R&B Denims Ltd Auditor Reports

TO THE MEMBERS OF R & B DENIMS LIMITED

Report on the Audit of Standalone Financial Statements:

Opinion

We have audited the accompanying standalone financial statements of R & B Denims Limited (the Company), which comprise the Balance Sheet as at 31 March 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2026, and its profit (including other comprehensive income/ (loss)), its cash flows and the changes in equity 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 Act. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules 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 Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have not identified any matter to be a key audit matter for the purpose of it to be communicated in our report.

Information other than the Standalone Financial Statements and Auditor\u2019s Report thereon
The Company\u2019s Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the standalone financial statements and our auditor\u2019s report thereon.

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

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

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

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India, 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 the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditors Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

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

Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error; to design and perform audit procedures responsive to those risks; and to 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 financial 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 we are responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our 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 financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economics decisions of a reasonably knowledgeable user of the financial statement may be influenced. We consider quantitative materiality and qualitative factor in (i) planning the scope of our audit work and in evaluating the result of our work and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 issued by the Central Government of India in terms of section 143(11) of the Companies Act, 2013 (hereinafter referred to as order), and on the basis of test check as we considered appropriate and according to information and explanation provided to us, we enclose in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the said Order.

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

2.1 We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. 2.2 In our opinion, proper books of account as required by law have been kept by the Company as far as appears from our examination of those books. 2.3 The Company does not have any branches therefore the reporting under this clause is not applicable. 2.4 The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and the Statement of Cash Flows dealt with by this report are in agreement with the relevant books of account. 2.5 In our opinion, the aforesaid financial statements comply with the Ind As specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 2.6 There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the Company. 2.7 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 are disqualified as on March 31, 2026 from being appointed as a director under section 164(2) of the Act. 2.8 With respect to the adequacy of internal financial controls over financial reporting of the company and the operative effectiveness of such controls, refer to our separate report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting; 2.9 With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act; and 2.10 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, in our opinion and to the best of our information and according to the explanations given to us.

(i)There were no pending litigations which would impact the financial position of the company.

(ii)The company did not have any material foreseeable losses on long term contracts including derivative contracts.

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

(iv) (i) As per managements representation, no funds other than disclosed by way of notes to accounts 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 entities, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; (ii)As per managements representation, There were no funds which have been received by the company from any person(s) or entities, including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and (iii)Based on the audit procedures performed that have been 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 (i) and (ii) above, contain any material misstatement.

(v)No dividend has been declared by the Company during the year.

(vi) Based on our examination of the books of account and other relevant records of the Company, and according to the information and explanations given to us, we report that the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to rule 3(1) of the Companies (Accounts) Rules, 2014, applicable with effect from April 1, 2023, the audit trail feature has been operated throughout the financial year ended March 31, 2026, for all transactions recorded in the software, and the audit trail has not been tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Annexure A to Auditors Report

(Referred to in of our report of even date to the members of R & B DENIMS LIMITED as on the financial statements for the year ended March 31, 2026)

