Mahip Industries Ltd Auditor Reports

THE MEMBERS OF MAHIP INDUSTRIES LIMITED.

(Formerly known as Care Corupack Limited)

Regd. Office: Survey No. 127, Jalalpur-Godhneshwar,

Dholka-Bagodara Highway, Ahmedabad - 387810

Report on the Audit of the Standalone Financial Statements

1. Opinion

A. We have audited the accompanying "Statement of Audited Standalone Financial Results for the Year ended 31^5t March, 2026" (refer Other Matters section below) of Mahip Industries Limited ("the Company"), which includes joint statements ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

B. In our opinion and to the best of our information and according to the explanations given to us, the Statement, except for the possible effect of the matter described in the basis for Qualified opinion section of our report; The aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally accepted in India: ^{1 2 3}

1. In the case of the balance sheet, of the state of affairs of the company as at March 31, 2026

2. In the case of the profit and loss Account, of the loss for the period ended on that date.

3. In case of Cash flow statement, of the cash flow for the period ended on that date.

2. Basis for Qualified Opinion

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

1. Balance confirmation statements from parties in respect of Trade Receivables, Trade Payables, Loans and Advances (given or received), and Other Advances have not been obtained and made available for our verification. Consequently, we are unable to comment upon the accuracy and completeness of these balances as appearing in the financial statements.

2. The Company has accepted loans/deposits in contravention of the provisions of Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014. Necessary compliance including filing of returns and maintenance of required records has not been made.

3. The Company has not undertaken any revaluation of its fixed assets at the end of the reporting period, which is in contravention of the requirements prescribed under Accounting Standard (AS) 10 - Property, Plant and Equipment.

4. Independent internal Audit as required under Section 138 of the Companies Act, 2013 was not carried out during the Financial Year 2025-26 and the Internal Audit Report(s) for the year, if any, were not made available to us. Consequently, we are unable to comment on the extent of reliance, if any, that could otherwise have been placed on the internal audit function for the purposes of our audit.

3. Emphasis of Matter

We draw attention to the fact that the Company has recognised an amount of ^32.80 lakhs in the Statement of Profit and Loss, pertaining to VAT pre-deposit balances which were earlier expensed in previous periods and have now been credited back to income during the year. The said VAT predeposit is subject to ongoing appellate proceedings relating to earlier assessment years.

Further, the Company has recognised interest income amounting to ^5.61 lakhs on such VAT predeposit during the year.

These adjustments have resulted in an increase in the current years profit to that extent. Management has represented that these are non-recurring in nature and pertain to reconciliation and recovery of past balances.

Our opinion is not modified in respect of this matter.

4. Information Other than the Standalone Financial Statements and Auditors Report Thereon

A. Preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis and Boards Report including Annexures to Boards Report, but does not include the Standalone Financial Statements and our auditors report thereon. [Note: References to Business Responsibility Report and Corporate Governance Report have been removed, as the Company, being listed on the SME Exchange, is exempt from Regulation 15(2}{b) read with Schedule V (Corporate Governance) and is outside the top 1,000 listed entities by market capitalisation

to whom BRSR/BRR applies.] Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon

B. In connection with our audit of the 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 of our audit or otherwise appears to be materially misstated. If, 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.

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

A. The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, (changes in equity) and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

B. In preparing the Standalone Financial Statements, management and Board of Directors 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 Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

6. Auditors Responsibilities for the Audit of the Standalone Financial Statements

A. Our 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 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material 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.

B. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. 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 audit evidence 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 of internal control.

ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3){i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern

v) 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

C. 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 of any identified misstatements in the Standalone Financial Statements.

D. 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 deficiencies in internal control that we identify during our audit.

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

F. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143(3) of the Act, we give in the "Annexure A" statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.

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

A. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

B. Except for the possible effects of the matter described in the basis for qualified opinion paragraph above, in our opinion proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

C. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account;

D. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

E. The matters described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

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

G. According to the information and explanations given to us and based on our examination of the records, the remuneration paid/provided by the Company to its directors during the year is within the limits laid down under the provisions of Section 197 read with Schedule V to the Act;

H. The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the basis for Qualified paragraph above.

I. With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in "Annexure B". Our report expresses a qualified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

J. 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 information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements, including the following matters which have come to our attention during the course of our audit: (a) a claim towards provision for expenses/receivables aggregating to ^1.04 Crore, in respect of which the Company is a party to proceedings pending before a court of law;

ii) The Company has not entered into any derivative contract during the relevant period. Hence, Company is not required to make provision for material foreseeable losses on long-term contracts including derivative contracts.

iii) The company is not required to transfer any amounts to the investor education and protection fund, hence there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(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;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("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;

(c) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances; nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) above contain any material mis-statement.

i. The company did not declare any dividend during the year.

ii. Based on our examination carried out in accordance with the Implementation Guidance on Reporting on AuditTrail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, which included test checks, we report that the Company has used an accounting software for maintaining its books of account for the year ended 31st March, 2026, which has a feature of recording audit trail (edit log) facility, and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

(d) 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, the provisions of the said Order are applicable to the Company, as it qualifies forthe exemption prescribed underthe Order, We give in the "Annexure A" statement on the matters specified in paragraph 3 and 4 of the order to the extent applicable.

