Shreeoswal Seeds & Chemicals Ltd Auditor Reports

TO THE MEMBERS OF SHREEOSWAL SEEDS AND CHEMICALS LIMITED

Report on the Audit of the Standalone Financial Statements.

Opinion

We have audited the accompanying Standalone Financial Statements of SHREE OSWAL SEEDS AND CHEMICALS LIMITED (“the Company”) , which comprise the Balance Sheet as at 31 March 2026, the Statement of Pro it 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 financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as “the financial statement”) 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 (“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 the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2026, its pro it including other comprehensive income, changes in equity and its cash lows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing speci ied under Section 143(10) of 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 together with the ethical requirements relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have ful illed our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence obtained by us is suf icient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi icance 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. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
1. Revenue: Management estimate of provision for sales return and Discount & schemes
Estimate for sales returns and discounts and schemes was a critical audit matter in the audit of the Companys financial statements for the year ended 31 March 2026. Management estimates the amount of returns expected based on the goods returned in the past and current market demands. The Company operates in a highly competitive seed industry wherein sales are subject to various discounts, incentive schemes, rebates and potential sales returns based on product performance, seasonal demand and market conditions. The management considers revenue as key measure for evaluation of performance.	Principal Audit Procedures:-
We consider this as a key audit matter due to:-	We have performed the following principal audit procedures in relation to revenue recognised:
Due to the signi icance of revenue to the financial statements and the degree of management judgment involved in determining the related provisions and adjustments to revenue.	Assessing the appropriateness of the Companys revenue recognition accounting policies in line with Ind AS 115 (“Revenue from Contracts with Customers”).
	Understanding and Testing of design and operating effectiveness of Internal controls in place relating to recognition and measurement of sales returns and discount amounts.
	Testing of relevant information technology general controls, automated controls, and the related information used in recording and disclosing revenue
	Performed analytical procedures on current year revenue based on seasonal trends and where appropriate, conducting further enquiries and testing.
	Reviewed reasonableness of estimates made by management in respect of sales return of previous year by comparing them with actual returns. Substantive testing of Sales, sales returns and discounts with the underlying documents on a sample basis. Testing of supporting documentation for sales return transactions recorded during the period closer to the year end and subsequent to year end, including examination of credit notes issued after the year end to determine whether the returns were recognised in respective accounting period

 

2. Pending Litigations
As disclosed in Note 37 to the standalone financial statements, the Company is involved in an ongoing litigation with the Income Tax Department, currently pending before the Commissioner of Appeals. The litigation pertains to certain additions and disallowances made during assessment proceedings for Assessment Year 2022-23, resulting in a demand of Rs. 599.10 Lakhs.	Our audit procedures included, among others:-
The Company is of the opinion, based on legal advice and facts of the case, that the demand is likely to be either deleted in full or substantially reduced and accordingly, no provision has been considered necessary in the financial statements. The matter has been disclosed as a contingent liability.	Obtaining an understanding of the nature of the disputed matters and reviewing the Companys assessment of the potential outcome. Examining relevant documents including the assessment order, grounds of appeal, and legal opinions obtained by the Company.
We considered this to be a key audit matter due to: -	Discussing the case status and strategy with management and, where applicable, their external legal counsel.
The signi icant judgment involved in assessing the likely outcome of the appeal;	Evaluating the Companys accounting treatment and disclosures in accordance with Ind AS 37 Provisions,
The materiality of the amount under dispute; and	Contingent Liabilities and Contingent Assets.
The potential impact on the financial statements if the outcome is unfavorable.	Assessing whether the disclosures in the financial statements adequately describe the nature of the litigation and managements judgment

Information Other than the 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 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.

Responsibilities of Management and Those Charged with Governance

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, cash lows and changes in equity of the Company in accordance with the accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records, safeguarding of assets, prevention and detection of frauds and irregularities, selection and application of appropriate accounting policies, making reasonable and prudent estimates and maintenance of adequate internal financial controls.

