Pradhin Ltd Auditor Reports

TO THE MEMBERS OF PRADHIN LIMITED

Report on the Audit of the Standalone Financial Statements

Disclaimer of Opinion

I have audited the accompanying standalone financial statements of PRADHIN 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 statement
of Cash Flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information.

I do not express an opinion on the accompanying financial statements of the entity. Because of
the significance of the matter described in the Basis for Disclaimer of Opinion section of my
report, I have not been able to obtain sufficient appropriate audit evidence to provide a basis for
an audit opinion on these financial statements.

Basis for Disclaimer of Opinion

I conducted my audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Companies Act, 2013, as amended. My responsibilities under
those standards are further described in the section titled "Auditors Responsibilities
for the Audit of the Standalone Financial Results" of this report. I am independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to my
audit of the standalone financial results under the provisions of the Companies Act, 2013
and the Rules thereunder. T have also fulfilled my other ethical responsibilities in
accordance with these requirements and the Code of Ethics. However, despite my
professional efforts, I was unable to obtain sufficient and appropriate audit
evidence, data, workings, and documentation necessary to provide a basis for
expressing an opinion on the standalone annual financial statements. Accordingly, I do
not express an opinion on these financial statements.

The company has unsecured loans amounting to 445.95 Lakhs.
Management has not charged interest on these loans, and relevant
agreements along with cross-confirmations are not available. In the

absence of valid agreements and necessary confirmations, the accuracy of

the balances and their interest-free status could not be verified, potentially
impacting the fair presentation of liabilities and interest expenses.

• Balance of GST Credit Payable €5.76 Lakhs pending for GST reconciliation.
Reconciliation; with the GST Online Portal has not . been carried out,
affecting the accuracy of GST Input Credit and the liability towards the
government.

• The company has trade payables amounting to f 1123.31 Lakhs; however,
the bifurcation of Micro, Small, and Medium Enterprises (MSME) creditors
has not been provided. Non-disclosure of MSME classification contravenes
the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006,
impacting regulatory compliance and financial transparency.

• Advances to suppliers of ?938.76 Lakhs remain unconfirmed. Absence of
confirmations from these suppliers affects the reliability of liabilities
disclosed in the financial statements.

• A loan/advances amounting to €2483.43 Lakhs remains unconfirmed to
certain parties. The absence of loan confirmations impacts the reliability of
Advances/Receivables and financial disclosures.

• I am not in receipt of sales invoices, E-invoices, E-Way bills, Delivery
Challans, or Transportation details. In the absence of these critical
documents, I am unable to verify the genuineness of the transactions.

• With respect to purchases, the company has not provided Goods Inward
Reports. Further, the company does not own or lease any godown facilities,
raising concerns over the storage of inventory. Management claims that the
goods are traded directly from suppliers to customers without being held in
the companys¹ possession; however, in the absence of evidence, I am
unable to verifythis assertion.

• Details of Related Party transactions mentioned in the financial statements

are not in tune with previous year and no information has been entered or
provided for financial year 2024-25. >

I conducted my audit of standalone financial statements in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. My
responsibilities under those¹ "Standards are ^: further^: described in the Auditors
Responsibilities for the Audit of the Standalone Financial Statements section of my report.
I am independent of the Company in accordance with the Code of Ethics issued by the

1

Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to my audit of the financial statements under the provisions of the Companies
Act, 2013 and the Rules thereunder, and I have fulfilled my other ethical responsibilities in
accordance with these requirements and the Code of Ethics. I believe that the audit evidence I have obtained is not sufficient and appropriate to provide a basis for my
opinion.

Key Audit Matters

Key audit matters are those matters that, in my professional judgment, were of most
significance in my audit of the standalone financial statements of the current period.
These matters were addressed in the context of my audit ofthestandalone financial
statements as a whole, and in forming my opinion thereon, and I do not provide a
separate opinion on these matters. I have determined depending upon the facts and
circumstances of the entity and the audit, that there are no key audit matters to
communicate in the Auditors Report except stated. above under Basis for Disclaimer of
Opinion.