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

1 Property, Plant, Equipment and Intangible Assets

	(a)		Whether the company is maintaining proper records showing full		Yes
			particulars, including quantitative details and situation of
			property, plant, equipment and intangible assets.
	(b)		Whetherthesefixedassetshavebeenphysicallyverifiedbythe		Themanagementconductedphysicalverificationofcertainfixed
			management at reasonable intervals; whether any material		assetsinaccordancewithitspolicyofphysicalverificationina
			discrepancieswerenoticedonsuchverificationandifso,whether		phased manner.In ouropinion, such frequency								isreasonable
			the same have been properly dealt with in the books of account;		havingregardtothesizeoftheCompanyandthenatureofits
					fixed assets.Asexplainedtous,thediscrepancies noticedon
					physicalverificationascomparedtobookrecordsmaintained,
					werenotmaterialandhavebeenproperlydealtwithinthebooks
					of account.
	(c)		Whethertitledeedsofimmovablepropertiesareheldinthename		NA
			of the company. If not, provide details thereof.
	(d)		Whether the company has revalued its Property, Plant and		No
			Equipment(includingRightofUseassets)orintangibleassetsor
			bothduringtheyearand,ifso,whethertherevaluationisbased
			on the valuation by a Registered Valuer.
	(e)		Whether any proceedings have been initiated or are pending		No
			againstthecompanyforholdinganybenamipropertyunderthe
			BenamiTransactions(Prohibition)Act,1988(45of1988)andrules
			made thereunder.
2			Inventories
	(a)		Whetherphysicalverificationofinventoryhasbeenconductedat		Themanagementconductedphysicalverificationofinventoryin
			reasonable intervals by the management and whether any		accordancewithitspolicyofphysical verificationinaphased
			materialdiscrepancieswerenoticedandifso,howtheyhavebeen		manner. In our opinion, such frequency							is reasonable having
			dealt with in the books of account;		regardtothesizeoftheCompanyandthenatureofitsinventory.
					As	explained		to	us,	the	discrepancies	noticed	on	physical
					verificationascomparedtobookrecordsmaintained,werenot
					material and			have been properly dealt				with in	the	books of
					account.
	(b)		WhetherCompanyhasavailedWorkingCapitalLoan(s)frombanks		Yes	except for small differences as reported
			orfinancialinstitutionsbypledgingcurrentassetsandthesanction
			limit(s)bycombininglimitofall banksorfinancialinstitutions
			exceedRs5Croreandifso.Whetherquarterlyresultorstatement
			filedbythecompanywithsuchbanksorfinancialinstitutionsare
			in line with the accounting books.
3			Loan Granted
			Whether the company has made investment in, provide any		Yes
			guaranteeorsecurityorgrantedanyloans,securedorunsecured
			to companies, firms, LLPs or any other parties.
	(a)		Whether the investment made, guarantees provided, security		As per explanation provided to us, Yes.
			givenandtermsandconditionsofthegrantofsuchloansarenot
			prejudicial to the company\u2019s interest;
	(b)		Whetherreceiptoftheprincipalamountandinterestareregular.		Yes
			If not provide details thereof; and
	(c)		ifamountisoverduethentotalamountoverdueformorethan90		NA
			days and whether reasonable steps have been taken by the
			company for recovery of the principal and interest;
	(d)		Whetheranyloanoradvancesgrantedwhichhasfallendueduring		No
			theyear,hasbeenrenewedorextendedorfreshloansgrantedto
			settletheoverdueofexistingloangiventothesameparty,Ifso,
			specifytheaggregateamountofsuchduesrenewedorextended
			orsettledbyfreshloanandthepercentageoftheaggregatetothe
			totalloansoradvancesinthenatureofloangrantedduringthe
			year.
(e)		whether the company has granted any loans or advances in the Yes
				nature of loans 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 the section 2 of the companies Act 2013

4 Loans, Investments and guarantees

In respect of loans, investments and guarantees,	whether Asexplainedtousandfromtherecordsverified,thecompanyhas
provisionsofSection185and186oftheCompaniesAct,2013have generallycompliedtheprovisionofsection185and186ofThe
been complied with. If not, provide details thereof.	Companies Act, 2013.

5 Deposit

Incasethecompanyhasaccepteddeposits,whetherthedirectives Nil
issuedbytheReserveBankofIndiaandtheprovisionsofsections
73to76oranyotherrelevantprovisionsoftheCompaniesAct,
2013andtherulesframedthereunder,whereapplicable,have
beencompliedwith?Ifnot,thenatureofsuchcontraventionsbe
stated;IfanorderhasbeenpassedbyCompanyLawBoardor
NationalCompanyLawTribunalorReserveBankofIndiaorany
courtoranyothertribunal,whetherthesamehasbeencomplied
with or not?
Whethermaintenanceofcostrecordshasbeenspecifiedbythe Yes
CentralGovernmentundersub-section(1)ofsection148ofthe
CompaniesAct,2013andwhethersuchaccountsandrecordshave
been so made and maintained;

