Sunlite Recycling Industries Ltd Auditor Reports

INDEPENDENT AUDITORS REPORT

TO

THE MEMBERS OF

SUNLITE RECYCLING INDUSTRIES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Financial Statements of "SUNLITE RECYCLING INDUSTRIES LIMITED" (the Company) having CIN: L27200GJ2022PLC134540, which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "Standalone Financial Statements".)

In our opinion and to the best of our information and according to the explanations given to us, 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 accounting Standards Specified under Section 133 of the Act read with the Companies (Accounting Standard) Rules, 2021 ("AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2026, and its profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibility 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 made thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the 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 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.

1. Accounting and valuation of investment in Sunlite Aluminium Private Limited

Refer to Note 13 to the standalone financial statements

During the year ended March 31, 2026, the Company acquired 100% equity shares of Sunlite Aluminum Private Limited ("SAPL") on February 6, 2026, pursuant to which SAPL became a subsidiary of the Company. The acquisition involved cash consideration and issue of equity shares pursuant to a share-swap arrangement.

The accounting for the investment in SAPL required significant auditor attention due to the size and nature of the transaction, the related party considerations and the judgements involved in determining the appropriate accounting treatment and presentation of the investment in the standalone financial statements. The transaction also resulted in significant related party disclosures in the standalone financial statements.

We considered the accounting and valuation of the investment in SAPL to be a key audit matter because of the significance of the transaction to the standalone financial statements and the extent of audit effort required to evaluate the underlying transaction, consideration transferred and related disclosures.

How our audit addressed the Key Audit Matter

1. We obtained and reviewed the relevant documents and evaluated the key terms and conditions of the transaction.

2. We verified the consideration transferred, including cash consideration and equity shares issued pursuant to the share-swap arrangement, with supporting documents, approvals and relevant corporate records.

3. We evaluated the accounting treatment and carrying value of the investment, including managements assessment of impairment indicators, with reference to the applicable financial reporting framework.

4. We assessed the completeness and adequacy of the related disclosures, including the acquisition, investment and related party disclosures, in the standalone financial statements.

2. Revenue recognition

Refer to Note 20 to the standalone financial statements

Revenue from operations amounted to approximately Rs.2,764.72 crore for the year ended March 31, 2026, and represents a significant component of the Companys financial performance. The Company undertakes a high volume of sales transactions primarily relating to copper and other non-ferrous metal products. During the year, the Company experienced significant growth in revenue and sales volumes.

Revenue recognition was considered to be a matter of significant auditor attention due to the magnitude and volume of transactions and the risk associated with the timing of recognition of revenue, particularly in respect of transactions occurring close to the reporting date.

We considered revenue recognition to be a key audit matter because of its significance to the standalone financial statements and the risk that revenue could be recognised in an inappropriate accounting period.

How our audit addressed the matter

1. We obtained an understanding of the Companys revenue recognition process and evaluated the design and implementation of relevant internal controls over revenue recognition.

2. We tested revenue transactions, including domestic and export sales, on a sample basis by agreeing them with sales invoices, customer orders, dispatch and shipping documents and other relevant supporting documentation, including assessment of the contractual terms governing transfer of control.

3. We performed cut-off testing for domestic and export sales recorded before and afterthe reporting date and assessed whether revenue was recognised in the appropriate accounting period, including transactions where goods were in transit at year end.

4. We performed substantive analytical procedures over revenue, including analysis of domestic and export sales by product, customer and period, and assessed sales returns, credit notes and subsequent realisations to identify unusual or inappropriate revenue recognition.

Emphasis of Matter

We draw attention to Note 45 to the standalone financial statements, which states that during the year, the Company acquired 100% of the equity share capital of Sunlite Aluminium Private Limited, pursuant to which Sunlite Aluminium Private Limited became a wholly owned subsidiary of the Company with effect from February 6, 2026.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditors Report Thereon

The Board of Directors of the Company is responsible for the other information. The other information comprises the information included in the operational highlights. Directors Report and its annexure, Management Discussion and Analysis, Business Responsibility Report, Corporate Governance and Shareholders information and performance trend, but does not include the Standalone Financial Statements and our Auditors Report thereon. These reports are expected to be made available to us after the date of auditors report.

Our opinion on the 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 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 a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Management and Those Charged with Governance for the Standalone Financial Statements

The Board of Directors of the Company is 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 and cash flows of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, making judgements 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 Standalone Financial Statements, the Management is responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management is of the opinion to either 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 which gives reasonable assurance. 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 can 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: -

• Identity and assessthe 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.

• 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 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 the Management.

• Conclude on the appropriateness of use of the going concern basis of accounting by the Management and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company 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.

• 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.

• Obtain sufficient appropriate audit evidence regarding the financial information of the Company to express an opinion on the Financial Statements.

