Gopal Iron & Steels Co.(Gujarat) Ltd Auditor Reports

To,

The Members of

Gopal Iron and Steel Co (Guj) Limited

Ahmedabad

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Gopal Iron and Steel Co (Guj) Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

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 (“Ind AS”) prescribed under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and of its loss, changes in equity, and its cash flows for the year then ended.

Basis for Opinion

We conducted our audit 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 and have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to the fact that the accompanying financial statements have been prepared on a going concern basis. However, the Company has incurred recurring operational losses and has disposed of all its plant, machinery, and other major fixed assets, resulting in the discontinuation of its operations. Further, we draw attention to Note 24 and Note 25 of the financial statements, which disclose pending income tax demands aggregating to ?916.77 lakhs, including a tax demand of ?838.30 lakhs currently pending before the Honble Supreme Court.

The Company has classified these tax demands as contingent liabilities based on its legal assessment that the outcomes will be in its favor. However, in the event of an adverse outcome of these litigations, the same may have a material impact on the Companys ability to continue as a going concern.

These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Companys ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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 for the year ended March 31, 2025. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon. We do not provide a separate opinion on these matters.

1. Going Concern Uncertainty and Material Tax Litigations

Description of Key Audit Matter:

As disclosed in Note 24 and Note 25 to the standalone financial statements, the Company has incurred recurring operational losses, discontinued its operations, and disposed of all its plant, machinery, and major fixed assets. Additionally, there are pending income tax demands aggregating to Rs.916.77 lakhs, including Rs.838.30 lakhs currently pending before the Honble Supreme Court.

The management has assessed the Companys ability to continue as a going concern and classified these tax liabilities as contingent, based on legal opinion. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Companys ability to continue as a going concern.

How our audit addressed the Key Audit Matter:

• We assessed the appropriateness of the going concern basis of accounting adopted by the management.

• We reviewed the details of pending litigations and legal opinions obtained by the Company.

• We examined the classification of these tax demands as contingent liabilities.

• We evaluated the adequacy of disclosures made in the financial statements under Ind AS 1 and Ind AS 37.

Based on the above procedures, we found the disclosures in the financial statements to be adequate and consistent with the audit evidence obtained.

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 Companys Annual Report 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 such other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity, and cash flows of the Company in accordance with the Ind AS 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; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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.

In preparing the standalone financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Standards on Auditing 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 the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls 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 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

As required by the Companies (Auditors Report) Order, 2020 (“the Order”), issued by the Central Government in terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

1. 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.

2. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

3. The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

4. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

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

6. 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 B”.

7. 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, in our opinion and to the best of our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 6 and 7.

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

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

d) (i) The management has represented that, to the best of its knowledge and belief, no funds have been

advanced or loaned or invested (either from borrowed funds or share premium or any other sources) to or in any other person(s) or entity(ies), including foreign entities, with the understanding that the intermediary shall, whether directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the Company (Ultimate Beneficiaries);

(ii) The management has represented that, to the best of its knowledge and belief, no funds have been received

by the Company from any person(s) or entity(ies), including foreign entities, with the understanding that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the Funding Party (Ultimate Beneficiaries);

(iii) Based on audit procedures that we 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) contain any material misstatement.

e) The Company has not declared or paid any dividend during the year in contravention of Section 123 of the Act.

8. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act: In our opinion and according to the information and 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.

9. With respect to reporting require under rule 11(G) , The Company has represented that it maintains accounting software with an audit trail feature. However, the audit of such feature has not been conducted.

Annexure - A to the Independent Auditors Report

[Referred to in paragraph (Report on Other Legal and Regulatory Requirements) of our report of even date] Report 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 (“the Act”), for the year ended March 31,

2025:

1. Property, Plant and Equipment and Intangible Assets

(a) In our opinion and according to the information and explanations provided to us, the Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.

(b) As per the information and explanations provided to us, the Company has a regular programme of physical verification of its property, plant and equipment in a phased manner, which, in our opinion, 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 and to the best of our knowledge, the title deeds/lease deeds of all immovable properties disclosed in the financial statements are held in the name of the Company.

