Indo Borax & Chemicals Ltd Auditor Reports

To the Members ofINDO B0RAX&C1 IEM1CALS LIMITED Report on the Financial Statements

Opinion

We have audited the standalone financial statements ofINDO BORAX & CHEMICALS LIMITED ("the Company"] which comprises the Balance Sheet as at March 31, 3025. the Statement of Profit and Loss, (i nelud i n g 0 the r C om prehe ns ivc I nco me], s tatement of eh anges i n Equ ity and stateme nt o f cas h fl o ws for th e year then ended, and notes to the financial statements, Including a summary of materia! accounting policies and other explanatory in formation.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Jnd AS financial statements give the information required by the Act in the manner so required and givea trucand fairviewin conformity with the accounting principles generally accepted in India, ofthestateof affairs of the Company as at March 31, 2025, and its total comprehensive income (comprising of profit and other comprehensive income], its cash flows and the changes inequity for theycar ended on that date.

Basi s for O pin ton

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10] of the Act. Our responsibilities under those Standards arc Further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We arc independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions ofthe 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 opinion.

Key Audit matter:

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

Em pha sis of Matter

We draw your kind attention to the Note No. 44 to the standalone financial statement; The Company has given Inter Corporate Deposit in the nature of loan to one of the party, which has filed the application for corporate insolvency resolution process under The Insolvency and Bankruptcy code, 2016.

The company has filed its claim as financial creditors as per the regulation 8 of the IBC code for the said outstanding amount. The comp any is awaiting the outcome from National Company Law Tribunal [NCLTJ. Due to uncertainty in realization ofthe said debt and pending decision of NCLT company continues not to provide i ntcrcst on the s a i d loan for the ti nanci al yca r c nded 31 - 0 3 - 2 0 2 5.

Ouropinion is not modified in respect of this matter.

Other 1 n form atio n:

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report

> Our opinion on the standalone financial statements does not cover the other information and we do not express any form ofassurance conclusion thencon.

> In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course ofouraudit or otherwise appears to be materially misstated.

> [f, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact We have nothing to report in this regard,

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

The Companys Board of Directors is responsible for the matters stated insertion 13 4(5) of the Companies Act, 2013 ("The Act"] with respect to the preparation of these Ind AS standalone financial statements that give a true and fair view of the financial position, financial performance, (including Other Comprehensive Income], changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions o f the Act for safegua rd i tig of th c assets of the Company an d fo r preventing a nd dctc cti ng frau ds a nd other irregu lari ties; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of ad equate 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 Ind AS financial statement that give a true and fair vie w and a re free from mate ri al miss tatemc nt, whethe r d n c to fra u d o r erro r.

In preparing the standalone financial statements, management and Board of Directors arc responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, martens related to going concern and using the going concern basis of unless the Board of Director either intends to Liquidate the Compa ny or to cease ope rations, o r ha s no real i Stic al ternativc but to d o so.

Th e B oa rd of D i re cto i s i s a is o respo nsi b ie fo r ovc rs eei ng the compa nys fi nanciai reporting process.

Auditors Responsibility for the Audit of the Financial Statements

Our objectives arc to obtain reasonable assurance about whether the 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 ofassurance, but is not a guarantee that an audit eonduebed in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and arc 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 skepti ci sm thro u gh ou t the and it. We also:

(i) 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 auditcvidcncc 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 ofinternal control.

(Li) Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls with rc fcrence to fi nanci al s La tc me n ts i n p la cc a nd th c o pera ti ng c ffcctivcncs s o fsuch control s.

(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial statements made by the Management

(iv) 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 ability of the company to continue as a going concern. If we conclude that a material uncertainty exists, wo arc required to draw attention in our auditors report to the related disclosures in the Stand alone financial statements or, IT 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.

(v) Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the Standalone consolidated financial statements rc p rc sent the u ? d criying tra ns actions and eve nts in a man n cr that achi eves fai r prese n tation.

