Divyadhan Recycling Industries Ltd Auditor Reports

To the Members of DIVYADHAN (FORMERLY KNOWN AS DIVYADHAN RECYCLING INDUSTRIES PRIVATE LIMITED) RECYCLING INDUSTRIES LIMITED (FORMERLY KNOWN AS DIVYADHAN CONSULTANTS PRIVATE LIMITED)

Report on the Financial Statements

We have audited the accompanying financial statements of DIVYADHAN RECYCLING INDUSTRIES LIMITED (FORMERLY KNOWN AS DIVYADHAN RECYCLING INDUSTRIES PRIVATE LIMITED) (FORMERLY KNOWN AS DIVYADHAN CONSULTANTS of Profit and Loss, the Cash Flow Statement for the period then ended, and a summary of the significant accounting policies and other explanatory information. PRIVATE LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("theManagements Responsibility for the Financial Statements financial performance and cash flows of the Company in accordance with the accounting principles generally accepted Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position,

(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance within India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies irregularities;the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and otherselection and application of appropriate accounting policies; making judgments and estimates that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation andreasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were due to fraud or error. presentation of the financial statements that give a true and fair view and are free from material misstatement, whether In preparing the financial statements, management is responsible for assessing Responsibilities of Management and Those Charged with Governance for the Companys ability to continue as a going Standalone Financial Statements management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless

Those Board of Directors are also responsible for overseeing the Companys financial reporting process Auditors Our responsibility is to express an opinion on these financial statements based on our audit. Responsibility to be included in the audit report under the provisions of the Act and the Rules made thereunder. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assuranceWe conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those about whether the financial statements are free from material misstatement. statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of materialAn audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluatingConsiders internal financial control relevant to the Companys preparation of the financial statements that give a true and theCompanys Directors, as well as evaluating the overall presentation of the financial statements. appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the on the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

TheInformation Companysother boardthan of the directorsfinancial is responsiblestatements and for theauditors preparationreport ofthereon the other information. The other information comprises the information included in the Boards Report including Annexures to Boards Report but does not include the conclusion thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, during the course of our audit or otherwise appears to be materially misstated. are required to report that fact. We have nothing to report in this regard. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material Auditors Responsibilities for the Audit of the Financial Statements is a high level of assurance, but is not a guarantee that an audit conducted, will always detect a material misstatement whenmisstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they As part of an audit, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• 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 thanIdentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design override of internal control. for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the • in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in place and the operating effectiveness Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate of such controls.

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

• audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the required to draw attention in our auditors report to the related disclosures in the financial statements or, if such doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• whether the financial statements represent the underlying transactions and events in a manner that achieves fair Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and presentation. the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our We communicate with those charged with governance regarding, among other matters, the planned scope and timing of audit. regarding independence, and to communicate with them all relationships and other matters that may reasonably be thoughtWe also provide those charged with governance with a statement that we have complied with relevant ethical requirements to bear on our independence, and where applicable, related safeguards.

Fromsignificance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe the matters communicated with those charged with governance, we determine those matters that were of most extremely rare circumstances, we determine that a matter should not be communicated in our report because the adversethese matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial Opinion with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2025, andstatements give the information required by the Act in the manner so required and give a true and fair view in conformity its profit/loss and its cash flows for the period ended on that date.

Report As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of Indiaon Other Legal and Regulatory Requirements 1. matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the ‘Annexure A, a statement on the

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

We have sought and obtained all the information and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit. a) our examination of those books. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from b) agreement with the books of account. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in c) of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 d) by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a On the basis of the written representations received from the directors as on 31st March, 2025 taken on record director in terms of Section 164 (2) of the Act. e) operating effectiveness of such controls, refer to our separate Report in "Annexure B". With respect to the adequacy of the internal financial controls over financial reporting of the Company and the f) (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanationsWith respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies given to us: i. The Company does not have any pending litigations which would impact its financial position. ii. material foreseeable losses. The Company did not have any long-term contracts including derivative contracts for which there were any iii. the Company. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by

Annexure "A"

The Annexure referred to in paragraph 1 of Our Report on "Other Legal and Regulatory Requirements" section of our report to the members of DIVYADHAN RECYCLING INDUSTRIES LIMITED (FORMERLY KNOWN AS DIVYADHAN RECYCLING INDUSTRIES PRIVATE LIMITED) (FORMERLY KNOWN AS DIVYADHAN CONSULTANTS PRIVATE LIMITED) for We report that: the year ended 31st March, 2025 i. In respect of the companys Property, plant and equipment and Intangible Assets: a. (A) The company has maintained proper records showing full particulars, including quantitative details andsituation of its Property, plant and equipment.

(B) The Company has maintained proper records showing full particulars of Intangible assets. b. intervals; no material discrepancies were noticed on such verification. As explained to us, Property, plant and equipment have been physically verified by the management at reasonable c. the Company, the title deeds of all the immovable properties (other than properties where the company is theAccording to the information and explanations given to us and on the basis of our examination of the records of held in the name of the company. lessee and the lease agreements are duly executed in favor of the lessee) disclosed in the financial statements are d. The Company has not revalued its property, plant and equipment or Intangible assets or both during the year. e. or are pending against the Company as at March 31, 2025 for holding any Benami property under the BenamiAccording to the information and explanations given to us, No proceedings have been initiated during the year Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder. ii. a. As explained to us, inventories have been physically verified during the year by the Management at reasonable intervals. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records. b. The Company has not been sanctioned working capital limits in aggregate, at any points of time during the year,from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable. iii. and security and not granted any loans and advances in the nature of loans, secured or unsecured, to companies, firms, The Company has not made investments in any other company during the year and has not provided any guarantee Limited Liability Partnerships or any other parties during the year . iv. provisions of sections 185 and 186 of the Companies Act in respect of loans, investments, guarantees, and securityIn our opinion and according to the information and explanations given to us, the Companies has complied with the provided, as applicable. v. the Company. The company has not accepted any deposits, therefore, the reporting of clause 3(v) of the Order is not applicable to vi. the company. As per information & explanation given by the management, maintenance of cost records has not been maintained by vii. In respect of statutory dues; (a) employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax,the company is regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, given to us there were no outstanding statutory dues as on 31st of March, 2024 for a period of more than sixcess and any other statutory dues to the appropriate authorities. According to the information and explanations months from the date they became payable.

