Green Asia Impex Ltd Auditor Reports

To the Members of Green Asia Impex Prwate limited

Report on the Audit of the Financial statements

Opinion

The financial statements comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss, the Cash Flow Statement and notes. In the auditors opinion, they give a true and fair view in conformity with accounting principles generally accepted in India of the state of affairs as at 31 March 2025, its profit and cash flows for the year ended on that date.

Basis for Opinion

Audit conducted in accordance with Standards on Auditing (SAs) under Section 143(10) of the Companies Act, 2013. Auditor is independent per ICAI Code of Ethics; audit evidence obtained is sufficient and appropriate.

Information Other than the Financial Statements and Auditors Report

The Board of Directors is responsible for the other information (Annual Report, excluding financial statements and auditors report). The auditor read the other information and found no material misstatement. Nothing to report.

Managements Responsibility for the Financial Statements

Board of Directors responsible under Section 134(5) for preparation of financial statements, maintenance of accounting records, selection of accounting policies, reasonable estimates, internal financial controls, going concern assessment, and overseeing financial reporting.

Auditors Responsibilities

Obtain reasonable assurance; identify and assess risks of material misstatement (fraud vs. error - fraud risk higher due to collusion, forgery, omissions, misrepresentation, override of controls); obtain understanding of internal controls; evaluate accounting policies and estimates; conclude on going concern; evaluate presentation; consider materiality; communicate with those charged with governance; comply with independence requirements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020, statement on matters in paragraphs 3 and 4 is given in Annexure A .

As required by Section 143(3), the auditor reports:

1. All information and explanations sought were obtained.

2. Proper books of account as required by law have been kept.

3. Balance Sheet, Statement of Profit and Loss and Cash Flow Statement agree with the books of account.

4. Financial statements comply with Accounting Standards under Section 133 read with Rule 7 of Companies (Accounts) Rules, 2015.

5. No director is disqualified as on 31 March 2025 under Section 164(2).

6. Internal financial controls report given in Annexure B.

7. Managerial remuneration paid/provided in accordance with Section 197 read with Schedule V.

8. Other matters under Rule 11 of Companies (Audit and Auditors) Rules, 2014:

o i. Pending litigations disclosed (Note 30): demand of ?788.69 lakhs under Income Tax Act, 1961 relating to AY 2022-23 (FY 2021-22), under appeal before Commissioner of Income-tax (Appeals); disclosed as contingent liability.

o ii. No long-term contracts including derivative contracts with material foreseeable losses.

o iii. No delay in transferring amounts to Investor Education and Protection Fund.

o iv. (a) Management represented no funds advanced/loaned/invested to intermediaries for ultimate beneficiaries; (b) no funds received as funding party for ultimate beneficiaries; (c) audit procedures revealed nothing causing belief of material misstatement in these representations.

o v. No dividend declared or paid during the year.

o vi. Accounting software has audit trail (edit log) facility, operated throughout the year for all relevant transactions; no instance of tampering found.

PART B - ANNEXURE A (CARO 2020)

i. Property, Plant and Equipment

? (a)(A) Proper records showing full particulars including quantitative details and situation of PPE maintained. (B) Proper records of intangible assets maintained.

? (b) PPE not physically verified by management during the year; regular program of verification exists, reasonable considering size and nature; no material discrepancies noticed.

? (c) Title deeds of immovable properties (other than lessee properties with duly executed lease agreements) held in the name of the Company.

? (d) No revaluation of PPE or intangible assets during the year.

? (e) No proceedings for holding benami property under Prohibition of Benami Property Transactions Act, 1988.

ii. Inventory

? (a) Physical verification conducted at reasonable intervals by management; coverage and procedure appropriate; discrepancies of 10% or more in each class properly dealt with in books.

? (b) Quarterly returns/statements filed with banks/financial institutions agree with books.

iii. Loans, Guarantees, Security

? (a)-(f) Company has not provided loans, advances in nature of loans, guarantees, or security to companies, firms, LLPs or any other parties. Requirements under clauses 3(iii)(a)-(f) are not applicable.

iv. Section 185 and 186

? No loans, investments, guarantees, security attracting Sections 185 and 186. Not applicable.

v. Deposits

? No deposits accepted from public or amounts deemed deposits under Sections 73 to 76. Not applicable.

vi. Cost Records

? Central Government has not specified maintenance of cost records under Section 148(1). Not applicable.

vii. Statutory Dues

\uf0b7 (a) Regular in depositing undisputed statutory dues (PF, ESI, income tax, sales tax, service tax, VAT, GST, other material dues). No undisputed amounts payable for more than six months as at 31 March 2025. \uf0b7 (b) Disputed statutory dues: Name of Statute	Nature of Dues	Amount (\u20b9 lakhs)	Period	Forum
Income Tax Act, 1961	Income Tax	788.69	AY 2022	Commissioner (Appeals)

Note: During FY 2024-25, Company deposited ?29.62 lakhs under protest in connection with the above dispute.

