Kemistar Corporation Ltd Auditor Reports

To

The Members of

KEMISTAR CORPORATION LIMITED

Report on the audit of the Standalone Financial Statements

Opinion

1. I have audited the accompanying Ind AS standalone financial statements of
KEMISTAR CORPORATION LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 2025, and the Statement of Profit and Loss (including other comprehensive
income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended,
and notes to the standalone financial statements, including a summary of significant
accounting policies and other explanatory information ("the Standalone Financial Statements").

2. 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 ("Act") in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of
the Company as at 31^st March 2025, and its loss and other comprehensive income, changes in
equity and its cash flows for the year then ended.

Basis for Opinion

3. I conducted my audit in accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Act. My responsibilities under those SAs 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 of India ("ICAI") 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
thereunder, and I have fulfilled my other ethical responsibilities in accordance with these
requirements and the Code of Ethics. I believe that the audit evidence I have obtained is sufficient
and appropriate to provide a basis for my opinion on the standalone Financial Statements.

Key Audit Matters

4. Key audit matters are those matters that, in my professional judgment, were of most significance
in my audit of the standalone Financial Statements of the current year. 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. There are
no key audit matters to communicate.

Other Information

5. The Companys Board of Directors are responsible for the other information. The other
information comprises the information included in the Companys annual report, but does not
include the standalone Financial Statements and my auditors report thereon.

6. My opinion on the standalone Financial Statements does not cover the other information and I do
not express any form of assurance conclusion thereon.

7. In connection with my audit of the standalone Financial Statements, my 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 my knowledge obtained in the 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.

Managements responsibility for the Standalone Financial Statements

8. The Companys Board of Directors is responsible for the matters stated in section 134(5) of the
Act, with respect to the preparation of these standalone Financial Statements that give a true and
fair view of the state of affairs, profit and other comprehensive income, changes in equity and
cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Indian accounting standards ("Ind AS") specified under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

9. In preparing the standalone Financial Statements, the 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 the management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

10. The Board of Directors are also responsible for overseeing the Companys financial reporting
process.

Auditors responsibilities for the audit of the Standalone Financial Statements

11. 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

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assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these standalone Financial
Statements.

12. As part of an audit in accordance with SAs, I exercise professional judgment and maintain
professional scepticism throughout the audit. I also:

12.1. 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 misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

12.2. 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(3)(i) the Act, I am
also responsible for expressing my opinion on whether the Company has adequate internal
financial controls with reference to standalone Financial Statements in place and the
operating effectiveness of such controls.

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

12.4. Conclude on the appropriateness of the 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 my
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 as a going concern.

12.5. Evaluate the overall presentation, structure and content of the standalone Financial
Statements, including the disclosures, and whether the standalone Financial Statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

13. 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.

14. 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.

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15. 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
year 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

16. 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.

17. As required by Section 143(3) of the Act, I report that:

17.1. I have sought and obtained all the information and explanations which to the best of my
knowledge and belief were necessary for the purposes of my audit.

17.2. In my opinion, proper books of account as required by law have been kept by the Company
so far as it appears from my examination of those books for the matters stated in the
paragraph 18.8 below, on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.

17.3. The balance sheet, the statement of profit and loss including other comprehensive income,
the statement of changes in equity and the cash flow statement dealt with by this Report
are in agreement with the books of account.

17.4. In my opinion, the aforesaid standalone Financial Statements comply with the Ind AS
specified under Section 133 of the Act.

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

17.6. With respect to the adequacy of the internal financial controls with reference to standalone
Financial Statements of the Company and the operating effectiveness of such controls, refer
to my separate Report on internal financials control over financials reporting as per
Annexure-2; and

17.7. 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 during the year is in accordance
with the provisions of section 197 of the Act.

17.8. The modifications relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph 17.2 above on reporting under section 143(3)(b) of

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the Act and paragraph 18.8 below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

18. 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 my opinion and to the best of my

information and according to the explanations given to me:

18.1. The Company does not have any pending litigations which would impact its financial
position.

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

18.3. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

18.4. The management has represented that no funds 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(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, 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 on behalf of the Ultimate
Beneficiaries. Based on reasonable audit procedures adopted by me, nothing has come to
my notice that such representation contains any material misstatement.

18.5. The management has represented that no funds have been received by the Company from
any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the
understanding, 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 on behalf of the Ultimate Beneficiaries. Based on reasonable
audit procedures adopted by me, nothing has come to my notice that such representation
contains any material misstatement.

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

18.7. In my Opinion and according to the information and explanation given to me Dividend
declared and paid during the year by the company, is in compliance with Section 123 of the
Act.

18.8. Based on my examination which included test checks and information given to me, the
Company has used accounting software for maintaining its books of account, which has a
feature of recording audit trail (edit log) facility throughout the year for all relevant

KEMI ST.

transactions recorded in the respective software, Further, during the course of our audit I
did not come across any instance of audit trail feature being tampered with.