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 knowledgeable user of the standalone financial statements may be influenced. 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 effect ofany identified misstatements in the standalone financial statements

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 dehei enci es i n in tc rnal control that wc ide n ti fy du ring our aud i L

We also provide those charged with governance with a statement that wc have complied with relevant ethical requirements regarding independence, and to communicate with them ail relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Reporton 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-scction (11) of section 143 of the Companies Act, 2013, we

give in the Annexurc "A^jr statement oil the matters specified in paragraphs 3 and 4 of the Order, to

the extent applicable.

2) As required by Section 143(3) ofthe 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 pu rposes of our audit.

b) In our opinion, proper books ofaccount as required by law have been kept by the Company so far as itappears from our examination of those books.

c) The Balance Sheet; the Statement of Profit and Loss, (including other comprehensive income] the standalone statement of changes in equity and the standalone Cash Flow Statement dc a 11 wi th by this Repo rt a re i n agivcm ent w i th the b ooks o f accou nL

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 ofthe Companies [Accounts] Rules, 2014.

c] On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31stManch,2Q25 from being appointed as a directorin terms of Section 164 (2) ofthe Act.

f) With respect to the adequacy ofthe internal financial controls over financial reporting ofthe Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure-ET.

g] According to information and explanations given to us and based on our examination of the records of the Company, the Company has paid/ provided managerial remuneration in accordance with the provisions of Section 197 ofthe Act

3) With respect to the other matters to be included in the Auditors Report in accordance with Rule

11 of the Companies (Audit and Auditors} Rules, 2014, in our opinion and to the best of our

informationandaccordingtothcexplanationsgiventcius:

a] The company has disclosed the impact of pending litigations as at 31 March, 2025 on its financial position in its Ind AS financial position in its standalone financial statements - refer note 43 to the Ind AS financial statements

b) The Company did not have any long-term contracts including derivatc contracts as at 3l^- March, 2025.

c] There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection fund by the company during the year ended 3March, 2025.

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

have been advanced or loaned or invested (cither from bormwed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediaries¹), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

* directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on be ha Iforthc Company or

* provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(ii) The management has represented that, to the best of its knowledge and hciicf, no funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall:

* d ircctly or ind i re ctly, I en d o r i nvest in other pens o ns of entities id enti fie d i n any manner whatsoever [ Ultimate Beneficiaries") by or on behalf of the Funding Party or

* provide any guarantee, security or the like From or on hchaif of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations undcrsub-dausc(i)and [ii) contain any material misstatement

e) The dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act.

f] Based on our examination which included test checks, the company has used an accounting software for maintaining its hooks of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for aft relevant transactions recorded in the software. Further, during the course of our audit we did not come acros s any instance o f audit tra i! Featu re being ta m pered wi th.

	for Bobra & Co.
	Chartered Accountants
	FRN No. 136492W
	Anil Jain
	Partner
Place: Mumbai	Membership No.048991
Date: 13d May,2025	UDIN No.: 25039003BMGPTM6110

>Annexure [A) to the independent Auditors Report

[Referred to in paragraph 1 underReport on Other Legal and Regulatory Requirements¹ in the Independent Auditors Report of even date to the members of INDO BORAX & CHEMICALS LIMITED on the standalone fi n a n c la I s tateme nts for th c y ca r c n ded 31 s t M a rch, 20251

(i) (a) (A) The Company is maintaining proper records showing full particulars, including

quantitative details and situation of property, Plantand Equipment

(BJ The Company is maintaining proper records showing hill particulars of intangible

assets;

(b} All fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion 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 verification,

(c) As per the information and explanations given to us, the immovable properties owned by the company are held in the name of the company. In respect of immovable property taken on lease and disclosed as fixed assets in standalone financial statements, the lease agreementis in the name of the Company.

(d) The company has not revalued any of its Property, Plantand Equipment (including Right of Use assets] or intangible assets or both during the year. Accordingly, the reporting under Clause 3[i)(dJ of the Order is not applicable to the Company.