Information Other than the Standalone 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 Directors Report including
Annexures to the Directors Report, but does not include the standalone financial
statements and my auditors report thereon.

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

In connection with my audit of the standalone financial statements, my responsibility is to
read the other informationand, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements or my knowledge
obtained during the course of my audit or otherwise appears to be materially misstated. If,
based on the work I have performed, I conclude that there is a material misstatement of
this other information, I am required to report that fact. I have nothing to report in this
regard.

Emphasis on matter

I do not have any other matter to report here except mentioned under Basis for Disclaimer
of opinion.

Managements responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these
standalone financial statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, changes in equity and cash flows of
the Company in accordance with Ind AS and other 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;^r relevant to the preparation and presentation of the financial
statement that give a true and fair view andare free from material misstatement, whether
due to fraud or error:

In preparing the standalone¹-financial statements,¹ 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.

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

Auditors Responsibilities for the Audit of the Financial Statements

My objective is to obtain reasonable assurance- about whether the standalone annual
financial results as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditors report that includes my opinion. Reasonable assurance
is a high level of .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 annual financial results.

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

- Identify and assess the risks of material misstatement of the standalone annual
financial results, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for my opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

- 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 Act, I am also responsible for expressing my opinion through a separate report on
the complete set. of financial statements on whether the company has adequate
internal financial controls with reference to financial statements 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 in the standalone annual financial
results made by the Management and Board of Directors.

- Conclude on^: the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. If I conclude that a
material uncertainty exists, I am required to draw attention in my auditors report to the
related disclosures in the standalone annual financial results or, if such disclosures are
inadequate, to modify my opinion. My conclusions are based on the audit evidence
obtained up to the date of my auditors report-. However, future events or conditions
may cause the Company to cease to continue as a going concern.

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

- Obtain sufficient appropriate audit evidence regarding the Statement to express an
opinion on the Statement.¹ Materiality is the magnitude of misstatements in the
Statement that, individually or in aggregate, make it probable that the economic
decisions of a reasonably knowledgeable user of the Statement may be influenced. I
consider quantitative materiality and qualitative factors in

15/7, Tulsi Shyam Flat, Bhlmjlpura, New VadaJ Road, Ahmedabad 380013
+91 94265 77495 sparthandco@yahoo.com

i) planning the scope of my audit work and in evaluating the results of my work;
and

ii) to evaluate the effect of any identified misstatements in the Statement

I communicate with those charged with governance regarding, among other matters, the
planned scope and ; timing of the audit and significant audit findings, including any
significant deficiencies in internal control that I identify during my audit.

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

I also performed procedures in accordance with the Circular No. CIR/CFD/CMD
1/44/2019 dated 29th_;March, 2019 issued by the SEBI. I under Regulation 33(8) of the
Listing Regulations to the extent applicable.

Report on Other Legal and Regulatory Requirements

As required by the;Companies i(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, I give in "Annexure A" a statement on^; the matters specified in paragraphs 3
and 4 of the Order, to The extent applicable.

As required by Section 143(3j_ of,the Act, I report that; _j(._:,: j_v ,

a) As described in the Basis for Disclaimer of Opinion and Key Audit Matters
paragraph, ! sought but was unable to obtain all the information and
explanations which to the best of my knowledge and belief were necessary for
the purposes of my audit.

b) In my opinion, proper books of account as required by law have not been kept
by the Company so far as details and records provided to me.

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

d) In my opinion, the aforesaid standalone financial statements subject to the matters

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, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 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 my separate
report in "Annexure B". My report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Companys Internal Financial Controls over
financial reporting.

g) 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 my
opinion and to the best of my information and according to the explanations given to me.

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

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

iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.

no funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person
or entity, including foreign entity ("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,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity

("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

vi. Based on such audit procedures that I considered reasonable and appropriate
in the circumstances, nothing has come to my notice that has caused me to
believe that the representations under sub-clause (i) and (ii) contain material
misstatement.

vii. The company has not declared any dividend during the year.

viii. Company has not 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 not been operated throughout the year for all
transactions recorded in the software. Since the accounting software with
audit trail has not been -used,the question of it being tampered with and
preserved by the company does not arise.

