Gujarat Containers Ltd Auditor Reports

TO THE MEMBERS OF GUJARAT CONTAINERS LIMITED

Report on the Audit of the Financial atements

Opinion

We have audited the accompanying Financial atements of GUJARAT CONTAINERS LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March, 2025, the atement of Pro t and Loss (including Other Comprehensive Income), the atement of Changes in Equity and the atement of Cash Flows for the year then ended and notes to the Financial atements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the be of our information and according to the explanations given to us, the aforesaid nancial atements 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 andards prescribed under section 133 of the Act read with the Companies (Indian Accounting andards) Rules, 2015, as amended, ("ind AS") and other accounting principles generally accepted in India, of the ate of a airs of the Company as at 31 March, 2025, the pro t and total comprehensive income, changes in equity and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial atements in accordance with the andards on Auditing (SAS) speci ed under section 143(10) of the Companies Act, 2013. Our responsibilities under those andards are further described in the Auditors Responsibilities for the Audit of the Financial atements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Initute of Chartered Accountants of India together with the independence requirements that are relevant to our audit of the Financial atements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have ful lled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our opinion on the Financial atements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of mo signi cance in our audit of the Financial atements of the current period. These matters were addressed in the context of our audit of the Financial atements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Information other than the Financial atement and Auditors Report thereon.

The Companys management and the Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in Boards Report including Annexure to that Boards Report, Corporate Govemance, and Shareholders Information, but does not include the Financial atements and our auditors report thereon. The Boards Report including Annexure to Boards Report, Corporate Governance and Shareholders Information are expected to be made available to us after the date of this auditors report. Any Material misatement thereon pertaining to it, will be reported thereon.

Our opinion on the Financial atements does not cover the other information and we do not express any form of assurance

conclusion thereon.

In connection with our audit of the Financial atements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsient with the Financial atements or our knowledge obtained during the course of our audit or otherwise appears to be materially misated.

If, based on the work we have performed, we conclude that there is a material misatement 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 Financial atements

The Companys management and the Board of Directors is responsible for the matters ated in Section 134(5) of the Companies

Act, 2013 ("the Act") with respect to the preparation of these Financial atements that give a true and fair view of the nancial position, nancial performance including other comprehensive income, changes in equity and cash ows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India, Including the accounting andards speci ed 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 eimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal nancial controls, that were operating e ectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial atements that give a true and fair view and are free from material misatement, whether due to fraud or error;

In preparing the Financial atements, management is responsible for assessing the Companys ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless managernent either intends to liquidate the Company or to cease operations, or has no realiic alternative but to do so; The Board of Directors are also responsible for overseeing the companys nancial reporting process.

Auditors Responsibilities for the Audit of Financial atements

Our objectives are to obtain reasonable assurance about whether the Financial atements as a whole are free from material misatement, 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 misatement when it exis. Misatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these Financial atements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout

the audit. We also:

Identify and assess the risks of material misatement of the Financial atements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is su cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misatement 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 underanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumances. Under section 143(3X) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal nancial controls syem in place and the operating e ectiveness of such controls;

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting eimates 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 exis related to events or conditions that may ca signi cant doubt on the Companys ability to continue as a going concem. If we conclude that a material uncertainty exis, we are required to draw attention in our auditors report to the related disclosures in the Financial atements 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 concem;

Evaluate the overall presentation, ructure and content of the Financial atements, including the disclosures, and whether the Financial atements represent the underlying transactions and events in a manner that achieves fair presentation;

Materiality is the magnitude of misatements in the nancial atements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the nancial atements may be in uenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the e ect of any identi ed misatements in the nancial atements.

