Ecoline Exim Ltd Auditor Reports

To the Members of Ecoline Exim Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Ecoline Exim Limited ( the Company ), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss, and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Accounting Standards prescribed under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, the profit and its cash flows for the year 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 the Institute of Chartered Accountants of India (ICAI) together with the independence 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial 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.

1. Timing of Revenue Recognition in Export Sales Transfer of Risks and Rewards under C&F Contracts

The Company is engaged in the manufacture and export of jute and cotton bags. Export sales are executed under varying contractual terms, primarily Free on Board (FOB) and Cost, Insurance and Freight (CIF) as stated in the export contracts / invoices. During the course of our audit, we identified that certain export contracts, though designated as CIF on the face of the invoice, are in substance C&F (Cost & Freight) arrangements, wherein the insurance is and rewards of ownership of goods do not transfer to the buyer at the port of shipment; rather, they transfer only upon discharge of goods at the destination port, since the seller bears the freight cost but the risk of loss or damage during transit effectively vests with the buyer only upon actual delivery at the port of discharge.

A material portion of export sales is executed under contracts in the proximity of the financial year-end, which increases the risk that revenue may be recognised prematurely i.e., at the date of shipment / bill of lading, whereas the actual transfer of risks and rewards under C&F terms occurs at a later date, potentially falling in the subsequent financial year.

As per AS 9 Revenue Recognition, revenue from the sale of goods shall be recognised when the seller has transferred to the buyer the property in goods or all significant risks and rewards of ownership, and the seller retains no effective control over the goods. In the case of C&F export contracts where the buyer arranges insurance, the risk of loss during transit rests with the buyer; however, the practical transfer of risks and rewards, including the point at which the buyer can exercise control over the goods, needs to be carefully evaluated against the specific contractual terms to determine the appropriate point of revenue recognition.

Incorrect cut-off of revenue could result in overstatement of revenue and trade receivables in the current year, with a consequential understatement in the subsequent period.

Auditors Response Principal audit procedures performed included the following:

Obtaining and reviewing a sample of export contracts and shipping documents, particularly for sales transacted in February and March, to understand the Incoterms agreed upon and responsibility for insurance procurement.

Examining whether contracts designated as CIF were, in substance, C&F arrangements, by verifying whether insurance was procured by the Company or the buyer, through insurance certificates, freight invoices, and buyer correspondence.

Performing cut-off testing for export sales identified as C&F, by examining Bill of Lading dates, Arrival Notices, and Port Discharge Certificates, to assess whether revenue was recognised in the correct accounting period.

Assessing whether the Companys revenue recognition policy is in accordance with AS 9 and appropriately reflects the substance of C&F transactions.

Holding discussions with management and the finance team on the basis for determining the point of revenue recognition and the adequacy of internal cut-off procedures.

Verifying whether appropriate adjustments were made for goods in transit as at the balance sheet date where delivery at the discharge port had not yet occurred.

2. Contingent Liabilities Arising from Disputed Tax Demands Income Tax and Goods & Services Tax Matters

The Company is subject to certain disputed tax demands and regulatory proceedings under the Income Tax Act, 1961 and the Goods and Services Tax Act, 2017, which are currently pending at various stages of appellate proceedings. The aggregate financial exposure under these matters is material and requires significant management judgement in assessing the probability of outflow of resources and the appropriate accounting and disclosure treatment in the financial statements. This matter has been identified as a Key Audit Matter because:

The assessment of whether a disputed tax demand results in a present obligation, a contingent liability, or requires a provision involves considerable management judgement and estimation uncertainty.

Incorrect classification or non-disclosure of such demands could result in misstatement of provisions, contingent liabilities, and the overall financial position of the Company.

As per AS 29 Provisions, Contingent Liabilities and Contingent Assets, a provision is required when an outflow of resources is probable, whereas a contingent liability is only to be disclosed when an outflow is possible but not probable. The distinction between the two requires careful evaluation of facts and legal merits in each case. The disputed tax demands and pending proceedings are mentioned under Note 29 (B), (C) and (D) to the financial statements.

Auditors Response Principal audit procedures performed included the following:

Obtaining and reviewing the demand notices, orders, and related communications from the tax authorities to understand the nature, basis and quantum of each demand.

Reviewing the Companys replies and appeal petitions filed before the relevant appellate authorities to assess the grounds of appeal and merits of the Companys position.

