IP Rings Ltd Auditor Reports

TO THE MEMBERS OF IP RINGS LIMITED

Report on the Audit of the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of IP RINGS LIMITED ("the Company"), which Opinion Other Comprehensive Income), Standalone Statement of Changes in Equity and Standalone Statement of Cash flows comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss (including for the year then ended, and a summary of the material accounting policies and other explanatory information. Standalone Financial Statements give the information required by the Companies Act 2013 (‘the Act") in the manner In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended (‘IND AS") so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under 2026, the loss and total comprehensive income, changes in equity and its cash flows for the year ended on that date. and other Accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing Basis for Opinion further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe standalone financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled standalone financial statements. that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of Key Audit Matters of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a the standalone financial statements of the current period. These matters were addressed in the context of our audit be communicated in our report. separate opinion on these matters. We have determined the matters described below to be the key audit matters to

The Companys Board of Directors is responsible for the preparation of other information in their Report to Information Other than the Financial Statements and Auditors Report Thereon the consolidated financial statements, standalone financial statements and our auditors report thereon. The annual members, etc. The other information comprises the information included in the Annual report but does not include report is expected to be made available to us after the date of this auditors report. form of assurance conclusion thereon.Our opinion on the standalone financial statements does not cover the other information and we do not express any inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears identified above when it becomes available and, in doing so, consider whether the other information is materially therein, we are required to communicate the matter to those charged with governance and take appropriate action to be materially misstated. When we read the annual report, if we conclude that there is a material misstatement as applicable under the relevant laws and regulations.

Managements The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, Responsibility for the Standalone Financial Statements. view of the financial position, financial performance, total comprehensive income, changes in equity and cash 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair This responsibility also includes maintenance of adequate accounting records in accordance with the provisions flows of the Company in accordance with the IND AS and other accounting principles generally accepted in India. irregularities; selection and application of appropriate accounting policies; making judgments and estimates that of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, from material misstatement, whether due to fraud or error. the preparation and presentation of the standalone financial statements that give a true and fair view and are free continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern In preparing the standalone financial statements, management is responsible for assessing the Companys ability to realistic alternative but to do so. basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no The Board of Directors are also responsible for overseeing the Companys financial reporting process. Auditors Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole Responsibilities for the Audit of the Standalone Financial Statements our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes or error and are considered material if, individually or in the aggregate, they could reasonably be expected to accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud influence the economic decisions of users taken on the basis of these standalone financial statements. throughout the audit. We also: As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is Identify and assess the risks of material misstatement of the standalone financial statements, whether due to resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement intentional omissions, misrepresentations, or the override of internal control. appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible Ob tain an understanding of internal control relevant to the audit in order to design audit procedures that are and the operating effectiveness of such controls.for expressing our opinion on whether the company has adequate internal financial controls system in place related disclosures made by management.

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may Co nclude on the appropriateness of managements use of the going concern basis of accounting and, based on uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material are based on the audit evidence obtained up to the date of our auditors report. However, future events or standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions conditions may cause the Company to cease to continue as a going concern. disclosures, and whether the standalone financial statements represent the underlying transactions and events E valuate the overall presentation, structure and content of the standalone financial statements, including the in a manner that achieves fair presentation. aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning misstatements in the standalone financial statements. timing of the audit and significant audit findings, including any significant deficiencies in internal control that we We communicate with those charged with governance regarding, among other matters, the planned scope and identify during our audit. requirements regarding independence, and to communicate with them all relationships and other matters that may We also provide those charged with governance with a statement that we have complied with relevant ethical reasonably be thought to bear on our independence, and where applicable, related safeguards. most significance in the audit of the standalone financial statements of the current period and are therefore the From the matters communicated with those charged with governance, we determine those matters that were of disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not key audit matters. We describe these matters in our auditors report unless law or regulation precludes public outweigh the public interest benefits of such communication. be communicated in our report because the adverse consequences of doing so would reasonably be expected to Report 1. As ron Other equired by Section143 (3) of the Companies Act, 2013, based on our audit we report that: Legal and Regulatory Requirements a. belief were necessary for the purposes of our audit. We have sought and obtained all the information and explanations which to the best of our knowledge and b. appears from our examination of those books. In our opinion, proper books of account as required by law have been kept by the Company so far as it c. income, the Standalone Statement of Cash Flows and the Standalone Statement of Changes in Equity dealt The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including other Comprehensive with by this report are in agreement with the books of account. d. prescribed under Section 133 of the Act read with the relevant rules issued thereunder. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards

