Eureka Forbes Ltd Auditor Reports

Independent Auditors Report

To The Members of Eureka Forbes Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Eureka Forbes Limited (the "Company"), which comprise the Balance Sheet as at 31 March 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including a summary of material 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 Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its profit, total comprehensive income, its cash flows and the changes in equity 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 ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibility 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 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 audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
Impairment of Intangible assets (Brand Name / Trademarks) with indefinite life and Goodwill impairment.	Principal audit procedures performed:
Refer Note 5 and 33S to the standalone Ind AS financial statements.	We obtained understanding of the process followed by the Company in respect of the assessment of impairment of Intangible assets (Brand Name / Trademarks) with Indefinite life and Goodwill.
The standalone balance sheet of the Company as on 31 March 2025 comprises of Rs. 310,070 lakhs of intangible assets with indefinite life and Rs. 205,582 lakhs of goodwill, pertaining to acquisition of a business in the earlier years, which in aggregate represents 82% of the total assets of the Company.	• Evaluated Companys accounting policy in respect of impairment assessment of Intangibles with indefinite life and goodwill.
The recoverable value of the intangible assets with ndefinite life and goodwill which is based on the value in use model, has been derived using the discounted cash flow (DCF) method. This method requires the Company to make significant assumptions such as discount rate, near and long-term revenue growth rate and projected margins which involves inherent uncertainty since they are based on future business prospects and economic outlook.	• Evaluated the design and implementation and testing the operating effectiveness of key internal controls related to the Companys process relating to the impairment analysis, key assumptions and review of the valuation methodology.
Due to the materiality of above assets in the context of the standalone financial statements and judgements applied in determining the recoverable value, we have considered assessment of impairment of Intangible assets (Brand Name / Trademarks) with indefinite life and Goodwill to be a key audit matter.	• Assessed the professional competence, objectivity and expertise of those involved in performing the valuation exercise for the Company.
	• Obtained understanding of the cash flow projections and assumptions used in the DCF model.
	• Tested the appropriateness of the input data considered for the purposes of valuation by reconciling the projected cash flows with the underlying business plan and related details
	• Involved the internal valuation professionals with specialized skills and knowledge to assist in evaluating the impairment model used, evaluating the mathematical accuracy and assumptions (including discount rate and growth rate applied by the Company) and applying additional sensitivities to assess the reasonableness of the above key assumptions
	• Performed a sensitivity analysis to evaluate the impact of change in key assumptions individually or collectively to the recoverable value
	• Evaluated the adequacy of the Companys disclosures in the standalone financial statements in respect of its impairment testing.

Information Other than the Financial Statements and Auditors Report Thereon

• The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis and Boards Report including annexures to Boards Report, but does not include the consolidated financial statements, standalone financial statements and our auditors report thereon. The aforesaid other information is expected to be made available to use after the date of this auditors report.

• Our opinion on the standalone financial statements does not cover the other information and will 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.

• 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 Board of Directors 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, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specified under section 133 of the Act. 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 applicationof appropriate accounting policies: making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are 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 the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibility 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 with reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 financial controls 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 nterest benefits of such communication

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 including Other Comprehensive Income, the Statement of Cash Flows and 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 Ind AS specified under Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements 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 with reference to standalone financial statements.

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 nformation 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 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 standalone financial statements - Refer Note 33A to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts tor 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, as disclosed in the note 33E to the financial statements no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other 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 note 33F to the financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the year.

vi. Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended 31 March 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. 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 DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	(Firms Registration No.117366W/W-100018)
	Nilesh Shah
	Partner
Place: Mumbai	Membership No. 049660
Date: 16 May 2025	(UDIN: 25049660BMOCBU9079)

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements section of our report of even date)