"ANNEXURE A" REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF
PRADHIN LIMITED FOR THE YEAR ENDED 31ST MARCH, 2025

i. The Company has not maintained proper records showing full particulars
including quantitative details and situation of Property, Plant and Equipment
and intangible assets. The management has not certified the physical
verification of Property, Plant and Equipment at reasonable intervals. The

Company does not own any immovable property. The Company has not revalued its
Property, Plant and Equipment and Intangible assets during the year. To the best of
my knowledge, no proceedings have been initiated or are pending against the
Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made thereunder.

ii. As informed to me by the management, the inventory has not been physically
verified during the year, by the management. In my opinion, the frequency of
verification is not reasonable. The procedures of physical verification of
inventory followed by the management are not reasonable and adequate in
relation to the size of the Company and the nature of its business. I have
requested the management to allow me to conduct physical verification of
inventory, however I have not received any reisponses on the same. As per the
information provided to me, the Company has not been sanctioned any working
capital limits in excess of Rs. 5 crores by any banks or financial institutions
during any point of time of the year.

iii. The Company has not made any investments in, provided any guarantee or security to
companies, firms,: Limited_; Liability Partnerships or. other parties during the year But
the company has granted unsecured loans to companies, firms and other
parties.

(a) Company has not granted any loans or advances and guarantees or security to

subsidiaries, joint ventures and associates; .

(b) The investments made, guarantees provided; insecurity given and the terms and
conditions of the grant of all loans and advances in the nature of loans and
guarantees provided are not prejudicial to the companys interest;

(c) in respect of loans and advances in the nature of loans, the schedule of
repayment of principal and payment of Interest are not provided to me by
management so I can not verify that principal and payment of interest has
stipulated-ornot-and I am unable to verify that the repayments or receipts
are regular or not regular;

(f) As loan agreements have not been provided to me, I am unable to verify that
whether the company has granted any loans or advances in the nature of
loans either repayable on demand or without specifying any terms or period
of repayment;

Aggregate i: amount granted/ provided during the year	Nil	Nil	2483.43	Nil
-Subsidiaries	Nil 1	Nil 1	Nil 1	Nil
-Joint Ventures sd	Nil 1	Nil	Nil	Nil
-Associates	Nil	Nil	Nil	Nil
-Others	Nil	Nil	2483.43	Nil
Balance for outstanding as at balance - sheet date in respect of above cases	-	-	-	-
-Subsidiaries	Nil 1	Nil 1	Nil	Nil
- Joint Ventures	Nil	Nil	Nil	Nil
-Associates	Nil	Nil	Nil	Nil
- Others	Nil	Nil	2483.43	Nil

I,,,

iv. In respect of loans, investments, guarantees and security, the provisions of section
185 and 186 of the Companies Act, 2013 have been complied with.

v. The Company has not accepted any deposits within the meaning of section 73 to 76
or any other relevant provisions of the Companies Act, 2013.

vi. The maintenance of cost records has not been specified by the Central Government
under sub section (1) of section 148 of the Companies Act, 2013.

vii.

(a) To the best of my knowledge and according to the information and explanations
given to me, the" Company has been regular in depositing the undisputed statutory
dues consisting of Goods and service tax, Provident fund, Employees state
insurance, income tax, sales tax, service tax, customs duty, excise duty, value
added tax, cess and other statutory dues with the appropriate authorities.

(b) According to the information and explanation provided to me, no undisputed
statutory dues referred to in sub - clause (a) are payable to authorities on account
of any dispute except mentioned hereunder:

Name of the statute	Nature of dues	Amount (Rs. In Lacs).;	Period to which amount relates	Forum where dispute is pending	Remarks if any
Income Tax Act,1961	Addition to income & Disallowance of : 1 expenditure	5.38	AY 2018- 19	Commissioner of Income Tax	Provision of income tax not made in the books of accounts

The company did not produce the current status of the above mentioned cases.

viii. According to the information and explanations given by the management, no

transactions not recorded in the books of account have been surrendered or disclosed

as income during,the¹ year in the tax assessments under the Income Tax Act, 1961.