appointed as a director in terms of Section164(2) of the Companies Act, 2013. record by the Board of Directors, none of the directors is disqualified as on March 31,2026 from being f. of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure With respect to the adequacy of the Internal Financial Controls with reference to the financial statements companys internal financial controls with reference to the financial statements. "A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the g. requirements of Section 197(16) of the Act, as amended in our opinion and to the best of our information With respect to the other matters to be included in the Auditors Report in accordance with the the year is in compliance with the provisions of Section 197, read with Schedule V of the Act. and according to the explanations given to us, remuneration paid by the company to its directors during h. of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 information and according to the explanation given to us: i. Financial Statements. (Refer Note 33) The Company has disclosed the impact of pending litigations on its financial position in its Standalone ii. were any material foreseeable losses as at March 31, 2026. The company did not have any long-term contracts including derivative contracts for which there iii. Protection Fund by the Company. There were no amount which were required to be transferred to the Investor Education and i (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in the Note 51 to the accounts, no funds have been advanced or loaned or invested (either from v. or in any other persons or entities, including foreign entities ("Intermediaries"), with the borrowed funds or share premium or any other sources or kind of funds) by the Company to or indirectly lend or invest in other persons or entities identified in any manner whatsoever by understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly like on behalf of the Ultimate Beneficiaries. or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the (b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in the Note 51 to the accounts, no funds have been received by the Company from any persons recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest or entities, including foreign entities ("Funding Parties"), with the understanding, whether Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the contain any material mis-statement.representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, v There was no dividend declared / paid during the year by the company. . vi. for maintaining its books of account for the financial year ended March 31, 2026 which have the Based on our examination, which included test checks, the Company has used an accounting software not come across any instance of audit trail feature being tampered with and the audit trail has been all relevant transactions recorded in the software. Further, during the course of our audit we did preserved by the Company as per the statutory requirements for record retention.

2. terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs As required by the Companies (Auditors Report) Order,2020 ("the Order") issued by the Central Government 3 and 4 of the Order.

(i) of We have audited the Internal Financial Controls with reference to financial statements of IP RINGS LIMITED ("the Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act") Company for the year ended on that date. Company") as of March 31, 2026 in conjunction with our audit of the Standalone Financial Statements of the Managements The Companys management is responsible for establishing and maintaining internal financial controls based on Responsibility for Internal Financial Controls essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with the internal controls with reference to the financial statements criteria established by the Company considering the These responsibilities include the design, implementation and maintenance of adequate internal financial controls reference to the financial statements (‘the Guidance Note) issued by the Institute of Chartered Accountants of India. companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to under the Companies Act, 2013 (‘Act). and completeness of the accounting records, and the timely preparation of reliable financial information, as required Auditors Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial Responsibility of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by the Institute require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note maintained and if such controls operated effectively in all material respects. about whether adequate internal financial controls with reference to financial statements was established and controls system with reference to financial statements and their operating effectiveness. Our audit of internal Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and financial controls with reference to financial statements included obtaining an understanding of internal financial selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures Financial Statements, whether due to fraud or error. opinion on the Companys internal financial controls system with reference to financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

A companys internal financial controls with reference to financial statements is a process designed to provide Meaning of Internal Financial Controls with reference to Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition controls with reference to financial statements includes those policies and procedures that (i) pertain to the permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection receipts and expenditures of the company are being made only in accordance with authorizations of management Financial Statements. of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Because of the inherent limitations of internal financial controls with reference to financial statements, including Inherent LimitationsofInternal FinancialControlswithreferenceto thefinancialstatements or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with the possibility of collusion or improper management override of controls, material misstatements due to error reference to financial statements may become inadequate because of changes in conditions, or that the degree of reference to financial statements to future periods are subject to the risk that the internal financial controls with compliance with the policies or procedures may deteriorate.

In our opinion, to the best of our information and according to the explanations given to us, the Company has, Opinion such internal financial controls with reference to financial statements were operating effectively as at March 31, in all material respects, an adequate internal financial controls system with reference to financial statements and considering the essential components of internal controls stated in the Guidance Note issued by the Institute of 2026, based on the internal controls with reference to the financial statements criteria established by the Company Chartered Accountants of India.

