Paos Industries Ltd Auditor Reports

We have audited the accompanying standalone financial statements of PAOS Industries Limited ("the Company") which
comprise the Balance Sheet as at 31^st March 2025, the statement of Profit and Loss (including Other Comprehensive
Income), the statement of changes in Equity and the Statement of Cash Flows Statement for the year ended on that
date and a summary of significant accounting policies and other explanatory information, (hereinafter referred to as
"the standalone financial statements").

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 March 31, 2025, its loss
and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act. 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 ethical requirements that are relevant to our audit of the standalone financial statements
under the provisions of the Act and the Rules made there-under, 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 obtained by us
is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. We have determined the following key audit matter to
communicate in our report.

1. Acquisition of Business Transfer Agreement (BTA):

The company has entered into Business transfer agreement dated 16^th July, 2024 to acquire the running business of M/s
National Soap Mills (a partnership firm in which the directors of the company are partners) for a consideration
discharged through the issue of 8% Non-Convertible Debentures, redeemable after 10 years from the date of issue.

Audit Procedure: Our audit procedures included, but were not limited to, verifying the accounting treatment of this
transaction in accordance with the provisions of Ind AS 103 (Business Combinations) and Ind AS 109 (Financial
Instruments).

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards
Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the
standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does 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 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.

Managements Responsibilities for the Standalone Financial Statements

The accompanying standalone financial statements have been approved by Companys Board of Directors. 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 financial position, financial
performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance
with the Ind AS and other accounting principles generally accepted in India.

This responsibility also includes:

• maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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;

• the 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.

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

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

Auditors Responsibility for the Audit of 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 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.

As part of an audit in accordance with Standards on Auditing specified under section 143(10) of the Act, we exercise
professional judgement 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 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 controls.

• 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 disclosures made by management.

• 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 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 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.

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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control 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 relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

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 of the Companies Act, 2013, we give in the "Annexure A" a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required under the provisions of 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) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.

c) The standalone financial statements dealt with by this report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards
prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended.

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

f) 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 an
unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.

g) With respect to other matters to be included in the Auditors Report under section 197(16) of the Act, We report
that the company has not paid any remuneration to its directors during the year.

h) 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, as amended, in our opinion and to the best of our information and
according to the explanations given to us:

a) The Company does not have any pending litigations as on March 31, 2025;

b) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;

c) There is no such amount, which is required to be transferred to the Investor Education and Protection Fund by the
Company.

d) (i) 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 advanced or loaned or invested (either from borrowed funds or share
premium or any other sources) 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;

(ii) 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

(iii) Based on audit procedures which we 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 (i) and (ii) contain any
material mis-statement.

e) The company has not declared or paid any dividend during the year in contravention of the provisions of section
123 of the Companies Act, 2013.

f) The company has used such accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded
in the software and the audit trail feature has not been tampered with and the audit trail has been preserved by the
company as per the statutory requirements for record retention.

ANNEXURE - "A" TO THE INDEPENDENT AUDITORS REPORT ON STANDALONE FINANCIAL STATEMENTS

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of the
members of PAOD Industries Limited of even date)

To the best of our information and according to the explanation given to us by the company and the books of account
and records examined by us in the normal course of audit, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation
of its property, plant and equipment, capital work-in-progress and relevant details of right-of-use assets.

(b) The Company does not hold any intangible assets as at the balance sheet date. Accordingly, the reporting under this
clause is not applicable.

(c) As explained to us, all property, plant and equipment have been physically verified by the management once in a
year. In our opinion, the frequency of verification is reasonable considering the size of the Company and the nature of
its assets. No material discrepancies were noticed on such verification.

(d) According to the information and explanations given to us and based on our examination of the relevant records, the
immovable property used by the Company is held under lease, and the lease deed is duly executed in the name of the
Company.

(e) The Company has not revalued its property, plant and equipment (including right-of-use assets) during the year.

(f) Based on the information and explanations given to us and on the basis of our examination of the records, no
proceedings have been initiated or are pending against the Company under the Prohibition of Benami Property
Transactions Act, 1988 (as amended), and the rules made thereunder.

(ii) (a) As explained to us, the inventories were physically verified by the management at reasonable intervals during the
year. In our opinion, the coverage and procedure of such verification by the management is appropriate. No material
discrepancies (i.e., 10% or more in the aggregate for each class of inventory) were noticed during such verification.