Examining, in respect of the Income Tax matter, the adjustment of the demand against refund due to the Company, the Companys objection thereto, and the pending appeal status, to verify that the disclosure appropriately reflects that the matter remains contested.

Evaluating, in consultation with management and based on legal/tax advisors opinions where available, whether each demand represents a probable, possible or remote outflow of resources, and whether the resulting classification as a provision or contingent liability is appropriate under AS 29.

Verifying that the disclosures in the financial statements are complete, consistent with the underlying orders, and in accordance with AS 29 and Schedule III to the Companies Act, 2013.

Reviewing developments up to the date of our audit report to assess any subsequent event implications under AS 4.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon. 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 and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our 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.

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, and cash flows of the Company in accordance with the Accounting Standards and other accounting principles generally accepted in India. 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 judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone financial statements, the Board of Directors 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 is 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 SAs, 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 controls 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 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 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 financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account. d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A . Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting. g) With respect to the other matters to be included in the Auditors Report in accordance with the 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 by the Company to its directors during the year is in accordance with the provisions of section 197 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 has disclosed the impact of pending litigations on its financial position in its financial statements as stated in Note No. 29 to the financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (material either individually or in the aggregate) have been advanced or loaned or invested (from borrowed funds, share premium, or any other source) by the Company to or in any other person or entity, including foreign entities ( Intermediaries ), with the understanding that the Intermediary shall, directly or indirectly, lend or invest in other persons or entities identified 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 (material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entities ( Funding Parties ), with the understanding that the Company shall, directly or indirectly, lend or invest in other persons or entities identified 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 considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclauses (a) and (b) above contain any material misstatement. v. The Company has not declared or paid any dividend during the year; therefore compliance with the provisions of section 123 of the Companies Act, 2013 is not applicable. vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026 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. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with, and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

2. As required by the Companies (Auditors Report) Order, 2020 ( the Order ) issued by the Central Government in terms of Section 143(11) of the Act, we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Das & Prasad Chartered Accountants (Firms Registration No. 303054E)

Pramod Kumar Agarwal Partner (Membership No. 056921) UDIN: 26056921FAIELN5516 Place: Kolkata Date: 09th May, 2026

Annexure A Report on Internal Financial Controls

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements of our report of even date to the members of Ecoline Exim Limited on the standalone financial statements for the year ended March 31, 2026) We have audited the internal financial controls over financial reporting of Ecoline Exim Limited ( the Company ) as of 31st March 2026 in conjunction with our audit of the standalone financial statements of the Company for the period 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 (ICAI). 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 the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors 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 system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Das & Prasad Chartered Accountants (Firms Registration No. 303054E)

Pramod Kumar Agarwal Partner (Membership No. 056921) UDIN: 26056921FAIELN5516 Place: Kolkata Date: 09th May, 2026

Annexure B Companies (Auditors Report) Order, 2020

The Annexure referred to in the Independent Auditors Report to the members of the Company on the financial statements for the year ended 31st March 2026, we report that: (i) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. The Company does not have any intangible assets as at March 31, 2026. The Company has a programme of physical verification of Property, Plant and Equipment so as to cover all the assets once every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain Property, Plant and Equipment were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification. According to the information and explanations given to us, the title deeds of immovable properties, as disclosed in Note 9 to the financial statements, are held in the name of the Company. The Company has not revalued its Property, Plant and Equipment or intangible assets or both during the year. As per information and explanation given to us, 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) The inventories were physically verified during the period by the management and discrepancies noticed on verification between the physical stocks and the book records were adjusted in books, and no discrepancies of 10% or more were noticed in such verification. As disclosed in Note No. 5 (iii) to the financial statements, the Company has been sanctioned/renewed working capital/EPCL/EGCS limits in excess of 5 crores in aggregate from banks during the year on the basis of security of current assets of the Company. Based on the records examined by us in the normal course of audit of the financial statements, the quarterly returns/statements filed by the Company with such banks are not in agreement with the books of accounts of the Company, and the details are as follows:

QUARTER ENDING	VALUE PER BOOKS OF ACCOUNT ( LAKHS)	VALUE PER QUARTERLY RETURN / STATEMENT (	AMOUNT OF DIFFERENCE (
		LAKHS)	LAKHS)
June 30, 2025	5,218.07	5,182.43	(35.64)
September 30, 2025	5,164.87	5,179.69	14.82
December 31, 2025	5,693.59	5,952.07	258.48
March 31, 2026	6,133.49	6,133.49

As informed by the management, the discrepancy is on account of the details being submitted on the basis of provisional books/financial statements. Adjustments pertaining to cut-offs, goods in transit, overhead allocation on work-in-progress and finished goods, etc. are done only on finalisation of books of accounts/financial statements.

