Gretex Industries Ltd Auditor Reports

TO THE MEMBERS OF GRETEX INDUSTRIES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of GRETEX INDUSTRIES LIMITED ("the Company"), which comprise the Standalone

Balance Sheet as at 31st March, 2026, the Standalone Statement of Profit and Loss (including

Comprehensive Income), the Standalone Statement of Changes in Equity, the Standalone Statement of Cash Flows for the year ended, and Notes to the Standalone Financial Statements including a summary of the Material Accounting Policies and other explanatory information (hereinafter referred to as "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 Indian Accounting Standards specified under section 133 of the Act read with the Companies (Indian Accounting Standard) Rules, 2015 as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the

Company as at 31st March, 2026, and its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on

Auditing ("the 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 (the "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 we have obtained 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 judgement, 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.

Key Audit Matter	How the matter was addressed in our audit
Existence and Valuation of Inventories - As indicated in Note 9, the value of the companys stock-in-trade of inventories at year end was C 1203.33 Lakhs representing 19.81% of total assets.	In response to this key matter, our audit included, among others the following audit procedures:
The existence of inventory is Key audit matter due to the involvement of high risk, basis the nature of retail industry in unit values wherein per unit value has significant and relatively low quantity for certain categories of inventory which are distributed across different point of sales and warehouses.	-Understood Managements Control over physical inventory counts at various stores and warehouse and control over inventory valuation.
	-Evaluation of the design and implementation and testing the operating effectiveness of internal controls relating to purchase, sales and inventories.
	-For a representative sample, we have performed test of details procedures and checked valuation of stock in trade inventories by using a recalculation of those inventories based on the cost of acquiring them from suppliers and considering the costs directly attributable to such goods.
	Assessed the key estimates used by the Management to determine the net realisable value.
The company has made investment in subsidiaries and other investments amounting to C3169.91 Lakhs representing 52% of total assets. The company has made C 2674.50 Lakhs measured at cost and C408.88 Lakhs in other quoted investment measured at Fair Value. Management assesses these investments for impairment at each reporting date in accordance with the requirements of the applicable accounting standards.	Our audit procedures included, among others:
The assessment of recoverability of investments involves and significant estimates, including evaluationoftheinvesteesfinancial performance, future business prospects, projected cash flows, net asset values, market conditions and other relevant factors.	Obtaining an understanding of managements process for assessing impairment indicators and recoverability of investments;
Changes in these assumptions could have a material impact on the carrying value of such investments and the amount of impairment loss, if any, recognized in the financial statements.	-Evaluating the design and implementation of relevant controls over the impairment assessment process;
-Considering the materiality of the investment balance and the significant recoverability, we determined this matter to be a key audit matter.	-Assessing managements assumptions and estimates used in determining the recoverable amount of investments;
	Examining the financial information of the investee companies, including their net worth, profitability, cash flow projections and business performance;
	Comparing key assumptions used by management with historical performance and available external information, where applicable;
	Evaluating whether any impairment indicators existed and assessing the appropriateness of managements conclusion regarding impairment, if any; and judgments involved in assessing Assessing the adequacy of disclosures made in the financial statements in respect of such investments.

Information Other than the Standalone Financial Statements and Auditors Report thereon:

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Directors Report including Annexures to Directors Report, Management Discussion and Analysis Report and Report on Corporate Governance, 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 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.

If we conclude, based on the work we have performed on the other information that we obtained prior to the date of Auditors report 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. When we read the other information, which we will obtain after the date of Auditors Report and if we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance.

Managements Responsibility 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 the Indian Accounting Standards

(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 application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and designing, 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 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 alternatives but to do so.

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

Auditors Responsibility for the Audit of Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the

Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the

Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 matters, 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 the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India 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 said Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, 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, the Standalone Statement of changes in equity and the Standalone Statement of Cash Flows 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 Indian

Accounting Standards (Ind AS) specified under Section 133 of the Act; (e) On the basis of the written representations received from the directors as on 31^st March, 2026 taken on record by the Board of directors, none of the directors are disqualified as 31st March, 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 the Company and the operating effectiveness of such controls, as required under Section

143 (3)(i) of the Act, refer to our separate report in "Annexure B".

(g) Withrespecttotheothermatterstobeincluded in the Auditors Report in accordance with the requirements of section 197(16) of the Act, the

Company has complied with the provisions of

Section 197 read with Schedule V to the Act, relating to managerial remuneration.

(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. According to the information and explanations given to us, the Company has a pending litigation having an impact on its financial position (Refer note no. of the Standalone Financial Statements). ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company; iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (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 to 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 of 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 to 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), (a) and (b) above, contain any material misstatement. v. The company has neither declared nor paid any dividend during the financial year. vi. Based on our examination, including test checks, the company has used an accounting software with audit trail (edit log) feature for maintaining its books of account, which has been consistently operated throughout the year for all relevant transactions. During our audit, we did not find any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per statutory requirements for record retention.

