Shree Rajeshwaranand Paper Mills Ltd Auditor Reports

To,

The Members,

Shree Rajeshwaranand Paper Mills Limited Govali, Bharuch, Gujarat.

Report on the Audit of the Standalone Financial Statements.

Opinion

We have audited the standalone financial statements of Shree Rajeshwaranand Paper Mills Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss, the Statement of Changes in Equity, notes to the financial statements, the Statement of Cash Flows for the year ended on that date and 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, except for the possible effects of the matter described in the Basis for Opinion section of our report, the aforesaid financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026, its loss (including other comprehensive income), changes in equity 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 (the Act). 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter:

We draw attention to Note 10 & 11 of Notes to Accounts accompanying financial statements regarding the implementation of the Resolution Plan approved by the Honble National Company Law Tribunal ("NCLT") under the Insolvency and Bankruptcy Code, 2016. Pursuant to the approved

Resolution Plan, the Company is required to allot/issue equity shares to the Successful Resolution Applicant/New Promoters. However, as at 31 March 2026, the said allotment/issuance of shares are under progress as various approval are in process from stock exchange/other regulatory authorities. Further, pending such allotment/issuance, the shareholding pattern and related equity structure of the Company continue to reflect the existing status as on the reporting date.

Our opinion is not modified in respect of this matter.

Key Audit Matters:

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matters	How addressed in our audit
The company has certain PPE which are being acquired under the resolution process under IBC. These assets were acquired from the erstwhile management after the operations were suspended and the assets were lying un-operational. These PPE constitute a major part of the total assets of the company and hence the value has been considered as a key audit matter.	Our audit procedures included but were not limited to the following:
	a) Verifying the value/carrying amount of the PPE with the valuation reports of the third-party valuers;
	b) Checking the management assessment of the realizable value.

There is land and one office situated at Ahmedabad. Details are as mentioned below:

1. Non-Agricultural Land, Revenue Survey Number: 238, Khata No: 143, Area 44500 sq mt, AT & Post: Mulad, Taluka: Jhagadia, District: Bharuch, Gujarat.

2. Non-Agricultural Land, Revenue Survey Number: 442/B + 451/B, Khata No: 716, Area 161908 sq mt, AT & Post: Govali, Taluka: Jhagadia, District: Bharuch, Gujarat.

3. Office located at Unit No. 1002, 10th Floor, Samudra Annexe, Sub Plot-No. 2, Final Plot No. 322, T.P. Scheme No. 3, Area 777 sq. ft., Vill. Changispur, Umashankar Joshi Marg, Vasant Vihar, Navrangpura, Ahmedabad, Gujarat-380009.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON;

The Companys Board of Directors are responsible for the preparation of other information. The Other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to the Board report, Business responsibility Report, Corporate Governance report and Shareholders information, but does not include the financial statement and our auditors report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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 no material misstatement of this other information, we are required to report that.

Responsibilities of Management and those charged with Governance for the Standalone Financial Statements;

The financial statements have been approved by the Companys Board of Directors. The Companys Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the INDAS specified under Section 133 of the Act and other accounting principles generally acceptable in India.

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 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, the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors 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 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:

(a) 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.

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

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

(d) 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.

(e) 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.

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

Report on Other Legal and Regulatory Requirements;

A. Pursuant to the Companies (Auditors Report) Order, 2020 ("the Order" "CARO"), 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, to the extent applicable.

B. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) Except for the matters described in the - Basis for Opinion paragraphs above, in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015.

e) On the basis of the written representation received from the directors as on March 31, 2026, taken on records by the Board of Directors, none of the directors are disqualified as on March 31, 2026 from being appointed as Directors 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".

g) Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026, 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 the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, the audit trail records have been preserved by the Company as per the statutory requirements for record retention.