Report on the Internal Financial Controls with reference to standalone financial statements 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 Eureka Forbes Limited (the "Company") as at 31 March 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the internal control with reference to standalone financial statements 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 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 with reference to standalone financial statements of the Company 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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. 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 judgement, 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 purposes 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 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 with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, 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 or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, 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 at 31 March 2025, based on "the criteria for internal financial control with reference to standalone financial statements 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 DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	(Firms Registration No.: 117366W/W-100018)
	Nilesh Shah
	Partner
Place: Mumbai	Membership No. 049660
Date: 16 May 2025	(UDIN: 25049660BMOCBU9079)

Annexure "B" to the Independent Auditors Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report to the members of Eureka Forbes Limited of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that,

(i)(a)(A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment

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

(b) The Company has a program of verification of property, plant and equipment, so to cover all the items 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 program, all the 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.

(c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment, according to the information and explanations given to us and based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date and Immovable properties of land and buildings whose title deeds have been pledged as security for loans are held in the name of the Company based on the confirmations directly received by us from lenders, except for the following

Sr. No. Description of the property	As at Balance sheet date		Held in the name of	Whether promoter, Director, or their relative or employee	Period held since (Refer Note below)
	Gross carrying value (Rs. in lakhs)	Net Carrying value (Rs. in lakhs)
1 B1/B2 701 Marathon Innova, Marathon NextGen, Off. Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013	5,141.20	4,817.83	Erstwhile Eureka Forbes Limited	No	February 01, 2022
2 Flat No. 701, 7th Floor, Sterling Sea Face, "A" Wing, Dr. Annie Besant Road, Worli, Mumbai - 400 018.	918.05	852.33	Erstwhile Eureka Forbes Limited	No	February 01, 2022
3 Flat No. 1103, 11th Floor, Sterling Sea Face, "B" Wing, Dr. Annie Besant Road, Worli, Mumbai - 400 018.	918.05	854.07	Erstwhile Eureka Forbes Limited	No	February 01, 2022
4 Sarkar Castle Co-op. Hsg. Soc. Ltd., Flat No. 501, 5,h Floor, 43 Chimbai Road, Bandra (west) Mumbai - 400 050.	255.87	231.76	Erstwhile Eureka Forbes Limited	No	February 01, 2022
5 Eden Wood "Cedar House" Co-op, Hsg. Society Ltd., Flat No.8C, Eden Woods, Village Chitalsar, Manpada, Smt. Gladys Alvares Marg, Thane (West) - 400 061.
6 Eden Wood "Cedar House" Co-op, Hsg. Society Ltd., Flat No.8D, Eden Woods, Village Chitalsar, Manpada, Smt. Gladys Alvares Marg, Thane (West) - 400 061.	300.03	273.46	Erstwhile Eureka Forbes Limited	No	February 01, 2022
7 Eden Wood "Cedar House" Co-op, Hsg. Society Ltd., Flat No. 9C, Eden Woods, Village Chitalsar, Manpada, Smt. Gladys Alvares Marg, Thane (West) - 400 061.