Further, the audit trail, to the extent maintained in the prior year, has been preserved by the
Company as per the statutory requirements for record retention.

Annexure - A to the Auditors Report

The Annexure as referred to in Independent Auditors Report to the members of the Company on the
standalone financial statements for the year ended 31 March 2025, I report that:

I. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment and relevant details
of right-of-use assets. The depreciation is provided at the rate prescribed under
Companies Act, 2013.

b. The company does not have any intangible asset. Accordingly reporting under clause
(1)(b) of the Order is not applicable.

c. As per the information and explanations given to me, all the assets have been physically
verified by the management during the year and there is a regular program of verification
which, in my opinion, is reasonable having regard to the size of the company and the
nature of its assets. No material discrepancies are noticed on such verification.

d. The title deeds of all the immovable properties disclosed in the standalone financial
statements are held in the name of the company.

e. No proceedings were initiated/not pending against the company for holding Benami
properties under the "Benami Transactions (Prohibition) Act, 1988 and Rules" made there
under.

f. The Company has not revalued its Property, Plant and Equipment (including Right of Use
assets) or intangible assets or both during the year. Consequently, the question of my
commenting on whether the revaluation is based on the valuation by a Registered Valuer,
or specifying the amount of change, if the change is 10% or more in the aggregate of the
net carrying value of each class of Property, Plant and Equipment (including Right of use
assets) or intangible assets does not arise.

II. In respect of Inventory:

a. The Company has maintained proper records of inventories.

b. As explained to me, inventories have been physically verified during the year by the
management at reasonable intervals. In my opinion, the frequency of verification is
reasonable. As informed to me there are no material discrepancies noticed on verification
between the physical stocks and the book records and any discrepancies found has been
properly dealt within the books of accounts.

c. The company has not been sanctioned working capital limits in excess of five crore rupees
at any point of time during the year accordingly this clause is not applicable to the
company.

III. a. During the year, the company has made investments in Schemes of Mutual Funds, nol
provided any guarantee or security or not granted any loans or advances in the nature of
loans, secured or unsecured to companies, firms, limited liability partnerships or any other
parties. The aggregate amount during the year, and balance outstanding at the balance
sheet date with respect to such loans and guarantees to subsidiaries and to parties other
than subsidiaries, joint ventures and associates are as per the table given below:

Particulars	Loans (Rs. In Lakhs)
Aggregate amount granted/ provided during the year
a. Subsidiaries	Nil
b. Others	Nil
Balance outstanding (gross) as at balance sheet date in respect of the above cases:
a. Subsidiaries	423.20
b. Others	Nil

The above amounts are included in Note 8 to the standalone financial statements.

b. In respect of the aforesaid investments, advance against equity, guarantees and loans, the
terms and conditions under which such investments were made, advance against equity
was given, guarantees provided and loans were granted are not prejudicial to the
Companys interest, based on the information and explanations provided by the Company.

c. In respect of the loans outstanding (given to wholly owned subsidiary company) as on the
balance sheet date, no schedule of repayment of principal and payment of interest has
been stipulated. In the absence of stipulation of repayment/payment terms, I am unable to
comment on the regularity of repayment of principal and payment of interest.

d. In respect of the following loan; the total amount overdue for more than ninety days as at
March 31, 2025 is Rs. 423.20 Lakhs Based on the information and explanations given to me
as the loan is given to wholly owned subsidiary; no repayment schedule has been decided.

(Rs. In Lakhs)

No.of cases	Principal Amount Overdue	Interest Overdue	Total Overdue	Remars
One	423.20	Nil	423.20	Loan is given to wholly owned subsidiary.

The above amounts are included in Note 8 on Loans to the standalone financia
statements.

e. No fresh loans were granted to same parties to settle the existing overdue loans

f. The loans granted during the year, including to related parties, no repayment schedule has
been provided. As informed by the management; as the loan is granted to wholly owned
subsidiary company; the same is repayable at demand. No loans were granted during the
year to promoters.

IV. In our opinion, and according to the information and explanations given to me, the Company
has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in
respect of the loans and investments made, and guarantees and security provided by it, as
applicable.

V. According to the information and explanation given to me, the Company has not accepted any
deposits from the public in accordance with the provisions of Section 73 to 76 of the Act or
any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules,
2015 with regard to the deposits accepted from the public are not applicable to the company.

VI. According to the information and explanation given to me, the maintenance of cost records
under sub-section 1 of section 148 of the Companies Act 2013 is not mandatory to the
company.

VII. 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 is regular in depositing
undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees
State Insurance, Income Tax, Sales Tax, Service Tax, duty of Customs, duty of Excise, value
added tax, cess and any other statutory dues to the appropriate authorities. According to
the information and explanations given to me there were no outstanding statutory dues
as on 31st of March, 2025 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 documents provided to
me, except mentioned otherwise there are no other disputed dues of Goods and Service
Tax, income tax, sales tax, duty of excise, service tax and value added tax, duty of customs,
duty of Excise, value added tax, cess and any other statutory, which have not been
deposited with the appropriate authorities on account of any dispute.

c. Details of statutory dues referred to in sub-clause (a) above which have not been
deposited as on 31st March, 2025 on account of any dispute are Nil.