(b) According to the information and explanations given to us and based on our examination of the records, the
Company has been sanctioned working capital limits in excess of ^5 crores in aggregate from banks or financial
institutions on the basis of security of current assets. In our opinion, the quarterly returns or statements filed by the
Company with such banks or financial institutions are in agreement with the books of account of the Company, except
for the following discrepancies.

Quarter	Name of the Bank	Particulars	Amount as per Books of Accounts	Amount reported in the Quarterly Return/ Statement	Amount of difference (In Rs Lacs) *	Whether return or statement subsequently verified?
2ND	YES BANK LTD.	Inventory	1,089.45	1,063.79	25.66	YES
2ND	YES BANK LTD.	Debtors	73.83	74.01	(0.18)	YES
2ND	YES BANK LTD.	Creditors	557.26	540.91	16.35	YES
3RD	YES BANK LTD.	Inventory	2,335.44	2,332.06	3.38	YES
3RD	YES BANK LTD.	Debtors	24.76	24.58	0.18	YES
3RD	YES BANK LTD.	Creditors	677.13	1,262.33	(585.20)	YES
4TH	YES BANK LTD.	Inventory	2,799.45	2,796.83	2.62	YES
4TH	YES BANK LTD.	Debtors	6.11	6.19	(0.08)	YES
4TH	YES BANK LTD.	Creditors	247.92	231.11	16.81	YES

(iii) During the year, the company has not made any 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. Therefore, the provisions of clause 3(iii) of the said Order are not applicable to the company.

(iv) The company has not made any loans, investments, guarantees and security on which provisions of section 185 and
186 of the Companies Act 2013 are applicable. Therefore, the provisions of clause 3(iv) of the said Order are not
applicable to the company.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any
deposits from public. Therefore, the provisions of Clause (v) of paragraph 3 of the order are not applicable to the
Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records
and Audit) Rules, 2014 prescribed by the Central Government under sub-section (1) of Section 148 of the Companies
Act, 2013, and are of the opinion that prima facie, the prescribed cost records have been maintained.

(vii) a) According to the records of the Company and the information and explanations given to us, the Company has
generally been 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 other material statutory dues with the appropriate authorities. According to the information and explanations given
to us, no undisputed amounts payable in respect of the above statutory dues were outstanding as at 31st March 2025
for a period of more than six months from the date they became payable.

b) According to the information and explanations provided to us, there are no dues of 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 or other statutory dues which have not been deposited on account of any dispute.

viii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there were no transactions relating to previously unrecorded income that have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

(ix) (a) In our opinion, and according to the information and explanations provided to us, the Company has not
defaulted in the repayment of loans or borrowings to any financial institution, bank, government, or in the payment of
dues to debenture holders during the year.

(b) According to the information and explanations provided to us, and based on our examination of the records of the
Company, the Company has not been declared a wilful defaulter by any bank, financial institution, government, or any
government authority.

(c) To the best of our knowledge and belief, and according to the information and explanations provided to us, in our
opinion, the term loans availed by the Company during the year have been applied for the purposes for which they
were obtained.

(d) Based on an overall examination of the financial statements, and in our opinion, the Company has not utilised funds
raised on a short-term basis for long-term purposes during the year.

(e) According to the information and explanations provided to us, and based on our 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, joint ventures, or associate companies.

(f) In our opinion and according to the information and explanations provided to us, the Company has not raised any
loans during the year on the pledge of securities held in its subsidiaries, joint ventures, or associate companies.

(x) (a) During the year, the Company has issued non-convertible debentures (NCDs) as non-cash consideration in
connection with a slump sale transaction. As this does not involve raising funds in the nature of a public offer or
borrowing for general application, the provisions of Clause 3(x)(a) of the Order are not applicable.

(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures
(fully, partly, or optionally convertible) during the year. Accordingly, the provisions of Clause 3(x)(b) of the Order are not
applicable.

(xi) (a) To the best of our knowledge and according to the information and explanations provided to us, no fraud by the
Company or any fraud on the Company by its officers or employees has been noticed or reported during the year.

(b) During the year, no report under sub-section (12) of Section 143 of the Companies Act, 2013 has been filed by the
auditors in Form ADT-4, as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014, with the
Central Government.

(c) As represented to us by the management, no whistle-blower complaints were received by the Company during the
year.