No transactions relating to previously unrecorded income surrendered or disclosed in tax assessments under Income Tax Act, 1961.

viii. Loans/Borrowings

? (a) No default in repayment of loans/borrowings or payment of interest to any lender.

? (b) Not declared wilful defaulter by any bank/financial institution/government authority.

? (c) Term loans applied for the purposes for which obtained.

? (d) Funds raised on short-term basis, prima facie, not utilized for long-term purposes.

? (e) No funds taken from any entity/person to meet obligations of subsidiaries, associates or joint ventures.

? (f) No loans raised on pledge of securities held in subsidiaries, joint ventures or associate companies. Not applicable.

ix. Public Offer / Preferential Allotment

? (a) No money raised by Initial Public Offer through equity shares. Not applicable.

? (b) No preferential allotment or private placement of shares/fully or partially or optionally convertible debentures. Not applicable.

x. Fraud

? (a) No fraud by the Company or on the Company by officers/employees noticed or reported during the year.

? (b) No report under Section 143(12) filed in Form ADT-4 under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with Central Government during the year and up to the date of report.

? (c) No whistle blower complaints received during the year.

xi. Nidhi Company

? Company is not a Nidhi Company. Not applicable.

xii. Related Party Compliance

? Compliant with Sections 177 and 188 where applicable; transactions with related parties disclosed in financial statements as required by applicable accounting standards.

xiii. Internal Audit System

? Adequate audit system commensurate with size and nature of business. Reports of Internal Auditors considered.

xiv. Non-Cash Transactions with Directors

? No non-cash transactions with directors or persons connected with directors. Not applicable.

xv. RBI Act Registration

? (a) Section 45-IA of RBI Act, 1934 not applicable. Not applicable.

? (b) Not engaged in Non-Banking Financial or Housing Finance activities. Not applicable.

? (c) Not a Core Investment Company. Not applicable.

? (d) No Core Investment Company as part of the Group. Not applicable.

xvi. Cash Losses

? No cash losses in current year and immediately preceding financial year.

xvii. Auditor Resignation

? Previous statutory auditors resigned during the year; no issues, objections or concerns raised by outgoing auditors.

xviii. Going Concern / Liability Repayment

? Based on financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information, auditors knowledge of Board and management plans, there is no material uncertainty on the date of audit report and Company is capable of meeting liabilities existing at balance sheet date as and when due within one year.

xix. CSR

? (a) No unspent amounts required to be transferred to a fund specified in Schedule VII for other than ongoing projects.

? (b) No unspent amounts for ongoing projects required to be transferred to special account under Section 135(6).

PART C - ANNEXURE B (Internal Financial Controls)

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

Managements Responsibility: Establish and maintain internal financial controls based on criteria considering essential components of internal control in the ICAI Guidance Note; ensure orderly and efficient conduct of business, safeguarding assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, timely preparation of reliable financial information.

Auditors Responsibility: Express opinion on internal financial controls over financial reporting based on audit conducted in accordance with the Guidance Note and Standards on Auditing issued by ICAI; obtain reasonable assurance on adequacy and operating effectiveness.

Meaning of Internal Financial Controls Over Financial Reporting: Process designed to provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements for external purposes in accordance with GAAP; includes policies and procedures for maintaining records, authorizing receipts and expenditures, and preventing/detecting unauthorized acquisition, use or disposition of assets.

Inherent Limitations: Possibility of collusion or improper management override; material misstatements due to error or fraud may occur and not be detected; projections subject to risk of controls becoming inadequate due to changes in conditions or deterioration in compliance.

Opinion: Company has, in all material respects, adequate internal financial controls system over financial reporting and such controls were operating effectively as at 31 March 2025, based on criteria considering essential components of internal control in the ICAI Guidance Note.