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VIII. According to the information and explanations given to me, no such transactions were

observed which were not recorded in books of accounts but have been surrendered or

disclosed as income during the year in the tax assessment under Income Tax Act, 1961 and

there is no previously unrecorded income in the books of account of the company.

IX. According to the information and explanations given to me, I am of the opinion that:

a. The Company has not defaulted in the repayment of loans or other borrowings or in the
payment of interest thereon to any lender during the year.

b. The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

c. In my opinion, the term loans have been applied, on an overall basis, for the purposes for
which they were obtained.

d. On overall examination of standalone financial statement of the company, funds raised on
short term basis have, prima facia, not been used for long term purpose during the year.

e. The company has not taken any funds from any entity or person on account of to meet
the obligations of its subsidiaries, Joint Venture, Associates Companies.

f. The Company has not raised any loans during the year on the pledge of securities held in
its subsidiaries, Joint Venture, Associates Companies.

X. a. The Company has not raised any money by way of initial public offer or further public

offer (including debt instruments) during the year. Hence question of application of fund
does not arise.

b. During the year, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause 3(x) (b) of the Order is not applicable.

XI. a. During the course of my examination of the books and records of the Company, carried

out in accordance with the generally accepted auditing practices in India, I have neither
come across any instance of material fraud by the Company or on the Company, noticed
or reported during the year, nor have I been informed of any such case by the
Management.

b. During the course of my examination of the books and records of the Company, carried
out in accordance with the 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 Companies
(Audit and Auditors) Rules, 2014 was not required to be filed with the Central
Government. Accordingly, the reporting under clause 3(xi)(b) of the Order is not
applicable to the Company.

c. I have taken into consideration whistle blower complaints received by the company during
the year (and up to the date of this report) while determining the nature, timing and
extent of my audit procedure.

XII. The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013.
Therefore, the requirement to report on clause 3(xii)(a),(b) and (c) of the Order is not
applicable to the Company .

XIII. Transactions with the related parties are in compliance with sections 177 and 188 of
Companies Act, 2013 where applicable and the details have been disclosed in the notes to the
standalone financial statements, as required by the applicable accounting standards.

XIV. a. In my opinion and based on my examination, the company is required to have an internal

audit system under section 138 of the Act, and Company has adequate internal financial
controls with reference to standalone Financial Statements in place and the operating
effectiveness of such controls.

I. b. Internal audit under section 138 of Companies Act, 2013 is applicable. I have considered

Internal auditors report.

XV. In my opinion, during the year, the Company has not entered into any non-cash transactions
with its directors or persons connected with its directors and hence provisions of Section 192
of the Act are not applicable to the Company.

XVI. a. The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not

applicable to the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of
the Order is not applicable to the Company.

b. The Company has not conducted any Non-Banking Financial or Housing Finance activities
and is not required to obtain Certificate of Registration (CoR) for such activities from the
Reserve Bank of India as per the Reserve Bank of India Act, 1934.

c. The Company is not a Core Investment Company as defined in the regulations made by
Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the
Order is not applicable to the Company.

XVII. The Company has not incurred cash losses in the current year and in the immediately
preceding financial year.

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

XIX. According to the information and explanations given to me and on the basis of financial ratios,
ageing and expected dates of realization of financial assets and payment of financial liabilities,
other information accompanying the standalone financial statements, my knowledge of the
Board of Directors and management plans, I am of the opinion that there is no material

uncertainty exists as on the date of audit report, and I am also of the opinion that the
Company is capable of meeting its liabilities existed 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 up to 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 as and when they
fall due.

XX. Provisions of section 135 (1) of Companies Act, 2013 is not applicable to the company
accordingly this clause is not applicable to the company.

XXI. Company is holding company and is required to prepare consolidated financial statement. K. P.
International Private Limited is wholly owned subsidiary of the company. There are no any
qualifications or adverse remarks by the respective auditors in the Companies (Auditors
Report) Order (CARO) reports of the wholly owned subsidiary companies included in the
consolidated financial statements.

Annexure - B to the Auditors Report

Report on the Internal Financial Controls under Clause (i) 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
KEMISTAR CORPORATION LIMITED ("the Company") as of 31 March, 2025 in conjunction with my audit
of the Ind AS 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 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, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that 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 effectiveness. 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 Ind AS standalone financial statements, whether due to fraud or error.

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 over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of standalone
financial statements for external purposes in accordance with generally accepted accounting
principles. A companys internal financial control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of standalone financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) 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 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, 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 31 March 2025, 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.

For N.S. NANAVATI & CO.

Chartered Accountants

FRN: 134235W

 

Sd/-

(CA NITESH SHIRISHCHANDRA NANAVATI)

Proprietor

Membership No.: 143769

UDIN: 25143769BMSBXS2772

 

Date: 30.05.2025

Place: Ahmedabad