Hindcon Chemicals Ltd Auditor Reports

To

The Members Of
Hindcon Chemicals Limited

Report on the Audit of the Standalone Financial
Statements

Opinion

I have audited the accompanying standalone financial
statements of Hindcon Chemicals Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2026, the
Standalone Statement of Profit and Loss ( Including Other
Comprehensive Income ), the statement of Cash Flow and the
Standalone Statement of Changes in Equity for the year then
ended, and notes to the standalone financial statements,
including a summary of significant accounting policies and
other explanatory information ( hereinafter referred to as "the
standalone financial statements").

In my opinion and to the best of my information and according to
the explanations given to me, the aforesaid standalone financial
statements give the information required by the Companies
Act,2013("theAct")inthemannerso required and give a true and
fair view in conformity with the Indian Accounting Standards
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 (financial position) of the
Company as at March 31,2026, its profit (financial performance
including other comprehensive income), its cash flows and the
changes in equity fortheyear ended on that date.

BasisforOpinion

I conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing (SAs) specified
under section 143(10)of the Act. My responsibilities underthose
Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Financial
Statements section of my report. I am independent of the
Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants (ICAI) of India together with
the ethical requirements that are relevant to my audit of the
standalone financial statements under the provisions of the Act
and the Rules there under, and I have fulfilled my other ethical
responsibilities in accordance with these requirements and the
ICAIs Code of Ethics. I believe that the audit evidence I have
obtained is sufficient and appropriate to provide a basis for my
audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in my professional
judgement, were of most significance in my audit of the
standalone financial statements of the current period. These

matters were addressed in the context of my audit of the
standalone financial statements as a whole, and in forming my
opinion thereon, and I do not provide a separate opinion on
these matters.

I have determined that there are no key audit matters to
communicate in my report.

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 Management
Discussion and Analysis, Boards Report including Annexures to
Boards Report, Business Responsibility Report, Corporate
Governance and Shareholders Information, but does not
include the Consolidated financial statements, the Standalone
financial statementsand my auditors report thereon.

My opinion on the Standalone financial statements does not
cover the other information and I do not express any form of
assurance conclusion thereon.

In connection with my audit of the Standalone financial
statements, my 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 my knowledge obtained during the course of my
audit or otherwise appears to be materially misstated.

If, based on the work I have performed, I conclude that there is a
material misstatement of this other information; I am required
to report that fact. I have nothing to report in this regard.

Responsibility of Management for the Standalone
Financial Statements

The Companys Board of Directors is responsibleforthe matters
stated in section 134(5) of the Act with respect to the prepara-
tion 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 and the Indian
Accounting Standards (Ind AS) specified under section 133 of
the Act read with the Companiesdndian Accounting Standards)
Rules, 2015, as amended. 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; makingjudgementsand estimates thatare
reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were

operating effectively for ensuring the accuracy and complete-
ness 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,
whetherduetofraudorerror.

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.

Those charged with the governance are also responsible for
overseeingtheCompanysfinancial reporting process.

Auditors Responsibility for the Audit of the Standalone
Financial Statements

My 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 my 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 reason-
ably 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 Standards on Auditing, I
exercise professional judgment and maintain professional
scepticism throughout the audit. I 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 my
opinion. The risk of not detecting a material misstate-
ment resulting from fraud is higherthan 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(3Xi) of the Act, I am also responsible for expressing
my opinion on whether the Company has adequate
internal financial controls with reference to the
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 I conclude that a material
uncertainty exists, I am required to draw attention in my
auditors report to the related disclosures in the
standalone financial statements or, if such disclosures
are inadequate, to modify our opinion. My conclusions
are based on the audit evidence obtained up to the date
of my auditors report. However, future events or
conditions may cause the Company to cease to continue
asagoing 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 mannerthat achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowl-
edgeable user of the standalone financial statements may be
influenced. I consider quantitative materiality and qualitative
factors in (i) planning the scope of my audit work and in evaluat-
ing the results of my work; and (ii) to evaluate the effect of any
identified misstatements in the standalone financial
statements.

I 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 I identify during my audit.

I also provide those charged with governance with a statement
that I 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 my independence, and where applicable, related
safeguards.

From the matters communicated with those charged with
governance, I 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. I
describe these matters in my auditors report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, I determine that a
matter should not be communicated in my 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, I give in
the Annexure - A, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2 As required by section 143(3)of the Act, I report that:

> I have sought and obtained all the information and
explanationswhich to the best of my knowledge and
belief were nece saryforthe purpose of my audit;

> In my opinion, proper books of account as required by
law have been kept by the Company so faras it appears
from my examination of those books.

