Paradeep Parivahan Ltd Auditor Reports

To the Members of

PARADEEP PARIVAHAN LIMITED

(Formerly known as PARADEEP PARIVAHAN PRIVATE LIMITED)

Opinion

We have audited the accompanying Standalone financial statements of PARADEEP
PARIVAHAN LIMITED (Formerly known as PARADEEP PARIVAHAN PRIVATE
LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss, Cash Flow Statement for the year ended and notes to the financial
statements, including a summary of significant 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 Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2021, as amended, ("AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March 2026, its profit
and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified under section 143
(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditors Responsibilities for the Audit of the 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 together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Act and the rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the 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 Matter

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the Standalone Financial Statement of the current period. These matters were
addressed in the context of our audit of the Standalone Financial Statement as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the matter described below to be the key audit matter to be communicated in our report.

No.l-Land & Building-held in stock in trade vide reference Notes to accounts no-15:

The Companys inventory includes land and building held as stock-in-trade amounting to Rs.
4,59,10,101 as at March 31, 2026. These properties are carried at the lower of cost and net
realizable value in accordance with the applicable accounting standards. The process of
classification it as stock in trade and determination of net realizable value involves significant
management judgment and estimates regarding prevailing market conditions, expected selling
prices, future development costs, and the status of legal titles and approvals. Considering the
materiality of the balances involved and the significant judgments used in valuation, this matter
was considered to be a Key Audit Matter and Such matter is also communicated with Those
Charged with Governance.

Auditors Response:

Our audit procedures in relation to the valuation and process of Classification of land and building
held as stock-in-trade included, among others:

- Obtained an understanding and evaluated the design and implementation of key internal
controls relating to acquisition, recording, valuation, and monitoring of inventory
properties and also obtained resolution passed in Extra-ordinary General Meeting dated on
12^th August, 2025 through Postal Ballot by the members for alteration of MOA regarding
change in object clause no. 5 i.e. to carry on the business of real estate including
development, purchase, sale etc;

- Verified, on a sample basis, title deeds, sale agreements, and other supporting documents
to assess ownership and existence of land and buildings;

- Assessed the appropriateness of managements valuation methodology for determining net

realizable value;

- Compared estimated selling prices with recent market transactions and available market
data;

- Evaluated the reasonableness of estimated costs to complete and sell the properties;

- Performed site visits, wherever considered necessary, to verify the physical existence and
stage of development of selected properties;

- Assessed the adequacy of disclosures made in the financial statements in respect of
inventories and related estimation uncertainties;

- Obtained Management Representation Letter on the assessment of these matters.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters: -

- As per Note B (16)- in respect of non-availability of confirmations in respect of trade
receivable, trade payables and loans & advances. In the absence of such confirmations any
provision to be made for the adverse variation in carrying amounts of these balances are
quantified as well as quantum of adjustment if any required to be made.

As Confirmation of significant part of trade receivable, trade payables and loans &
advances has been received and confirmation not received is not material therefore our
opinion is not modified in respect of this matter.

- As per Note-8, the company has presented in the financial statement that the amount
overdue to Micro and Small Enterprises is Nil. As explained to us Company has received
intimation from "suppliers" regarding status under the Micro, small and Medium
Enterprises Development Act 2006 and hence disclosures, if any, relating to amount
unpaid as at the year-end together with the interest paid/payable as required under the said
act have been furnished except from those confirmations not received.

Our opinion is not modified in respect of this matter

- Note-31 Gratuity Expenses and Provision We draw attention to Note 31 of the financial
statements, which describes the Companys policy regarding gratuity expenses and

provisions. The Company has obtained an actuarial valuation for its gratuity obligation as
per AS 15 (Revised). However, the gratuity liability has not been fully funded under any
external scheme such as a gratuity trust or insurance plan. The entire gratuity liability,
amounting to Rs148.77 lakh as at 31st March 2026, is recognized as a provision in the

balance sheet out of which Rs.25.00 Lakhs invested in LIC Group Gratuity Fund. The
management has represented that they are in the process of evaluating appropriate options
for funding the gratuity obligation in the future. Our opinion is not modified in respect of
this matter.

- Note-27 Related Party Disclosure

We draw attention to Note-27 of the financial statements, the company has acquired during
the current reporting period the Company has acquired the shares of following entities as
Wholly owned Subsidiaries:

M.R.T.C.(India) Private Limited, ASK Logistiek Solutio Private Limited, Pharmachem
Traders Private Limited, Nirkon Industries Private Limited.

The acquisition was made on dated 20th August 2025 solely through cash consideration of
Rs.1,250.97 Lakhs against net worth of Rs.1,061.22 resulting goodwill of Rs.189.75
Lakhs.

Our opinion is not modified in respect of this matter.

Information other than the financial statements and auditors report thereon

The Companys board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Boards Report including Annexure
to Boards Report, Business Responsibility Report but does not include the financial statements
and our auditors report thereon.

Our opinion on the 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 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.