We communicate with those charged with governance of the Company of which we are the independent auditors regarding,

among other matters, the planned scope and timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit; We also provide those charged with governance with a atement 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 mo signi cance in the audit of the Financial atements 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 circumances, 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 intere bene ts 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 Companies Act, 2013, we give in the "Annexure A", a atement on the matters speci ed in paragraphs 3 and 4 of the 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 be of our knowledge and belief were

necessary for the purposes of our audit

(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our

examination of those books;

(c) The Balance Sheet, the atement of Pro t and Loss (including other comprehensive income), the atement of Changes

in Equity and the Cash Flow atement dealt with by this Report are in agreement with the relevant books of account;

(d) In our opinion, the aforesaid Financial atements comply with the Accounting andards speci ed under Section 133 of

the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

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

(f) With respect to the adequacy of the internal nancial controls over nancial reporting of the Company and the operating

e ectiveness of such controls, refer to our separate Report in "Annexure B";

(g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section

197(16) of the Act, as amended:

In our opinion and to the be of our information and according to the explanations given to us, the remuneration

paid/payable by the Company to its directors during the year is in accordance with the section 197 of the Act;

(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the be of our information and according to the explanations given to us

i. The Company has disclosed the impact of pending litigations on its nancial position in its nancial atements - Refer

Note 38 to the Financial atements

ii The Company did not have any long-term contracts including derivative for which there were any material foreseeable

losses;

iii There has been no delay in transferring amounts, required to be transferred, to the inveor Education and Protection Fund by the Company. iv i. The Management has represented that, to the be of its knowledge and belief, no funds have been advanced or loaned or inveed (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the underanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or inve in other persons or entities identi ed in any manner whatsoever by or on behalf of the company

("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries;

ii. The Management has represented, that, to the be of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the underanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or inve in other persons or entities identi ed in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries; and

iii. Based on such audit procedures that we have considered reasonable and appropriate in the circumances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material misatement.

v. The nal dividend paid by the company during the year in respect of the same declared for the previous year is in

accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.

As ated in note 48 to the nancial atements, the Board of Directors of the Company have proposed nal dividend for the year which is subject to the approval of the members at the ensuring Annual General Meeting. The dividend declared is in accordance with section 123 of the Act, to the extent it applies to declaration of dividend.

Based on our examination, which includes te checks, the company has used accounting software for maintaining its books of accounts for the nancial year ended 31 March, 2025 which has a feature of recording audit trails (edit log) facility and the same has been operated throughout the year for all the relevant transactions recorded in the software. Further, during the course of our audit we did not come across any inances of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the atutory requirements for record retention.

	For CNK & Associates LLP
	Chartered Accountants
	Firm Regiration No. 101961W/W-100036
	Rachit Sheth
	Partner
Place : Vadodara	Membership No.158289
th
Date : 7 May, 2025	UDIN: 25158289BMHZUM8754

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

Referred to in Para 1 Report on Other Legal and Regulatory Requirements in our Independent Auditors Report to the members of the Company on the Financial atements for the year ended 31 March, 2025.

To the be of our information and according to the explanations provided to us by the company and the books of account and records examined by us in the normal course of audit, we ate that:

I.

(A) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment (B) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company is maintaining proper records showing full particulars of intangible assets;

(b) The Company has formulated a phased programme for physical veri cation of xed assets, designed to cover all items over a period of three years. According to the programme, the company has during the year, physically veri ed the relevant assets. In our opinion, the frequency of the veri cation is reasonable having regard to the size of the company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such veri cation;

(c) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) as disclosed in the nancial atements, are held in the name of the Company as at the Balance Sheet date

(d) According to information and explanations given to us, the company has not revalued its Property, Plant and Equipment and intangible assets during the year;

(e) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company does not have any proceedings initiated or pending for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45) of 1988) and rules made thereunder. Hence the requirements under paragraph 3(1)(e) of the Companies (Auditors Report) Order, 2020 ("the Order") are not applicable to the Company.

II. (a) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the inventory have been physically veri ed by the Management at reasonable intervals. Considering the size of the Company, the frequency of veri cation is reasonable and the procedures are adequate. No discrepancies have been noticed on such veri cation;

(b) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company has working capital limits sanctioned from banks or nancial initutions exceeding Rs. 5 crores during the year and the quarterly returns /atements led by the Company are generally in agreement with the books of accounts and no material discrepancy was observed.