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 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 must not be communicated in our report because the adverse consequences of doing so will reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

• 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 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 Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on March 31, 2026, taken on record by the Board of Directors, none of the director 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 standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the internal financial controls with reference to standalone financial statements.

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

1) The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financials Statements- Refer Note 40 of the Notes forming Part of Standalone Financial Statements.

2) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

3) The Company is not liable to transfer any amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2026.

4) i. 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 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 entity ("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;

ii. 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 person 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 ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

iii. Based on the audit procedures 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 sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and (b) above, contain any material misstatement.

5) 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.

The Company has not declared or paid any dividend during the year ended March 31,2026. Accordingly, reporting under Rule 11(f) of the Companies (Audit and Auditors) Rules, 2014, as amended, is not applicable to the Company.

6) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of

Companies (Audit and Auditors) Rules, 2014 is compiled till our date of audit report.

• As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government in terms of Section 143(11) of the Act, we give in Annexure B, a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Gopal Shah & Co

Chartered Accountants

FRN. 103301W

CA Gopal Shah,

Partner

Membership No. 036807

UDIN: 26036807TVZ PSV3463

Place: Ahmedabad

Date: April 27, 2026.

ANNEXURE- A TO INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of SUNLITE RECYCLING INDUSTRIES LIMITED of even date)

Report on the Internal Financial Controls with reference to Standalone Financials Statements 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 SUNLITE RECYCLING INDUSTRIES 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 Control

The Management of the Company is responsible for establishing and maintaining internal financial controls with reference to standalone financial statements 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 oflnternal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (THE "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 policies of the Company, 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 internal financial controls of the Company with reference to Standalone Financial Statements over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. 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 with reference to standalone financial statements over financial reporting and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements 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 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 internal financial controls with reference to standalone financial statements over financial reporting of the Company.

Meaning of internal Financial Controls over Financial Reporting

The internal financial control over financial reporting of a company 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 the Generally Accepted Accounting Principles. Internal financial control with reference to Standalone Financial Statements over financial reporting of a Company 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 the 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 assets of the Company that can have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Control 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 with reference to standalone financial statements 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, to the best of our information and according to the explanations given to us, the Company has, in all material respects, adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls were operating effectively as at March 31, 2026, based on the internal financial controls with reference to financial statements 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 (the "Guidance Note").

For Gopal Shah & Co

Chartered Accountants

FRN. 103301W

CA Gopal Shah,

Partner

Membership No. 036807

UDIN: 26036807TVZPSV3463

Place: Ahmedabad

Date: April 27,2026

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under‘ Report on Other Legal and Regulatory Requirements section of our report to the Members of Sunlite Recycling Industries Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

I. In respect of Companys Property, Plant and Equipment and Intangible Assets:

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

B. The Company did not have any intangible assets as at March 31,2026.

(b) The Company has a program of physical verification of Property, Plant and Equipment so to cover all the assets in a phased periodical manner, and in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the records examined by us, the records examined by us, the company does not have any immovable properties of land and buildings which are either freehold or leasehold as at the balance sheet date, accordingly, reporting under paragraph 3(i)(c) of the Order is not applicable to the Company;

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

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026, for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

II. In respect of Inventories:

(a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals, except goods-in-transit. The coverage and procedure adopted by the Management is appropriate according to the size and scale of the Company. No discrepancies of 10% or more were observed in any class of inventories.

(b) According to the information and explanations given to us, the Company has been sanctioned working capital facilities in excess of f5 crore, in aggregate, from a bank on the basis of security of current assets. The quarterly statements submitted to the bank are in agreement with the books of account, except for the difference in the stock value, which arises as the stock statements submitted to the lender are inclusive of GST, whereas the stock is valued in the books of account excluding GST, as explained in Note 36 to the standalone financial statements.

III. In respect of Loans/Guarantees/Security/ Investment given/made by company:

In our opinion and according to the information and explanations given to us and based on the records examined by us, during the year the Company has made an investment in the equity shares of Sunlite Aluminium Private Limited, which became a wholly owned subsidiary of the Company with effect from February 6, 2026. The Company has not granted any loans or advances in the nature of loans, or provided any guarantee or security to companies, firms. Limited Liability Partnerships or any other parties during the year.

In our opinion, the investment made during the year, and the terms and conditions thereof are not prejudicial to the Companys interest. Accordingly, reporting under paragraph 3(iii)(b) of the Order is applicable in respect of the investment made. Clauses 3(iii)(c), 3(iii)(d), 3(iii)(e) and 3(iii)(f) of the Order are not applicable to the Company, as the Company has not granted any loans or advances in the nature of loans during the year.