	For, B.A.BEDAWALA & CO.
	Chartered Accountants
Place : Ahmedabad	BINIT M. SHAH
Date: 27/04/2026	PARTNER
UDIN: 26138769 DKG MFW9489	M.NO:138769
	FRN:101064W

AIMIMEXURE A- Report under the Companies (Auditors Report) Order, 2020 Referred to in our report of even date

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

1. In respect of the Companys Property & Equipment:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of Intangible Assets.

(b) The major Property, Plant and Equipment of the company have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us, the title deeds of the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the company.

(d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year.

(e) According to the information and explanation given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder during the year.

2. In respect of Inventories:

a. The Company continues to hold its manufacturing facility and is in the process of commencing manufacturing operations thereat. Manufacturing operations were, however, yet to commence during the year under review, and the Company accordingly diverted its business activities to trading in Paper Waste, Corrugated Boxes and other materials. The opening stock at the beginning of the year was ^48.99 Lakhs. As per Management representation, the closing stock as on 31st March 2026 amounts to ^14.81 Lakhs.

b. This stock has been valued accordingly, considering its condition and realizable value.

c. According to the information and Explanation given us the company has not been sanctioned any working capital limits in excess of five crore rupees (at any point of time during the year), in aggregate, from banks or financial institutions on the basis of security of current assets.

3. In respect of Loans and Advances granted during the year:

During the year the company has made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties:

a) We have not been provided with sufficient and appropriate information regarding whether loans and advances provided by the company are, secured or unsecured, firms, limited liability partnerships or any other parties. We are of the opinion that some amount is also advanced to the persons in individual capacity of which is not quantifiable by us due to lack of information received from the management.

b) We have not received sufficient and appropriate information regarding terms and conditions of the guarantees provided, security given in the nature of loans and guarantees provided. Hence we are not able to comment upon whether such loans and advances are prejudicial to the companys interest.

c} Schedule of repayment of the principal amount and the payments of the interest has not been stipulated and hence we are unable to comment as to whether receipt of the principal amount and the interest is regular;

d) We have not been provided with any information regarding the repayment schedule of amounts advances by the company.

e) We have not been provided with any information regarding the renewal of existing loan or extension of fresh loan or granting of new loans by the company. Hence we are not able to comment upon the same;

f) We have not received sufficient and appropriate information regarding terms and conditions of granted loans or advances in the nature of loans either payable on demand or without specifying any terms or period of repayment. Hence we are not able to comment upon the same.

4. According to the information and explanation given to us, the company has complied with requirements of section 185 and 186 in respect of loans, investments, guarantees or security made by it during the year under audit.

5. The Company has accepted any deposits or amounts which are deemed to be deposits under the directives of the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder, where applicable. Accordingly, the provisions of clause 3(v) of the Order are not applicable.

6. To the best of our knowledge and belief, the Central Government has not specified maintenance of cost records under sub-section (!) of Section 148 of the Act, in respect of Companys products/ services. Accordingly, the provisions of clause 3{vi) of the Order are not applicable.

7. a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the company has outstanding dues in respect statutory dues on account of any dispute which are as follows:

Name of the statute	Nature of d ues	Amount	Amount Paid Under Protest	Unpaid Amount	Period to which the amount relates	Forum where d repute is pending
1 ncDine Tax, 1961	Income Tax	2,77, 84,047	31,09,630	2,46,74,417	F.Y. 2014-15	Appeal order received 11/03/2024 in company favour now pending in ITAT
Tihe C5T Act, 1956 Act	Central Sates Tax	41,42,580	10,00,000	31,42,580	F.Y. 2015-16	Tribunal
Goods & Service Tax, 2017	DGGI	2,61,34,376	13,06,719	2,48,27,657	F.Y. 2D1S-T9	Commissioner of Appeals
Goods & Service Tax, 2Q17	Ghatak 11	3,74,84,513	13,51, COO	3,61,33,513	F.Y. 2018-19	Commissioner of Appeals
Goods & Service Tax, 2Q17	GST Flying Squad	2,34,92,240	10,00,000	2,24,92,240	F.Y. 2018-19	Commissioner of Appeals
Goods & Service Tax, 2017	GST	95,80,644	6,36,016	95,80,644	F.Y, 202021	Commissioner of Appeals
Total			84,03,365	12,08,51,051

b) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the company has outstanding dues in respect statutory dues on account of any dispute which are as follows:

