Reetech International Cargo & Courier Ltd Auditor Reports

To the Members of

M/s REETECH INTERNATIONAL LIMITED

1. Report on the Standalone Financial Statements

We have audited the accompanying financial statements of M/ s. REETECH
INTERNATIONAL LIMITED (Formerly known as Reetech International Cargo And Courier
Limited) ("the Company"), which comprises the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss and statement of cash flows for year ended on 31^st March, 2025, and
a summary of significant accounting policies and other explanatory information.

2. Opinion

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the company as at 31st March, 2025, the profit and
total income, and its cash flows for the year ended on that date.

3. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditors Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules there under, 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.

4. Other Information

The Companys Management and Board of Directors are responsible for the other information.
The other information comprises the information included in the Companys annual report, but
does not include the financial statements and our auditors report thereon. The Companys
annual report is expected to be made available to us after the date of this auditors report. Our
opinion on the standalone financial statements does not cover the other information and we will
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 identified
above when it becomes available 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. When we read the Companys annual
report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take necessary actions, as
applicable under the relevant laws and regulations.

5. Managements Responsibility for the Standalone Financial Statements

Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
(the Act) with respect to the preparation of these financial statements that give a true and fair

view of the financial position, financial performance of the Company in accordance with the
Accounting principles generally accepted in India, including the Accounting Standards specified
under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 judgements and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

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

6. Auditors Responsibility for the Audit of the Financial Statements

Our objective is to obtain reasonable assurance about whether the 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 on these financial statements.

We have taken into account the provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the audit report under the provisions of the
Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. 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. In making those risk assessments, the auditor
considers internal financial control relevant to the companys preparation of the financial
statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting estimates made by the
Companys Directors, as well as evaluating the overall presentation of the financial statements.

7. Report on Other Legal and Regulatory Requirements

7.1 As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure A" statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

7.2 As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and cash flow statement dealt with by this
Report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under the Section 133 of the Act, read with rule 7 of the Companies
(Accounts) Rules, 2014.

e) On the basis of written representations 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 a director in terms of section 164 (2) of the Act;

f) With respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B", and

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, in our opinion and to the best of
our information and according to the explanations given to us:

(i) The company does not have any pending litigations which would impact its financial
position;

(ii) The company did not have any long-term contracts including derivative contracts for

which there were any material foreseeable losses;

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

(iv) The Company has not declared a dividend or paid any dividend during the year.

(v)

a. 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
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;

b. 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;

c. Based on the audit procedures 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 (a) and (b) above, contain any material misstatement.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023. Based on our
examination which included test checks, the company has used 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. Further, the Company has also preserved the
audit trail as required under the said Rules.

h) 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.

"Annexure A" to the Independent Auditors Report

Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory Requirement of
report of even date to the standalone financial statements of the company for the year ended March 31,
2025; we report that:

1. PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS [Clause 3(i)]:

(a) The company has maintained proper records showing full particulars, including quantitative
details and situation of its Property, Plant and Equipment.

(b) The company is maintaining proper records showing full particulars of intangible assets.

(c) As explained to us, these Property, Plant and Equipment have been physically verified by the
management at reasonable intervals; no material discrepancies were noticed on such
verification.

(d) The title deeds of immovable properties are held in the name of the company.

(e) The Company has not revalued its Property, Plant and Equipment (including Right of Use
assets) or intangible assets or both during the year.

(f) 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.

2. INVENTORY [Clause 3(ii)]

a According to the information and explanations given to us, the physical verification of inventory
has been conducted at reasonable intervals by the management and in our opinion, the coverage
and procedure of such verification by the management is appropriate; and no discrepancies of
10% or more in the aggregate for each class of inventory were noticed.

b The company has not been sanctioned working capital limits in excess of five crore rupees (at
any point of time during the year), in aggregate, from banks or financial institutions on the basis
of security of current assets; the company is not required to file quarterly returns or statements.

3. LOAN GIVEN BY COMPANY [Clause 3(iii)]

During the year the company has not made investments in, provided any guarantee or security but
granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, Limited
Liability Partnerships or any other parties during the year.

The company has provided loans or provided advances in the nature of loans to any other entity during
the year.

The aggregate amount during the year, and balance outstanding at the balance sheet date with respect
to such loans or advances and guarantees or security to its associates are as follows:

Amount during the year: Rs. 237.31 Lakhs

Outstanding as on 31.03.2025: Rs. 735.76 Lakhs

The aggregate amount during the year, and balance outstanding at the balance sheet date with respect
to such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures
and associates are as follows:

Amount during the year: Nil

Outstanding as on 31.03.2025: Nil

The investments made, guarantees provided, security 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;

In respect of loans and advances in the nature of loans, the schedule of repayment of principal and
payment of interest has not been stipulated, this loan is repayable on demand.

In respect to the loans granted by the company, there is no amount remaining overdue for more than
ninety days in respect of the loan amount and interest as at the balance sheet date.

There is no loan or advance in the nature of loan granted which has fallen 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

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:

(Rs. In Lakhs)

	All Parties	Promoters (Including Directors)	Related Parties
Aggregate amount of loans/ advances in nature of loans- - Repayable on demand (A)	735.76		735.76
Aggregate amount of loans/ advances in nature of loans- - Agreement does not specify any terms or period of repayment (B)
Total (A+B)	735.76	--	735.76
Percentage of loans/ advances in nature of loans to the total loans	100 %		100%

4. LOAN TO DIRECTORS AND INVESTMENT BY COMPANY [Clause 3(iv)]

In our opinion and according to the information and explanations given to us, the company has
complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans,
investments, guarantees, and security.

