SGL Resources Ltd Auditor Reports

To the Members of SGL Resources Limited (formerly known as Scanpoint Geomatics Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of SGL Resources Limited (formerly known as Scanpoint Geomatics Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, and the Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of 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, as amended ("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 March 31, 2026, its profit including other comprehensive 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 (SAs) 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 relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made 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 obtained by us is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

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 for the financial year ended March 31, 2026. 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. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Key Audit Matter	How Our Audit Addressed the Key Audit Matter
1. Expected Credit Loss Allowance on Trade Receivables. As at March 31, 2026, the Companys trade receivables aggregated 2,275 lakhs, representing 7.38% of total assets, as more fully described in Note 9 to the financial statements.	Our procedures included, among others: obtaining an understanding of, evaluating the design of, and testing the operating effectiveness of the Companys key controls over the recording and ageing of trade receivables and over computation of the ECL allowance; evaluating the appropriateness of the methodology applied, including forward-looking macroeconomic adjustments, against externally sourced data where relevant; and assessing the adequacy of the related disclosures under Ind AS 107 and Ind AS 109.
The determination of credit loss allowance involves significant management judgement, including: the classification of receivables into risk buckets; and the adjustments made for current and reasonable, supportable forward-looking macroeconomic factors.
Given the quantum involved and the degree of estimation uncertainty, we identified this as a key audit matter.
Key Audit Matter	How Our Audit Addressed the Key Audit Matter
2. Significant Reversals of Previously Recognized Revenue. During the year, the Company reversed previously raised invoices / recognized revenue for a significant amount. These reversals were significant in value and required us to assess the appropriateness and sufficiency of supporting documentation for each, whether the reversals and the underlying revenue were recorded in the correct accounting period, and the risk of management override of controls in the raising and subsequent reversal of invoices and credit notes.	Our procedures included obtaining an understanding of, evaluating the design of, and testing the operating effectiveness of the Companys controls over the authorization and recording of credit notes and invoice reversals. In the course of this testing, we identified isolated instances, where supporting documentation had not been retained in a timely manner, we did not consider this indicative of a broader breakdown in the design or operation of the control, and management has since taken corrective action. In response to these instances, we extended our substantive procedures, selecting a sample of reversals weighted towards higher-value items and those near period-end, and obtaining alternative corroborating evidence — customer correspondence, purchase orders, evidence of subsequent collections — where original supporting documentation was not available.
We identified this as a key audit matter because of the value and volume of the reversals, the judgement involved in assessing the underlying business rationale and supporting evidence for each, and the heightened fraud risk inherent in transactions of this nature.
3. During the year, the Company advanced an Intercorporate Loan of 108 crore to a corporate entity, as more fully described in Note 6 to the financial statements. This loan represents approximately 35% of the Companys total assets as at the balance sheet date and is therefore significant.	Our procedures included: obtaining an understanding of the nature and business rationale for the loan from management and those charged with governance, including the process by which it was approved; examining the executed loan agreement to verify its terms, including interest rate, tenure, repayment schedule, assessing recoverability; evaluating whether the borrower is a related party under Ind AS 24 and Section 2(76) of the Act, based on the information and explanations available to us; assessing compliance with Sections 185 and 186 of the Act, including whether the loan required, and was approved by, a special resolution having regard to its size relative to the thresholds under Section 186(2), and whether the interest rate is not lower than the prevailing yield of specified government securities as required under Section 186(7); and assessing the adequacy of the Companys disclosures.
We identified this as a key audit matter on account of: the quantum of the loan relative to the Companys total assets and net worth; the judgement involved in assessing recoverability, and the legal and regulatory considerations arising from a transaction of this size, including compliance with Sections 185 and 186 of the Act.
4. Documentation of Material Vendor Arrangements. As at March 31, 2026, certain of the Companys material vendor arrangements did not have formally executed agreements in place. The absence of executed agreements required us to exercise judgement in evaluating the terms governing these arrangements — including pricing, payment terms, and any conditions affecting the classification, measurement, or disclosure of the related liabilities — and in assessing whether adequate alternative evidence existed to support the terms represented by management.	Our procedures included: obtaining managements representations regarding the commercial terms of the affected vendor arrangements; corroborating those representations with available alternative evidence, including purchase orders, goods receipt records, and historical payment patterns; evaluating whether the absence of formally executed agreements had any impact on the classification, measurement, or disclosure of the related purchases and payables; and recommending to management and those charged with governance that the relevant agreements be formally executed on a timely basis.
We identified this as a key audit matter given the value of the arrangements affected and the judgement involved in the absence of formal documentation.

Other Information

The Companys Board of Directors is 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 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 such other information is materially inconsistent with the 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 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 of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive loss, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and the rules issued thereunder. 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 the 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.

The 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 judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the 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 controls.

• Obtain an understanding of internal financial controls 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 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 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.

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.

