Rajkot Investment Trust Ltd Auditor Reports

(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 appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss Account, Cash Flow Statement and Statement of changes in Equity dealt with this report are in agreement with the books of Accounts;

(d) In our opinion, the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with relevant rules thereunder as amended;

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

(f) With respect to the adequacy of the internal financial control over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”;

(g) According to information and explanations given to us and based on our examination of the records of the Company, the Company had not paid/provided managerial remuneration hence requisite approvals mandated by the provisions of Sec 197 of the Act is not applicable;

(h) Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

(i) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rules, 2014:

2. The company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

3. There is an instance of delay in the case of the Company that unclaimed dividend required to be transferred to IEPF of rs.6750/- is pending.

4.

(a) The management has represented that, to the best of its knowledge and belief, 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 persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures as 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 (iv)(a) and (iv)(b) contain any material mis-statement.

5. The company has not paid/declared any dividend during the years and hence compliance of section 123 of the Act is not applicable on such audit procedures as 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 (iv)(a) and (iv)(b) contain any material mis-statement.

FOR C.P. Jaria & Co Chartered Accountants

(P.K. Jain) M.No.112020 F.No.104058W PLACE : Surat DATE : 26/05/2025 UDIN: 25112020BMGYAO2741

ANNEXURE “A” TO THE AUDITORS REPORT

On the basis of such checks as we considered appropriate and accordingly to the information and explanations given to us during the course of our audit, we report that:

S. No. Particulars Auditors Remark

(i) (a) (A) whether the company is maintaining proper records showing full particulars, Yes

including quantitative details and situation of Property, Plant and Equipment;

(B) whether the company is maintaining proper records showing full particulars of Not Applicable

intangible assets;

(b) whether these Property, Plant and Equipment have been physically verified Yes

by the management at reasonable intervals; whether any material discrepancies were

noticed on such verification and if so, whether the same have been properly dealt with

in the books of account;

(c) whether the title deeds of all the immovable properties (other than properties Not Applicable

where the company is the lessee and the lease agreements are duly executed in favour

of the lessee) disclosed in the financial statements are held in the name of the

company, if not, provide the details thereof in the format below:-

Description Gross carrying Held in Whether promoter, Period held Reason for not

of property value name of director or their relative indicate range, being held in

or employee where name of

appropriate company*

- -- - - - *also indicateif

in dispute

(d) whether the company has revalued its Property, Plant and Equipment (including Not Applicable

Right of Use assets) or intangible assets or both during the year and, if so, whether the

revaluation is based on the valuation by a Registered Valuer; specify the amount of

change, if change is 10% or more in the aggregate of the net carrying value of each

class of Property, Plant and Equipment or intangible assets

(e) whether any proceedings have been initiated or are pending against the company Not Applicable

for holding any benami property under the Benami Transactions (Prohibition) Act,

1988 (45 of 1988) and rules made thereunder, if so, whether the company has

appropriately disclosed the details in its financial statements

(ii) (a) whether physical verification of inventory has been conducted at reasonable Yes

intervals by the management and whether, in the opinion of the auditor, the coverage

and procedure of such verification by the management is appropriate; whether any

discrepancies of 10% or more in the aggregate for each class of inventory were noticed

and if so, whether they have been properly dealt with in the books of account;

(b) whether during any point of time of the year, the company has been Not Applicable

sanctioned working capital limits in excess of five crore rupees, in aggregate, from

banks or financial institutions on the basis of security of current assets; whether 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, if not, give

details;

(iii) whether during the year the company has made investments in, provided any The company id NBFC

guarantee or security or granted any loans or advances in the nature of loans, secured registered u/s 45 IA of

or unsecured, to companies, firms, Limited Liability Partnerships or any other parties, RBI Atc,1934 and hold if so, - valid certificate of registration (a) whether during the year the company has provided loans or provided accordingly these advances in the nature of loans, or stood guarantee, or provided security to any other provisions are not entity [not applicable to companies whose principal business is to give loans], if so, applicable indicate-

(A) the aggregate amount during the year, and balance outstanding at the balance Not Applicable sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates; (B) the aggregate amount during the year, and balance outstanding at the balance Not Applicable sheet date with respect to such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates;

(b) whether the investments made, guarantees provided, security given and the terms No 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, whether the schedule Not Applicable of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; (d) if the amount is overdue, state the total amount overdue for more than ninety Not Applicable days, and whether reasonable steps have been taken by the company for recovery of the principal and interest;

(e) whether any loan or advance in the nature of loan granted which has fallen Not Applicable due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties, if so, specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year [not applicable to companies whose principal business is to give loans]; (f) whether the company has granted any loans or advances in the nature of loans No either repayable on demand or without specifying any terms or period of repayment, if so, specify the aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013;

(iv) in respect of loans, investments, guarantees, and security, whether provisions of Yes sections 185 and 186 of the Companies Act have been complied with, if not, provide the details thereof (v) in respect of deposits accepted by the company or amounts which are deemed to be Not Applicable deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules made thereunder, where applicable, have been complied with, if not, the nature of such contraventions be stated; if an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not;

(vi) whether maintenance of cost records has been specified by the Central Government Not Applicable under sub- section (1) of section 148 of the Companies Act and whether such accounts and records have been so made and maintained; (vii) (a) whether the company is regular in depositing undisputed statutory dues including Yes Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and if not, the extent of the 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, shall be indicated

(b) where statutory dues referred to in sub-clause (a) have not been deposited on Demand u/s 143(1)

account of any dispute, then the amounts involved and the forum where dispute is and 143(1a)

pending shall be mentioned (a mere representation to the concerned Department shall amounting to Rs.

not be treated as a dispute); 108839/- are

pending.

or disclosed as income during the year in the tax assessments under the Income Tax

Act, 1961 (43 of 1961), if so, whether the previously unrecorded income has been

properly recorded in the books of account during the year

(ix) (a) whether the company has defaulted in repayment of loans or other borrowings or No

in the payment of interest thereon to any lender, if yes, the period and the amount of

default to be reported as per the format below

Nature of Amount Whether No. of days Remarks,if

borrowing, not paid principal or delay or any

including debt on due interest unpaid

securities date

*lender wise details to be

provided in case of defaults to

banks, financial institutions

andGovernment.

