comprises the information
included in the Boards Report including Annexures to Boards
Report, Corporate Governance report and Management Discussion
and Analysis (but does not include the standalone financial
statements, consolidated financial statements and our auditors
reports thereon). The other information is expected to be made
available to us after the date of this auditors report.

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

In connection with our audit of the standalone financial statements,
our responsibility is to read the other information identified
above 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. If, based on the work we have performed,
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.

When we read the other information, if we conclude that there is
a material misstatement therein, we are required to communicate
the matter to those charged with governance as required under SA
720 "The Auditors Responsibilities Relating to Other Information".

Responsibilities of Management and those charged with
Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these standalone 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 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 the assets of the Company and for
preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making
judgement and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
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 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.

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

Auditors Responsibilities for the Audit of the Standalone
Financial Statements: -

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 Standard on Auditing,

we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

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

- Obtain an understanding of internal financial 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
system in place and the operating effectiveness of such controls.

- Evaluate the appropriateness of accounting polices used
and the reasonableness of accounting estimates and related
disclosures made by the 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 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.

- 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.

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

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

We also provide those charged with governance with a
statement that we have complied with relevant ethical

requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

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.

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
Companies Act, 2013, we give in the "Annexure A" a
statement on the matters specified in paragraphs 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 are 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 matters stated in the paragraph 2(i)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

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

(d) In our opinion, the aforesaid Standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the
Companies Act, 2013;

(e) On the basis of the written representations
received from the directors as on 31^st March, 2026
taken on record by the Board of Directors, none of
the directors is disqualified as on 31^st March, 2026
from being appointed as a director in terms of
Section 164(2) of the Act;

(f) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph (b) above on
reporting under Section 143(3) and paragraph 2(i)

(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(g) With respect to the adequacy of internal financial
controls over financial reporting of the Company
and the operating effectiveness of such controls,
refer to our separate report in "Annexure B";

(h) With respect to the matters to be included in
the Auditors Report in accordance with the
requirements of Section 197(16) of the Act, as
amended: In our opinion and to the best of our
information and according to the explanations
given to us, the remuneration paid/provided by
the Company to its directors during the year is in
accordance with the provisions of section 197 read
with Schedule V to the Companies Act, 2013;

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

a) The Company has disclosed the impact of
pending litigations on the financial position
of its financial statements - Refer Note No. 39
to the standalone financial statements;

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

c) There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company.

d) (a) The Management has represented that,

to the best of its knowledge and belief,
as disclosed in the notes to the accounts
no funds (which are material either

individually or in the aggregate) have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind
of funds) by the Company to or in any
other person(s) or entity(ies), including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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,
as disclosed in the notes to accounts,
no funds (which are material either
individually or in the aggregate) 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, 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
has 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 provide under

(a) & (b) above contain any material
misstatement..

(e) The final dividend proposed in the previous
year, declared and paid by the Company
during the year is in accordance with Section
123 of the Act, as applicable.

The Company has not declared and paid any
interim dividend during the year and until
the date of this report.

The Board of Directors of the Company have
proposed final dividend for the year, which
is subject to approval of the member at
the ensuing Annual General Meeting. The
amount of dividend proposed in accordance
with Section 123 of the act as applicable.

(f) Based on our examination which included
test checks, we report that the company has
used an accounting software for maintaining

its books of account which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the year
for all relevant transactions recorded in the
software except that audit trail feature is not
enabled for direct changes to database level.
Further, during the course of our audit we did
not come across any instance of audit trail
feature being tampered with in respect to
accounting software. Additionally, the audit
trail has been preserved by the Company
as per statutory requirements for record
retention to the extent it was enabled and
recorded in the respective years. (Refer Note
No. 56 to the Standalone financial statement).

For Mahendra N. Shah & Co.

Chartered Accountants
FRN 105775W

Sd/-

CA Chirag M. Shah

Partner
M. No. 045706

UDIN: 26045706IQERKA4459
Place: Ahmedabad
Date: May 14, 2026

"Annexure A" to the Independent Auditors Report

Referred to under the heading Report on Other Legal & Regulatory Requirements of our report of even date to the standalone
financial statements of the Company for the year ended March 31, 2026:

i. (a) (A) The Company has maintained proper records

showing full particulars, including quantitative
details and situation of Property Plant &
Equipment.