III. The Company has made invements in, Companies, rms, Limited Liability Partnerships, and granted unsecured loans to other parties, during the year, in respect of which:

(a) The Company has provided loans to employee during the year, are as follows:

Unsecured Loans	No of employee	Aggregate amount granted/	Balance Outanding as at balance
		provided during the year	sheet date in respect of loans
Employee	35	Rs. 8.43 lakhs	Rs. 3.60 lakhs

(b) In our opinion and according to the information provided to us, the terms and conditions of the grant of such loans and invements made are not prejudicial to the intere of the Company,

(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of intere has been ipulated and the repayments of principal amounts and receipts of intere are generally been regular as per ipulation.

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

Name of atue	Nature of Dues	Amount (Rs. lakhs)	In Period to which it related (Financial Year)	Forum where the dispute is pending
Value Added Tax	VAT	4.23	2010-11	Vat Ahmedabad tribunal,
Goods and service Tax	G	2.26	2020-21	Appellate Authority

(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of exiing loans given to the same parties.

(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(ii)(f) not applicable

Other than that, mentioned above, the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, rms, Limited Liability Partnership or any other parties;

IV. Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, in respect of loans, invements, guarantees, and security, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013.

V. Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company has not accepted any deposits or the amounts which are deemed to be deposits within the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under, therefore, the provisions of paragraph 3(v) of the Order are not applicable to the Company.

VI. According to the information and explanations given to us and the records of the company as examined by us, maintenance of co records has been speci ed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, and prima facie, the prescribed co records have been maintained by the Company. We have, however, not made a detailed examination of the co 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 atutory dues:

(a) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company is regular in depositing with appropriate authorities undisputed atutory dues including Goods and Service tax, Provident Fund, Employees ate Insurance, Income-Tax, Sales-Tax, Service Tax, duty of Cuoms, duty of Excise, Value Added Tax, Cess and any other material atutory dues applicable to it.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid

dues, were outanding, as on 31 March 2025, for a period of more than six months from the date they became payable.

(b) According to the records of the company examined by us and information and explanations given by the management, there are no atutory dues of referred in sub-clause (a) that has not been deposited on account of disputes except following:

VIII. According to the information and explanations given to us, Company has 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 (43 of 1961);

IX. (a) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company has not defaulted in repayment of loans or other borrowings or in the payment of intere thereon to any lender;

(b) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company is not declared wilful defaulter by any bank or nancial initution or other lender,

(c) Based on the procedures performed by us and according to the information and explanations given by the Management, we report that the term loans were applied for the purpose for which the loans were obtained;

(d) Based on the procedures performed by us and according to the information and explanations given by the Management, we report that no funds raised on short-term basis have been used for long-term purposes by the Company,

(e) According to the information and explanations given to us, and the records examined by us, the company has no subsidiaries, associates or joint ventures. Accordingly, reporting under the clause 3 (ix) (e) and (f) is not applicable.

X. (a) Based on the procedures performed by us and according to the information and explanations given by the Management, the Company has riot raised moneys by way of initial public o er or further public o er including debt inruments, and term loans were applied for the purposes for which those are raised during the year,

(b) Based on our veri cation of the documents provided to us and according to the information and explanations given by the

Management, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Therefore, the provisions of paragraph 3(x)(b) of the Order are not applicable.

XI. (a) During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither came across any incidence of fraud on or by the Company noticed or reported during the year, nor we have been informed of any such case by the management;

(b) No report under sub-section (12) of section 143 of the Companies Act has been led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report

(c) As represented to us by the management, there are no while blower complaints received by the company during the year.

XII. The Company is not a nidhi company and hence the reporting under clause 3(xii) of the order is not applicable to the Company.

