Manglam Global Corporations Ltd Auditor Reports

To,

The Members,

Manglam Global Corporations Limited

(Formerly known as Kshitij Investments Limited)

Report on the Audit of Standalone Financial Statements:

Opinion

We have audited the accompanying Standalone annual financial results of MANGLAM GLOBAL CORPORATIONS LIMITED (‘the Company’) for the year ended 31st March, 2026 (the "Statement"), which comprises the Balance Sheet and the Statement of Profit and Loss, The Statement of Cash Flows and the Statement of Changes in Equity and notes to the Financial Statements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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 Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2026, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of in accordance with the Standard on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of Standalone Financial Statement section of our report. We are independent of the company in accordance with the Code of Ethics issued by the Institute of Chartered Accountant of India (ICAI) together with the ethical independence requirements that are relevant to our audit of the standalone Financial Statement 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 ICAI’s code of ethics.

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

Key Audit Matters

Key audit matters (‘KAM’) are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have to report as Key Audit Matter on below:

Revenue Recognition from Sale of Agri Products

The Company is primarily engaged in the manufacture, processing, marketing, trading, import, export and sale of agricultural and other related products. Revenue from sale of goods is recognized when control of the goods is transferred to the customer, which generally coincides with the issuance of invoices upon delivery of goods.

In respect of consignment sales, revenue is recognized only when the goods are sold by the consignee to the end customer in accordance with the terms of the arrangement.

We identified revenue recognition as a Key Audit Matter because revenue is a key performance indicator of the Company and involves a high volume of transactions across multiple product categories and sales channels, including direct sales and consignment arrangements. In particular, judgment is involved in determining the timing of recognition for consignment sales and in assessing whether revenue is recorded in the appropriate accounting period.

Our audit procedures included:

1. Evaluating the design and testing the operating effectiveness of key internal controls relating to order processing, dispatch, invoicing and revenue recognition.

2. Performing substantive testing of all sales transactions by verifying NOC letters, invoices, and other supporting documents.

3. Performing cut-off procedures around the year-end to assess whether revenue was recognized in the appropriate reporting period.

4. Reconciling revenue recorded in the books with GST returns and other statutory records.

5. Performing analytical procedures on revenue trends, gross margins and significant customer balances.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s management and Board of Directors are responsible for the other information. The information comprises the information included in the Board of Directors Report, but does not include the standalone financial statements and auditor’s report thereon. Our opinion standalone financial statements do not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilities 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 in the 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.

Emphasis of Matter

1. We draw attention to "Part 2" Note No. 2 to the financial statements regarding the change in the name of the Company and amendment to its main objects clause, which were duly approved by the shareholders and registered with the Registrar of Companies during the financial year 2024-25. As at March 31, 2026, the consequential updation of the revised name and business objectives on the BSE Limited portal had not been completed. The Company has received certain queries and notices from BSE Limited in connection with the pending updation and has submitted responses and supporting documents as required. Management has represented that the matter is procedural in nature and is in the process of being regularized. Based on the information currently available, management does not expect any material financial impact on the accompanying financial statements, and accordingly no provision has been recognized in this regard. Our opinion is not modified in respect of this matter.

2. We draw attention to "Part 2" Note No. 3 to the financial statements regarding the Company’s procurement of agricultural produce directly from farmers through the Agricultural Produce Market Committee (APMC), wherein a portion of the payments to farmers is made in cash in accordance with prevailing market practices and operational requirements. As described in the said note, such cash payments are made to cultivators, growers and producers of agricultural produce who generally require immediate settlement upon sale and do not ordinarily accept payments through banking channels due to practical and operational constraints. Management has represented that all such payments are supported by appropriate purchase records, acknowledgements and payment vouchers, and are considered to be covered by the exceptions provided under Rule 6DD of the Income-tax Rules, 1962. Management has further represented that it is in the process of obtaining formal internal approval and documentation specifying the limits and procedures governing such cash payments. Our opinion is not modified in respect of this matter.

