Filatex India Ltd Auditor Reports

TO THE MEMBERS OF

FILATEX INDIA LIMITED

Report on the Audit of Standalone Financial Statements

OPINION

We have audited the accompanying standalone financial
Statements of Filatex India Limited (the Company), which
comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including other comprehensive
income), the Cash Flow Statement, the Statement of Changes
in Equity for the year ended on that date and notes to the
Standalone Financial Statements including the summary of the
material accounting policies and other explanatory information
(hereinafter referred to as the standalone financial statements).

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 Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("IND
AS") and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31,
2026, and its profit, total comprehensive Income, changes in
equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. 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 ethical
requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Companies
Act, 2013 and the Rules 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 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.

Sr. No. Key Audit Matters	Auditors Response
1 Litigation, claims and other contingencies	Principal Audit Procedures
(As described in note No. 42(i) A & C of the Ind AS standalone financial statements) as of March 31, 2026, the Company has disclosed contingent liabilities of 35,878.48 lakhs relating to tax and legal claims. Taxation and litigation exposures have been identified as a key audit matter due to the large number of complex tax and legal claims across the Company. Due to complexity of cases, time scales for resolution and need to negotiate with various authorities, there is significant judgement required by management in assessing the exposure of each case and thus a risk that such cases may not be adequately provided for or disclosed in the Ind AS standalone financial statements. Accordingly, claims, litigations, and contingent liabilities was determined to be a key audit matter in our audit of the Ind AS standalone financial statement.	-Gained an understanding of the process of identification of claims, litigations, and contingent liabilities, and evaluated the design and tested the operating effectiveness of key controls.c
	-Obtained the Companys legal and tax cases summary and critically assessed managements position through discussions with the legal head, tax head and Company management, on both the probability of success in significant cases, and the magnitude of any potential loss.
	-Obtained opinion, where appropriate, from relevant third-party legal counsel and conducted discussions with them regarding material cases. Evaluated the objectivity, independence, competence, and relevant experience of third-party legal counsel.
	-Inspected external legal opinions, where appropriate and other evidence to corroborate managements assessment of the risk profile in respect of legal claims.
	-Checked the adequacy of the disclosures with regard to facts and circumstances of the legal and litigation matters.
2 Allowance for Inventories	Principal Audit Procedures
The Company holds significant inventories and records allowance for identified obsolete inventories. As at 31st March 2026, the Companys inventories amounted to 42,536.02 lakhs representing 17.30% of the Companys total assets. Refer Note No. 11 of standalone financial statements.	Our audit procedures to assess allowance for inventories included the following: -We checked the management process for identification of slow moving, non-moving or obsolete inventories and ensured that the same is reasonable and consistently applied.
At the end of each reporting period, management assesses whether there is any objective evidence that certain inventories, which are stated at cost, are above their net realizable value. If so, these inventories are written down to their net realizable value. Assessing the net realizable value is an area of significant judgment with specific consideration to slow moving and obsolete inventory and hence considered to be a Key Audit Matter. Management undertakes the following procedures for determining the level of write down required.	-We checked that the allowance for slow-moving, non-moving, and obsolete inventories is appropriately computed basis the underlying working/supporting. -We compared the actual utilization/liquidation of inventories to the status of inventories previously assessed as per specific identification method. -We also checked inventory aging and inquiries for non-moving inventories which are not considered for inventory provisioning.
-Specific identification procedures are performed periodically by the management to ascertain the slow moving, non-moving or obsolete inventories.
-Adequate allowance is created for non-moving and slow-moving inventories basis market realizable value and need of incremental re-processing cost.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORS
REPORT THEREON

The Companys Board of Directors are responsible for the
other information. The other information comprises the
information included in the Annual Report, but does not include
the standalone financial statements and our auditors report
thereon. The Annual Report is expected to be made available
to us after the date of this auditors report.

Our opinion on the standalone financial statements does not
cover the other information and we 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
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated.

When we read the Annual Report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

RESPONSIBILITY 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 Companies Act, 2013
(the Act) with respect to the preparation of these standalone
financial statements to 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 the Indian Accounting Standards specified
in the Companies (Indian Accounting Standards) Rules, 2015
(as amended) 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 of
the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, Management
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 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 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)0 of the Companies Act 2013, 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.