(iii) During the year the Company has not provided loans, advances in the nature of loans, stood guarantee or provided security to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(a) of the Order is not applicable to the Company. The investments made by the Company during the year are not prejudicial to the Companys interest. The Company has not granted loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties; accordingly, the requirement to report on clause 3(iii)(c) to 3(iii)(f) of the Order is not applicable to the Company. (iv) The Company has not granted any loans falling under section 185 of the Companies Act, 2013. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Companies Act, 2013 in respect of loans granted and investments made. (v) The Company has not accepted any deposit from the public covered under Sections 73 to 76 of the Companies Act, 2013. Therefore, the provisions of paragraph 3(v) of the Order are not applicable to the Company. (vi) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Companies Act, 2013 in respect of activities carried on by the Company.

(vii) According to the information and explanation given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Income Tax, GST, Cess or other material statutory dues have been generally regularly deposited during the period by the Company with appropriate authorities. No undisputed statutory dues were in arrears as at March 31, 2026 for a period of more than six months from the date they became payable.

According to the information and explanations given to us and the records of the Company examined by us, the particulars of Income Tax and Goods and Service Tax as at 31st March 2026 which have not been deposited with statutory authorities on account of a dispute pending are given below:

SL. NO.	NAME OF THE STATUTE	NATURE OF DUES	AMOUNT ( LAKHS)	PERIOD DISPUTED	FORUM WHERE DISPUTE IS PENDING
1	Income Tax Act, 1961	Charge of Escapement of Income u/s 148A(b)	91.46	AY 2016-17	Joint Commissioner / Commissioner Appeals
2	State Goods and Services Tax Act, 2017	Detention and Seizure u/s 129(3) of the GST Act, 2017	3.81	2024-2025	CBIC State Appellate Authority, Ahmedabad
3	State Goods and Services Tax Act, 2017	Detention and Seizure u/s 129(3) of the GST Act, 2017	1.74	2024-2025	CBIC State Appellate Authority, Ahmedabad

(viii) As per information and explanation given to us, we have not come across any transactions not recorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Hence this clause is not applicable to the Company. (ix) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest to any lender during the year. The Company has not been declared a Wilful Defaulter by any bank or financial institution or government authority, and has not obtained any fresh term loan during the year. Funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes. The Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures, and has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. (x) Monies raised during the previous year by the Company by way of initial public offer were applied for the purpose for which they were raised, though idle/surplus funds which were not required for immediate utilisation have been invested in fixed deposits with scheduled commercial banks as well as maintained in current account. The maximum amount of idle/surplus funds invested during the year was 5,564.00 lakhs, of which 5,502.60 lakhs was invested in fixed deposits and was outstanding at the end of the year. During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partly or optionally); accordingly reporting under clause 3(x)(b) of the Order is not applicable. (xi) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year. No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report. As represented to us by the management, the whistle blower mechanism is not applicable to the Company; hence reporting under this clause is not applicable. (xii) In our opinion and according to the information and explanation given to us, the Company is not a Nidhi Company and hence paragraph 3(xii) is not applicable. (xiii) In our opinion, the Company is in compliance with Sections 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with related parties, and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards. (xiv) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business. We have considered the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures. (xv) In our opinion, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its Directors, and hence the provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. (xvi) In our opinion, 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) and (c) of the Order is not applicable.

There is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016), and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable. (xvii) The Company has not incurred cash losses during the financial year as well as in the immediately preceding financial year. (xviii) There has been no resignation of the statutory auditors of the Company during the year. (xix) On the basis of the financial ratios, ageing and expected dates of realisation 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 the Company is not capable of meeting its liabilities existing at the date of the 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, during the year, spent the amount of Corporate Social Responsibility as required under sub-section (5) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company. (xxi) The reporting under clause (xxi) is not applicable in respect of audit of financial statements of the Company. Accordingly, no comment has been included in respect of the said clause under this report.

For Das & Prasad Chartered Accountants (Firms Registration No. 303054E)

Pramod Kumar Agarwal Partner (Membership No. 056921) UDIN: 26056921FAIELN5516 Place: Kolkata Date: 09th May, 2026