3. We draw attention to "Part 2" Note No. 7 to the financial statements regarding a loan of Rs. 4,70,00,000 granted by the Company to a related party during the year, the outstanding carrying amount of which, including accrued interest, amounts to Rs. 4,72,08,899 as at March 31, 2026. The loan was remitted through the Company’s cash credit facility account, which likely not to meet end use of funds of bank disbursement.

The transaction was approved by the shareholders at the Annual General Meeting as a special business. However, the approval documentation did not expressly specify the applicable rate of interest and repayment schedule. Interest income has been recognized in the financial statements and tax has been deducted at source by the borrower. Management has represented that it is in the process of obtaining formal ratification and supporting documentation specifying the interest rate and repayment terms and, based on its assessment of the financial position and expected future cash flows of the borrower, considers the loan to be recoverable. Our opinion is not modified in respect of this matter.

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

These standalone annual financial results have been prepared on the basis of the Standalone annual Financial Statements.

The Company’s board of directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and in compliance with Regulation 33 of the Listing Regulations. 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 results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are 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.

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

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Financial Statements as a whole are free from material misstatement, whether due fraud or error, and to issue an auditor’s report that include 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. Misstatement 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.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone Financial Statements, whether due to fraud or error, design and perform audit procedure 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 for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal 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 system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosure made by management.

Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosure are in adequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significance audit findings, including any significant deficiencies in internal controls that we identify during our audit.

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 relationship and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report On Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As stated in "Part 2" Note No. 1 to the Financial Statements, the Company has not maintained an audit trail (edit log) in its accounting software for the year ended March 31st, 2026, as required under Rule 3(1) of the Companies (Accounts) Rules, 2014. This non-compliance may impact the completeness and traceability of accounting records.

3. As required by section 143 (3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanation which to the best of our knowledge and believe were necessary for the purposes of our audit.

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

c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this report are in agreement with the relevant Books of Accounts.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards (IND AS) specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March 2026 taken on record by the Board of Director, none of the director is disqualified as on 31st March 2026 from being appointed as a director in terms of section 164(2) of the Act. f) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule

11 of the Company (Audit and Auditors) Rule 2014, In our opinion and to the best of our information and according to the explanation given to us:

i. The Company does not have any pending litigations which would impact its financial position as on 31st March 2026.

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

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in "Part 2" Note No. 7 to the financial statements, the Company has granted a loan of Rs. 4,70,00,000 to a related party during the year out of funds drawn from its cash credit facility obtained from banks. The outstanding carrying amount of such loan, including accrued interest, amounts to Rs. 4,72,08,899 as at March 31, 2026. Except for the aforesaid transaction, no funds have been advanced or loaned or invested (either from borrowed funds, share premium or any other source 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 such Intermediary shall, 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, other than as disclosed in the notes to the accounts, 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; and

(c)Based on such audit procedures that has considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.

v. The company has not declared any dividend during the year under section 123 of the

Companies Act, 2013.

For D M K H & CO

Chartered Accountants

SD/-

CA Dinesh Gopal Mundada

Partner

Membership No.122962

Firm’s Registration No. 116886W

Place: Pipariya

Date: 16/05/2026

UDIN: 26122962PNSVME9997

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in Paragraph 1 (CARO) of the Independent Auditors Report on "Other Legal and Regulatory Requirements" of even date:

In terms of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief we state as under:

(i) Property, Plant and Equipment: a. The company has no tangible assets. The company has no intangible assets, hence reporting under clause 3(i)(a)(B) of the Order is not applicable.

b. There is no Immovable property held by the company and accordingly the requirement to report on clause 3(i)(C) of the order in not applicable to the Company.

c. The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) and intangible assets during the year.

d. No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder

(ii) Inventory: a. The company has Inventory of Rs. 21,475.00/-

b. The Company has not been sanctioned working capital limits in excess of Rs. 5 crore, in aggregate, at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