5. DEPOSITS [Clause 3(v)]

According to the information and explanation given to us the company has not accepted deposits from
the public during the financial year under audit. Accordingly, the paragraph 3(v) of the order is not
applicable to the company and hence not commented upon.

6. COST RECORDS [Clause 3(vi)]

As informed to us, the maintenance of Cost Records has not been specified by the Central Government
under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

7. STATUTORY DUES [Clause 3(vii)]

(a) The Company is regular in depositing undisputed statutory dues including provident fund,
employees state insurance, income-tax, goods and service tax, customs duty, cess and any other
statutory dues have been regularly paid to the appropriate authorities.

(b) According to the information and explanations given to us there are no dues of sales tax, income
tax, goods and service tax, customs duty, cess and any other statutory dues which have not been
deposited on account of any dispute except:

8. SURRENDERED OR DISCLOSED AS INCOME [Clause 3(viii)]

There are no such transactions which are not recorded in the books of account which have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961.

9. REPAYMENT DUES [Clause 3(ix)]

In our opinion and according to information and explanations given to us, the company has not
defaulted in the repayment of loans or borrowings to financial institutions, banks and government. The
company has not issued any debentures.

The company is not a declared willful defaulter by any bank or financial institution or other lender.

According to the information and explanation given to us, term loans were applied for the purpose for
which the loans were obtained

According to the information and explanation given to us, funds raised on short term basis have not
been utilised for long term purposes

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.

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

10. UTILISATION OF INTIAL AND FURTHER PUBLIC OFFER [Clause 3(x)]

The Company has not raised any money by way of initial public offer or further public offer (including
debt instruments) during the year. Accordingly, the reporting under clause 3(x)(a) of the Order is not
applicable to the Company.

The Company has not made any preferential allotment or private placement of shares or convertible
debentures (fully, partially or optionally convertible) during the year.

11. FRAUD AND WHISTLE-BLOWER COMPLAINTS [CLAUSE 3(xi)]

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

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.

Whistle-blower complaints have not been received during the year by the Company.

12. NIDHI COMPANY [Clause 3(xii)]

In our opinion and according to information and explanations given to us, clause (xii) of para 3 to
Companies (Auditors Report) Order, 2020 w.r.t. Nidhi Company is not applicable to company.
Accordingly, the paragraph 3(xii) of the order is not applicable to the company and hence not
commented upon.

13. RELATED PARTY TRANSACTION [Clause 3(xiii)]

In our opinion and according to information and explanations given to us all transactions with the
related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable
and the details have been disclosed in the Financial Statements etc., as required by the applicable
accounting standards.

14. INTERNAL AUDIT: [CLAUSE 3(xiv)]

The company has an internal audit system commensurate with the size and nature of its business.

The reports of the Internal Auditors for the period under audit were considered by us.

15. NON-CASH TRANSACTION [Clause 3(xv)]

In our opinion and according to information and explanations given to us, the company has not entered
into any non-cash transactions with directors or persons connected with him. Accordingly, the
paragraph 3(xv) of the order is not applicable to the company and hence not commented upon.

16. REGISTER WITH RBI ACT, 1934 [Clause 3(xvi)]

The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, the paragraph 3(xvi) of the order is not applicable to the company.

The Company has not conducted any Non-Banking Financial or Housing Finance activities during the
year.

The Company is not a Core Investment Company (CIC) as defined under the Regulations by the
Reserve Bank of India.

17. CASH LOSSES [Clause 3(xvii)]

The Company has not incurred cash losses in the Financial Year 2023-24 and in the immediately
preceding financial year.

18. RESIGNATION OF STATUTORY AUDITORS [Clause 3(xviii)]

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

19. MATERIAL UNCERTAINTY ON MEETING LIABILITIES [Clause 3(xix)]

On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements, the auditors
knowledge of the Board of Directors and management plans, we are 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.

20. TRANSFER TO FUND SPECIFIED UNDER SCHEDULE VII OF COMPANIES ACT, 2013 [Clause
3(xx)]

The provision relating to transfer to fund specified under schedule vii of the Companies Act, 2013 is not
applicable to the company.

21. ADVERSE REMARKS IN CONSOLIDATED FINANCIAL STATEMENTS [Clause 3(xxi)]

There are no qualification or adverse remarks by the respective auditors in the Companies (Auditors
Report) Order (CARO) reports of the companies included in the consolidated financial statements of the
company for the period under review.

"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 M/s. REETECH
INTERNATIONAL CARGO AND COURIER LIMITED ("the Company") as of March 31, 2025 in
conjunction with our audit of the standalone financial statements of the Company for the year ended on
that date.

Managements Responsibility for Internal Financial Controls

The Companys 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 design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with generally accepted accounting principles. A
companys internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use,
or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are subject to the risk that the internal
financial control over financial reporting may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system
over financial reporting and such internal financial controls over financial reporting were operating
effectively as at March 31, 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 (ICAI).

For Jay Gupta and Associates

(Erstwhile Gupta Agarwal & Associates)

Chartered Accountants

Firms Registration No: 329001E

 

J.S Gupta

(Partner)

Membership No.: 059535

UDIN: 25059535BMHCBF1932

 

Date: May 27, 2025

Place: Kolkata