8 D-28/3, TTC Indl. Area Behind, Turbhe Telephone Exchange, Turbhe, Navi Mumbai - 400 705.	41.06	37.13	Erstwhile Eureka Forbes Limited	No	February 01, 2022
9 201 B, 2nd Floor, The Orion 5, Koregaon Road, Pune - 411 001.	708.18	657.06	Erstwhile Eureka Forbes Limited	No	February 01,2022
10 Shop No.201, 2nd Floor, South End enclave, R. B. Connector, EKADP, Kolkata - 700 078.	389.66	362.67	Erstwhile Eureka Forbes Limited	No	February 01,2022
11 Vedic Village Unit No. L - F8, Shikharpur, P. S. Rajarhet North 24 Parganas, Kolkata 700 135	122.40	114.40	Erstwhile Eureka Forbes Limited	No	February 01,2022
12 3rd floor, Nikhilesh Palace, Opp. Jawahar Nagar, 164/ 17-4, Ashpk Marg, Lucknow - 226 001	264.46	246.29	Erstwhile Eureka Forbes Limited	No	February 01,2022
13 Shop No. 203 & 204, 2nd Floor, The Guman _ II, "A" Block, Opp. Tagore Public School, Vaishali Nagar, Jaipur - 302 021	359.00	333.35	Erstwhile Eureka Forbes Limited	No	February 01,2022
14 Unit No. 402-408, 4th Floor, Sapphire heights, Plot No. 12, Agra - Bombay Road, Indore - 452 010.	118.00	109.81	Erstwhile Eureka Forbes Limited	No	February 01,2022
15 2nd & 3rd Floor, CLOUD-9, 81/1, The Swastik Co. Op. Hsg. Soc. Ltd., Navrangpura, Ahmedabad- 380 009.	320.00	297.10	Erstwhile Eureka Forbes Limited	No	February 01,2022
16 Shop No. 2, 2nd Floor, Shiv Pooja Shopping Centre, City Light Main Road, Surat - 395 .	323.31	300.85	Erstwhile Eureka Forbes Limited	No	February 01,2022
17 Office NO. 102, 1st Floor, Ivory Terrace, R. C. Dutta Road, Alkapuri, Baroda -390 005.	206.58	192.25	Erstwhile Eureka Forbes Limited	No	February 01,2022
18 Ground Floor, Bharati Tower, A- Block, Forest Park, Bhubaneswar - 751 009.	308.70	287.59	Erstwhile Eureka Forbes Limited	No	February 01,2022
19 Shop No. B4 on 2nd Floor, B5, C5 &D5 on 3rd Floor, "Anmol Palani", No.88, G.N. Chetty Road. T. Nagar, Chennai - 600 017
20 Shop No. B5 on 3rd Floor, "Anmol, Palani", No.88, G. N. Chetty Road.T. Nagar, Chennai -600 017	522.18	484.29	Erstwhile Eureka Forbes Limited	No	February 01, 2022
21 Shop No. C5 & D5 on 3rd Floor, "Anmol Palani", No.88, G. N. ChettyRoad. T. Nagar, Chennai - 600017
22 Unit No. 506,5th Floor, Pavani Prestige, Commercial Building Complex,6-3-789, Ammerpet, Hyderabad - 500 016.	85.94	79.75	Erstwhile Eureka Forbes Limited	No	February 01, 2022
23 Unit No. 506,507 & 508, 5th Floor, Pavani Prestige, Commercial Building Complex, 6-3-789, Ammerpet, Hyderabad - 500 016.	328.58	304.76	Erstwhile Eureka Forbes Limited	No	February 01, 2022
24 4th Floor, Tutus Tower, NH -47, Bye-Pass Road, Padivattom, Cochin -682 024.	286.00	266.30	Erstwhile Eureka Forbes Limited	No	February 01, 2022
25 Khasra No.3946,3961-62, Lai Tappar Industrial Area, Majri Grant, Dehradun-248140	3462.28	3194.03	Erstwhile Eureka Forbes Limited	No	February 01, 2022
26 No. 143, C-4, Bommasandra Industrial Area, Off Hosur Road, Bangalore -560099	6108.51	5782.30	Erstwhile Eureka Forbes Limited	No	February 01, 2022

Note: Reason for all the above properties not being held In the name of the Company

The title deeds of the Immovable properties are In the name of erstwhile Eureka Forbes Limited ("the EFL"). Due to the scheme of arrangement in the earlier years, EFL was amalgamated Into Forbes & Company Limited and the said properties forming part of the Undertaking as defined In the scheme was demerged from Forbes & Company Limited Into Forbes Enviro Solutions Limited, which has been renamed as Eureka Forbes Limited. The Company Is In the process of getting the title transferred in its name pursuant to the aforesaid scheme of arrangement.

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

(e) No proceedings have been initiated during the year or are pending against the Company as at 31 March 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories except for (goods-in-transit and stocks held with third parties), were physically verified during the year by the Management at reasonable intervals. In our opinion and based on 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.