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of IP RINGS LIMITED ("the Company") for the year ended March 31, 2026). i. Ina) (i) The company has maintained proper records showing full particulars, including quantitative details respect of the Companys Property, Plant and Equipment: and situation of Property, Plant and Equipment and relevant details of right-of-use assets. (ii) The company has maintained proper records showing full particulars of intangible assets. b) and right of use assets in a phased manner covering all assets once every 3 years which, in our opinion, The Company has a programme of verification to cover all the items of Property, Plant and Equipment programme, certain Property, Plant and Equipment were physically verified by the management during is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the during the year on such verification. the year. According to the information and explanation given to us, no material discrepancies were noticed c) that title deeds of all freehold immovable property belonging to the Company are held in the name of the A ccording to the information and explanations given to us and the records examined by us we report building constructed on leasehold land, the lease agreement is in the name of the Company.Company as at the end of the year. In respect of properties where the company is the lessee including d) and intangible assets. Consequently, the question of our commenting on whether the revaluation is based The company has chosen cost model for its property, plant and equipment (including right-of-use asset) in the aggregate of the net carrying value of each class of property, plant and equipment (including right- on the valuation by a registered valuer, or specifying the amount of change, if the change is 10% or more of-use asset) or intangible assets does not arise. e) 31,2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as No proceedings have been initiated during the year or are pending against the company as at March amended in 2016) and rules made thereunder. ii. (a) intervals by the management. The coverage and procedure of such verification by the management were, As explained to us, inventories, other than the Goods in transit, have been physically verified at periodic inventory) were noticed on such physical verification and the said discrepancies has been properly in our opinion, appropriate. Discrepancies (of 10% or more in value, in the aggregate for each class of accounted in the books of accounts. (b) during the year by banks or financial institutions on the basis of security of current assets during the year The company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, The said quarterly returns or statements have subsequent to the end of the year been revised and such and the quarterly returns or statements, filed by the company with such banks or financial institutions. Company. revised quarterly returns or statements are materially in agreement with the books of accounts of the iii. or advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnerships or Th e Company has made investments in but neither provided any guarantee or security, nor granted any loans any other parties. Accordingly, reporting under clause (iii)(a) is not applicable. b. interest.The investments made during the year are, in our opinion, prima facie, not prejudicial to the Companys c. reporting on the stipulation of repayment of principal and interest and the regularity thereof under clause The Company has not provided any loan, guarantee or security to any other entity during the year. Hence, (iii)(c) is not applicable. d. the amount overdue and steps taken for recovery of principal and interest under clause (iii)(d) is not The Company has not provided any loan, guarantee or security to any other entity. Hence, reporting on applicable. e. clause (iii)(e) is not applicable. The Company has not provided any loan, guarantee or security to any other entity. Hence, reporting under f. Company has not granted any loans or advances in the nature of loans either repayable on demand or A ccording to information and explanations given to us and based on the audit procedures performed, the (f) is not applicable. without specifying any terms or period of repayment during the year. Hence, reporting under clause (iii) iv. not applicable. The Company has not granted any loans provided guarantee or security but made investments Th e Company has not granted any loans provided guarantee or security and hence provisions of Section 185 is which is within the limits of section 186 of the Companies Act, 2013. v. which are deemed to be deposits during the year and there are no unclaimed deposits as at March 31,2026 to A ccording to information and explanations given to us, the Company has not accepted any deposits or amounts Accordingly, the provisions of clause (v) of paragraph 3 of the Order are not applicable to the Company. which the provisions of section 73 to 76 or any other relevant provisions of the Companies Act are applicable. vi. by the Central Government under Section 148(1) of the Act. We have broadly reviewed the cost records As per the information and explanation given to us, the maintenance of the cost records has been specified prescribed by the Central Government under Section 148(1) of the Act and we are of opinion that prima facie, maintained by the company pursuant to the Companies (Cost Records and Audit) Rules, 2014 as amended and examination of Cost records with a view to determine whether they are accurate and complete. the prescribed accounts and records have been made and maintained. We have however not made a detailed vii. of statutory dues: A ccording to the information and explanations given to us and the books of account examined by us, in respect a) Goods and Services Tax, Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Service tax, the company is generally regular in depositing material amounts of undisputed statutory dues including the appropriate authorities during the year, except for a delay of 2 days in remittance of Provident Fund duty of customs, duty of excise, value added tax, Cess, and other material statutory dues as applicable to the aforesaid statutory dues outstanding as at March 31, 2026 for a period of more than six months from dues for the month of October 2025. There were no material undisputed amounts payable in respect of since been paid, and (ii) Income Tax (Tax Deducted at Source) of Rs. 0.58 lakhs due for more than six the date they became payable, except (i) duty of customs (Duty Draw Back) of Rs. 0.61 lakhs, which has months from the date it became payable.