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

In my opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read
with Companies(lndian Accounting Standards) Rules,
2015, as amended from time to time.

On the basis of the written representations received
from the directors as on March 31, 2026, taken on
record by the Board of Directors, none of the directors
are disqualified as on March 31, 2026 from being
appointed as a director in terms of Section 164(2) of
the Act.

With respect to the adequacy of the internal financial
controls with reference to standalone financial
statement of the Company and the operating
effectiveness of such controls, refer to my separate
report in Annexure - Br My report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Companys internal financial
controls with reference to standalone financial
statements.

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 my opinion and to the best of my information and
according to the explanations given to me, the
remuneration paid by the Company to its directors for
the year ended March 31, 2026 is in accordance with
the provisions of section 197 read with Schedule V to
the Act, and

With respect to 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 my opinion and to the best of my
information and according to the explanations given
tome:

(i) The Company has disclosed the impact of
pending litigations on its financial position in its
Standalone financial statements - Refer Note 37
to 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(lntermediaries), with the understand-
ing whether recorded in writing or otherwise
that the intermediary shall, whether directly
or indirectly lend or invest in other persons
or entities identified in any manner
whatsoever by or on behalf of the Company
(Ultimate Beneficiaries) or provide any
guarantee, security or the like to or on behalf
of the Ultimate Beneficiaries.

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

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

(v) (a) The Company has not paid any dividend

during theyear.

(b) The Board of Directors of the Company has
not proposed any dividend forthe year.

(vi) Based on our examination which included test
checks, except for the instances mentioned
below, the Company has used accounting
software for maintaining its books of account,
which have a feature of recording audit trail (edit
log) facility and the same operated throughout
the year for all relevant transactions recorded in
the respective software:

(a) The feature of recording audit trail (edit log)
facility is not available at the database level
to log any direct data changes for the
accounting software used for maintaining
the books of accounts relating to general
ledgerand inventory.

(b) The feature of recording audit trail (edit log)
facility provides the details of the modifica-
tion done in the books of accounts at the
application level.

Further, where audit trail (edit log) facility
was enabled and operated throughout the
year for the accounting software, I did not
come across any instance of the audit trail
feature being tampered with.

The daily back-up of audit trail (edit log) in
respect of its accounting software for
maintenance of accounting records is not
preserved by the Company.

Sd/-

(CA. Anushka Agrawal)

Chartered Accountant
Kolkata Membership No.313960

May 14,2026. UDIN: 26313960FPE0LP9471

Annexure - A To The Independent Auditors Report

(Referred to in paragraph 1 underReport on Other Legal and regulatory Requirementssection my report to the members of
Hindcon Chemicals Limited of even date)

(1) a. The company has maintained proper records showing

full particulars, including quantitative details and
situation of Property, Plant & Equipment.

b. According to the information and explanations given
to me and on the basis of my examination of the
records of the company, the company has a regular
programme of physical verification of its property,
plant and equipment by which all property, plant and
equipment are verified in a phased manner. In
accordance with this programme, certain property,
plant and equipment were physically verified during
the year. In my opinion, this periodicity of physical
verification is reasonable having regard to the size of
the company and nature of its fixed assets. No
material discrepancies were noticed on such
verification.

c. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, the title deeds of immovable
properties (other than immovable properties where
the company is lessee and the lease agreements are
duly executed in favour of the lessee) disclosed in the
standalone financial statements are held in the name
of the company.

d. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, the company has not
revalued its property, plant and equipment during the
year.

e. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, there are no proceedings
initiated or pending against the Company for holding
any Benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made
thereunder.

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

to me and on the basis of my examination of the
records of the Company, the inventory ( excluding
material in transit) has been physically verified by the
management during the year and in my opinion, the
frequency of verification is reasonable and procedure
and coverage as followed by the management were
appropriate. The discrepancies noticed on physical
verification of inventory as compared to book records
were not 10% or more in aggregate for each class of
inventory.

b. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, the company has been
sanctioned working capital limits in excess of five
crore rupees, in aggregate, from banks on the basis of
security of current assets. The Company has filed
quarterly returns or statements with such bank which
are in agreement with the books of accounts.

(3) a. The company has made fresh investments in shares
and also Capital investment in a Limited Liability
Partnership during the year other than existing
investments made in shares. The company has
granted unsecured loans to entities during the year in
addition to Loan already given. The aggregate of loan
given during theyear wasRs 5,29,30,000/= and balance
outstanding as on 31.03.2026 of such loans &
advances was Rs 9,09,30,000/=. The Company did not
give any guarantee or provided security to any
Company/Firm/Limited Liability partnership/other
partyduringtheyear.

b. In respect of the investments made by the company,
the terms and conditions under which such invest-
ments were made are not prejudicial to the companys
interest.