IX.

(a) The Company has not defaulted in repayment^ loans or borrowings or in interest

to any lender.

(b) The Company has not been declared willful defaulter by .any bank or financial
institution or other lender;

(c) The Company has not taken any term loans during the year.

(d) In my opinion, funds raised on short term basis have not been utilised for long term
purposes.

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

x. In my opinion, the money raised by way of initial pubic offer or further public offer
(including debt instruments) and term loans were applied for the purpose for which
those were raised. The Company has made-preferential allotment or private
placement of shares during the year. In my opinion, the requirements of section 42
and 62 of the Companies Act, 2013 have been complied with and the funds raised
have been used for the purposes for which the funds were raised.

xi. To the best of my knowledge and according to the information and explanations given
to me:

(a) no fraud by the Company or any 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 by. the auditors in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government;

(c) No whistle-blower complaints had been received by the Company during the year.

xii. The Company is not a Nidhi Company as defined ;in section 406 of the Companies

Act, 2013.

xiii. In my opinion, all transactions with the related parties are in compliance with sections
177 and 188 of the Companies Act, 2013 and the details have been disclosed in the
Financial Statements etc. as required by the applicable accounting standards.

(a) According to the information and explanations given by the management,

the Company does not have an internal auditsystem commensurate with the
size and nature of its business. ,..

(b) No reports of Internal Auditors for the period under audit were available for
my consideration.

xv. In case of non-cash transactions with directors or persons connected with him, if any,
the provisions of section 192 of the Companies Act, 2013 have been complied with.

(a) The Company is not required to be registered under section 45-IA of the Reserve

(b) The Company, has not conducted any Non-Banking Financial or Housing Finance
activities without a valid Certificate of Registration (CoR) from the Reserve Bank of
India as per the Reserve Bank of India Act, 1934,

(c) The Company is not a Core Investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India.

(d) The Group does not have not more than one CIC as part of the Group.

xvii. The company has not incurred a cash loss during the financial year. In the
immediately preceding financial year, the Company has incurred a cash loss of
Rs. 4945.62 lacs.

xviii. There has been a resignation of statutory auditors during the year. The auditor has taken into consideration the issues, objections or concerns raised by the outgoing
auditor.

xix. On the information, obtained from the management and , audit procedures
performed and on the basis of the financial ratios, ageing and expected dates of
realization of financial assets and payment -i of financial liabilities, other
information accompanying the financial statements, the auditors knowledge of
the Board of Directors and management plans, I am of the opinion that a
material uncertainty exists as on the date of audit report that the Company is
capable of meeting its liabilities existing at the balance sheet date as and when
they fall due within a period of one year from the balance sheet date.

xx. The provision of Section 135 are not applicable on the company.

xxi. The company is not required to prepare Consolidated financial statements and hence
this clause is not applicable

"ANNEXURE B" REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF
PRADHIN LIMITED FOR THE YEAR ENDED 31ST MARCH, 2025

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

I have audited the internal financial controls over financial reporting of PRADHIN
LIMITED ("the Company") as of 31st March, 2025 in conjunction with my 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 Perspiring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under the
Companies Act, 2013:

Auditors Responsibility

My responsibility is to express an opinion on the Companys internal financial controls
over financial reporting based on my audit. I conducted my audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the
"Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that I comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls over financial reporting was established and maintained and if
such controls operated effectively in ail material respects.

the internal financial: controls system over financial reporting and their operating
effectiveness. My audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design

and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.

I believe that the audit evidence I have obtained is not sufficient and appropriate to
provide a basis for my audit opinion on the Companys, internal financial controls system
over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal¹ 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 procedures¹ tHat (1) pertain to the maintenance of
records that, in reasonable detail, accurately andfairly reflect the transactions and
dispositions of the assets ofthe 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^jare 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.