IV. In respect of Loans/Investments/Guarantees/ Security by the Company:

In our opinion and according to the information and explanations given to us, the Company has made an investment in the equity shares of Sunlite Aluminium Private Limited during the year. Based on our examination of the records and according to the information and explanations given to us, the Company has complied with the applicable provisions of Sections 185 and 186 of the Companies Act, 2013, in respect of such investment. The Company has not granted any loans or provided any guarantees or security during the year to which the provisions of Sections 185 and 186 of the Companies Act, 2013 are applicable.

V. In respect of Deposits:

In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Rules framed there under to the extent notified with regard to the deposits accepted from the public are not applicable;

VI. In respect of Cost Records:

We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

VII. In respect of statutory dues:

(a) In our opinion, the Company has been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax. Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears 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 dues of Goods and Services Tax amounting to T1.843.22 lakhs which have not been deposited with the appropriate authorities on account of disputes pending as at March 31, 2026.

VUI.In respect of Unrecorded Income:

There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

IX. In respect of repayment of Loans:

(a) 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 defaulted in repayment of loans or other borrowings or in payment of interest thereon to any lender.

(b) 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 been declared a wilful defaulter by any bank or financial institution or government or government authority.

(c) According to the information and explanations given to us by the management, the Company has not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company, funds raised on shortterm basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.

(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order is not applicable.

X. In respect of Utilisation of IPO, Private Placement and Preferential Issues:

(a) In our opinion and according to the information and explanations given to us, the company has not raised money by initial public offer or further public offer including debt instruments nor has the Company taken any term loans.

(b) Based on the audit procedures performed and according to the information and explanations given to us, the Company has made a cash preferential allotment of eguity shares amounting to Rs.1,706.51 lakhs during the year. Out of the said proceeds,Rs.1.056.51 lakhs were utilised towards funding of working capital and Rs.650 lakhs were utilised towards acguisition of the remaining 13% stake in Sunlite Aluminium Private Limited. The Company has also made a non-cash preferential allotment of eguity shares amounting to Rs. 4.350 lakhs towards acguisition of the 87% stake in Sunlite Aluminium Private Limited byway of a share swap arrangement. The details of the preferential allotments are disclosed in Note 43 to the standalone financial statements. The requirements of Sections 42 and 62 of the Companies Act, 2013, as applicable, have been complied with. The proceeds of the cash preferential allotment have been utilised for the purposes for which they were raised and there has been no deviation or variation in such utilisation.

XI. In respect of Reporting of Fraud:

(a) Based upon the audit procedures performed and the information and explanations given by the management, 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 in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

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

XII. In respect of Nidhi Company:

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

XIII. In respect of Related Party Transaction:

In our opinion and according to the information and explanations given to us, the Company is in compliance with the provisions of Sections 177 and 188 of the Companies Act, 2013, where applicable, in respect of transactions with related parties, and the details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards. The details of related party transactions are disclosed in Note 35 to the standalone financial statements.

XIV. In respect of Internal Audit:

In our opinion and based on our examination, according to the size and nature of business, the company has established the internal audit system as per provision of section 138 of companies Act,2013. Further, we have considered the internal audit report issued to the company by the internal auditor for the year ended March 31, 2026.

XV. In respect of Non-Cash Transaction:

In our opinion during the year the Company has entered into any non-cash transactions with its Directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 is applicable to the Company. The Company has complied with the provisions of Section 192 of the Companies Act, 2013 in respect of such transactions.

XVI.In respect of Register under RBI Act,1934:

(a) In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. The Company has not conducted any Non-Banking Financial or Flousing Finance activities during the year. Accordingly, reporting under paragraph 3(xvi)(a) and 3(xvi)(b) of the Order is not applicable

(b) In our opinion, the Company is not a Core investment Company and there is no Core Investment Company (CIC) within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi) (c), (d) of the Order are not applicable.

xvn. In respect of Cash Losses:

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

xvm. In respect of Auditors Resignation:

There has been no resignation of the statutory auditors during the year. Flence, paragraph 3(xviii) of the Order is not applicable to the Company.

XIX. In respect of Financial Position:

On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and 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 causes us to believe that any material uncertainty exists as on the date of the audit report indicating that 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 Corporate Social Responsibility

(a) There are no unspent amounts towards Corporate Social Responsibility ("CSR") on other than on-going projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act, 2013 in compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) There are no amounts remaining unspent under section (5) of section 135 of Companies Act, pursuant to any on-going project has been transferred to special account in compliance with provision of sub section (6) of section 135 of the said Act. Accordingly, the reporting under paragraphs 3(xx)(b) of the Order is not applicable to the Company.

For Gopal Shah & Co

Chartered Accountants FRN. 103301W

CA Gopal Shah,

Partner

Membership No. 036807

UDIN: 26036807TVZPSV3463

Place: Ahmedabad

Date: April 27, 2026.