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 the Act.

i) 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, as amended in our opinion and to the best of our information and according to the explanations given to us.

i. Pursuant to the Honble National Company Law Tribunal (NCLT) Order dated 27.11.2024, the Company does not have any pending litigation that would materially impact its financial performance. However, two applications have been filed before the Honble National Company Law Appellate Tribunal (NCLAT), the details of which are as follows:

• Application by Unsuccessful Resolution Applicant:

Mr. Mohsinbhai Varteji, an unsuccessful resolution applicant, has filed a company appeal (AT) (INS) no. 120 of 2025 with the Honble NCLAT. The matter is further listed on 22.05.2026.

• Application by Operational Creditor - DGVCL:

Dakshin Gujarat Vij Company Limited (DGVCL), an operational creditor, has filed an appeal with Honble NCLAT, New Delhi against the order passed by the Honble NCLT, Ahmedabad bench dated 20.02.2025. The matter is further listed on 21.05.2026.

ii. The Company did not have any long-term contracts including derivative contracts for which there is any material foreseeable losses.

iii. There are no amounts which are required to be transfer to the Investor Education & Protection Fund by the company.

iv. The Company has not declared or paid any dividend during the year ended March 31, 2026 and hence reporting compliance of Section 123 of the Act is not applicable.

For K P J & Co.

Chartered Accountants

FRN: 132942W

CA. Kapil Damoderlal Rathi

Partner

Mem No. 141239

Date: 30/05/2026

Place: Surat

UDIN: 26141239EATDXX5406

ANNEXURE "A" TO THE AUDITORS REPORT

The Annexure referred to in our report to the members of Shree Rajeshwaranand Paper Mills Limited for the year ended 31^st March, 2026.

On the basis of the information and explanation given to us during the course of our audit, we report that:

1. (a) A. The Company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

B. The company is maintaining proper records showing full particulars of intangible assets;

The Company has only immovable properties comprising land and office premises situated at Ahmedabad. The details of the said property are as mentioned below:

1. Non-Agricultural Land, Revenue Survey Number: 238, Khata No: 143, Area 44500 sq. mt., AT & Post: Mulad, Taluka: Jhagadia, District: Bharuch, Gujarat.

2. Non-Agricultural Land, Revenue Survey Number: 442/B + 451/B, Khata No: 716, Area 161908 sq. mt., AT & Post: Govali, Taluka: Jhagadia, District: Bharuch, Gujarat.

3. Office located at Unit No. 1002, 10th Floor, Samudra Annexe, Sub Plot-No. 2, Final Plot No. 322 T.P Scheme No. 3, Area 777 sq. ft., Vill. Changispur, Umashankar Joshi Marg, Vasant Vihar, Navrangpura, Ahmedabad, Gujarat- 380009.

(b) The Property, Plant and Equipment have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and based on our examination of the records and documents of the Company, including scanned copies of the title deeds, the immovable properties disclosed in the financial statements are held in the name of the Company as at the balance sheet date.

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

(e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder.

2. (a) There is no Inventory in the Company as on 31.03.2026.

(b) During any point of time of the year, the company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions;

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

4. In our opinion and according to the information and explanations provided to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and securities, wherever applicable. The Company has not provided any guarantee and security during the year.

5. According to the information and explanations given to us and on the basis of our examination of the books of account and records of the Company, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 are not applicable.

6. The Central Government has prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. However, since the overall turnover of the Company from all its products and services was below the prescribed limit of •35 Crore during the preceding financial year, the rules relating to the maintenance of cost records are not applicable to the Company for the current year.

7 (a) According to the information and explanations given to us and on the basis of our examination of the books of account and records of the Company, the Company has been generally regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Goods and Services Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues as applicable. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2026 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Goods and Services Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax or Cess which have not been deposited on account of any dispute, as the outstanding disputed dues, if any, to be extinguished pursuant to the Order of the Honble National Company Law Tribunal (NCLT) dated 27 November, 2024.

Further, the Company is in the process of extinguishing the same in the records of the respective statutory authorities by completing the necessary procedural formalities.

8. According to the information and explanations given to us and based on our examination of the books of account, no transactions relating to previously unrecorded income have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Accordingly, no further reporting is required under this clause.