(c) As per the information and explanations given to us, no proceeding have been initiated or are pending against the company for holding any benami property under Lite Benami Transactions (Prohibition) Act, 1980 (45ofl980)and rules madetherc under,

(ii) (a) The physical verification of inventory has been conducted at reasonable intervals by the

Management during the year and, in our opinion, the coverage and procedures of such verification by Management is appropriate. The discrepancies noticed on physical verification of inventory as com pa rod to book records were not 10% or more in aggregate Forcach class of inventory.

(hj During the year, the Company has been sanctioned working capital limits in excess of 5 crorcs, in aggregate, from banks on the basis of security of current assets. The Company has filed quarterly returns or statements with such banks, which are in agreement with the books of account other than those as set out below.

Quarter	Value as per Quarterly statement Filed with bank/ Financial ItikIIOiOoii	VaJue as per the bnoks of account	Difference		Reasons for Difference
	1.72^-S{S	1783.25	57,69		Expenses forming pact of finis lied goods and semifinished gtHjds were md included in Hit- quarterly statements
	1535.31	1571.15	35.84
Q3	6226-09	6294-Z4	63 15
Q4	4649.19	4667.43	13.24
Particulars				Value in Rs. (Lakh)
Aggregate amount Invested dining the year
Mutual Funds				4495-IB
Liquid Fund				3120,00

Balance outstanding (gross) as at balance sheet date in respect of the above cases

Iartirulars	Value in Rs. [ lakh]
Mutual Fund	4521.01
Liquid Fund	NIL

(b) In respect of the loans outstanding as on the balance sheet date, the schedule of repayment of principal and payment of interest has been stipulated by the Company except for one loan aggregating Rs. 509.04 lakh where no schedule of repayment of principal and payment of interest has been stipulated. Except for the aforesaid instances [where in the absence of stipulation of repayment/payment terms, we are unable to comment on the regularity of repayment of principal and payment of interest), other than above the parties are re pay i ng the princi pal a mo u n ts, as stipulated, a nd a re al so regu la r i n payment of interest as applicable.

(c) According to the information and explanation given to us and based on the audit procedures performed by us, the schedule of repayment of principal and payment of Interest have been stipulated for loans and advances in the nature of loans, and the repayments ofprincipal amountofloansand receiptsofintcrcst have been reguLarduring the year except one party. (Refer Note (b) above).

d) According to the information and explanations given to us and based on the audit procedures performed by us, there is no amount overdue of loans and advances in the na tu re o fl oan s gra n tc d by the co mpany cxccp t thos e m ent ioned i n ciaus c (b).

(e) According to the information and explanations given to us and based on the audit procedures performed by us, no loans or advances in the nature of loan granted which has fallen due during the year, have been not been renewed or extended or no fresh loans granted to settle the over dues oFexisting loans given to the same parties,

(f) In our opinion and according to the information and explanations given to us and based on the audit procedures conducted by us, 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.

I n o u r opi nion and accord ing to th e i nforma ti on and exp I a nations given to us a nd bas ed on the audit procedures conducted by us, the company has complied with the provisions of

(i i i} D uri ng the year th c com pany has made i n vestm e nts in, p rovided any guara ntc e o r secu ri ty

or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Lia bility p artne rs hips or any other parties.

Investments made during the year in 5 Mutual Funds:

sections 185 and 186 of the Act, with respect to loans and advances granted, guarantees and securities provided and investments made by the company during the year

(vj The company has not accepted any deposits or amounts which are deemed to be deposits

From the public within the meaning of the directives issued by the Reserve Bank oflndia, provision ofthe Sections73to 76 ofthc act, any other relevant provision ofthc Actandthe relevant rules farmed thereunder.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the

Companies (Cost Records and Audit] Rules, 2014 prescribed by the Centra! Government under sub-section (1) of Section 148 of the Companies Act, 2013 and are of the opinion thatprima facie the prescribed cost records have been so made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whethertheyareaccu rate orcompletc.