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

(e) Based on the information and explanations provided to us and to the best of our knowledge, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

2. Inventory and Working Capital Limits

(a) In our opinion and based on the information and explanations provided to us, the management has conducted physical verification of inventory at reasonable intervals during the year. No material discrepancies were noticed on such verification.

(b) According to the information and explanations provided to us and to the best of our knowledge, the Company has not been sanctioned working capital limits in excess of ?5 crores in aggregate from banks or financial institutions at any time during the year on the basis of security of current assets. Accordingly, the provisions of Clause 3(ii)(b) of the Order are not applicable.

3. Investments, Guarantees, Securities and Loans

The Company has not made any investments, provided guarantees or securities, or granted loans or advances in the nature of loans, secured or unsecured, to companies, firms, LLPs or any other parties covered under Section 185 or 186 of the Companies Act, 2013 during the year. Accordingly, reporting under clause 3(iii) of the Order is not applicable.

4. Loans to Directors and Compliance under Section 185 and 186

In our opinion and according to the information and explanations provided to us, the Company has not granted any loans or advances, or made any investments, or provided guarantees or securities covered under the provisions of Sections 185 and 186 of the Companies Act, 2013 during the year. Accordingly, compliance requirements under the said sections have been duly met.

5. Deposits

The Company has not accepted any deposits or amounts deemed to be deposits from the public during the year 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.

6. Cost Records

As informed to us and to the best of our knowledge, the Central Government has not prescribed maintenance of cost records under Section 148(1) of the Act for the nature of activities carried out by the Company. Hence, reporting under clause 3(vi) of the Order is not applicable.

7. Statutory Dues

(a) According to the records of the Company and based on the information and explanations provided to us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Goods and Services Tax, and other material statutory dues applicable to it with the appropriate

authorities.

(b) According to the information and explanations provided to us, except for Provident Fund dues of ?35,600/-, there were no undisputed statutory dues outstanding as on March 31, 2025, for a period of more than six months from the date they became payable.

(c) The following statutory dues have not been deposited on account of disputes:

Nature of Liability	Amount Disputed (Rs.)	Period	Forum where Dispute is Pending
Gujarat Sales Tax Act	29.11 Lakhs	AY 2002-03	Gujarat High Court
Central Excise Duty	33.53 Lakhs	AYs 1998-2000	Gujarat High Court
Income Tax Act, 1961	1.56 Lakhs Principal	AY 2008-09	Income Tax Officer
	2.53 Lakhs Interest
Income Tax Act, 1961	6.76 Lakhs Principal	AY 2011-12	Income Tax Officer
	12.32 Lakhs Interest
Income Tax Act, 1961	20.39 Lakhs Principal	AY 1996-97	Supreme Court of India
	52.36 Lakhs Interest
	20.80 Lakhs Penalty
	19.98 Lakhs Interest
Income Tax Act, 1961	117.72 Lakhs Principal	AY 1997-98	Supreme Court of India
	109.59 Lakhs Interest
	203.56 Lakhs Principal
	362.23 Lakhs Interest
Income Tax Act, 1961	0.79 Lakhs Principal	AY 2009-10	Income Tax Officer
	1.28 Lakhs Interest
Income Tax Act, 1961	1.51 Lakhs Principal	AY 2006-07	Income Tax Officer
	2.68 Lakhs Interest
Income Tax Act, 1961	2.35 Lakhs Principal	AY 2009-10	Income Tax Officer
	4.19 Lakhs Interest
Income Tax Act, 1961	0.74 Lakhs Principal	AY 2010-11	Income Tax Officer
	1.12 Lakhs Interest
Income Tax Act, 1961	0.80 Lakhs Penalty	AY 2009-10	Income Tax Officer
	1.25 Lakhs Interest
Income Tax Act, 1961	1.56 Lakhs Principal	AY 2008-09	Income Tax Officer
	2.56 Lakhs Interest
Income Tax Act, 1961	25.31 Lakhs Principal	AY 2018-19	Income Tax Officer
	16.95 Lakhs Interest

8. Undisclosed Income

According to the information and explanations provided to us, and to the best of our knowledge, no transactions not recorded in the books of account have been surrendered or disclosed as income during the year in income tax assessments under the Income Tax Act, 1961.

