Sahara Maritime Ltd Auditor Reports

Opinion

The financial statements give a true and fair view in conformity with Accounting Standards under Section 133 of the Companies Act, 2013.

Basis for Opinion

Audit conducted in accordance with Standards on Auditing (SAs) under Section 143(10) of the Companies Act, 2013. Auditor is independent per ICAI Code of Ethics.

Key Audit Matters

Evaluation of contingent liabilities - The Company has pending income tax litigation involving significant judgment. Audit procedures included:

1. Obtained details of pending litigations from management

2. Reviewed basis of assumptions made by management

3. Held verbal discussions with internal and external legal experts

? Conclusion: Managements assessment found reasonable.

Other Matters

1. Financial Statements for year ended March 31, 2025 were audited by predecessor auditor AY & Company (unmodified opinion dated May 29, 2025). Opening balances relied upon.

2. Company has not appointed a whole-time Company Secretary as required under Section 203 of the Companies Act, 2013. Management represents the process is under process.

? Report is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements (Section 143(3))

? a) All information and explanations sought were obtained.

? b) Proper books of account maintained.

? c) Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement agree with books of account.

? d) Financial statements comply with Accounting Standards under Section 133.

? e) None of the directors is disqualified as on March 31, 2026 under Section 164(2).

? f) Internal financial controls over financial reporting - unmodified opinion (see Annexure B).

? g) Remuneration paid to directors is in accordance with Section 197.

Rule 11 of Companies (Audit and Auditors) Rules, 2014

? (i) Impact of pending litigations disclosed in Note No. 29.

? (ii) No long-term contracts including derivative contracts with material foreseeable losses.

? (iii) Not liable to transfer amounts to Investor Education and Protection Fund.

? (iv) (a) No funds advanced/loaned/invested to intermediaries for ultimate beneficiaries. (b) No funds received from funding parties for ultimate beneficiaries.

? (v) No dividend declared during the year.

? (vi) Company has not used accounting software with audit trail (edit log) facility. Reporting on tampering does not arise.

PART B: ANNEXURE A - Companies (Auditors Report) Order, 2020

Clause	Matter	Status
3(i)(a)(A)	Proper records of Property, Plant and Equipment	Maintained
3(i)(a)(B)	Intangible assets	None as at March 31, 2026 - N/A
3(i)(b)	Physical verification program (once every 3 years)	Reasonable; no material discrepancies
3(i)(c)	Immovable property	Company does not own any - N/A
3(i)(d)	Revaluation of PPE/Intangible assets	Not revalued during the year
3(i)(e)	Benami property proceedings	None initiated/pending
3(ii)(a)	Inventories	Freight Forwarding & Transportation industry - no inventories - N/A
3(ii)(b)	Working capital limits > \u20b95 crores from banks	Not sanctioned - N/A
3(iii)	Investments, guarantees, loans to companies/firms/LLPs	None made - N/A
3(iv)	Compliance with Section 185 and 186	Complied
3(v)	Deposits accepted	None - N/A
3(vi)	Cost Records under Section 148(1)	Not specified by Central Government - N/A
3(vii)(a)	Statutory dues (PF, ESI, Income Tax, GST, Customs, Cess)	Generally regular; no undisputed amounts outstanding >6 months
3(vii)(b)	Disputed statutory dues	See table below
3(viii)	Previously unrecorded income surrendered	None
3(ix)(a)	Default in repayment of loans/interest	No default
3(ix)(b)	Willful defaulter	Not declared
3(ix)(c)	Term loans applied for purpose	Yes
3(ix)(d)	Short-term funds used for long-term purposes	Prima facie not used
3(ix)(e)	Subsidiaries	None - N/A
3(ix)(f)	Subsidiaries, joint ventures, associate companies	None - N/A
3(x)(a)	IPO/FPO (including debt instruments)	Not raised - N/A
3(x)(b)	Preferential allotment/private placement	Not made - N/A
3(xi)(a)	Fraud by/on Company	None noticed/reported
3(xi)(b)	Form ADT-4 filed	No
3(xi)(c)	Whistle blower complaints	None received - N/A
3(xii)	Nidhi Company	Not a Nidhi Company - N/A
3(xiii)	Section 177 and 188 compliance (related party transactions)	Complied; disclosed in financial statements
3(xiv)(a)	Internal audit system	Unable to comment - internal audit reports not made available
3(xiv)(b)	Internal audit reports considered	Not received; not considered in audit
3(xv)	Non-cash transactions with Directors (Section 192)	None - N/A
3(xvi)(a)-(d)	RBI Act Section 45-IA registration	Not required - N/A
3(xvi)(e)	Core investment company within Group	None - N/A
3(xvii)	Cash losses	Not incurred in current and immediately preceding financial year
3(xviii)	Predecessor auditor resignation	Resigned 9th September 2025; no issues/objections/concerns with material impact
3(xix)	Material uncertainty on meeting liabilities	Nothing came to attention indicating material uncertainty
3(xx)	CSR under Section 135	Not applicable - N/A
3(xxi)	Reporting under Clause 3(xxi)	Not applicable

Disputed Statutory Dues (Clause 3(vii)(b))

Name of Statute	Nature of Dues	Period	Amount Involved (\u20b9 in Lacs)	Amount Paid (\u20b9 in Lacs)
Income Tax Act, 1961	Income Tax	2019-20	43.17	4.40

PART C: ANNEXURE B - Internal Financial Controls

Opinion: The Company has, in all material respects, an adequate internal financial controls system over financial reporting, operating effectively as at March 31, 2026, based on criteria established considering the essential components of internal control stated in the ICAI Guidance Note.