6 Cost Records

7 Statutory dues

(a)	whetherthecompanyisregularindepositingundisputedstatutory	Accordingtotheinformationandexplanationsgiventousandthe
	duesincludingprovidentfund,employeesstateinsurance,income	record examined		by	us, the	company is	generally	regular in
	tax,sales-tax,,servicetax,dutyofcustoms,dutyofexcise,value	depositingwithappropriateauthoritiesundisputedstatutorydues
	addedtax,andany otherstatutory dueswiththeappropriate	including	Provident		Fund,	Employee\u2019s	State	Insurance,
	authoritiesandifnot,theextentofthearrearsofoutstanding	Income tax,	Sales-tax		and	other	material	Statutory	Dues
	statutoryduesasatthelastdayofthefinancialyearconcernedfor	applicabletoit.Therewerenoarrearsasat,31stMarch,2026for
	aperiodofmorethansixmonthsfromthedatetheybecame	aperiodofmorethansixmonthsfromthedatetheybecame
	payable, shall be indicated by the auditor.	payable.
(b)	Whereduesofincometaxorsalestaxorservicetaxordutyof	NA
	customs or duty of excise or value added tax have not been
	depositedonaccountofanydispute,thentheamountsinvolved
	andtheforumwheredisputeispendingshallbementioned.(A
	mererepresentationtotheconcernedDepartmentshallnotbe
	treated as a dispute).
	Particulars F.Y.	AMOUNT (In Rs.)				STATUS

IncomeDisclosedinTaxAssessmentbutnotproperlyaccounted 8 in Books of Accounts.

Whetheranytransactionsnotrecordedinbooksofaccounthave NA
beensurrenderedordisclosedasincomeduringtheyearinthetax
assessmentsundertheIncomeTaxAct,1961,ifso,whetherthe
previouslyunrecordedincomehasbeenproperlyrecordedbythe
company in the books of accounts during the year.

9 Default in Repayment

(a)		Whetherthecompanyhasdefaultedinrepaymentofduestoa No
		financial institution or bank or debenture holders? If yes, the
			periodandamountofdefaulttobereported(incaseofbanksand
			financial institutions, lender wise details to be provided).
(b)			Whetherthecompanyhasbeendisclosedwilfuldefaulterbyany No
			financial institution (including Banks)
(c)	Whether term loan were applied for the purpose for which the Yes
	loans were obtained, if not, the amount of loan so diverted and
	the purpose for which it is used.
(d)	Whetherfundraisedonshorttermbasishavebeenutilisedfor No
	long term purpose, if yes, the nature and amount to be indicated
(e)	Whetherthecompany hastaken anyfund fromany entityor No
	persononaccountofortomeettheobligationsofitssubsidiaries,
	associatesorjointventures,ifso,detailsthereofwithnatureof
	such transaction and the amount in each case.
(f)	Whetherthecompanyhasraisedloansduringtheyearonthe No
	pledge of securities held in its subsidiaries, joint ventures or
	associatecompanies,ifso,providedetailsthereofandalsoreport
	if the company has defaulted in repayment of such loan raised.

10 Money raised

(a)	Whethermoneysraisedbywayofinitialpublicofferorfurther NA
	public offer (including debt instrument) were applied for the
	purposesforwhichthoseareraised.Ifnot,thedetailstogether
	withdelays/defaultandsubsequentrectification,ifany,asmay
	be applicable, be reported;
(b)	Whether the company has made any preferential allotment / NA
	private placement of shares or fully or partly convertible
	debenturesduringtheyearunderreviewandifso,astowhether
	therequirementofSection42andsection62oftheCompanies
	Act,2013havebeencompliedwithandthefundraisedhavebeen
	usedforthepurposeforwhichthefundwereraised,ifnot,the
	details in respect of amount involved and nature of non
	compliances.

11 Fraud

	(a)	WhetheranyfraudbythecompanyoranyfraudontheCompany	Tothebestofourknowledgeandaccordingtotheinformation
		byitsofficers/employeeshasbeennoticedorreportedduringthe	andexplanationsgiventous,therehavebeennocasesoffraud
		year; If yes, the nature and the amount involved be indicated.	onorbytheCompanynoticedorreportedduringtheyearunder
			report
	(b)	whetheranyreportundersub-section(12)ofsection143ofthe	No
		CompaniesActhasbeenfiledbytheauditorsinFormADT-4as
		prescribedunderrule13ofCompanies(AuditandAuditors)Rules,
		2014 with the Central Government;
	(c)	whethertheauditorhasconsideredwhistle-blowercomplaints,if	No
		any, received during the year by the company
12		Nidhi Company
		WhethertheNidhiCompanyhascompliedwiththeNetOwned	NA
		Fundintheratioof1:20tomeetouttheliabilityandwhetherthe
		NidhiCompanyismaintaining10%liquidassetstomeetoutthe
		unencumbered liability.

13 Related Parties Transactions

Whetheralltransactionswiththerelatedpartiesareincompliance As per the information	and explanation	provided to us and
with Section 188 and 177 of Companies Act, 2013 where applicable recordsproducedbeforeus,thecompanyhasgenerallycomplied
andthedetailshavebeendisclosedintheFinancialStatementsetc with the provisions.
as required by the accounting standards and Companies Act, 2013.