9. Default in Repayment of Loans

(a) According to the information and explanations provided by the management, the Company has not defaulted in repayment of loans or borrowings to any bank, financial institution, government or debenture holders during the year.

(b) To the best of our knowledge and according to the explanations provided to us, the Company has not been declared a willful defaulter by any bank or financial institution or other lender.

10. Utilization of Funds Raised

In our opinion and according to the information and explanations provided to us, the Company has not raised any term loans or debt instruments during the year. Accordingly, reporting under this clause is not applicable.

11. Fraud and Whistle-Blower Complaints

(a) Based on the audit procedures performed and as per the information and explanations provided to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

(b) The auditor has not filed any report under sub-section (12) of section 143 of the Act in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) To the best of our knowledge and according to the information and explanations provided, no whistle-blower complaints were received by the Company during the year.

12. Nidhi Company

According to the information and explanations provided to us, the Company is not a Nidhi Company. Hence, reporting under clause 3(xii) is not applicable.

13. Related Party Transactions

In our opinion and according to the information and explanations provided to us, transactions with related parties are in compliance with the provisions of Sections 177 and 188 of the Act where applicable and the details of such transactions have been disclosed in the standalone financial statements as required under the applicable Ind AS.

14. Internal Audit

(a) In our opinion and based on the information and explanations provided, the Company has an internal audit system commensurate with the size and nature of its business.

(b) The reports of the Internal Auditors for the year under audit were considered by us during the course of our audit.

15. Non-Cash Transactions with Directors

According to the information and explanations provided to us, the Company has not entered into any non-cash transactions with directors or persons connected with them during the year. Accordingly, the provisions of Section 192 of the Act are not applicable.

16. Registration under RBI Act, 1934

Based on the information and explanations provided to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

17. Cash Losses

The Company has not incurred cash losses in the financial year ended March 31, 2025.

18. Resignation of Statutory Auditors

There has been no resignation of the statutory auditors during the year.

19. Material Uncertainty Related to Going Concern

On the basis of the financial ratios, ageing of financial assets and liabilities, 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, we are of the opinion that no material uncertainty exists as on the date of the audit report that the Company is capable of meeting its liabilities existing as at the balance sheet date 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

20. CSR Compliance

According to the information and explanations provided to us, the provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the Company.

21. Consolidated Financial Statements

The Company is not required to prepare consolidated financial statements. Accordingly, clause 3(xxi) is not applicable.

Annexure - B - Report on Internal Financial Controls [Under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)]

We have audited the internal financial controls over financial reporting of Gopal Iron and Steel Co (Guj) Limited (“the Company”) as of 31st March 2024 in conjunction with our audit of the 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 controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

• AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal financial controls 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 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 my /our audit opinion on the Companys internal financial control 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 control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2024, 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, Krutesh Patel & Associates

Chartered Accountants

Date: 7 June 2025

Place: Ahmedabad

SD/-

Krutesh Patel

Partner

Membership No.: 140047

UDIN: 25140047BMHERY8714

FRN - 100865W

Annexure - B to the Independent Auditors Report

[Referred to in paragraph 6 under "Report on Other Legal and Regulatory Requirements" 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

Opinion

We have audited the internal financial controls with reference to standalone financial statements of Gopal Iron and Steel Co (Guj) Limited (“the Company”) as of March 31, 2025, in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

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 system with reference to standalone financial statements and such internal financial controls were operating effectively as at March 31, 2025, 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”).

Managements Responsibility for Internal Financial Controls

The Companys management and the Board of Directors are 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 issued by 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 with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by ICAI 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. 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 with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls includes obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the 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 with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A Companys internal financial controls with reference to standalone financial statements 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 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 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 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 standalone financial statements.

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

Because of the inherent limitations of internal financial controls with reference to standalone financial 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 may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For, Krutesh Patel & Associates

Chartered Accountants

Date: 7 June 2025

Place: Ahmedabad

SD/-

Krutesh Patel

Partner

Membership No.: 140047

UDIN: 25140047BMHERY8714

FRN - 100865W