For V. Singhi & Associates

Chartered Accountants

Firm Regn. No:311017E

Aniruddha Sengupta

Partner

Place: Kolkata Membership No.:051371 Date: 04th May, 2026 UDIN: 26051371LVIQWK2534

Annexure A

to the Independent Auditors Report

(Referred to in Paragraph-1 of Other Legal and Regulatory Requirements section of our Report of even date to the members of GRETEX INDUSTRIES LIMITED on the Standalone Financial Statements for the year ended 31st March, 2026.)

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

Equipment and Right-of-use assets.

(B) According to the information and explanations given to us and based on our examination of the records of the Company, the Company does not possess any intangible assets. Accordingly, reporting under clause

3(i)(a)(B) of the Companies (Auditors Report) Order, 2020 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 physical verification of property, plant and equipment is being carried out by the company in a phased manner to cover all its assets over a period of three years. In accordance with this programme, certain property, plant and equipment 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 and based on our examination of the records of the Company, the Company does not hold any immovable property (Other than Rights-of-Use assets) in its name as at the balance sheet date.

Accordingly, reporting under clause 3(i)(c) of the Companies (Auditors Report) Order, 2020 is not applicable to the Company.

(d) The Company has not revalued its Property,

Plant and Equipment (including Right-of-use assets) or intangible assets during the year.

Accordingly, reporting under clause 3(i)(d) of the Companies (Auditors Report) Order, 2020 is not applicable.

(e) According to the information and explanations given to us and on the basis of our examination of records of the company, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami

Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The inventory has been physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on such verification. (b) During the year, the Company had working capital facilities in excess of 5 crore from banks secured against immovable property of group company, which were subsequently repaid/closed during the year. The quarterly statements submitted to the banks were in agreement with the books of account.

(iii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company.

1. It has made investments in Limited

Liability Partnership Firms, over which it exercises control through majority contribution under LLP Agreement. The details are as under:

Particulars	Amount (in Lakhs)
Investments made during the year in LLP	1,200.97
Balance Outstanding as at Balance Sheet Date	1,951.40
2. It has granted loans or advances in the nature of loans repayable on demand to related parties. The details are as under:
Particulars	Related Parties
Aggregate amount granted during the year	1,114.49 Lakhs
Balance outstanding as at Balance Sheet date	457.90 Lakhs
% of total loans	100%

3. The Company has not granted any loan or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company

1. The investments made by it to LLP are, prima facie, not prejudicial to the interest of the Company.

2. It has granted unsecured loans/ advances in the nature of loans to related parties covered in the register maintained under section 189 of the Companies Act, 2013. The said loans are repayable on demand. In our opinion, the terms and conditions of such loans and advances in the nature of loans are, prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in respect of loans and advances in the nature of loans given, the principal and interest are repayable on demand. In absence of any stipulation as to repayment of loan and interest, we are unable to comment on whether the receipts are regular.

(d) According to the information and explanations given to us and based on our examination of the records of the Company, the loans granted are repayable on demand. Accordingly, it is not practicable to comment on the overdue amount in respect of such loans. Therefore, reporting under clause 3(iii) (d) of the Order relating to overdue amounts exceeding ninety days and reasonable steps taken for recovery of principal and interest is not applicable. (e) According to the information and explanations given to us and based on examination of records of the Company, there is no loan given falling due during the year, which has been renewed or extended or fresh loans given to settle the overdues of existing loans given to the same party.

Accordingly, reporting under clause 3(iii)(e) of the Order is not applicable.

(f) According to the information and explanations given to us and based on our examinations of the records of the company, it has granted Loan and advances in the nature of loan Which are repayable on demand and not specifying any terms or period of repayment.

Particulars	Related Parties	Related Parties
	(D In Lakhs)	(D In Lakhs)
Aggregate amount of loans/advances in the nature of loans -
a. repayable on demand	1,114.49	1,114.49
b. and without specifying any terms or period of repayment
% of such loan/ advances to the total loans/ advances granted.	100%	100%

(iv) According to the information and explanations given to us and based on our examination of the records of the company, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made, guarantees given and securities provided, as applicable.

(v) According to the information and explanations given to us and based on our examinations of the records of the company, the Company has not accepted any deposits or amounts deemed to be deposits during the year. Accordingly, reporting under clause 3(v) of the Order is not applicable. Further, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any

Court or any other Tribunal in this regard.

(vi) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the activities carried out by the Company. Accordingly, reporting under clause 3(vi) of the Order is not applicable.

(vii) (a) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the balance sheet date for a period exceeding six months from the date they became payable.

