Shrydus Industries Ltd Auditor Reports

Independent Auditors Report on the Financial Results Pursuant to the Regulation 33 and 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Members

SHRYDUS INDUSTRIES LIMITED

Formerly Known As VCK Capital Market Services Limited Report on the Audit of the Financial Statements

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act)

We have audited the internal financial controls over financial reporting of M/S. Shrydus Industries Limited (Formerly known as VCK Capital Market Services Limited) ("the Company") as of March 31, 2025 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.

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 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, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Rajesh H Gupta & Co, Chartered Accountants FRN: 133884W

Rajesh Kumar Gupta (Partner) Membership No. 147453 Date : 30-05-2025 Place : Mumbai UDIN: 25147453BMKMRH1438

ANNEXURE A TO THE AUDITORS REPORT

Referred to in Paragraph 2 under "Report on other Legal and Regulatory requirements in independent Auditors report of even date on the accounts of Shrydus Industries Limited (Formerly Known As VCK Capital Services Ltd.) for the year ended 31st March, 2025.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

i) Property, Plant & Equipment and Intangible Assets: i. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

ii. The fixed assets have been physically verified by the management as per a phased program of verification.

iii. The Company does not have any immovable properties of freehold or leasehold land and building and hence reporting under clause (i)(c) (d) (e) of the Order are not applicable.

iv. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year.

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

ii) Inventory i. As explained to us, the inventories were physically verified during the year by the

Management at reasonable intervals and no discrepancies of 10% or more were noticed on physical verification.

ii. During any point of time of the year the company has not been sanctioned any working capital Limit, hence, this clause is not applicable.

iii) Loans, Investments, Guarantees, Securities and Advances in nature of Loan i. The Company has not made any guarantee or security, but granted loans in the nature of advances to Shrydus Reality Pvt Ltd of 0.51 Lakhs during the year and outstanding at the year ended 31-03-2025 at Rs 150.80

ii. Clause (b), (c), (d), (e), (f) are not applicable as company has not made investment in, provided any guarantee or security, or granted any loans, or advances in the nature of loans secured or unsecured, to companies, firms, and Limited liability partnership or other parties. iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

v) The Company has not accepted deposits during the year and does not have any unclaimed deposits as at 31st March, 2025 and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.

vi) As informed to us, the maintenance of cost records has not been prescribed by the Central Government U/s 148(1) of the Company Act,2013, in respect of the activities carried on by the Company.

vii) a) According to the records of the Company, the Company has not deposited statutory dues including Provident fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities except GST amounts as the same is not applicable to the Company

b) According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess were in arrears, as at 31st March, 2025 for a period of more than six months from the date they became payable

viii) No transactions has been recorded in the books of account which has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961), Accordingly, paragraph 3(viii) of the order is not applicable to the company;

ix) According to the information and explanations given to us, the Company has not taken any loans or borrowings from financial institutions, banks and government or has not issued any debentures. Hence reporting under clause of the Order is not applicable to the Company.

x) The company has not raised money by way of initial public offer (including debts shares during the year. Accordingly, the provisions of clause 3(x)(a) of the Order are applicable to the Company. Based on the information and explanations provided to us and our examination of the records of the Company, the Company has made a preferential allotment of shares during the year. Accordingly, the provisions of clause 3(x)(b) of the Order are applicable to the Company and have been duly complied with.

Further, the funds raised by the Company have been utilized for the purposes for which they were raised.

xi) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year. Clause xi (b) and (c) are not applicable as there in no fraud.

xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable.

xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards.

xiv) During the year, the Company has made preferential allotment of shares.

xv) The company is not having Internal audit system.

xvi) . In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its Directors and hence provisions of Section 192 of the Act are not applicable.

xvii) The Company is not required to be registered under Section 45-I of the Reserve Bank of India Act, 1934.

xviii) The Company has not incurred cash loss in the current financial year and cash loss in the immediately preceding financial year.

xix) During the year there is resignation of the Statutory auditors.

xx) In our opinion and according to the information and explanation given to us there is no material uncertainty exist as on date of the audit report the company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year.

xxi) The company has not undertaken any project; hence clause is not applicable.

xxii) In our opinion, no adverse remark being reported by the Auditor of Subsidiary Companies, Accordingly, clause 3(xxi) of the order is not applicable to the company.

For Rajesh H Gupta & Co, Chartered Accountants FRN: 133884W

Rajesh Kumar Gupta (Partner)

Membership No. 147453

Date : 30-05-2025 Place : Mumbai

UDIN: 25147453BMKMRH1438