14 Internal Audit

Whetherthecompanyhasaninternalauditsystemcommensurate Yes
withthe size and nature of itsbusiness,ifYes,whether thereports
of the Internal Auditors for the period under audit were
considered.

15 Non-cash Transactions

Whether the company has entered into any non-cash transactions NA
with directors or persons connected with him and if so, whether
provisions of Section 192 of Companies Act, 2013 have been
complied with.
(a)	Whetherthecompanyisrequiredtoberegisteredundersection NA
	45-IAoftheReserveBankofIndiaAct,1934andifso,whetherthe
	registration is obtained.
(b)	Whetherthecompany has conductedNon-Banking orHousing NA
	FinanceactivitieswithoutavalidCertificateofRegistration(CoR)
	from RBI as per Reserve Bank of India Act, 1934
(c)	Whethe the company is Core Investment Company (CIC) as defined NA
	intheregulationsmadebytheRBI,ifso,whetheritcontinueto
	fulfillthecriteriaofaCIC,andincasethecompanyisanexempted
	or unregistered CIC, whether it continues to fulfill such criteria.

16 Registration with RBI

17 Cash Losses

Whetherthecompanyhasincurredcashlossesinthefinancial No
yearandintheimmediatelyprecedingfinancialyearifsothe
amount of cash losses.

18 Resignation of Previous Statutory Auditor

WhethertherehasbeenanyresignationoftheStatutoryAuditor No
duringtheyear,ifso,whetherconsiderationhasbeentakenfor
the issues, objections or concerns raised by the outgoing auditors.

19 Material Uncertainty

Onthebasisofthefinancialratios,ageingandexpecteddatesof Yes
realisationoffinancialassetsandpaymentoffinancialliabilities,
other information accompanying the financial statements, the
auditor\u2019sknowledgeoftheBoardofDirectorsandmanagement
plans, whether the auditor is of the opinion that nomaterial
uncertaintyexistsasonthedateoftheauditreportthatcompany
iscapableofmeetingitsliabilitiesexistingatthedateofbalance
sheetasandwhentheyfallduewithinaperiodofoneyearfrom
the balance sheet date;

20 Corporate Social Responsibility

(a)	whether,inrespectofotherthanongoingprojects,thecompany No
	hastransferredunspentamounttoaFundspecifiedinSchedule
	VIItotheCompaniesActwithinaperiodofsixmonthsofthe
	expiryofthefinancialyearincompliancewithsecondprovisoto
	sub-section (5) of section 135 of the said Act;
(b)	whetheranyamountremainingunspentundersub-section(5)of No
	section 135 of the Companies Act, pursuant to any ongoing
	project,hasbeentransferredtospecialaccountincompliance
	with the provision of sub-section (6) of section 135 of the said Act;

21 Qualification or Adverse Remark for CFS Companies

Whethertherehavebeenanyqualificationoradverseremarkby No
therespectiveauditorsintheCompanies(AuditorsReport)order
(CARO)reportsofthecompanies includedintheConsolidated
FinancialStatement,ifyesthedetailsofthecompaniesandthe
paragraph number of the CARO report containing the
qualifications or adverse remark.

ANNEXURE - B TO THE INDEPENDENT AUDITORS REPORT

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 R & B DENIMS LIMITED (The Company) as of 31 March 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Companys Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements 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 (the Guidance Note) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Companys business, including adherence to the 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 Act.

Auditors Responsibility for the Audit of the Internal Financial Controls with Reference to Standalone Financial Statements

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements, and the Guidance Note issued by the ICAI. 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 with reference to financial statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements includes obtaining an understanding of such internal financial controls, 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 with reference to financial statements.

Meaning of Internal Financial Controls with Reference to the Standalone Financial Statements

A companys internal financial controls with reference to financial statements 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 controls with reference to financial statements include 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 with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements 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, adequate internal financial controls with reference to standalone financial statements and such controls were operating effectively as at 31 March 2026, based on internal controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For RPR & Co.
Chartered Accountants
Firm Reg. No. 131964W
Sd/-
CA Raunaq Kankaria
(Partner)
Membership Number: 138361
PAN: AANFR3923J

Place: Surat
Date: 29/05/2026