Annexure A

to the Independent Auditors Report

(b) According to the information and explanations given to us and based on our examination of the records of the Company, there are no statutory dues referred to in clause 3(vii)(a) of the Order which have not been deposited on account of any dispute. (viii) According to the information and explanations given to us and based on our examination of the records of the Company, no transactions which were not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income

Tax Act, 1961. Accordingly, reporting under clause 3(viii) of the Order relating to recording of such income in the books of account is not applicable.

(ix) (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or other borrowings or in payment of interest thereon to any lender.

(b) According to the information and explanations given to us and based on our audit procedures, we report that the Company has not been declared a wilful defaulter by any bank, financial institution, lender during the year.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, no term loan was taken by the company.

(d) According to the information and explanations given to us on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been utilized for long term purposes.

(e) According to the information and explanations given to us and based on our examination of the 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, associates or joint ventures.

(f) According to the information and explanations given to us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order is not applicable.

(x) (a) According to the information and explanations given to us and based on our examination of the books and records, we report that the Company has not raised any money by way of initial public offer or further public offer (including debt instruments).

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

(b) (i) During the year, the Company has made preferential allotment of equity shares and issued share warrants on preferential basis. In our opinion, the requirements of sections 42 and 62 of the Companies Act, 2013 have been complied with and the funds raised have been utilized for the purposes for which they were raised.

(xi) (a) Based on our examination of the books and records of the Company and according to the information and explanations given to us, considering the principles of materiality outlined in Standards on Auditing, we report that 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) According to the information and explanations given to us, no whistle blower complaint has been received by the Company during the year.

(xii) According to the information and explanations given to us, the company is not a Nidhi

Company. Accordingly, clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to information and explanations given to us and based on our examination of the books and records, the transactionswithrelatedpartiesareincompliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and the details of the related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting standards.

(xiv) (a) According to the information and explanations given to us and based on our examination, the company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the Internal Audit Reports of the company issued for the year under audit.

(xv) According to the information and explanations given to us and based on our examination, the Company has not entered into any non-cash transactions with its directors or persons connected to its 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 45-1A of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment

Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

(d) According to the information and explanations provided to us during the course of audit, the Group does not have any CIC. Accordingly, the requirements of clause

3(xvi)(d) are not applicable.

(xvii) According to the information and explanations given to us and based on our examination, the Company has not incurred any cash loss in the financial year or in the immediately preceding financial year.

(xviii) The term of appointment of the previous statutory auditor had expired. Accordingly reporting under clause 3(xviii) of the order is not applicable.

(xix) According to the information and explanations fi given to us and on the basis of the ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 that the 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) According to the information and explanations given to us and based on our examination of the records of the Company, the provisions of

Section 135 of the Companies Act, 2013 are not applicable to the Company during the current financial year. The company is yet to spend CSR amounting to C0.10 lakhs.

(xxi) Paragraph 3 of the Companies (Auditors Report) Order, 2020 is applicable only in respect of Consolidated Financial Statements and accordingly is not required to be reported in the auditors report on these financial statements.

For V. Singhi & Associates

Chartered Accountants

Firm Regn. No:311017E

Aniruddha Sengupta

Partner

Place: Kolkata Membership No.:051371 Date: 04th May, 2026 UDIN: 26051371LVIQWK2534

Annexure B

to the Independent Auditors Report

The Annexure B referred to in paragraph 2(f) of Report on Other Legal and Regulatory Requirements paragraph of our report of even date to the members of Gretex Industries Limited on the Standalone Financial

Statements for the year ended 31st March, 2026.

Report on the Internal Financial Control with reference to the aforesaid 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 financial reporting of Gretex Industries Limited ("the Company") as of 31st March 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 with reference to 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 with reference to 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls With reference to Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, 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 with reference to 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 financial reporting and their operating effectiveness. Our audit of internal financial controls with reference to financial reporting included obtaining an understanding of internal financial controls with reference to 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 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 financial statements.

Meaning of Internal Financial Controls with reference to Financial Reporting

A companys internal financial control with reference to 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 with reference to 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 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 Financial Reporting

Because of the inherent limitations of internal financial controls with reference to financial reporting, including the possibility of collusion or improper management with reference to ride 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 financial reporting to future periods are subject to the risk that the internal financial control with reference to financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial reporting and such internal financial controls with reference to financial reporting were operating effectively as at 31st March 2026, based on the internal control with reference to 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 with reference to Financial Reporting issued by the Institute of Chartered Accountants of India.

For V. Singhi & Associates

Chartered Accountants

Firm Regn. No:311017E

Aniruddha Sengupta

Partner

Place: Kolkata Membership No.:051371

Date: 04th May, 2026 UDIN: 26051371LVIQWK2534