(b) service tax, sales tax, customs duty, excise duty, value added tax and cess whichever applicable, which have notAccording to the information and explanations given to us, there is no amount payable in respect of income tax, been deposited on account of any disputes.

or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). March 31, 2025, there were no such transaction relating to previously unrecorded income that have been surrendered ix. (a) Inopinion that, the Company has not defaulted in repayment of loans or other borrowings or in the payment ofour opinion and according to the information and explanations given by the management, we are of the interest thereon to any financial institution, bank, Government or lender, as applicable to the company.

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

(c) of the Order is not applicable. The term loans were applied for the purpose for which the loans were obtained reporting under clause 3(ix)(c) (d) The funds raised on short term basis have not been utilised for long term purposes.

(e) any entity or person on account of or to meet the obligation of its subsidiaries or associate companies. On an overall examination of the financial statements of the Company, the company has not taken any funds from

(f) company has not raised loans during the year on the pledge of securities held in its subsidiaries or associateAccording to the information and explanations given to us and the records of the Company examined by us. The companies. Hence reporting on clause 3(ix) (f) of the Order is not applicable. x. raised any money by way of initial public offer or further public offer (including debt instruments) or taken any termBased on our audit procedures and according to the information given by the management, the company has not loan during the year. xi. (a) According to the information and explanations given to us, we report that no fraud by the company or any fraudon the Company by its officers or employees has been noticed or reported during the year.

(b) under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year andNo report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed upto the date of this report.

(c) this report. As informed, the Company has not received any whistle blower complaints during the year and upto the date of xii. The company is not a Nidhi Company. Therefore clause 3(xii) of the order is not applicable to the company. xiii. withAccording to the information and explanations given to us, all transactions with the related parties are in compliancesections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards. xiv. to have an internal audit system as per the provisions of the Companies Act 2013. In our opinion and based on our examination, the Company does not have an internal audit system and is not required xv. The company has not entered into non-cash transactions with directors or persons connected with him. xvi. (a) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) The company has not conducted any Non-Banking Financial or Housing Finance activities during the year, hencereporting under clause 3(xvi) (b) of the order is not applicable.

(c) of India. The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank

(d) The Group does more than one CIC as part of the Group. xvii. preceding financial year. The Company has not incurred cash losses during the financial year covered by our audit and the immediately xviii. There has not been resignation of the statutory auditors of the Company during the year. xix. liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit reportManagement plans and based on our examination of the evidence supporting the assumptions, nothing has come future viability of the company. We further state that our reporting is based on the facts up to the date of audit reportfall due within a period of one year from the balance sheet date. We, however state that this is not an assurance as to balance sheet date, we get discharge by the company as and when they fall due. and we neither, give any guarantee nor any assurance that all liabilities falling due within a period of one year from the xx. 3(xx) (a) and (b) is not applicable. The provision of Sec 135 of Companies Act 2013 is not applicable to the company, accordingly reporting under clause xxi. There is no consolidation of financial statements, accordingly reporting under clause 3(xxi) is not applicable

Annexure ‘B Report on Internal Financial Controls Over Financial Reporting

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

(FORMERLY KNOWN AS DIVYADHAN RECYCLING INDUSTRIES PRIVATE LIMITED) (FORMERLY KNOWN AS DIVYADHANWe have audited the internal financial controls over financial reporting of DIVYADHAN RECYCLING INDUSTRIES LIMITED statements of the Company for the period ended on that date. CONSULTANTS PRIVATE LIMITED) ("the Company") as of March 31, 2025 in conjunction with our audit of the financial Managements The Companys management is responsible for establishing and maintaining internal financial controls based on the Responsibility for Internal Financial Controls internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by theinternal control over financial reporting criteria established by the Company considering the essential components of of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of information, as required under the Companies Act, 2013.

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based Auditors Responsibility

Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribedon our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India.under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit and maintained and if such controls operated effectively in all material respects. system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control basedreporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk material misstatement of the financial statements, whether due to fraud or error. on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of on the Companys internal financial controls system over financial reporting. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion A companys internal financial control over financial reporting is a process designed to provide reasonable assurance Meaning of Internal Financial Controls Over Financial Reporting accordance with generally accepted accounting principles. A companys internal financial control over financial reporting regarding the reliability of financial reporting and the preparation of financial statements for external purposes in includes those policies and procedures that

1. dispositions of the assets of the company; pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

2. being made only in accordance with authorisations of management and directors of the company; and in accordance with generally accepted accounting principles, and that receipts and expenditures ofprovide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements the company are 3. of the companys assets that could have a material effect on the financial statements. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition

Inherent Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of Limitations of Internal Financial Controls Over Financial Reporting detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be conditions, or that the degree of compliance with the policies or procedures may deteriorate. subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial Opinion on the internal control over financial reporting criteria established by the Company considering the essential components reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025, based the Institute of Chartered Accountants of India. of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by

For AMARNATH SHARMA & CO.

Chartered Accountants

FRN – 100300W

CA Amarnath Sharma

Proprietor

M.N. 039579

Place – Mumbai

Date – 30th May, 2025

UDIN: 25039579BMNYCT6050