Based on the information and explanations furnished
to me, in respect of the advances in the nature of loans
given by the company, the terms and conditions under
which such advances were given are not prejudicial to
the Companys interest. However, no interest has been
charged by company on Loans amounting to
Rs.9,30,000/= given by the company.

c. All the Loans given by the company are repayable on
demand and no repayment period is mentioned for
these loans.

d. Based on the information and explanations furnished
to me and on the basis of my examination of the
records of the Company, all the loans given by the
company are repayable on demand. No such loans
were renewed or extended, and no fresh loans were
granted during the yearto settle the old loan.

e. Based on the information and explanations furnished to me and on the basis of my examination of the records of the
Company, loans granted by the company which are repayable on demand or for which the terms or period of repayment has
not been specified are given below:

Particulars	All Parties	Promoters	Related Parties
Aggregate amount of loan/advances in the nature of loans
-Repayable on demand (A)	9,00,00,000.00	0.00	9,30,000.00
-Agreement does not specify any terms or period of repayment (B)	0.00	0.00	0.00
Total (A + B)	9,00,00,000.00	0.00	9,30,000.00
% of loans/advances in the nature of loan to the total loans	98.98%	0%	1.02%

(4) According to the information and explanations given to me and on the basis of my examination of the records of the Company, the
company has complied with the provisions of section 185 and 186 of the Companies Act, 2013, with respect to the loans and
investments made, guaranteesand security provided by it, asapplicable.

(5) Based on my scrutiny of the companys records and according to the information and explanations provided by the management,
the company has not accepted deposits from public within the meaning of Section 73 to 76 of the Companies Act, 2013 read with
Rule 2(b) of the Companies (Acceptance of Deposits) Rules, 2014 (as amended) during the year. Accordingly, provision of clause
3(v)of the Order is not applicable.

(6) According to the information and explanations given to me and on the basis of my examination of the records of the Company, the
Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the
products manufactured by it. Accordingly, clause 3(vi)of the Orderis not applicable.

(7) According to the information and explanations given to me and on the basis of my examination of the records of the Company:

a. According to the books and records of the company produced to me, the Company is regular in depositing with the appropri-
ate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, wealth tax,
sales tax, value added tax, GST, custom duty, excise duty, cess and other statutory dues as applicable. According to the
information and explanations given to me and upon my enquiries in this regard, no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Value Added Tax, GST, customs duty and excise duty were outstanding as at March 31,
2026 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to me and on the basis of my examination of the records of the Company
and upon my enquiries in this regard, the details of disputed statutory dues including provident fund, employees state
insurance, service tax, duty of customs, value added tax, Cess, Goods and Services tax and other statutory dues ( as
applicable to the company )as at 31^st March, 2026 are as follows :-

Sl. No.	Name of the Statute	Nature of Dues	Amount-	Period to which the amount relates (F.Y.)	Forum where Dispute is pending
1.	Income Tax Act, 1961	Tax	37,030/-	2017-2018	DCIT/CPC

8 According to the information and explanations given to me, there are no transactions which were not recorded by the Company in

the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 that has not been recorded in the books of accounts.

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

to me and on the basis of my examination of the
records of the Company, the company has not
defaulted in repayment of dues to a financial
institution, bank or debenture holders.

b. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, the company has not been
declared a wilful defaulter by any bank or financial
institution or government or government authority.

c. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, the company has not taken
any term loans during the year.

d. According to the information and explanations given
to me and on the basis of my examination of the
records of the Company, no funds raised on shortterm
basis have been used for long term purposes by the
company.

e. According to the information and explanations given
to me and on an overall examination of the financial
statements of the Company, I report that the Company
has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiar-
ies as defined under the Companies Act, 2013.
Accordingly, clause 3(ix)(e) of the Order is not
applicable.

f. According to the information and explanations given
to me and procedures performed by me, I 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(ixXf)of the Order is not applicable.

(10) a. Accordingtotherecordsofthecompanyexaminedby

me and on the basis of information and explanation
given to me, the company has not raised any money by
way of initial public offer or further public offer
(including debt instruments). Accordingly, clause
3(xXa)is not applicable to the Company.