9. (a) Based on our audit procedures and on the basis of information and explanations given to us, we are of the opinion that the Company has not defaulted in the repayment of loans or other borrowings or in the repayment of interest thereon to the lenders except the dues which has been settled according to NCLT Order dated 27 November, 2024 and hence reporting under clause 3(ix) of the Order is not applicable to the Company.

(b) The Company has been acquired pursuant to the Order of the Honble National Company Law Tribunal (NCLT) dated 27 November, 2024. Consequent to the said acquisition and implementation of the approved resolution plan, all outstanding dues of the Company have been duly settled and there are no continuing defaults in repayment of borrowings or interest thereon. Further, the Company has not been declared a wilful defaulter by any bank, financial institution or other lender.

(c) According to the information and explanations given to us, the Company has not obtained any term loans during the year. Accordingly, reporting under this clause is not applicable.

(d) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that no funds raised on a shortterm basis have been utilised for long-term purposes by the Company.

(e) According to the information and explanations given to us, 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.

(f) According to the information and explanations given to us, the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

10. (a) According to the information and explanations given to us, 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 requirements under Clause 10(a) of the Order are not applicable.

(b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Accordingly, the reporting requirements under Clause 10(b) of the Order are not applicable.

11. (a) Based upon the audit procedures performed and according to the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

(b) No report under sub-section (12) of Section 143 of the Companies Act has been filed by us or by any other auditor in Form ADT-4 with the Central Government during the year and up to the date of this report.

(c) No whistle-blower complaints have been received by the Company during the year.

12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, the provisions of clause 3(xii)(a) to (c) of the Order are not applicable to the Company.

13. In our opinion and according to the information and explanations given to us, the Company is in compliance with Sections 177 and 188 of the Companies Act, 2013 with respect to transactions with related parties, wherever applicable, and the details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

14. In our opinion and based on our examination, the Company, being a listed company, is required to have an internal audit system under Section 138 of the Companies Act, 2013. Further, the internal audit reports for the year under audit have been made available to us and have been considered while conducting our audit.

15. Based on the audit procedures performed and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with them. Accordingly, the provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.

16. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 as it is not engaged in the business of a Non-Banking Financial Institution or Finance activity. Accordingly, reporting under clauses 3(xvi)(a) and 3(xvi)(b) of the Order is not applicable to the Company.

(b) The Company is not a Core Investment Company (CIC) as defined under the regulations issued by the Reserve Bank of India. Further, based on the information and explanations provided to us, the Group does not have any CIC as part of the Group. Accordingly, reporting under clauses 3(xvi)(c) and 3(xvi)(d) of the Order is not applicable to the Company.

17. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

19. According to the information and explanations given to us and based on our examination of the financial ratios, ageing of financial assets and liabilities, expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, and management plans, nothing has come to our attention which causes us to believe that any material uncertainty exists as at the date of the audit report indicating that the Company is not capable of meeting its liabilities existing as at the balance sheet date as and when they fall due within a period of one year from the balance sheet date. However, this is not an assurance as to the future viability of the Company, and our reporting is based on the facts available up to the date of the audit report.

20. In our opinion and according to the information and explanations given to us, the provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the Company. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicable.

21. In our opinion and according to the information and explanations given to us, 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 standalone financial statements.

For K P J & Co.

Chartered Accountants

FRN: 132942W

CA. Kapil Damoderlal Rathi

Partner

Mem No. 141239

Date: 30/05/2026

Place: Surat

UDIN: 26141239EATDXX5406

ANNEXURE - B TO THE 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 Shree Rajeshwaranand Paper Mills Limited ("the Company") as of 31 March 2026, in conjunction with our audit of the 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 judgment, 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 31/03/2026, 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For K P J & Co.

Chartered Accountants

FRN: 132942W

CA. Kapil Damoderlal Rathi

Partner

Mem No. 141239

Date: 30/05/2026

Place: Surat

UDIN: 26141239EATDXX5406