N ame of the statute	Nature of dues	Amount	Period to which the amount relates
Income Tax, 1961	Income Tax	1,45,69,894	F.Y. 2017-IS
IncomeTax, 1961	Tax Deducted at Source	7,78,133	F.Y. 2018-19
Income Tax, 1961	Tax Deducted at Source	89,640	F.Y. 2019-20
IncomeTax, 1961	Tax Deducted at Source	4500	F.Y. 2Q20-21
The CST Act, 1956 Act	Central SalesTax	1,03,755	F.Y, 2012-13
The C5T Act, 1956 Act	Central SalesTax	23,484	F.Y. 2013-14
Total		1,55,69,406

8. According to the information and explanation given to us, company has no transactions, not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

9. Default in repayment of dues;

a. In our opinion, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

b. Company is not declared wilful defaulter by any bank or financial institution or other lender;

c. According to the information and explanation given to us, term loans were applied for the purpose for which the loans were obtained.

d. According to the information and explanation given to us, funds raised on short term basis have not been utilised for long term purposes.

e. According to the information and explanation given to us, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

f. According to the information and explanation given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

10.1PO/FPO;

a. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year.

b. According to the information and explanation given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.

11. Reporting of Frauds;

a. According to the information and explanation given to us, any fraud by the company or any fraud on the company has not been noticed or reported during the year.

b. According to the information and explanation given to us, no report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government,

c. According to the information and explanation given to us, no whistle-blower complaints, received during the year by the company.

12. Company is not a Nidhi Company; accordingly, provisions of the Clause 3(xii) of the Order is not applicable to the company.

13. According to the information and explanations given to us, we are of the opinion that all transactions with related parties are not in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the Accounting Standards and the Companies Act, 2013.

14. (a) In our opinion, the Company has an internal audit system as required under Section 138 of the Companies Act, 2013, and an Internal Auditor has been appointed. However, an independent internal audit was not carried out during the Financial Year 2025-26 and the Internal Audit Report(s) for the year were not made available to us,

(b) Consequently, the reports of the Internal Auditor for the period under audit have not been considered by us for the purposes of our audit.

15. According to the information and explanations given to us, we are of the opinion that the company has not entered into any non-cash transactions with directors or persons connected with him and accordingly, the provisions of clause 3(xv) of the Order is not applicable.

16. According to the information and explanations given to us, we are of the opinion that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India,

accordingly, the provisions of clause 3(xvi) of the Order are not applicable.

17. According to the information and explanations given to us and based on the audit procedures conducted we are of opinion that the company has not incurred material cash losses in the financial year 2025-26.

IS. There has been no resignation of the statutory auditors during the year under audit; accordingly, the provisions of clause 3(xviii) of the Order are not applicable to the Company.

19. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that company is incapable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. 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 the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

20. The provisions of Section 135 towards corporate social responsibility are not applicable on the company. Accordingly, the provisions of clause 3(xx} of the Order is not applicable.

	For, B.A.BEDAWALA & CO.
	Chartered Accountants
Place: Ahmedabad	BINIT M. SHAH
Date: 27/04/2026	PARTNER
UDIN: 26138769DKGMFW9489	M.NO:138769
	FRN:101064W

"ANNEXURE B"

TO THE INDEPENDENT AUDITORS REPORT ON FINANCIAL STATEMENTS OF MAHIP INDUSTRIES LIMITED.

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

We have audited the internal financial controls over financial reporting of Mahip Industries Limited ("the Company") as of 31st March, 2026 in conjunction with our audit of the standalone financial statements of the Company for the period 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

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the 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 we 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating 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 internal control based on the assessed risk. The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 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 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) 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.

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 override of controls by the Management, 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.

Basis for Qualified Opinion

The Company did not carry out an independent internal Audit as required under Section 138 of the Companies Act, 2013 during the Financial Year 2025-26, and the Internal Audit Report(s) for the year were not made available to us. The internal audit function is a key element of the Companys internal control environment, including its monitoring component. In the absence of an operational internal audit function and the related documentation for the year, we were unable to obtain sufficient appropriate audit evidence regarding the design and operating effectiveness of the Companys internal financial controls over financial reporting as at March 31, 2026, in relation to the areas that would ordinarily have been covered by such internal audit.

Qualified Opinion

In our opinion, and to the best of our information and according to the explanations given to us, except for the possible effects of the matter(s) described in the "Basis for Qualified Opinion" paragraph above, the Company has, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls were operating effectively as at March 31, 2026, 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.

We have considered the matter(s) reported above in determining the nature, timing, and extent of audit tests applied in our audit of the financial statements of the Company, and the matter(s} have affected our opinion on the financial statements of the Company, on which we have issued a qualified opinion.

	For, B.A.BEDAWALA & CO.
	Chartered Accountants
Place : Ahmedabad	BINIT M. SHAH
Date: 27/04/2026	PARTNER
UDIN: 26138769DKGMFW9489	M.NO:138769
	FRN:101064W