(iii) The Company has made investment in, provided any guarantee or security or granted any loan or advance in the nature of loan, secured or unsecured to companies, firm limited liability partnership or any other parties: a. During the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity: i. The aggregate amount during the year is Rs. 4,70,00,000.00 ii. Balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates is Rs. 4,72,08,899.00

b. According to the information and explanations given to us, the Company has granted a loan to a related party where the terms and conditions of the grant of such loan are, in our opinion, prima facie not prejudicial to the Companys interest, but as the interest rate was not formally approved in the shareholders resolution and no fixed repayment schedule has been stipulated, although interest income has been recognized in the books.

c. In respect of the loan granted by the Company to a related party, no schedule of repayment of principal and payment of interest has been stipulated. Consequently, we are unable to make a specific statement on the regularity of repayment of principal and payment of interest.

d. The total amount overdue for more than ninety days is Rs. 4,70,00,000.00.

e. According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no loan given falling due during the year, which has been renewed or extended or fresh loans given to settle the overdue of existing loans given to the same party

f. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has given the loan where specific repayment terms are yet to be formally documented.

(iv) In respect of loans, investments, guarantees and securities, the provisions of section 185 and 186 of The Companies Act, 2013 have been properly complied with.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the products manufactured by it (and/ or services provided by it). Accordingly, clause 3(vi) of the Order is not applicable.

(vii) (a) The company is regular in depositing undisputed statutory dues including Goods and Services 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 with the appropriate authorities. And there are no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date, they became payable.

(b)Following are the details of statutory dues which have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned

Amounts Rs.	Forum where dispute is pending
Nil	Nil

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.

(ix) (a) The Company has not committed any default on repayment of loan or borrowings or in payment of interest to any lender, hence reporting under clause 3(ix)(a) of the Order is not applicable.

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

(c) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

(d) The company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies;

(x) (a) The Company has not raised money by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has made preferential allotment. This allotment made in January 2026.

(xi) (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

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

(c)As the company has not received any whistle blower complaint hence reporting under clause 3(xi)(C) of the Order is not applicable

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) Considering the financials of the company, the provisions of internal audit is applicable hence reporting under clause (xiv) of the Order is applicable. Report of Internal Auditor has been taken into account.

(xv) In our 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 Companies Act, 2013 are not applicable to the Company.

(xvi) (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and 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 not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. 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.

(xx) Considering the financials of the company, the provisions of Corporate Social responsibility is not applicable hence reporting under clause (XX) of the Order is not applicable.

(xxi) There are no qualifications or adverse remarks by the auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the consolidated financial statements,

For D M K H & CO

Chartered Accountants

SD/-

CA Dinesh Gopal Mundada

Partner

Membership No.122962

Firm’s Registration No. 116886W

Place: Pipariya

Date: 16/05/2026

UDIN: 26122962PNSVME9997

Annexure B

To the Independent Auditors Report of even date on the financial statements of MANGLAM GLOBAL CORPORATIONS LIMITED.

Report on the Internal Financial Controls 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 Mangalam Global Corporations Limited ("the Company") as of March 31, 2026 in conjunction with our audit of the IND AS 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 criteria established by the Company considering the size of company and 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 ("the Guidance Note"). 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 141(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 requirement 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, inducting the assessment of the risk of material misstatement of the IND AS 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 audit opinion on the Companys Internal Financial Control system over financial reporting.

Meaning of Internal financial Controls over Financial Reporting:

A Company’s Internal Financial control over financial reporting is process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of IND AS 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 IND AS 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 of timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the IND AS 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 our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls were operating effectively as at March 31, 2026, based on the assessment of essential components of internal controls over financial reporting stated in the Guidance Note carried out by the Company and representation to that effect is made available to us by the Company.

For D M K H & CO

Chartered Accountants

SD/-

CA Dinesh Gopal Mundada

Partner

Membership No.122962

Firm’s Registration No. 116886W

Place: Pipariya

Date: 16/05/2026

UDIN: 26122962PNSVME9997