Responsibility of Management & those charged with Governance of Financial Statements: -

The Companys board of directors are responsible for the matters stated in section 134 (5) of the

Act with respect to the preparation of these financial statements that give a true and fair view of
the financial position, financial performance 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 statement that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the 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 are also responsible for overseeing the Companys financial reporting

process.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are tree 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 financial statements.

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

- Identify and assess the risks of material misstatement of the 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.

- Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, 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 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.

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

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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), as amended,

issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give "Annexure-A" a statement on the matters specified in paragraphs 3 and
4 of the Order.

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 purpose 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) As per the information obtained from the management we report that there are no branches
of the company during the year, therefore audit of branches is not applicable.

d) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account and returns.

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

f) There are no such observations or comments made by us which have adverse impact on
the functioning of the company.

g) On the basis of 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.

h) 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 "Ann exure-B".

i) With respect to the other matters to be included in the Auditors Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Amendment Rules, 2018, in our opinion
and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial
position except those disclosed in Note No. 26 (b)

ii. The Company did not have any long-term contracts including derivative contracts 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. 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 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.

v. 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.

vi. 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) of Rule 11(e), as provided under (iv) and

(v) above, contain any material mis-statement.

vii. 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.

viii. Based on our examination, which included test checks, the company has used
accounting software for maintaining its books of accounts for the financial year ended
March-31, 2026. Which has a feature of recording audit trail (edit log) facility and the
same has been enabled throughout the year for all relevant transactions recorded in the
software.

As proviso to Rule 3(1) of the companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the companies (Audit and Auditors)
Rules, 2014 on preservation of Audit Trail as per the statutory requirements for record
retention is applicable for the financial year ended March 31, 2026.

For and on behalf of
RKP ASSOCIATES

Chartered Accountants
FRN:322473E

Place: Bhubaneswar
Date: 22-05-2026

CA. Sumanta Kumar Nayak(FCA)

Partner
M. No. 115108

ICAI UDIN: -26115108TWDJFN3>31

"Annexure A" to the Independent Auditors Report

[Referred to in paragraph 1 under Report on other legal & regulatory requirement in our

independent auditors report of even date to the members of the company on the standalone
financial statements for the year ended March 31^st, 2026]

(i) (a)

(A) In our Opinion, the Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment;

(B) During the current reporting period the Company has acquired the shares of following
entities as Wholly-owned Subsidiaries:

M.R.T.C. (India) Private Limited, ASK Logistiek Solutio Private Limited, Pharmachem
Traders Private Limited, Nirkon Industries Private Limited.

The acquisition was made on dated 20th August 2025 solely through cash consideration of
Rs.1250.96 Lakhs against net worth of Rs.1061.22 resulting goodwill of Rs.189.75 Lakhs.

(b) These Property, Plant and Equipment have been physically verified by the management
at reasonable intervals; No such any material discrepancies were noticed on such verification
and the same have been properly dealt with in the books of account.

(c) On our verification of books, we noticed that the title deeds of all the immovable
properties were disclosed in the financial statements these are held in the name of the
company except Warehouse which is constructed on lease Property in respect of duly
executed lease agreements in the companys favour. Immovable property is also held as
Stock in trade disclosed in Profit and loss account and Current Assets. There is no any
undisclosed property in the company.

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

(e) 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 there under.

(ii) (a) As explained to us, the management has conducted the physical verification of inventory
at reasonable intervals, in the opinion of the auditor, the coverage and procedure of such
verification by the management is appropriate; there are no any discrepancies of 10% or
more in the dealt with in the books of account.

(b) According to the information and explanations given to us and on the basis of our audit
procedures, the Company has been sanctioned working capital limits of Rs53 crore, in
aggregate, from banks, on the basis of security of inventories and trade receivable and other
Current Assets.

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.

(iii) According to the information and explanations given to us and based on the audit procedures
performed, the Company has, during the year, provided a loan of Rs100.00 lakhs to Gloport
Enterprise Technologies Private Limited, a party covered under the register maintained
under Section 189 of the Companies Act, 2013. Gloport Enterprise Technologies Private
Limited is an entity in which a Key Managerial Personnel (KMP) of the Company is
interested.

As at the balance sheet date, the outstanding balance of the loan, including accrued interest,
isRs447.88 lakhs.

The loan is repayable in equal instalments over a period of ten years, starting from the
financial year 2026-27, along with interest at the rate of 12% per annum. No repayments
were due during the current financial year, and there are no amounts overdue as on the
balance sheet date.

Based on our audit procedures and as per the information provided by the management, the
terms and conditions of the loan are not prejudicial to the interests of the Company.

(iv) In our opinion and according to the information and explanations given to us, the company
has complied with the provisions of section 185 and 186 of the Companies Act, 2013. In
respect of loans, investments, guarantees, and security.

(v) The Company has not accepted any deposits from the public and hence the directives issued
by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the Companies Act and the rules made thereunder.