For stocks held with third parties at the year-end, written confirmations have been obtained and in respect of goods in transit, the goods have been received subsequent to the year-end or required supporting are verified. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories/alternate procedures performed as applicable, when compared with the books of account.

(b) According to the information and explanations provided to us, the Company has been sanctioned working capital limits exceeding Rs.5 crores, in aggregate, at points of time during the year, from banks on the basis of security of current assets. In our opinion and according to the information and explanations given to us, the revised quarterly returns and statements comprising stock statements, and Statement of ageing analysis of trade receivables tiled by the Company with such banks are in agreement with the unaudited books of account of the Company, of the respective quarters. For the quarter ended March 2025, the Company is in process of submitting, the returns/statements to the Banks.

(iii) The Company has not made any investments in, provided any guarantee or security, and granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year, and hence reporting under clause 3(iii) of the Order is not applicable.

(iv) According to information and explanation given to us, the Company has not granted any loans, made investments or provided guarantees or securities, during the year that are covered under the provisions of sections 185 or 186 of the Companies Act, 2013, and hence reporting under clause (iv) of the Order is not applicable.

(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) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government for maintenance of cost records under Section 148(1) of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained by the Company. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

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

(a) Undisputed statutory dues, including Goods and Services Tax, Provident Fund, Employees State Insurance, Income-tax, Sales tax, duty of Custom, cess and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authorities though there has been a delay in few cases in respect of remittance of Employees State Insurance and Goods and Services Tax. We have been informed that the provisions of the duty of Excise and Value added tax are not applicable to the Company.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Income-tax, Sales Tax, Service Tax, duty of Custom, Duty of Excise, Value Added Tax, cess and other material statutory dues in arrears as at 31 March 2025 for a period of more than six months from the date they became payable

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31 March 2025 on account of disputes are given below:

Name of the Statute	Nature of Dues	Forum where dispute is pending	Period to which the amount relates	Amount Involved (Rs. in lakhs)	Amount UnpaidA (Rs. in lakhs)
Central	Excise	Appellate Tribunal	AY 2001-03	56.51	56.51
Excise Act, 1944	Duty	Principal Commissioner of Central Excise	AY 2001-02 to AY 2006-07 and AY 2015-16	493.26	485.36
		CESAT, Bangalore	AY 2015-16 to AY 2018-19	893.04	822.65
Income Tax Act, 1961	Income Tax	Tribunal	AY 2008-09	84.68	84.68
		CIT (A)	AY 2016-17, AY 2017-18, AY 201819, AY 2019-20, AY 2020-21	1,539.05	1,539.05
Sales Tax Act	Sales Tax	Deputy Commissioner Of Commercial Taxes	AY 2003- 04, AY 2004-05, AY 2007-08 to AY 2014-15 AY 2013-14, AY 2016-17	255.29	191.44
			AY 201718c
		Joint Commissioner Of Commercial Taxes	AY 2014-15	0.89	0.71
		Assistant Commissioner Of Sales Tax - Appeals	AY 2016-17	3.96	3.32
			AY 2017-18
		Assistant Commissioner (assessment) Special	AY 1999-00 to AY 2005-06	1,988.05	1,454.42
		Circle-ll	AY 2013-14
		Assessing Authority	AY 2017-18	0.75	0.37
			AY 2001-02 and AY 2004-05	351.28	221.71
		The Appellate Tribunal	AY 2017-18	42.88	42.77
		Joint Commissioner (appeals) Trade Tax	AY 2004-05	6.48	4.21
		Assistant Commissioner (ST)	AY 2018-19	0.02	0.02
		Deputy Commissioner Of State Tax (Appeals)	AY 2003-04 and AY 2005-06	0.96	0.86
Chapter V, Finance Act, 1994	Service Tax	Custom, Central Excise and Service Tax Appellate Tribunal	AY 2012-13 to AY 2018-19	858.03	797.57
Central Goods & Service Tax Act, 2017	Goods & Service Tax	High Court of Karnataka	AY 2018-19 and AY 2019-20	42.68	42.68
		Joint Commissioner Appeals	AY 2018-19	9.67	9.67
		Appeal pending to be filed due to non-constitution of GST tribunal- (West Bengal)	AY 2019-20	7.08	7.08
		First appellate authority- Uttar Pradesh State Tax	AY 2019-20	5.94	5.35
		First appellate authority- Himachal Pradesh State Tax	AY 2018-19 and AY 2019-20	1.59	1.59
		High Court of Karnataka	AY 2018-19	1,259.56	1,259.56
		First appellate authority- Uttarakhand State Tax	AY 2018-19 and AY 2019-20	5.64	5.64
		First appellate authority - Maharashtra State Tax	AY 2019-20	85.69	81.57
		First Appellate authority, Telangana Central tax	AY 2018-19 to AY 2020-21	56.85	52.58
		First Appellate authority, State tax, West Bengal	AY 2018-19	24.60	23.48
Chapter V, Finance Act, 1994	Goods & Service Tax	First Appellate authority, State tax, Punjab	AY 2018-19	24.69	23.42
Central Goods & Service Tax Act, 2017		First Appellate authority, State tax, Gujarat	AY 2018-19	2.15	2.15
		First Appellate authority, Himachal Pradesh State tax	AY 2020-21	1.03	1.03
		First Appellate authority, Himachal Pradesh State tax	AY 2019-20	0.98	0.98
		First Appellate authority, Uttarakhand Stata tax	AY 2019-20	14.64	14.64
		First Appellate Authority,	AY 2018-19,	21.14	21.14
		Haryana State tax	AY 2019-20
		First Appellate Authority, Maharashtra State Tax	AY 2019-20	0.70	0.65
		First Appellate Authority, Punjab State Tax	AY 2019-20	90.79	86.08
		First Appellate Authority, Maharashtra State Tax	AY 2020-21	0.84	0.78
		First Appellate Authority, Madhya Pradesh State Tax	AY 2020-21	67.19	61.08
		First Appellate Authority, Jammu and Kashmir State Tax	AY 2020-21	4.36	4.15
		First Appellate Authority, Tamil Nadu State Tax	AY 2020-21	159.97	145.43
		First Appellate Authority, Karnataka State Tax	AY 2020-21	25.00	23.65
		First Appellate Authority, Gujarat State Tax	AY 2018-19	0.72	0.68
		First Appellate Authority,	AY 2018-19	62.35	59.23
		Uttarakhand State Tax	To AY 2021-22
		First Appellate Authority, Punjab State Tax	AY 2021-22	9.97	9.97
		First Appellate Authority, Karnataka State Tax	AY 2018-19	68.63	65.20
		First Appellate Authority, Gujarat State Tax	AY 2021-22	25.90	24.53
		First Appellate Authority, Andhra Pradesh State Tax	AY 2018-19	6.01	5.71
		First Appellate Authority, Punjab State Tax	AY 2018-19	4.62	4.39
Rajasthan Stamp Act, 1988	Stamp Duty	Rajasthan Tax Board	FY 2022-23	960.08	960.08

/ Amount unpaid is net of the amounts paid under protest.

(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) The Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries. The Company did not have any joint ventures or associate companies during the year.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries companies.

(x) (a) 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 (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 (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 Companies 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 upto 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 upto the date of this report.

(xii) The Company is not a Nidhi Company and hence reporting under clause (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 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 upto December 2024 and the final internal audit reports where issued after the balance sheet date covering the period January 2025 to March 2025 for the period under audit.

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

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

(b) The Group does not have any CIC as part of the group and accordingly reporting under clause (xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements 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 (xx) of the Order is not applicable for the year

	For DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	(Firms Registration No 117366W/W-100018)
	Nilesh Shah
	Partner
Place: Mumbai	Membership No. 049660
Date: 16 May 2025	(UDIN: 25049660BMOCBU9079)