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

(b) The Property, Plant & Equipment have been physically
verified by the management in a phased manner,
designed to cover all the items over a period of three
years, which in our opinion, is reasonable having regard
to the size of the company and nature of its business.
According to information and explanation given to
us, no material discrepancies were noticed on such
verification.

(c) Based on our examination of the relevant document
provided to us, we report that, the title deeds of all
the immovable properties, disclosed in the financial
statements included in property, plant and equipment
are held in the name of the Company.

(d) The Company has not revalued any of its property, plant
and equipment and intangible assets during the year.

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

ii. (a) The inventories were physically verified during the

year by the Management at reasonable intervals. In
our opinion and according to the information and
explanations given to us, the coverage and procedure
of such verification by the Management is appropriate
having regard to the size of the Company and the nature
of its operations. No discrepancies of 10% or more in the
aggregate for each class of inventories were noticed on
such physical verification of inventories when compared
with books of account.

(b) According to the information and explanations given to
us, the Company has been sanctioned working capital
limits in excess of 5 crores, in agg regate, at points of time
during the year, from banks or financial institutions on
the basis of security of current assets. In our opinion and
according to the information and explanations given to
us, the quarterly returns and statements comprising
stock statements & book debt statements filed by the
Company with such banks or financial institutions are
in agreement with the reviewed books of account of
the Company of the respective quarters and there is no
material discrepancies found.

iii. According, the Company has made investments in, provided
guarantee to companies and other parties, granted loans or
advances in the nature of loans, secured or unsecured, to
companies and any other parties during the year, in respect
of which:

(a) The Company has granted loans or advances in the nature of loans and guarantee during the year and details of which are given
below:

( In Lakhs)

A. Aggregate amount granted/ provided during the year:	Loans	Advances in nature of loan	Guarantee
- Subsidiaries	22,855.65	-	-
- Joint Ventures	-	-	-
- Associates	-	-	-
- Others	5,121.96	-	-
B. Balance outstanding as at balance sheet date:	Loans	Advances in nature of loan	Guarantee
- Subsidiaries	23,761.81	-	1 ,400.00
- Joint Ventures	-	-	-
- Associates	-	-	-
- Others	13,498.17	-	-

(b) The grant of all the above-mentioned loans and advances in the nature of loans and guarantees provided, during the year are,
in our opinion, prima facie, not prejudicial to the Companys interest.

(c) The Company has granted loans or provided advances in the nature of loan are payable on demand. The schedule of repayment
of principal and the payment of the interest has not been stipulated and accordingly, we are unable to comment as to whether

the repayments/receipts of principal and interest are
regular.

(d) According to information and explanations given to
us and based on the audit procedures performed, in
respect of loans granted and advances in the nature of
loans provided by the Company, there is no overdue
amount remaining outstanding as at the balance sheet
date.

(e) No loan or advance in the nature of loan granted by
the Company which has fallen due during the year, has
been renewed or extended or fresh loans granted to
settle the overdue of existing loans given to the same
parties.

(f) The Company has granted loans which are repayable
on demand or without specifying any terms or period
of repayment details of which are given below:

( In Lakhs)
Particulars	All Parties (Including Related Party)	Promoters	Related Parties
Aggregate amount of loans or advances in the nature of loans which are repayable on demand or without specifying any terms or period of repayment	27,977.61	Nil	27,948.76
Percentage of loans to the total loans	100%	Nil	99.90%

iv. In our opinion and according to the information and
explanations given to us, the company has complied with
provisions of Section 185 and 186 of the Act in respect of
investments made, loans granted and guarantee provided, to
the extent applicable to the Company.

v. The Company has not accepted any deposit or amounts
which are deemed to be deposits. Hence, reporting under
clause (v) of the Order is not applicable.

vi. In our opinion and according to the information and
explanations given to us, company is not required to maintain
cost records as per Section 148. Hence reporting under clause
3(vi) of the Order is not applicable.

vii. According to information and explanations given to us in
respect of statutory dues and on the basis of our examination
of the books of account, and records,

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

(b) According to the information and explanations given to
us, there are no statutory dues referred to in sub-clause
(a) above which have not been deposited as on 31^st
March, 2026 on account of any dispute.

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

ix. (a) In our opinion, the Company has not defaulted in the

repayment of loans or other borrowings or in the payment
of interest thereon to any lender during the year.

(b) The company has not been declared wilful defaulter by
any bank or financial institution or government or any
government authority.

(c) Term loans availed by the company were, applied by
the company during the year for which the loans were
obtained.

