Rex Pipes & Cables Industries Ltd Auditor Reports

To the Members of REX PIPES AND CABLES INDUSTRIES LIMITED, SIKAR

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone financial statements of REX PIPES AND
CABLES INDUSTRIES LIMITED ("the Company"), which comprise the balance
sheet as at 31st March 2025, and the statement of Profit and Loss and statement of
cash flows for the year then ended, and notes to the standalone financial
statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information
required by the 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, its profit/loss and its cash flows for
the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (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 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 together with the ethical requirements
that are relevant to our audit of the standalone financial statements under the
provisions of the Companies Act, 2013 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.

Information other than the standalone financial statements and auditors
report thereon

The Companys board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the Boards
Report including Annexures to Boards Report but does not include the standalone
financial statements and our auditors 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 during the course of our audit or otherwise appears to
be materially misstated.

If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.

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 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 and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the accounting
Standards specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the 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, 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 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 skepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on
whether the company has adequate internal financial controls system in place and
the operating effectiveness of such controls.

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

• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the 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 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 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 economic decisions of a
reasonably knowledgeable user of the standalone financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i)
planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the standalone 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 to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, 2013, we give in the ‘Annexure A, a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

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 purposes
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, the Statement of Profit and Loss and the 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 Section 133 of the Act and
rules made thereunder.

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 with
reference to standalone financial statements of the Company and the
operating effectiveness of such controls, refer to our separate Report in
‘Annexure B.

g) With respect to the matter to be included in the Auditors Report under
section 197(16), In our opinion and according to the information and
explanations given to us, the remuneration paid by the Company to its
directors during the current year is in accordance with the provisions of
section 197 of the Act. The remuneration paid to any director is not in
excess of the limit laid down under section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under section 197(16)
which are required to be commented upon by us.

h) 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. (a) The management has represented that, to the best of its

knowledge and belief, other than as disclosed in the notes to the

accounts, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company
("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of its

knowledge and belief, other than as disclosed in the notes to the

accounts, no funds have been received by the company from any
person(s) or entity(ies), including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that
the company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
and

(c) Based on such 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 mis-statement.

v. No dividend have been declared or paid during the year by the
company and accordingly none of the compliance required to be
compiled as per section 123 of the Companies Act, 2013.

vi. 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.

The Annexure referred to in paragraph 1 of Our Report on "Other Legal and

Regulatory Requirements".

We report that:

(i) (a) (A) The company has maintained proper records showing full

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

(B) The company has maintained proper records showing full

particulars of intangible assets;

(b) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the Property,
Plant and Equipment have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such
verification;

(c) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the title deeds of
all the immovable properties (other than properties where the company is
the lessee and the lease agreements are duly executed in favour of the
lessee) disclosed in the standalone financial statements are held in the
name of the company.

(d) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the company
has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets during the year. Accordingly, the
reporting under Clause 3(i)(d) of the Order is not applicable to the
Company.

(e) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, there are no
proceedings have been initiated or are pending against the company for
holding any benami property under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) As explained to us & on the basis of the records examined by us, in our

opinion, physical verification of inventory has been conducted at
reasonable intervals by the management. In our opinion, the coverage
and procedure of such verification by the management is appropriate. No
discrepancy of 10% or more in the aggregate for each class of inventory
were noticed on physical verification of stocks by the management as
compared to book records.

(b) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the company
has been 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 during any point of time of the year. The
quarterly/monthly returns or statements filed by the company with such
banks or financial institutions are not in agreement with the books of
account of the Company in respect of following:

Statement Showing Difference between Current Assets as per
Statement submitted to Bank and as per Audited Books of Account

(Rs.in Lakhs)

Date	As Per Statement Submitted to Bank	As Per Books of Accounts	Difference
30th June, 2024	4627.85	4342.45	285.40
30th September, 2024	5763.26	4201.00	1562.26
31st December, 2024	6501.08	4397.37	2103.71
31st March, 2025	4647.51	4273.50	374.01

(iii)

(a) According to the information and explanations given to us and on the
basis of our examination of the records of the company, during the year
the company has provided loans or advances in the nature of loans, or
stood guarantee, or provided security to other entities.

(A) the aggregate amount during the year with respect to such loans
or advances and guarantees or security to subsidiaries, joint ventures
and associates is Rs. 17.90 Lakhs and balance outstanding at the
balance sheet date is Rs. 11.90 Lakhs.

(B) the aggregate amount during the year with respect to such loans
or advances and guarantees or security to parties other than
subsidiaries, joint ventures and associates is Rs. 639.30 Lakhs and
balance outstanding at the balance sheet date is Rs.175.65 Lakhs.

(b) According to the information and explanations given to us and on the
basis of our examination of the records of the company, 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 prima facie prejudicial to the companys
interest.

(c) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, in the case of
loans and advance in the nature of loan given, in our opinion the
repayment of principal and payment of interest has been stipulated and
the repayments or receipts have been regular.

(d) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, there are no
overdue amounts for more than 90 days in respect of the loans granted to
the parties

(e) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, 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.

(f) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the company has
not granted any loans or advances in the nature of loans either repayable
on demand or without specifying any terms or period of repayment.

(iv) According to the information and explanations given to us and on the basis of
our examination of the records, in respect of loans, investments, guarantees,
and security, provisions of section 185 and 186 of the Companies Act, 2013
have been complied with except non charging of interest on the loan and
detailed transactions reported in other notes to accounts.