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

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

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

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by 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 Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, Standalone Statement of
Changes in Equity and the Standalone 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 Ind AS specified under
Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2015,as amended.

e) On the basis of the written representations received
from the directors and 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 with reference to Standalone
Financial Statements.

g) In our opinion and to the best of our information and
according to the explanations given to us, the managerial
remuneration for the year ended 31^st March 2026 has
been paid/provided by the Company to its directors is in
accordance with the provisions of section 197 read with
Schedule V to 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-42(i) A & C to the
standalone financial statements.

ii. The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-term
contracts including derivative contracts.

iii. There has been no delay in transferring amounts,
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
(which are material either individually or in the
aggregate) have been advanced or loaned or
invested (either from borrowed funds or share
premium or any other sources or kind of funds)
by the Company to or in any other person or
entity, including foreign entity ("Intermediaries"),
with the understanding, whether recorded
in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been received by the
Company from any person or entity, including
foreign entity ("Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

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

v. (a) The dividend proposed in the previous year,

declared and paid by the Company during the
year is in accordance with Section 123 of the
Act, as applicable.

(b) The Board of Directors of the Company
has proposed dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in accordance with
section 123 of the Act, as applicable.

vi. Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of accounts 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 Companies Act 2013,
we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

For ARUN K GUPTA & ASSOCIATES

Chartered Accountants
Firm Registration No.: 000605N

GIREESH KUMAR GOENKA

Partner

Membership No.: 096655
UDIN: 26096655QPVHMO2165

Place: New Delhi
Date: 01/05/2026

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 to the Members
of Filatex India Limited of even date)

REPORT ON THE INTERNAL FINANCIAL
CONTROLS OVER FINANCIAL REPORTING
UNDER CLAUSE (I) OF SUB-SECTION 3 OF
SECTION 143 OF THE COMPANIES ACT, 2013
("THE ACT")

We have audited the internal financial controls over financial
reporting of Filatex India Limited ("the Company") as of
March 31, 2026 in conjunction with our audit of the standalone
financial statements of the Company for the year ended on
that date.

MANAGEMENTS RESPONSIBILITY FOR
INTERNAL FINANCIAL CONTROLS

The Companys management is responsible for establishing
and maintaining internal financial controls based on the
internal control over financial reporting criteria established
by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of
Internal Financial Controls over Financial Reporting issued
by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to
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 applicable to an audit of Internal Financial Controls and,
both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
adequate internal financial controls 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 judgement, including the assessment
of the risks of material misstatement of the standalone 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 standalone 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 standalone financial statements in accordance with
generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in
accordance with authorizations of management and directors
of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that
could have a material effect on the standalone financial
statements.

INHERENT LIMITATIONS OF INTERNAL

FINANCIAL CONTROLS 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, to the best of information and according to the explanations given to us, 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 March 31, 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 ARUN K GUPTA & ASSOCIATES

Chartered Accountants
Firm Registration No.: 000605N

GIREESH KUMAR GOENKA

Partner

Membership No.: 096655
UDIN: 26096655QPVHMO2165

Place: New Delhi
Date: 01/05/2026

Annexure-B

To Independent Auditors Report

(Referred to in paragraph 2 under "Report on Other Legal and Regulatory Requirements" section of our report to the Members of Filatex India Limited of even date)

i. In respect of the Companys Property, Plant and Equipment, Right-of-Use Assets and Intangible Assets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation

of Property, Plant and Equipment and relevant details of right-of-use assets.

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

(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has a regular programme of physical verification of its Property, Plant and Equipments by
which all property, plant and equipments are verified in a phased manner over a period of three years. In accordance
with this programme, certain property, plant and equipments were verified during the year. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the records examined by us and based on the examination
of the conveyance deeds/registered sale deed provided to us, we report that, the title deeds, comprising all the
immovable properties (other than immovable properties where the Company is the lessee and the leases agreements
are duly executed in favour of the lessee) disclosed in the standalone financial statements are held in the name of the
Company except mentioned in table below. In respect of immovable properties of land and building that have been
taken on lease and disclosed as Right of Use Assets in the standalone financial statements, the lease agreements are
in the name of the Company. (Immovable properties whose title deeds have been pledged for obtaining credit facility
extended to the company as security are held in the name of the Company based on the MOE (Memorandum of entry)
signed by the Lender Banks.)

Description of property	Gross carrying value ( In lakhs)	Held in the name of	Whether promoter, director or their relative or employee	Period held- indicate range, where appropriate	Reason for not being held in the name of the company Also indicate if in dispute
Freehold Land Survey no. 45/1 Damini Road- Dadra	21.94	Manjula Ben Nirbhay Singh Rajput	No	13-02-2020	The possession and original agreement to sell of the land is in the name of the Company. Further, title deeds will be registered in the name of the Company once state Government policy on registry is changed.