The Board of Directors is also responsible for assessing the Companys ability to continue as a going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or cease operations or has no realistic alternative but to do so.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess risks of material misstatement.

Obtain an understanding of internal financial controls relevant to the audit. Evaluate the appropriateness of accounting policies used. Assess the reasonableness of accounting estimates made by management. Conclude on the appropriateness of the going concern basis of accounting. Evaluate the overall presentation of the financial statements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 (“CARO 2020”), issued by the Central Government of India in terms of Section 143(11) of the Act, we give in Annexure “A” a statement on the matters speci ied in paragraphs 3 and 4 of the said Order.

Further, as required by Section 143(3) of the Act, we report that:

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

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

c) The Balance Sheet, the Statement of Pro it and Loss including other comprehensive income and the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards (IND AS) speci ied under section 133 of the Act and rules made there under, as applicable;

e) On the basis of written representations received from management as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disquali ied 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 over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B".

g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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 has disclosed the impact of pending litigations in its notes to standalone financial statements- Refer note 37 to the standalone financial statements;

ii. The company did not have any long term contracts including derivative contracts for which there were any foreseeable losses.

iii. there has been no delay in transferring 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 persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall: directly or indirectly lend or invest in other persons or entities identi ied in any manner whatsoever (“Ultimate Bene iciaries”) by or on behalf of the Company or Provide any guarantee, security or the like to or on behalf of the Ultimate Bene iciaries.

b. The management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall: directly or indirectly, lend or invest in other persons or entities identi ied in any manner whatsoever (“Ultimate Bene iciaries”) by or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of the Ultimate Bene iciaries; and

c. Based on such audit procedures as 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 (iv)(a) and (iv)(b) contain any material mis-statement.

v. No Dividend is declared or paid by the company during the year.

vi. Based on our examination which included test checks, the company has used an 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. The detailed records inter-alia related to payroll, ixed assets, production & valuation of inventory records, etc. are maintained in physical formats using sheets/ registers where audit trail cannot be enabled. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.

ANNEXURE A

To the Independent Auditors Report on Standalone Financial Statements of SHREEOSWAL SEEDS AND CHEMICALS LIMITED

(Referred to our report of even date)

The Annexure referred to in our Independent Auditors Report to the members of the Company on the financial statements for the year ended March 31, 2026, 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. In respect of Property, Plant & Equipment and Intangible assets

a) Particulars of the records for Property, Plant & Equipment and Intangible assets

A. The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant & Equipment.

B. a) According to information and explanations given to us and on the basis of our examination of the records of the company, the company does not have any intangible assets hence, reporting under this clause is not applicable.

b) According to information and explanations given to us and on the basis of our examination of the records of the company, the Property, Plant & Equipment have been physically veri ied during the year by the management under a regular programme of veri ication by rotation over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed.

c) According to information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties forming part of the Property, Plant & Equipment are held in the name of the Company.

d) According to 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 or both during the year.

e) According to information and explanations given to us and on the basis of our examination of the records of the company, there are no proceedings 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) In respect of Inventory

a) As explained to us, the management has conducted physical veri ication of its inventory during the year. In our opinion, having regard to the size of the company and nature of its business, the frequency of veri ication is reasonable and the coverage and procedure of such veri ication by the management is appropriate. Based on records produced to us, No discrepancies of 10% or more in the aggregate for each class of inventory were noticed in respect of such inventories.

b) According to 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 ive crore rupees, in aggregate, from banks on the basis of security of current assets.