(d) On an overall examination of the financial statements of
the Company, no funds raised on short-term basis have
been used 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 subsidiary, associate or joint venture.

(f) The Company has not raised loans during the year on
the pledge of securities held in its subsidiary, associate
or joint venture.

x. (a) According to the information and explanations given

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

(b) During the year the Company has not made any
preferential allotment or private placement of shares
or convertible debentures (fully or partly or optionally)
and hence reporting under clause 3(x)(b) of the Order is
not applicable to the Company.

xi. (a) To the best of our knowledge, no fraud by the Company

and no material fraud on the Company 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 Act has been filed in
Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central
Government, during the year and up to the date of this
report.

(c) As represented to us by the Management, there were
no whistle blower complaints received by the Company
during the year and up to the date of this report.

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, the Company is in compliance with Section
177 and 188 of the Companies Act, where applicable, for all
transactions with the related parties and the details of related
party transactions have been disclosed in the financial
statements etc. as required by the applicable accounting
standards.

xiv. (a) In our opinion the Company has an adequate internal

audit system commensurate with the size and the
nature of its business.

(b) We have considered the internal audit reports issued to
the company during the year and covering the period
up to March 31,2026.

xv. In our opinion during the year the Company has not entered
into any non-cash transactions with any of its directors or
persons connected with such directors and hence provisions
of section 192 of the Companies Act, 2013 are not applicable
to the Company.

xvi. The Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Hence, reporting
under clause 3(xvi) (a), (b), (c) & (d) of the Order is not
applicable.

xvii. Based on the overall review of standalone financial
statements, the Company has not incurred cash losses in
current financial year and in the immediately preceding

financial year.

xviii. There has been no resignation of the statutory auditors of the
Company during the year. Accordingly, clause 3(xviii) of the
Order is not applicable.

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 and our knowledge of the Board of Directors and
Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report indicating
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. The Company has fully spent the required amount towards
Corporate Social Responsibility (CSR) and there are no
unspent CSR amount for the year requiring a transfer to a
Fund specified in Schedule VII to the Companies Act or special
account in compliance with the provision of sub-section (6)
of section 135 of the said Act. Accordingly, reporting under
clause 3(xx) of the Order is not applicable for the year.

For Mahendra N. Shah & Co.

Chartered Accountants
FRN 105775W

Sd/-

CA Chirag M. Shah

Partner
M. No. 045706

UDIN: 26045706IQERKA4459
Place: Ahmedabad
Date: May 14, 2026

"Annexure B" to Independent Auditors Report

(Referred to in paragraph 2(g) under "Report on Other Legal and Regulatory Requirements" section of our report to the members
of Deep Industries Limited of even date)

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 with reference to
standalone financial statements of Deep Industries Limited ("the
Company") as of March 31,2026 in conjunction with our audit of
the standalone financial statements of the Company for the year
ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal
control over financial reporting criteria established by the
Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial controls
over Financial Reporting issued by the Institute of Chartered
Accountants of India. 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 with reference to standalone financial
statements 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 as specified under section 143(10) of
the Act, 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 with reference to standalone 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 standalone financial statements and their operating
effectiveness. Our audit of internal financial controls with
reference to standalone financial statements included obtaining
an understanding of internal financial controls with reference to
standalone financial statements, 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 Judgment,
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 with reference to standalone
financial statements.

Meaning of Internal Financial Controls with Reference to
Standalone Financial Statements

A companys internal financial control with reference to standalone
financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purpose in
accordance with generally accepted accounting principles. A
companys internal financial control with reference to standalone
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 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 standalone financial
statements.

Inherent Limitations of Internal Financial Controls with
Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls
with reference to standalone financial statement, 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 with reference to standalone financial
statements to future periods are subject to the risk that the internal
financial control with reference to standalone financial statements
may become inadequate because of changes in conditions, or that
the degree of compliance with the policies of procedures may
deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an
adequate internal financial controls with reference to standalone
financial statements and such internal financial controls with
reference to standalone financial statements were operating
effectively as on March 31, 2026, based on the internal control
over financial reporting criteria established by the Company
considering the essential components of internal controls
stated in the Guidance Note issued by the Institute of Chartered
Accountants of India.

For Mahendra N. Shah & Co.

Chartered Accountants
FRN 105775W

Sd/-

CA Chirag M. Shah

Partner
M. No. 045706

UDIN: 26045706IQERKA4459
Place: Ahmedabad
Date: May 14, 2026