(v) The company has not accepted any deposits or amounts which are deemed
to be deposits covered under sections 73 to 76 of the Companies Act, 2013.
Accordingly, clause 3(v) of the Order is not applicable.

(vi) As per information & explanation given by the management, maintenance
of cost records has not been specified by the Central Government under
sub-section (1) of section 148 of the Companies Act.

(vii) (a) According to the information and explanations given to us and on the

basis of our examination of the records of the company, the company is
regular in depositing undisputed statutory dues including 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.
According to the information and explanation given to us there were no
outstanding statutory dues as on 31st of March, 2025 for a period of more
than six months from the date they became payable.

(b) According to the information and explanations given to us and on the
basis of our examination of the records of the company, there is no
statutory dues referred to in sub-clause (a) that have not been deposited
on account of any dispute.

(viii) According to the information and explanations given to us and on the basis
of our examination of the records of the company, the Company has not
surrendered or disclosed any transactions, previously unrecorded as income in
the books of account, in the tax assessments under the Income Tax Act, 1961
as income during the year.

(ix) (a) According to the information and explanations given to us and on the

basis of our examination of the records of the company, the company has
not defaulted in repayment of loans or other borrowings or in the payment
of interest thereon to any lender.

(b) According to the information and explanations given to us and on the
basis of our examination of the records of the company, the company has
not been declared a willful defaulter by any bank or financial institution or
other lender;

(c) According to the information and explanations given to us by the
management, the Company has utilized the money obtained by way of
term loans during the year for the purposes for which they were obtained,

(d) According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short term basis have been used for long term
purposes by the company.

(e) In our opinion and according to the information and explanations given by
the management, 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. Accordingly, clause 3(ix)(e) is not applicable.

(f) In our opinion and according to the information and explanations given by
the management, the company has not raised loans during the year on
the pledge of securities held in its subsidiaries, joint ventures or associate
companies. Accordingly, clause 3(ix)(f) is not applicable.

(x) (a) The Company has not raised any money by way of initial public offer or

further public offer (including debt instruments) during the year.
Accordingly, clause 3(x)(a) of the order is not applicable.

(b) According to the information and explanations given to us and on the
basis of our examination of the records of 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. Accordingly, clause 3(x)(b) of the Order is not applicable.

(xi) (a) Based on examination of the books and records of the Company and

according to the information and explanations given to us, no fraud by the
company or any fraud on the company has been noticed or reported
during the course of audit.

(b) According to the information and explanations given to us, 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) According to the information and explanations given to us by the
management, no whistle-blower complaints had been received by the
company

(xii) The company is not a Nidhi Company. Accordingly, clause 3(xii)(a), 3(xii)(b)
and 3(xii)(c) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us,
all transactions with the related parties are in compliance with sections 177
and 188 of Companies Act, where applicable and the details have been
disclosed in the standalone financial statements, as required by the
applicable accounting standards;

(xiv) (a) Based on information and explanations provided to us and our audit

procedures, the company has an internal audit system commensurate
with the size and nature of its business;

(b) We have considered the internal audit reports of the Company issued till
date for the period under audit.

(xv) In our opinion and according to the information and explanations given to us,
the company has not entered into any non-cash transactions with directors or
persons connected with him and hence, provisions of Section 192 of the
Companies Act, 2013 are not applicable to the Company

(xvi) (a) In our Opinion and based on our examination, the Company is not

required to be registered under section 45-IA of the Reserve Bank of
India Act, 1934 (2 of 1934). Accordingly, clause 3(xvi)(a) of the Order is
not applicable.

(b) In our Opinion and based on our examination, 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. Accordingly, clause
3(xvi)(b) of the Order is not applicable. ,

(c) In our Opinion and based on our examination, the Company is not a Core
Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not
applicable.

(d) According to the information and explanations given by the management,
the Group does not have not more than one CIC as part of the Group.

(xvii) Based on our examination, the company has not incurred cash losses in the

financial year and in the immediately preceding financial year.

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

(xix) According to the information and explanations given to us and on the basis of
the financial ratios, ageing and expected dates of realisation of financial
assets and payment of financial liabilities, our knowledge of the Board of
Directors and management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date
of the audit report that company is not 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. We, however, state that this is not
an assurance as to the future viability of the company. We further state that
our reporting is based on the facts up to the date of the audit report and we
neither give any guarantee nor any assurance that all liabilities falling due
within a period of one year from the balance sheet date, will get discharged
by the company as and when they fall due.

(xx)

(a) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, in respect of
other than ongoing projects, the company has transferred 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) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, in respect of
ongoing project the company has transferred unspent amount to a
Special Account, within a period of 30 days from the end of the financial
year in compliance with Sec.135(6) of the said Act.

(xxi) There have been no qualifications or adverse remarks by the respective
auditors in the Companies (Auditors Report) Order (CARO) reports of the
companies included in the consolidated financial statements.

Report on Internal Financial Controls with reference to standalone

Financial Statements

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 REX
PIPES AND CABLES INDUSTRIES 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.
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 standalone
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 standalone 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 standalone 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
unauthorized acquisition, use, or disposition of the companys assets that could
have a material effect on the standalone 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.

For Happy Kedawat and Company

Chartered Accountants

FRN: 030525C

 

Sd/-

CA Happy Kedawat

Proprietor

Membership No. 401746

 

Place:- Jaipur

Date: 09-05-2025

UDIN: 25401746BMKNGT4935