(b) whether the company is a declared wilful defaulter by any bank or financial No institution or other lender; (c) whether term loans were applied for the purpose for which the loans were No obtained; if not, the amount of loan so diverted and the purpose for which it is used may be reported; (d) whether funds raised on short term basis have been utilised for long term No purposes, if yes, the nature and amount to be indicated (e) whether the company has taken any funds from any entity or person on No account of or to meet the obligations of its subsidiaries, associates or joint ventures, if so, details thereof with nature of such transactions and the amount in each case; (f) whether the company has raised loans during the year on the pledge of No securities held in its subsidiaries, joint ventures or associate companies, if so, give details thereof and also report if the company has defaulted in repayment of such loans raised;

(x) (a) whether moneys raised by way of initial public offer or further public offer Not Applicable (including debt instruments) during the year were applied for the purposes for which those are raised, if not, the details together with delays or default and subsequent rectification, if any, as may be applicable, be reported; (b) whether the company has made any preferential allotment or private placement Not Applicable of shares or convertible debentures (fully, partially or optionally convertible) during the year and if so, whether the requirements of section 42 and section 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, if not, provide details in respect of amount involved and nature of non-compliance; (xi) (a) whether any fraud by the company or any fraud on the company has been noticed No or reported during the year, if yes, the nature and the amount involved is to be indicated; (b) whether any report under sub-section (12) of section 143 of the Companies No 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) whether the auditor has considered whistle-blower complaints, if any, Not Applicable received during the year by the company; (xii) (a) whether the Nidhi Company has complied with the Net Owned Funds to Deposits Not Applicable in the ratio of 1: 20 to meet out the liability; (b) whether the Nidhi Company is maintaining ten per cent. unencumbered term Not Applicable deposits as specified in the Nidhi Rules, 2014 to meet out the liability; (c) whether there has been any default in payment of interest on deposits or Not Applicable repayment thereof for any period and if so, the details thereof;

(xiii) whether all transactions with the related parties are in compliance with sections 177 Yes and 188 of Companies Act where applicable and the details have been disclosed in the financial statements, etc., as required by the applicable accounting standards

(xiv) (a) whether the company has an internal audit system commensurate with the size Yes and nature of its business;

(b) whether the reports of the Internal Auditors for the period under audit were Yes considered by the statutory auditor;

(xv) whether the company has entered into any non-cash transactions with directors or No persons connected with him and if so, whether the provisions of section 192 of Companies Act have been complied with;

(xvi) (a) whether the company is required to be registered under section 45-IA of the Company is Reserve Bank of India Act, 1934 (2 of 1934) and if so, whether the registration has registered under Sec been obtained; 45 IA of RBI Act,1934

(b) whether the company has conducted any Non-Banking Financial or Housing Not Applicable 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) whether the company is a Core Investment Company (CIC) as defined in the Not Applicable regulations made by the Reserve Bank of India, if so, whether it continues to fulfil the criteria of a CIC, and in case the company is an exempted or unregistered CIC, whether it continues to fulfil such criteria;

(d) whether the Group has more than one CIC as part of the Group, if yes, indicate Not Applicable the number of CICs which are part of the Group;

(xvii) whether the company has incurred cash losses in the financial year and in the No immediately preceding financial year, if so, state the amount of cash losses

(xviii) whether there has been any resignation of the statutory auditors during the year, if so, Yes whether the auditor has taken into consideration the issues, objections or concerns Yes raised by the outgoing auditors;

(xix) on the basis of the financial ratios, ageing and expected dates of realisation of financial Yes assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, whether the auditor is of the opinion that no 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) (a) whether, in respect of other than ongoing projects, the company has transferred Not Applicable unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act;

(b) whether any amount remaining unspent under sub-section (5) of section 135 of Not Applicable the Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance with the provision of sub-section (6) of section 135 of the said Act;

(xxi) whether there have been any qualifications or adverse remarks by the respective Not Applicable auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the consolidated financial statements, if yes, indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks.

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 M/S Rajkot Investment Trust Limited (“the Company”) as on 31st March 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

MANAGEMENT RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the designs, 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 Controlling(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 o 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 responsible 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, testing and evaluating and design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 disposition of the assets of the Company. (2) provide reasonable assurance that transaction 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 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 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.

FOR C.P. Jaria & Co Chartered Accountants

(P.K. Jain) M.No.112020 F.No.104058W PLACE : Surat DATE: 26/05/2025

On verification of Books of Accounts of Rajkot Investment Trust Limited for the year 2024-25 having its registered office at 526, Star Chambers, Harihar Chowk, Rajkot, Gujarat 360001, we certify that the company has continued the business of Non - Banking Finance Institution for the year 2024-25 and is eligible for holding the Certificate of Registration issued to company under section 45 IA of RBI Act, 1934. It is further certified that income/assets pattern of the company for the year 2022-23 is as under:

A) ASSETS PATTERN

B) INCOME PATTERN

FOR C.P. Jaria & Co Chartered Accountants

(P.K. Jain) M.No.112020 F.No.104058W PLACE : Surat DATE : 26/05/2025