(vi) As informed to us, the maintenance of Cost Records has not been specified by the Central
Government under sub-section (1) of Section 148 of the companies Act, and no such
accounts and records have been so made and maintained.

(vii) (a) According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company has been generally regular
in depositing undisputed statutory dues including Provident Fund, Employees State
Insurance, Income-Tax, Duty of Customs, Goods and Services Tax, Cess and any other
statutory dues with the appropriate authorities. According to the information and
explanations given to us, no any arrears of outstanding statutory dues as on the last day of
the financial year concerned for a period of more than six months from the date they became
payable.

(b) According to the information and explanation given to us, there are following statutory
dues referred to in sub-clause (a) have not been deposited on account of any dispute, then
the amounts involved and the forum where dispute is pending shall be mentioned.

a. Income Tax Demand

Financial Year	Tax (INR)	Interest (INR) As on 31/03/2026	Remarks
2012-13	78,40,250.00	1,55,64,849.00	Appeal pending with Commissioner (Appeal) Income Tax.
2013-14	61,26,978.00	70,72,572.00

(viii) According to the information and explanation given to us, there are 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).

(ix) (a) Based on our audit procedures and according to the information and explanations given
to us, we are of the opinion that the company has no defaults in repayment of loans or other
borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanation given to us, the company has not declared
wilful defaulter by any bank or financial institution or other lender.

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

(d) Based on the books of accounts produced to us, the company has not raised any funds
on short term basis have been utilised for long term purposes during the year.

(e) Based on the books of accounts produced 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) Based on the books of accounts produced 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.

(x) (a) According to the information and explanations given to us and based on the audit
procedures performed:

- The equity shares of the Company were listed on the SME Platform of BSE Limited with

effect from 24th March 2025, pursuant to an Initial Public Offering (IPO) of 45,78,000
equity shares of Rs10 each at a premium of Rs88 per share, aggregating to Rs4,486.64 lakhs.

- As at 31st March 2026, the IPO proceeds utilized during the year for the purposes stated in

the prospectus

- The Company has complied with the requirements of the Companies Act, 2013, and the

SEBI (ICDR) Regulations, 2018, to the extent applicable, in relation to the IPO and its
utilization.

(xi) (a) Based upon the audit procedures performed and the information and explanations given
by the management, we report that no fraud by the Company or any fraud on the company
has been noticed or reported during the year.

(b) As there is no any fraud found in the company, there is no any requirement to filed any
report under sub-section (12) by the auditors in Form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) The auditor has not received any whistle-blower complaints during the year by the
company.

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of paragraph
3 clause (xii) of the Order are not applicable to the Company.

(xiii) In our opinion, all transactions with the related parties are in compliance with section 177
and 188 of Companies Act, 2013 and the details have been disclosed in Note-27 the Financial
Statements as required by the applicable accounting standards AS 18.

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

(b) We have considered, the internal audit reports issued during the year and till the date of
the audit report covering period upto 31st March, 2026.

(xv) Based upon the audit procedures performed and the information and explanations given by
the management, the company has not entered into any non-cash transactions with directors
or persons connected with him and hence provisions of section 192 of the Companies Act,
2013 are not applicable.

(xvi) In our opinion and according to the information and explanation given to us, The Company
is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.

(xvii) Based upon the audit procedures performed and the information and explanations given by
the management, the company has not incurred cash losses in the financial year and in the
immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause
3(xviii) of the Order is not applicable.

(xix) In our opinion, there is no any material uncertainty exists as on the date of the audit report
that company is 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.

(xx) In our Opinion, as per section 135 of the Companies Act that corporate social responsibility
is applicable to the company. As per certificate received from Company secretary No
amount which remains unspent hence No amount has been transferred to a special account
in accordance with provisions of section 135 of the Companies Act, 2013.

For and on behalf of
RKP ASSOCIATES

Chartered Accountants
FRN:322473E

Place: Bhubaneswar

Date: 22-05-2026

CA. Sumanta Kumar Nayak

Partner
M. No. 115108

ICAI UDIN: -26115108TWDJFN3>31

"Annexure B" to the Independent Auditors Report of even date on the Standalone
Financial Statements of Paradeep Parivahan Limited (Formerly known as PARADEEP

PARIVAHAN PRIVATE LIMITED)

[Referred to in paragraph 2 (i) under Report on other legal and regulatory requirements in the

independent auditors report of even date, to the members of the company on the standalone
financial statements for the year ended 31^st March 2026]

(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 Paradeep Parivahan
Limited ("the Comp any") as of March 31, 2026 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 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. 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 judgement, 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 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 authorisations of management and directors of the company; and

3) Provide reasonable assurance regarding prevention or timely detection of unauthorised
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 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 over financial reporting 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.

For and on behalf of
RKP ASSOCIATES

Chartered Accountants
FRN:322473E

Place : Bhubaneswar
Date: 22-05-2026

CA. Sumanta Kumar Nayak
Partner
M. No. 115108
ICAI UDIN: -26115108TWDJFN3>31