(d) According to the information and explanations
given to us and on the basis of our examination
of the records of the Company, the Company has
not revalued its Property, Plant and Equipments
(including Right of Use assets) or intangible assets
or both during the year.

(e) According to the information and explanations 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. (a) The inventory, except goods-in-transit has been
physically verified by the management during the
year. For goods-in-transit subsequent evidence
of receipts/delivery has been linked with inventory

records. In our opinion, the frequency of such
verification is reasonable and procedures and
coverage as followed by management were
appropriate. No discrepancies were noticed on
verification between the physical stocks and the
book records that were more than 10% in the
aggregate of each class of inventory.

(b) According to the information and explanations given
to us and on the basis of our examination of the
records of the Company, the Company has been
sanctioned working capital limits in excess of five
crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets.
In our opinion, the quarterly returns or statements
filed by the Company with such banks or financial
institutions are in agreement with the books of
account of the Company.

iii. According to the information and explanations given to us and on the basis of our examination of the records of the
Company, The Company has provided loans or provided advances in the nature of loans, given guarantee, or provided
security to any other entity during the year, in respect of which:

(a) A) The details of such loans or advances and guarantees or security to subsidiary, Joint Ventures and Associates are
as follows:

Particulars	Loans ( In lakhs)	Guarantee ( In lakhs)	Security ( In lakhs)	Advance in nature of loan ( In lakhs)
Aggregate amount granted/provided during the year:
- Subsidiary	3,743.00	20,000.00	-	-
- Joint Venture	-	-	-	-
- Associates	-	-	-	-
Balance Outstanding as at balance sheet date in respect of above cases:
- Subsidiary	914.00	20,000.00	-	-
- Joint Venture	-	-	-	-
- Associates	-	-	-	-

B) The details of such loans or advances and guarantees or security to parties other than subsidiary, Joint Ventures
and Associates are as follows:

Particulars	Loans ( In lakhs)	Guarantee ( In lakhs)	Security ( In lakhs)	Advance in nature of loan ( In lakhs)
Aggregate amount granted/provided during the year:
- Others	150.00	-	-	-
Balance Outstanding as at balance sheet date in respect of above cases:
- Others	-	-	-	-

(b) In relation to investments, guarantees provided,
securities given, according to the information and
explanations given to us and based on the audit
procedures performed by us, we are of the opinion
that the terms and conditions of the loans and
advances provided are not prejudicial to the interest
of the Company.

(c) In our opinion, the loans and advances in the nature
of loan, schedule of repayment of principal and
payment of interest have been stipulated and the
borrowers have been regular in the payment of the
principal and interest.

(d) In respect of loan granted by Company, there is no
overdue amount remaining outstanding as at the
balance sheet date.

(e) According to the information explanation provided
to us, the loan or advance in the nature of loan
granted has not fallen due during the year. Hence,
the requirements under paragraph 3(iii) (e) of the
Order are not applicable to the Company.

(f) According to the information explanation provided
to us, the Company has not granted any loans
and/or advances in the nature of loans which are
either repayable on demand or without specifying
any terms or period of repayment. Hence, the
requirements under paragraph 3(iii)(f) of the Order
are not applicable to the Company.

iv. 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 Act in respects
of investments made and loan given by it, as applicable.
Further, the Company has not entered into any
transactions covered under section 185 of the Act.

v. In our opinion, the Company has not accepted any
deposits within the meaning of Sections 73 to 76 of the
Act and the Companies (Acceptance of Deposits) Rules,
2014 (as amended). Accordingly, the provisions of clause
3(v) of the Order are not applicable.

vi. We have broadly reviewed the books of account
maintained by the Company pursuant to the Rules made
by the Central Government for the maintenance of cost
records under sub-section (1) of Section 148 of the Act

in respect of Companys products and are of the opinion that, prima facie, the prescribed accounts and records have been
made and maintained. However, we have 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) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and
Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of
Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State
Insurance, 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 March 31, 2026 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 March 31, 2026 on
account of disputes are given below:

Sr. Name of the No. Statute	Nature of Dues	Amt ( in lakhs)	Period to Which it relates	Forum where Dispute is pending
1. Customs Act, 1962	Penalty imposed on the Company by the Commissioner of Central Excise and Customs, Vadodara.	15.00	May 2000 and June, 2000	Gujarat High Court, Ahmedabad.
2. Customs Act, 1962	Utilization of DEPB Scrip issued to M/s Shivam Overseas, Ludhiana. It alleged parts resorted to overvaluation of their exports.	7.99	March, 2005	CESTAT, Mumbai
3. Central Goods and Service tax Act, 2017	Alleged issuance of bills by Vendors/Traders to Filatex without any physical movement of goods	59.06	December 2017 to January, 2018	The Commissioner Appeals State GST, Vadodara
4. Income Tax Act, 1961	Income Tax demanding income tax and interest in respect of additions/disallowances	4,243.08	AY 2018-19	Income Tax Appellate Tribunal (ITAT), New Delhi
5. Income Tax Act, 1961	Income Tax demanding income tax and interest in respect of additions/disallowances	11,853.83	AY 2013-14 AY 2015-16 AY 2016-17 AY 2017-18 AY 2020-21 AY 2021-22	Delhi High Court
6. Central Goods and Service tax Act, 2017	Alleged erroneous GST refund on Inverted duty Structure	14,433.26	From January 2018 to January 2023	Gujarat High Court, Ahmedabad
7. Central Goods and Service tax Act, 2017	Cross Charge of Service by Corporate Office	1,631.78	July 2017 to March 2021	The Additional/Joint commissioner CGST & Central Excise Delhi East.
8. Central Goods and Service tax Act, 2017	Demand regarding Scrutiny of Returns for the period FY 2019-20	0.95	FY 2019-20	The Commissioner Appeal CGST Vadodara
9. Customs Act, 1962	Amount of Penalty & Redemption Fine imposed in respect of Violation of Pre- import Condition on imports	1,175.00	FY 2017-18 FY 2018-19	CESTAT, Ahmedabad

viii. According to the information and explanations
given to us and on the basis of our examination of
the records of the Company, the Company has not
surrendered or disclosed any transactions, previously
unrecorded as income in the books of account, in the
tax assessments under the Income Tax Act, 1961 as
income during the year.

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

to us and on the basis of our examination of the
records of the Company, the Company has not
defaulted in repayment of loans and borrowing or in
the payment of interest thereon to banks or financial
institutions during the year.

(b) The Company has not been declared willful 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. Hence reporting under clause 3(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, prima facie, not been used during the year for
long-term purposes by the Company.

(e) According to the information explanation given to
us and on an overall examination of the standalone
financial statements of the Company, we report
that the company has not taken any funds from
any entity or person on account of or to meet the
obligations of its subsidiaries.

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

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 3(x)(a) of the Order is not
applicable.

(b) According to the information and explanations
given to us and on the basis of our examination
of the records of the Company, the Company
has not made any preferential allotment or private
placement of shares or fully or partly convertible
debentures during the year. Accordingly, clause 3(x)
(b) of the Order is not applicable.

xi. (a) Based on examination of the books and records of

the Company and according to the information and
explanations given to us, no fraud by the Company
or on the Company has been noticed or reported
during the course of the audit.

(b) According to the information and explanations given
to us, no report under sub-section (12) of Section
143 of the Companies Act, 2013 has been filed by
the auditors in Form ADT-4 as prescribed under rule
13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government.

(c) As represented to us by the management, there
are no whistle blower complaints received by the
Company during the course of audit. Accordingly,
the provisions stated in paragraph (xi)(c) of the order
is not applicable to the Company.

xii. The Company is not a Nidhi Company and hence
reporting under clause 3(xii) of the Order is not applicable.

xiii. In our opinion, the Company is in compliance with Section
177 and 188 of the Companies Act, 2013 with respect
to applicable transactions with the related parties and the
details of related party transactions have been disclosed
in the standalone 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 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
provisions of section 192 of the Companies Act, 2013
are not applicable to the Company.

xvi. (a) 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) of the Order is not applicable.

(b) In our opinion, the Company has not conducted
any Non-Banking Financial or Housing Finance
activities without any valid Certificate of Registration
from Reserve Bank of India. Hence, reporting under
clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company
(CIC) as defined in the regulation made by Reserve
Bank of India. Hence, reporting under clause 3(xvi)
(c) of the Order is not applicable.

(d) According to the information & explanations
provided to us, the Company does not have any CIC
as part of its group. Hence reporting under clause
3(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. Accordingly, clause 3(xviii)
of the Order is not applicable.

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
standalone 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 is 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.

xxi. The reporting under clause 3(xxi) of the Order is
not applicable in respect of audit of standalone
financial statements of the Company. Accordingly, no
comment has been included in respect of said clause
under this report.

For ARUN K GUPTA & ASSOCIATES

Chartered Accountants
Firm Registration No.: 000605N

GIREESH KUMAR GOENKA

Partner

Membership No.: 096655
UDIN: 26096655QPVHMO2165

Place: New Delhi
Date: 01/05/2026