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

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

to me and as represented by the Management and
based on my examination of the books and records of
the Company and in accordance with generally

accepted auditing practices in India, I report that
neither fraud on the company by its officers or
employees nor any fraud by the Company has been
noticed or reported during theyear.

b. According to the information and explanations given
to me and based on my examination of the books and
records of the Company carried out in accordance
with generally accepted auditing practices in India, a
report under section 143(12) of the Act, in Form ADT-4,
as prescribed under Rule 13 of the Companies (Audit
and Auditors) Rules, 2014 was not required to be filed
with the Central Government. Accordingly reporting
under Clause 3(xiXb) of the Order is not applicable to
the Company.

c. According to the information and explanations given
to me, no whistle blower complaints were received by
the company during the year.

(12) In my opinion, and to the best of my information and
according to the explanations provided by the manage-
ment, the company is not a Nidhi company. Hence, the
requirements of clause 3(xii) of the Order do not apply to
the company.

(13) In my opinion and according to the information and
explanations given to me, the transactions of the company
with the related parties during the year are in compliance
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.

(14) a. In my opinion and according to the information and

explanation given to me, the Company has an internal
audit system commensurate with the size and nature
of its business.

b. The internal audit reports of the Company issued till
the date of audit report forthe period under audit have
been considered by me.

(15) According to the information and explanations given to me
and based on my examination of the records of the
Company, the company has not entered into non-cash
transactions specified under section 192 of the Act with
directors or persons connected with them, during the year
and therefore, reporting under 3(xv) of the Order is not
applicable to the Company.

(16) a. The Company is not required to be registered under

section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, reporting under 3(xvi)(a) of the Order is
not applicable to the Company.

b. According to the information and explanations given
to me and on an overall examination of the financial
statements of the Company, the Company has not
conducted any Non-Banking Financial/Housing
Finance Activities during the year. Accordingly, clause
3(xviXb)of the Order is not applicable to the Company.

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(xviXc) of the Order
is not applicable to the Company.

d. According to the information and explanations given
to me during the course of audit, the Group does not
have any CIC. Accordingly, the requirements of clause
3(xviXd)of the Order is not applicable to the Company.

(17) According to the information and explanations given to me
and on an overall examination of the financial statements
of the Company, the company has not incurred cash losses
in the financial year 2025-26 and in the immediately
preceding financial year 2024-25.

(18) There has been no resignation of statutory auditors during
the year. Accordingly, clause 3(xviii) of the Order is not
applicable to the Company.

(19) According to the information and explanations given to me
and on the basis of the financial ratios, ageing and

expected dates of realization of assets and payment of
liabilities, other information accompanying the financial
statements, my knowledge of the Board of Directors and
management plans and based on my examination of the
evidence supporting the assumptions, nothing has come
to my attention, which causes me 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. I, however, state that this is not an assurance as
to the future viability of the Company. I further state that
my reporting is based on the facts upto the date of the audit
report and I 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
asand when they fall due.

(20) There are no unspent amounts towards Corporate Social
Responsibility ("CSR") requiring transfer to a Fund speci-
fied in Schedule VII to the Companies Act, 2013 in
compliance with second proviso to sub-section (5) of
Section 135 of the said Act. Accordingly, reporting under
clause 3(xxXa)of the Order is not applicablefortheyear.

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

Sd/-

(CA. Anushka Agrawal)

Chartered Accountant
Kolkata Membership No.313960

May 14,2026. UDIN: 26313960FPEQLP9471

Annexure - B to the Independent Auditors Report

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

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

Managements Responsibility for Internal Financial
Controls

The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal
control over financial reporting criteria established by the
Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by the
Institute of Chartered Accountants of India (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 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

My responsibility is to express an opinion on the Companys
internal financial controls over financial reporting based on my
audit. I have conducted my 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. Those
Standards and the Guidance Note require that I 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.

My audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effective-
ness. My 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
duetofraudorerror.

I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion on the

Companys internal financial controls system over financial
reporting.

Meaning of Internal Financial Controls over Financial
Reporting

A companys internal financial control overfinancial 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 overfinancial 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 standalone financial
statements.

Inherent Limitations of Internal Financial Controls Over
Financial Reporting

Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility of
collusion or improper management override of controls,
material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over
financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

Opinion

In my opinion and to the best of the information and explana-
tions given to me, the Company has, in all material respects, an
adequate internal financial controls system over financial
reporting and such internal financial controls over financial
reporting were operating effectively as at March 31,2026, based
on the internal control over financial reporting criteria
established by the Company considering the essential compo-
nents 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.

Sd/-

(CA. Anushka Agrawal)

Chartered Accountant
Kolkata Membership No.313960

May 14, 2026. UDIN: 26313960FPEQLP9471