(viij (a)According to the information and explanations given to us and on the basis of the

examination of the books of account, the Company has been regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, salcs-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and other statutory dues applicable to it with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of including Goods and Services Tax, provident fund, employees state insurance, income-tax, salcs-tax, service tax, duty of customs, duty of excise, value added tax, cess and other undisputed statutory dues were outstanding, at the year end for a period of mo re than six months from the date they became payable,

According to the records of the Company, disputed Commercial Ciatm not deposited on accou ntofdisputcarcas follows.

Name of Statute / Description	Amountin Rs lacs	Period to which the amount relates	Forum where dispute is pending
Commercial Claim	9,02	1992-93	Bomhav high Court

(viiij According to the information and the explanations given by the management, and based

on the procedures carried outduringthc course ofour audit, we have not come across any transactions not recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act. 1961,

(ix) (a) In our opinion and according to the information and explanation given to us, the

company has notdefaultin the repayment of loans or other borrowings or in the payment of interest thereon any lender

(bj According to the information and explanation given to us and on the basis of our audit procedures, we report that the company has not been declared willful defaulter by any bank or financial institution or government or any government authority

(cj In our opinion and according to the information and explanation given to us, the company has not taken any term loans during the year

(d) According to the information and explanation given to us, and the procedure performed byus, and on an overall examination of the financial statement of the company, we report that no fond raised on short-term basis have been used for long-term purposes by the company,

(e) According to the information and explanation given to us and on an overall examination of the financial statement 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, associate or joint ventures.

(f) According to the information and explanation given to us and procedure performed by us, we report that the company has not raised loan during the year on the pledge of s ecuritic s held in its su bs id i ar i es, joint ve n tu r c o r a ssoci a te companies.

(x) (a)Thc Company has not raised money byway of initial public offer during the year

(bjln our opinion and according to information and explanations obtained by us, the company has not raised any funds through preferential allotment f private placement of shares/ folly/ part ia t iy/ optionally convertible debentures during the year under review.

(xi} (a) During the course of our examination of the hooks and records ofthc Company, carried

out in accordance with the generally accepted auditing practice in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed ofanysuch ease by the Management,

(bj During the course ofour examination of the books and records of the Comp any, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, a report under Section 143[12J ofthc Aetjn Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly the reporting u nd cr Cl aus e 3 (xi} [ b) ofth e Orde r is n o t appiicab! c to t he Co mpany.

(c) Duri ng the yea r u n d er review, we have not co me across a ny whistle-blower co mpia i n ts.

(xii) As the Companyis not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it,

thcreportingundcrClausc3[xii)oftheOrderisnotapphcabletotheCompany.

(xili) According to the information and explanations and records made available to us by the

company and audit procedures performed by us, all transactions with related parties are in compliance with sections 177 and 180 ofthccompanics Act,2G13 The details oftransaction during the year have been disclosed in the Financial statements as required by the applicable accounting standards. Refer Note No, 37 "Related Party Disclosures" to the Financial statements.

(xiv) (a) In our opinion and based on our examination, the company has an interna! audit

system commensurate with the size and nature ofifes business.

(bj We have considered the interna! audit reports ofthc company issued till date, for the period under audit.

(xvj According to the information and explanations given to us, in our opinion during the year

the company has not entered into non-cash transactions with its directors or person

connected with the director and hence the provisions of section 192 of the Companies Act, 2013 arc no t applicab! c to th c Co m pany

(xvij (a)As per the information and explanations Riven to us, the company is not required to get

itnegistered underscction 45-IA ofthe Reserve Bank of India Act, 1934,

(bj The company has not conducted any Non-Banking Financial / [lousing Finance activities during the yean Accordingly, the reporting under Clause 3[xvtJ (b) ofthe Order isnotapplicablc to the Company

(c) As per the information given to us, the company is a not a Core Investment Company [CIC) as defined in regulations made by the Reserve Bank of India. Accordingly, the reporting under clause 3 (xvi) [cj ofthe Order is not applicable to the Company, d} Th e c lau sc rcl ated to wh ether G rou p h a s m ore th an on c Cl C as pa rt o F the C roup is not applicable to the company