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 for the financial year ended March 31, 2026 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 ("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" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2A) 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, the Statement of Changes in Equity, and the Statement of Cash Flows 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 Ind AS specified under Section 133 of the Act, read with Companies

(Indian Accounting Standards) Rules, 2015 and the rules prescribed thereunder;

(e) 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 is disqualified as on March 31, 2026, 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 these standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" to this report;

(g) I n our opinion, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

2B) 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 has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 30 to the standalone financial statements;

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 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, 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 or entity, 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, no funds (which are material either individually or in the aggregate) have been received by the Company from any persons 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 or ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such 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 subclause (a) and (b) contain any material misstatement.

v. 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. The audit trail feature was not enabled at the database and/or application level to log direct data changes for certain transaction categories during the year, consistent with the position reported in the prior year.

	For M/S Ram Chandak & Associates Chartered Accountants Firm Registration No.: 151611W
Place: Ahmedabad Date: 27.07.2026	CA Ram Narayan Chandak (Partner) Membership No.: 193166 UDIN:26193166KFFLJB9582

INDEPENDENT AUDITORS REPORT

Annexure "A referred to in paragraph under the heading "Report on other legal and regulatory requirements" of our report of even date of SGL Resources Limited (formerly known as Scanpoint Geomatics Limited).

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) Property, Plant and Equipment and Intangible Assets

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

(b) Physical verification is conducted annually under a program reasonable to the size and nature of the Companys assets; discrepancies noticed, if any, were not material.

(c) We are unable to form an opinion on whether title deeds of immovable property are held in the name of the Company, as the management has not provided the necessary documentary evidence.

(d) The Company has not revalued its Property, Plant and Equipment or intangible assets during the year.

(e) No proceedings have been initiated or are pending against the Company for holding benami property under the Prohibition of Benami Property Transactions Act, 1988.

(ii) Inventory

(a) The Company is engaged in GIS-based software development and sales and does not hold physical inventories; paragraph 3(ii)(a) is not applicable.

(b) The Company has not been sanctioned working capital limits in excess of 5 crore, in aggregate, from banks or financial institutions on the basis of security of current assets at any point during the year; accordingly, clause 3(ii)(b) is not applicable.

(iii) Investments, Loans, Guarantees and Advances

(a) The Company granted a loan of 108 crore to a corporate entity (the "borrower"). The Company has not provided any guarantee or security to any other entity during the year.

(i) Aggregate amount during the year, and balance outstanding as at the balance sheet date, in respect of loans, advances in the

nature of loans, guarantees, or security to subsidiaries, joint ventures, and associates: Nil.

(ii) Aggregate amount during the year, and balance outstanding as at the balance sheet date, in respect of loans, advances in the nature of loans, guarantees, or security to parties other than subsidiaries, joint ventures, and associates: aggregate amount granted during the year 108 crore (loan to the borrower referred to above); no repayment of principal was received during the year, and accordingly the entire amount of 108 crore remained outstanding as at March 31, 2026.

(b) I n our opinion, the terms and conditions of the grant of the loan to the borrower, examined with reference to the executed loan agreement, are not prejudicial to the Companys interest.

(c) Since no repayment of principal or interest was due from the borrower during the year, reporting on amounts overdue for more than ninety days is not applicable; clause 3(iii)(c) is not applicable.

(d) No loan or advance in the nature of a loan granted by the Company, which fell due during the year, was renewed or extended, or settled by fresh loans granted to the same party, during the year; clause 3(iii)(d) is not applicable.

(e) Other than the loan referred to above, which is governed by an executed agreement stipulating specific repayment terms, the Company has not granted any loans or advances in the nature of loans that are repayable on demand or without specifying any terms or period of repayment; clause 3(iii)(e) is accordingly not applicable.

(iv) Compliance with Sections 185 and 186

I n our opinion, the Company has complied with the provisions of Section 186 of the Act in respect of the loan referred to in clause 3(iii) above, to the extent applicable; Section 185 is not applicable as the loan was not granted to a director or an entity in which a director is interested, based on the information and explanations given to us.

(v) Deposits

The Company has not accepted any deposits or amounts deemed to be deposits within the meaning of Sections 73 to 76 of the Act; clause 3(v) is not applicable.

(vi) Cost Records

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 Companys products/services. Accordingly, reporting under clause 3(vi) of the Order is not applicable to the Company.

(vii) Statutory Dues

(a) The Company is regular in depositing with appropriate authorities 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 other statutory dues

applicable to it. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(b) The dues of 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 other statutory dues have not been deposited on account of any dispute, are as follows:

Name of the Statute	Nature of Dues	Amount Disputed	Period	Status	Forum
Income Tax Act, 1961	Income Tax	97,36,430	AY 2016-17	Demand stayed	Commissioner of Income Tax, NFAC
Goods and Services Tax Act & Rules, 2017	CGSTand SGST	41,62,094	FY 2019-20	Appeal pending	GST Commissioner
Goods and Services Tax Act & Rules, 2017	CGSTand SGST	58,63,900	FY 2018-19	Appeal pending	GST Commissioner
Goods and Services Tax Act & Rules, 2017	CGST and SGST	1,45,21,692	FY 2018-19	Appeal pending	GST Commissioner

(viii) There were no transactions relating to previously unrecorded income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961.

(ix) Repayment of Loans and Borrowings

(a) The Company has been regular in repayment of loans/borrowings and payment of interest during the year; there were no delays or defaults in repayment of principal or interest to any lender.