In our opinion, the quarterly statements iled by the company with the banks against sanctioned working capital loan are in agreement with books of accounts other than those set out in note No. 38(x)(a) of notes to standalone financial statements.

iii)In respect of loan granted/investment made/guarantee granted:-

According to 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 not made any investments. Company provided guarantee and security and has granted advance in nature of loans, secured or unsecured to Companies, Firms, Limited Liability Partnerships or other parties.

a) Yes, During the year the company has provided loans or advances in the nature of loans and stood guarantee and provided security to any other entity, further details are indicated below:-

Particulars	Guarantees	Security	Loans	Advances in nature of loans
Aggregate amount granted/provided during the year
Wholly owned subsidiaries	-	-	3718.34	-
Shreeoswal Psyllium Exports India
Limited
Joint ventures
Associates
Others
Oswal Ethanol and Feed Industry
Private Limited
Loans to Employees
Balance Outstanding as at balance sheet date in respect to above cases
Wholly owned subsidiaries	-	-		-
Shreeoswal Psyllium Exports India
Limited
Joint ventures
Associates
Others
Oswal Ethanol and Feed Industry Private Limited	11000.00	2469.00	0.00	0.00
Loans to Employees

Further Company has not provided Guarantee/Security to any other entity.

b) According to information and explanations given to us and on the basis of our examination of the records of the company, the terms and conditions of the grant of loan provided and guarantees provided are not prejudicial to the companys interest.

c) According to information and explanations given to us and on the basis of our examination of the records of the company, in respect of loans and advances in nature of loans, the schedule of repayment of principal and payment of interest has been stipulated and the repayments or receipts are regular. There are no advances in nature of loans advances by the company hence reporting under this clause is not applicable.

d) According to information and explanations given to us and on the basis of our examination of the records of the company, if the amount is overdue, state the total amount overdue for more than ninety days, and whether reasonable steps have been taken by the company for recovery of the principal and interest; there was no such amount overdue.

e) According to information and explanations given to us and on the basis of our examination of the records of the company, there were 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 overdue of existing loans given to the same parties.

f) According to information and explanations given to us and on the basis of our examination of the records of the company, the company has not granted advances in the nature of loans nor loans either repayable on demand, but has granted loans to its wholly owned subsidiary “Shreeoswal Psyllium Exports India Limited” of Rs. 3718.34 Lakhs ( 100% of total loans)and balance outstanding at 31.03.2026 is Rs. Nil without specifying any terms or period of repayment(Refer Note No. 38(v) of the notes to standalone financial statements).

iv. In respect of compliance of section 185 and 186 of The Companies Act, 2013

According to information and explanations given to us and on the basis of our examination of the records of the company, in our opinion the company has complied with the provisions of section 185 and 186 of Companies Act, 2013 to the extent applicable with respect to the loans given, guarantee extended, security provided and investments made

v. In respect of public deposits

In our opinion and according to the information and explanations given to us and on the basis of our examination, the Company has not accepted any deposit from the public within the meaning of the provisions of sections 73 to 76 or any relevant provisions of the Companies Act, 2013 and the rules framed there under.

vi. In respect of Cost Records:-

According to the information and explanations given to us, the maintenance of cost records has not been speci ied by the central government under the section 148(1) of the Companies Act, 2013 for the business activities carried out by the company. Thus reporting under clause 3(vi) of the order is not applicable to the company.

vii. In respect of statutory dues:

a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income-tax, duty of custom, goods & service tax, cess and other statutory dues applicable to it. As per the records of the Company, as at March 31, 2026, the Company does not have any undisputed statutory dues which are outstanding 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 examination of records of the company there are two disputed dues in respect of income tax. Name of the Statute Nature of the Dues Amount (Rs.Lacs) Period to which the amount relates Income Tax Tax demand 581.85 Forum where dispute is pending 2021-22 (AY 2022-23) Income Tax Tax demand 17.25 Commissioner of Income Tax (Appeals) 2021-22 (AY 2022-23)

viii. In respect of undisclosed Income

Commissioner of Income Tax (Appeals) In our opinion and according to the information and explanations given to us and based on our examination of the records of the company, there were no such unrecorded transaction in the books of account which were surrendered or disclosed as income during the year in tax assessments under Income Tax Act, 1961 (43 of 1961)- (Refer Note No. 34 of notes to standalone financial statements).