Disclaimer of Opinion

Because of the significance of the matters described in the "Basis for Disclaimer
of Opinion" paragraph of this report, I do not express an opinion on e
accompanying standalone annual financial results. Specifically:

a. I do not express an opinion as to whether the aforesaid standalone financial
results are presented in accordance with the requirements of Regulation 33
and Regulation 52(4) read with Regulation 63 of the Listing Regulations: and

b. I do not express an .opinion as to whether the financial results give a true and
fair view, in conformity with the recognition and measurement principles laid
down in ^:the applicable Indian Accounting¹ Standards (Ind AS) and other
accounting principles generally accepted in India, of the net profit/loss, other
comprehensive income, and other financial information of the Company for
the year ended .31st March, 2025.

Basis for Disclaimer Opinion

I conducted my audit jn. accordance with the Standards on Auditing specified under
Section 143(10) of the Companies Act, 2013, as amended. My responsibilities under
those standards are further described in the section titled "Auditors Responsibilities for
the Audit of the Standalone Financial Results" of This, report. I am independent of the
Company in accordance-with, the Code of Ethics ..issued by the institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to my
audit of the standalone financial results under the provisions of the Companies Act, 2013
and the Rules thereunder. I have also fulfilled my other ethical responsibilities in
accordance with these requirements and the Code of Ethics. However, despite my
professional efforts, I was unable to obtain sufficient and appropriate audit evidence,
data, workings, and documentation necessary to provide a basis for expressing an
opinion on the standalone annual financial statements. Accordingly, I do not express an
opinion on these financial statements.

• The company has unsecured loans amounting to Rs.1445.95 Lakhs
Management has not charged interest on these loans, and relevant
agreements along with cross-confirmations are not available. In the absence
of valid agreements and necessary confirmations, the accuracy of the

balances and their interest-free status could not be verified, potentially
i noting the fair presentation of liabilities and interest expenses.

• Balance of GST Credit Payable Rs. 5.76 Lakhs pending for GST reconciliation.
Reconciliation with the GST Online Portal has not been carried out, affecting
the accuracy of GST Input Credit and the liability towards the government.

• The company has trade payables amounting to Rs. 1123.31 Lakhs; however,
the bifurcation of Micro, Small, and Medium Enterprises (MSME) creditors
has not been provided. Non-disclosure of MSME classification contravenes
the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006,
impacting regulatory compliance and financial transparency.

• Advances to suppliers of Rs. 938.76 Lakhs remain unconfirmed. Absence of
confirmations: from these suppliers affects the reliability of liabilities
disclosed in the financial statements.

• A loan/advances amounting to Rs. 2483.43 Lakhs remains unconfirmed to
certain parties. The absence of loan confirmations impacts the reliability of

Advances/Receivables and financial disclosures.

• I am not in receipt of sales invoices, E-invoices, E-Way bills, Delivery
Challenges, or Transportation details. In the absence of these critical
documents, I am unable to verify the genuineness of the transactions.

• With respect to purchases, the company has not provided Goods Inward

Reports. Further, the company does not own or lease any go down facilities,
raising concerns over the storage of inventory: Management claims that the
goods are traded directly from suppliers to customers without being held in
the companys possession; however, in the absence of evidence, I am
unable to verify this assertion.

• Details of Related Party transactions mentioned in the financial statements
are not in tune with previous year and no information has been entered or
provided for financial year 2024-25:

A ‘material weakness is deficiency, or a combination of deficiencies, in internal financial
control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the companys, annual financial! statement will, not be prevented or
detected on timely basis,

In my opinion, except for the effects/possible effects of the material weaknesses
described above on the achievement of the objective of the control criteria, the Company
has not maintained, in all material respects, an adequate internal financial controls over
financial reporting and such internal financial controls over financial reporting were not
operating effectively as at 31st March, 2025, based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.

I have considered the material weaknesses identified and reported in determining the
nature, timing, and extend of the audit tests applied in my audit of year ended March 31,
2025 financial statements of the Company, and these material weaknesses does affect
my opinion on the financial statements of the Company.

For, S Parth & Co

Chartered Accountants

Firm Registration Number: 154463W

 

CA Parth Shah

Proprietor

Membership Number:

UDIN: 25198530BMOFZG6297

 

Date: 23/05/2025

Place: Ahmedabad