(b) The Company has not been declared a willful defaulter by any bank, financial institution, or government authority.

(c) Term loans were applied for the purposes for which they were obtained.

(d) Funds raised on a short-term basis have not, prima facie, been used for long-term purposes.

(e) The Company has not taken any funds from any entity or person to meet the obligations of its subsidiary.

(f) The Company has not raised any loans during the year on the pledge of securities held in its subsidiary.

(x) Funds Raised

(a) During the year, the Company did not raise any funds by way of Further Public Offer, Rights Issue, or debt instruments; clause 3(x)(a) is not applicable for the current year.

(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures during the year; clause 3(x)(b) is not applicable.

(xi) Fraud

(a) Based on our examination of the books and records and the information and explanations given to us, and considering the principles of materiality outlined in the Standards on Auditing, no fraud by the Company or material fraud on the Company has been noticed or reported during the course of the audit.

(b) No report under Section 143(12) of the Act has been filed in Form ADT-4 with the Central Government during the year and up to the date of this report.

(c) The Company has not received any complaints from a whistle blower during the year.

(xii) The Company is not a Nidhi Company; clause 3(xii) is not applicable.

(xiii) Related Party Transactions

In our opinion, the Company has entered into transactions with related parties during the year that are in compliance with Sections 177 and 188 of the Act, to the extent applicable, and the details of such related party transactions have been disclosed in the standalone financial statements as required by the applicable Indian Accounting Standards.

(xiv) Internal Audit

(a) The Companys internal audit function is not yet fully commensurate with the size and nature of its business. We understand that the Company recognizes this and is taking steps to strengthen its internal control and review mechanisms, including establishing appropriate supervisory oversight over accounting entries.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors during the year; Section 192 of the Act is not applicable.

(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934; clauses 3(xvi)(a), (b), and (c) are not applicable.

(b) There is no core investment company within the Group; clause 3(xvi)(d) is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xviii) The previous statutory auditors of the Company resigned during the year on account of their preoccupation with other professional assignments, which did not permit them to devote adequate time to the affairs of the Company. We have taken into consideration the issues, objections, and concerns, if any, communicated by the outgoing auditors in planning and performing our audit for the year.

(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 standalone financial statements, and our knowledge of the Board of Directors and managements plans, nothing has come to our attention which causes us to believe that any material uncertainty exists as on the date of this report indicating that the Company is not capable of meeting its liabilities existing at the balance sheet date as and when they fall due within a period of one year. We state that this is not an assurance as to the future viability of the Company, nor a guarantee that all liabilities falling due within one year will be discharged as and when due.

(xx) Corporate Social Responsibility

Provisions of Section 135 (CSR) of the Act are not applicable to the Company for the year under audit; accordingly, reporting under clause 3(xx)(a) and (b) is not applicable.

(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements.

Annexure "B" to the Independent Auditors

Report of even date on the Standalone Financial Statements of SGL Resources Limited (formerly known as Scanpoint Geomatics Limited)

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 with reference to standalone financial statements of SGL Resources Limited (formerly known as Scanpoint Geomatics Limited) ("the Company") as of March 31, 2026, in conjunction with our audit of the standalone financial statements 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 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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to these standalone financial statements 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, as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by 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 these standalone financial statements 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 with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to these standalone financial statements, 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 these standalone financial statements.

Meaning of Internal Financial Controls With Reference to these Standalone Financial Statements

A companys internal financial controls with reference to standalone 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 standalone financial statements 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone 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 standalone financial statements to future periods are subject to the risk that the internal financial controls with reference to standalone 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 adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2026, 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 issued by the ICAI.

During the course of our audit, we identified a few instances where credit notes issued against sales, and their subsequent reversal, lacked adequate supporting documentation at the time of our testing. Based on the limited number and value of the instances identified relative to the total population tested, we do not consider this indicative of a broader deficiency in the design or operation of the related control. Management has since taken corrective action, which we have verified has been implemented.

i, Similarly, we identified isolated instances where debit notes il issued against purchases, and their subsequent reversal, s lacked adequate supporting documentation at the time of il our testing. As with credit notes, we do not consider this il indicative of a broader deficiency, and management has s taken corrective action. _e

Management has represented that corrective steps have since been taken, or are in the process of being taken, to strengthen the design and operating effectiveness of the _l relevant controls, including establishing a functioning _s internal audit function and tightening documentation requirements for loans, investments, and vendor _y arrangements. Having considered the nature, extent, and potential impact of the above matters, both individually and in the aggregate, together with the remedial measures ^y_l represented by management, we have concluded that these matters do not constitute a material weakness in the Companys internal financial controls with reference s to financial statements as at March 31, 2026. Accordingly, t these matters do not affect our opinion on the internal e financial controls expressed above.

e For Ram Chandak & Associates

	For Ram Chandak & Associates
	Chartered Accountants
	Firm Registration No.: 151611W
Place: Ahmedabad Date: 27.07.2026	CA Ram Narayan Chandak (Partner) Membership No.: 193166 UDIN:26193166KFFLJB9582