(xvii) The Company has not incurred any cash ioss during the financial year ended on the date and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly the reporting under Clause 3txviii} ofthe Order is notapplicablcto the Company

(xix) According to the information and explanations given to us and on the basisofthe financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statement, our knowledge ofthe board ofdircctors and management plans and based on our examination ofthe evidence supporting the assumption, nothing has came to our attention, which cause us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting is 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 facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liability falling due within a period of one year From the baf a n ce s h ect date, wil I get d is cha rgo by th c compa ny as a n d when they Fall due,

(xx) The Company has during the year spent the amount of Corporate Social Responsibilily as required under subsection [5] of Section 135 of the Act. Accordingly, reporting under clause 3 (xx J of the Order is not applicable to the Company,

(xxi} The rcpoiting under Clause 3[xxi] ofthe Order is not applicable in respect of audit of

stands lone financial statements. Accordingly, no comment in respect of the said clause has been included in this report.

Place: Mumbai	For Bohra & Co. Chartered Accountants FRN No. 136492W Anil Jain Partner Membership No.048991 COIN No.; 25039BD3BMGPTM6110
Date: IS1* May, 2025

ANNEXUREB TOTHE INDEPENDENT AUDITORS REPORT

REFERRED TO IN PARAGRAPH 1[F] OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF INDO BORAX & CHEMICALS LIMITED

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

In conjunction with ourauditofthc standalone financial statements of I ndo Borax & Chemicals Limited (the "Company") as at and for the year ended 31 March 2025, we have audited the internal financial controls over financial reporting Internal Financial Controls Over Financial Reporting of the Company as of that date.

Manage ments Res p o ns ibility Tor 1 n tema 1 Fin an cial Con tro I s

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over Financial reporting criteria established hy 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 ofChartcrcd Accountants of India (1C Al).

These responsibilities include the design, implementation and maintenance of adequate internal financial controls thatwere ope rating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013,

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of internal Financial Controls Over Financial Reporting [the ‘ Guidance Note") and the Standards on Auditing 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 ICAI. 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 statements was established and maintained and if such controls operated effectively in al! material respects.

Our audit involves performing procedures to obtain audit evidence a bout the adequacy of the internal financial controls system over financial reporting and their ope rating effectiveness,

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of interna! control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material miss tatementofthc 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 adverse audit opinion on the Companys internal financial controls system over financial reporting.

Mean ing of Intern al Fi nanci al Co ntro Is over Finan cial Report in g:

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures diat

(1J pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transa cti ons a n d d i spos! ti o ns o f the as sets of th e company

(2 ] provi dc rcasona b Ic ass u ranee that tra n sacti o n s arc rcco rdc d as ncccss ary to p ermi t prepa ration of financial statements in accordance with generally accepted accounting piinciplcs, and that receipts and expenditures of the company arc being made only in accordance with authorizations o f ma nage me nt and d i rectors o f the com pany; a nd

(3J provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over Una nciai reporting, including the possibility of collusion or imp roper manage men t override of con trois, material misstatements due to error or ft^aud 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 thatthc degree of compliance with the pol i c ies o r proccdu res may dctc rio rate.

Opinion

In our opinion, the Company has inali material respects, an adequate internal financial con trois system over fi sandal repo rti ng a n d such i nterna I fina ncia! co ntro I s over fi n anc la I repo rti ng we re o perati ng e Re ctivcly as a t Ma rch 3 1,2 0 2 5 _r b ased o n th e i nterna I co ntro \ ove r fi nartci a 1 reporting c ritcria c sta biis h ed by the Co m pany 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 ofChartered Accountants of India.

	For Bohra Si Co.
	Chartered Accountants
	FRN No. 136492W
	Anil Jain
	Partner
Place; Mumbai	Membership No.048991
Date;IB* May,2025	UDIN No.: 25039B03DMCPTM6110