XIII.Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company is in compliance with Section 177 and 188 of the Companies Act where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Financial atements as required by the applicable accounting andards;

XIV.(a) In our opinion and based on our examination, the company has an internal audit syem commensurate with the size and nature of its business.

(b) We have considered report of the internal auditors for the period under audit;

XV. Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him. Therefore, the provisions of paragraph 3(xv) of the Order are not applicable.

XVI.Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company is not required to be regiered under Section 45-IA of the Reserve Bank of India Act, 1934 and therefore, the provisions of paragraph 3(xvi) of the Order are not applicable.

XVII. Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, the Company has not incurred any cash losses in the nancial year and in the immediately preceding nancial year

XVIII. There has been no resignation of the atutory auditors during the year and accordingly the reporting under clause 3(xviii) is not applicable.

XIX. On the basis of the nancial ratios, ageing and expected dates of realisation of nancial assets and payment of nancial liabilities, other information accompanying the nancial atements 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 exis as on the date of the audit report indicating that Company is not capable of meeting its liabilities exiing 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, ate that this is not an assurance as to the future viability of the Company. We further ate 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. (a) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management, there are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects requiring a transfer to a Fund speci ed in Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) Based on our veri cation of the documents provided to us and according to the information and explanations given by the Management the company has not spent amount towards Corporate Social Responsibility (CSR) on ongoing project. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable for the year.

XIV. As the Company is not required to prepare consolidated nancial atements, reporting under clause 3(xx) of the Order is not applicable.

For CNK & Associates LLP

Chartered Accountants

Firm Regiration No. 101961W/W-100036

Rachit Sheth

Partner

Membership No.158289

Place: Vadodara

th

Date: 7 May, 2024

UDIN: 25158289BMHZUM8754

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

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 nancial controls over nancial reporting of GUJARAT CONTAINERS LIMITED ("the Company") as of 31 March, 2025 in conjunction with our audit of the Financial atements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls: The Board of Directors of the company is responsible for eablishing and maintaining internal nancial controls based on the internal control over nancial reporting criteria eablished by the Company considering the essential components of internal control ated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Initute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal nancial controls with reference to nancial atements of the Company that were operating e ectively for ensuring the orderly and e cient conduct of its business, including adherence to respective 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 nancial information, as required under the Companies Act, 2013.

Auditors Responsibility : Our responsibility is to express an opinion on the Companys internal nancial controls over nancial 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 andards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls. Those andards 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 nancial controls with reference to nancial atements of the company were eablished and maintained and if such controls operated e ectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal nancial controls with reference to nancial atements of the company and their operating e ectiveness. Our audit of internal nancial controls over nancial reporting included obtaining an underanding of internal nancial controls over nancial reporting, assessing the risk that a material weakness exis, and teing and evaluating the design and operating e ectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misatement of the Financial atements, whether due to fraud or error.

We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls syem over nancial reporting.

Meaning of Internal Financial Controls over Financial Reporting : A companys intemal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial atements for external purposes in accordance with generally accepted accounting principles. A companys internal nancial control over nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the Company: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial atements 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 e ect on the nancial atements.

Inherent Limitations of Internal Financial Controls over Financial Reporting : Because of the inherent limitations of internal nancial controls over nancial reporting, including the possibility of collusion or improper management override of controls, material misatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal nancial controls over nancial reporting to future periods are subject to the risk that the intemal nancial control over nancial 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 be of our information and according to the explanations given to us, the Company has, in all material respects, an internal nancial controls with reference to nancial atements of the Company and such internal nancial controls over nancial reporting were operating e ectively as at 31 March, 2025, based on the internal control over nancial reporting criteria eablished by the Company considering the essential components of internal control ated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Initute of Chartered Accountants of India.

	For CNK & Associates LLP
	Chartered Accountants
	Firm Regiration No. 101961W/W-100036
	Rachit Sheth
Place : Vadodara	Partner
Date : 7 May, 2025	Membership No.158289
	UDIN: 25158289BMHZUM8754