tax that have not been deposited on account of disputes as detailed hereunder: any dispute with the relevant authorities, except dues of Income tax, Provident fund dues and Value added

not given effect to by the Income Tax Department. F or the above purposes, demand for income tax dues has been arrived based on orders received even though viii. Asbooks of account that have been surrendered or disclosed as income during the year in the tax assessments per the information and explanation given to us, there were no transactions previously not recorded in the under the Income Tax Act, 1961. ix. (a) in repayment of dues to any lender. The Company does not have any borrowings from Government or by In our opinion and according to information and explanation given to us, the Company has not defaulted way of Debentures.

(b) any bank or financial institution or other lender. As per the information and explanation given to us, the company has not been declared wilful defaulter by (c) applied for the purposes for which they were obtained. As per the information and explanation given to us, the monies raised by way of term loans have been (d) have, prima facie, not been used during the year for long-term purposes by the Company. On an overall examination of the financial statements of the Company, funds raised on short- term basis (e) funds from any entity or person on account of or to meet the obligations of its joint venture and its On an overall examination of the financial statements of the Company, the Company has not taken any subsidiary. The Company does not have any associates.

(f The company has not raised any loans during the year on the pledge of securities held in its subsidiary or joint venture companies. ) x. (a) initial public offer or further public offer (including debt instruments) during the year and hence reporting As per the information and explanation given to us, the Company has not raised any monies by way of under the provisions of Clause 3(x)(a) of the Order does not arise.

(b) (covered by section 42 and section 62 (1)c of the Companies Act, 2013) or fully or partly convertible During the year, the Company has not made any preferential allotment or private placement of shares debentures and hence reporting under clause 3(x)(b) of the Order is not applicable year.

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

(c) during the year by the company up to the date of this report. As per the information and explanation given to us, there are no whistle-blower complaints received xii. applicable to the Company. Th e Company is not a Nidhi Company and accordingly the provisions of Clause 3(xii) of the Order is not xiii. Inparties are in compliance with sections 177 and 188 of the Companies Act, 2013, where applicable. The details our opinion and according to the information and explanations given to us all transactions with related the applicable Accounting Standards. (Refer note 50 to Standalone Financial Statements). of the transactions during the year have been disclosed in the Standalone Financial Statements as required by xiv. (a) business. In our opinion, the Company has an internal audit system commensurate with the size and nature of its (b) year, in determining the nature, timing and extent of our audit procedures. We have considered the internal audit reports for the year under audit, issued to the Company during the xv. or persons connected with its directors. and hence provisions of section 192 of the Companies Act, 2013 are In our opinion, the Company has not entered into any non-cash transactions during the year, with its Directors not applicable to the Company. xvi. (a) Accordingly, the reporting under clause 3(xvi)(a) of the Order is not applicable to the Company. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. (b) Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to the Company. The Company has not conducted non-banking financial / housing finance activities during the year. (c) Bank of India. Accordingly, the reporting under clause3(xvi)(c) of the Order is not applicable to the The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Company.

(d) not have any CICs, which are part of the Group. We have not, however, separately evaluated whether the Based on the information and explanations provided by the management of the Company, the Group does clause 3(xvi)(d) of the Order is not applicable to the Company. information provided by the management is accurate and complete. Accordingly, the reporting under xvii. Th preceding financial year. e company has not incurred cash losses during the financial year covered by our audit and in the immediately xviii. Th provisions of Clause 3(xviii) of the Order are not applicable to the Company. ere has been no resignation of the statutory auditors of the Company during the year. Accordingly, the xix. A and expected dates of realization of financial assets and payment of financial liabilities, (iii) other information ccording to the information and explanations given to us and on the basis of (i) the financial ratios, (ii) ageing and (v) based on our examination of the evidence supporting the assumptions, nothing has come to our accompanying the financial statements, (iv) our knowledge of the Board of Directors and management plans attention, which causes us to believe that any material uncertainty exists as on the date of the audit report an assurance as to the future viability of the company. We further state that our reporting is based on the facts when they fall due within a period of one year from the balance sheet date. We, however, state that this is not due within a period of one year from the balance sheet date, will get discharged by the company as and when up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling they fall due. xx. clause 3(xx)(a) and (b) of the Order is not applicable for the year. Th ere are no unspent amounts towards Corporate Social Responsibility (CSR). Accordingly, reporting under xxi. Th Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report. e reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Ind AS