(xii) The Company is not a Nidhi Company as defined under the Companies Act, 2013. Accordingly, the provisions of
Clause 3(xii) of the Order are not applicable.

(xiii) In our opinion, and according to the information and explanations provided to us, all transactions with related
parties are in compliance with the provisions of Sections 177 and 188 of the Companies Act, 2013, wherever applicable.
The details of such related party transactions have been disclosed in the financial statements as required by the
applicable accounting standards and the Companies Act, 2013.

(xiv) (a) In our opinion, the Company has an adequate internal audit system that is commensurate with the size and
nature of its business operations. The system is designed to provide reasonable assurance regarding the effectiveness of
internal controls and risk management.

(b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under audit.

(xv) According to the information and explanations given to us, the Company has not entered into any non-cash
transactions with its directors or persons connected with them during the year. Accordingly, the provisions of Section
192 of the Companies Act, 2013 are not applicable.

(xvi) (a) According to the information and explanations provided to us, the Company is not required to be registered
under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi)(a) of the Order
are not applicable.

(b) The Company is not engaged in any business activities that would require it to obtain registration as a Non-Banking
Financial Company (NBFC) under Section 45-IA of the Reserve Bank of India Act, 1934. Hence, the reporting under
Clause 3(xvi)(b) is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined by the Reserve Bank of India. Accordingly, the
requirements of Clause 3(xvi)(c) of the Order are not applicable.

(d) Based on the information and explanations provided during the course of the audit, the Group does not include any
Core Investment Company (CIC) as part of its structure. Therefore, the provisions of Clause 3(xvi)(d) of the Order are not
applicable.

(xvii) According to the information and explanations provided to us and based on our examination of the financial
statements, the Company has not incurred cash losses in the current financial year but has incurred cash losses
amounting to Rs 29.60 lacs in the immediately preceding financial year.

(xviii) According to the information and explanations provided to us, there has been no resignation of the statutory
auditors during the year. Accordingly, the provisions of Clause 3(xviii) of the Order are not applicable to the Company.

(xix) According to the information and explanations provided to us, and based on our examination of the financial ratios,
ageing analysis, expected realisation of financial assets and payment schedules of financial liabilities, as well as other
information accompanying the financial statements, and our understanding of the Board of Directors and
managements plans, nothing has come to our attention that causes us to believe that any material uncertainty exists as
at the date of the audit report indicating that the Company is not capable of meeting its liabilities as and when they fall
due within a period of one year from the balance sheet date. It is, however, important to note that this assessment
does not constitute an assurance regarding the Companys future viability. Our reporting is strictly based on the
information made available and evaluated up to the date of this audit report, and we do not provide any guarantee or
assurance that all liabilities due within the next twelve months will be discharged as and when they become payable.

(xx) In our opinion, and according to the information and explanations provided to us, the provisions of Section 135 of
the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the Company for the year, as it
does not meet the prescribed thresholds, including net profit criteria.

Accordingly, reporting under Clauses 3(xx)(a) and 3(xx)(b) of the Order is not applicable.

FOR RAKSHIT KHOSLA& ASSOCIATES
CHARTERED ACCOUNTANTS

(POOJA SHARMA)

PARTNER

M. NO: 562557

FRN:017151N

PLACE: LUDHIANA

DATE: 29-05-2025

UDIN: 25562557BMKOHG6671

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT ON STANDALONE FINANCIAL STATEMENTS

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

We have audited the internal financial control over the financial reporting of "PAOS Industries Limited" (the company)
as of 31^st March, 2025 in conjunction with our audit of the standalone financial statements of the company for the year
ended on that date:

Managements Responsibility for Internal Financial Controls:

The Companys Board of Directors 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,

• 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") issued by the ICAI and the Standards on Auditing prescribed under Section
143(10) of the Act, to the extent applicable to an audit of internal financial controls.

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 were
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
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting
included:

• obtaining an understanding of internal financial controls,

• assessing the risk that a material weakness exists, and

• testing and evaluating the design and operating effectiveness of internal controls 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 audit
opinion.

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. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over 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 controls 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, to the best of our information and according to the explanations given to us, 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, 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 ICAI.

FOR RAKSHIT KHOSLA& ASSOCIATES

CHARTERED ACCOUNTANTS

 

(POOJA SHARMA)

PARTNER

M. NO: 562557

FRN:017151N

 

PLACE: LUDHIANA

DATE: 23-05-2025

UDIN: 25562557BMKOHG6671