ix. In respect of repayment of loan According to the information and explanations given to us, based on our examination of the records of the company and on the basis of overall examination of the Balance Sheet of the Company,

a) The company has not defaulted in repayment of loans or borrowing to a financial institution or bank. b) The company has not been declared willful defaulter by any bank or financial institution. c) In our opinion the term loan were applied for the purpose for which the loan was obtained.

d) No such short term loan funds have been utilized for long term purpose.

e) The company has not raised any fund from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

f) The company has not raised any loan during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

x. In respect of funds raised through IPO/FPO/Debt inance

a) On the basis of overall examination of the Balance Sheet of the Company, according to the information and explanations provided to us and based on our examination of the records of the company we report that monies raised by way of term loans were applied for the purposes for which those were raised. The Company did not raise any money by way of initial public offer or further public offer (including debt instrument).

b) In our opinion and according to the information and explanations given to us as well as 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 (fully, partially or optionally convertible) during the year under section 42 and section 62 of the Companies Act, 2013.

xi. In respect of fraud reporting

a) According to the information and explanations given to us, no material fraud by the Company or on the Company by its of icers or employees was noticed or reported during the year.

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 iled 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, there are no whistle blower complaints received by the Company during the year.

xii. In respect of Nidhi Company

According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.

xiii. In Respect of Transactions With Related Parties

According to the information and explanations given to us, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. In Respect of Internal Audit System

According to the information and explanations given to us and based on our examination of the records of the Company, the company has an internal audit system commensurate with the size and nature of its business and the reports of the Internal Auditors for the period under audit were considered by us.

xv. In respect of Non-Cash Transactions

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order are not applicable.

xvi. In respect of compliance of section 45IA of the RBI Act, 1934

a) The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi)(a)of the Order is not applicable. b) The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi)(b)of the Order is not applicable.

c) The Company is not a core investment company (CIC) as de ined in the regulations made by the reserve Bank of India. Accordingly clause 3(xvi)(c) of the order is not applicable.

d) According to information and explanations given to us during the course of audit, there is no core investment company within the Group (as de ined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. In respect of Cash losses

The company has not incurred cash losses in the current financial year and in the immediately preceding financial year.

xviii. In respect of resignation of statutory auditors

During the year, M/s. J.C. Baheti & Associates, Chartered Accountants (Firm Registration No. 003390C), resigned as the Statutory Auditors of the Company w.e.f. 12^th August 2025. According to the information and explanations provided to us and based on our review of the resignation letter and related records, no issues, objections or concerns were raised by the outgoing auditors that would have a material impact on the financial statements of the Company.

xix. In respect of any material uncertainty to meet liability

In our opinion and according to the information and explanations given to us and based on our examination of the records of the Company, on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements,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 cause us to believe that any material uncertainty exists as on the date of the audit report that the 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. In Respect of Unspent Amount Under Section 135(5) of The Companies Act, 2013

a) In our opinion and according to the information and explanations given to us and based on our examination of the records of the Company, there was no such unspent amount to be transferred to fund speci ied in Schedule VII to the Companies Act. Accordingly, paragraphs 3(xx)(a) of the Order are not applicable.

b) The Company does not have ongoing projects under section 135 of the Companies Act. Accordingly, paragraphs 3(xx) (b) of the Order are not applicable.

ANNEXURE B

To the Independent Auditors Report on

Standalone Financial Statements of SHREEOSWAL SEEDS AND CHEMICALS LIMITED (Referred to our report of even date) 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 SHREEOSWAL SEEDS AND CHEMICALS LIMITED (“the Company”) as of March 31, 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 ef icient 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 suf icient 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 re lect 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 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, 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, H SAHU & Co.

Chartered Accountants

CA Hariom Sahu

Proprietor

Membership No. 474571

Firm Registration No. 0036476C

Udin: 26474571DFVBOU5551

Place:-Neemuch

Date: 30th May 2026