Vapi Enterprise Ltd Auditor Reports

To,

The Members of

Vapi Enterprise Limited Vapi.

Report on Audit of Standalone Financial Statements

Opinion

We have audited the financial statements of Vapi Enterprise Limited (the "Company") which comprise the Balance sheet as at 31 March 2025, and the statement of profit and loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including 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, the aforesaid financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribe under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended, ("Ind AS") and accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its profit, total comprehensive profit its cash flow and changes in equity for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), specified under section 143(10) of the Companies Act 2013. Our responsibilities under the Standards are further described in the

‘Auditors Responsibilities for the Audit of the Financial Statement 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 ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our 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 opinion.

Emphasis of Matters Paragraph :

Without qualifying our opinion, we draw your serious attention to the followings: i. The following accounting standard is not complied by the company:

a. Indian Accounting Standard (Ind AS-19) on "Employee Benefits"; regarding non-provisioning of employee benefits.

ii. We are unable to form an opinion about the obligations of:

a. Electricity deposit having balance of Rs. 2,14,16,973/- as on the period ended 31st

March, 2025, the accrued interest income is not accounted for as the amount is paid under protest and management is not sure about the outcome of the appeal. (Refer Note No 20) b. The management has sold the factory land and they have informed us that they are in the process of starting a new business from the proceeds of sale of land. But yet, no detailed plan or business type is informed to us by management. The company is exploring the business, new markets, projects and partnerships. Accordingly, basis the explanation, we are of the opinion that there is no significant doubt on the going concern assumption in the preparation of the financial statements. (Refer Note No 22)

c. Following is the obligation on which we are unable to form an opinion:

Particulars	Amount
There are trade payable / other payable of which is still unpaid by	Rs.4,76,083 /-
the entity till year end 31st March, 2025.

The effect of the above on assets and liabilities, as well as Profit and Reserves is not ascertainable.

iii. Long Term Inter Corporate Borrowings:

Loan of Rs. 47,48,076/-were taken from company in which one of the Directors of the Company is a related party. We have obtained confirmation of such loan, and based on information and explanation provided by the management such loans are payable. Accordingly, we have not modified our opinion in this regard.

iv. Security deposit of Rs. 12,00,000/- :

This security deposit is towards premises taken on rent from M.K. Principal Pvt. Ltd. in year 2013. This Deposit is related to the DGVCL Appeal case discussed at point 20 of the notes to accounts. As informed by the management, the said amount are payables related to operations of the Company and will be settled upon conclusion of the case, this balance funds shall be released. Accordingly, we have not modified our opinion in this regard.

Other Information

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the financial statements and our auditors report thereon.

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 in the 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 fact.

We have nothing to report in this regard.

Responsibilities of Management and Those charged with Governance for the Financial Statements

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 financial statements that give a true and fair view of the financial position and financial performance, including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 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 director 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.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objective 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 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 financial statements.

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

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal 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 system in place and the operating effectiveness of such controls

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

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143(11) 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.

2. 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 accounts as required by law, have been kept by the Company so far as it appears from our examination of the books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow dealt with by this Report are in agreement with the books of accounts;

(d) In our opinion, the financial statements comply with Ind AS specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31 March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025 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 financial statements 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 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 does not have any pending litigations which would impact its financial position

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

iii. There were no amounts which were 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

(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;

(b) the management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the

Company from any 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;

(c) 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.

v. The Company has not declared or paid any dividend during the financial year.

vi. Based on our examination carried out in accordance with the Implementation Guidance on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014 (Revised 2025 Edition) issued by the Institute of Chartered Accountants of India, which included test checks, we report that the company have 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 stating from 14.09.2024 for all relevant transactions recorded in the software. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with.

(h) With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act, in our opinion and according to the information and explanations given to us, the limit prescribed by section 197 for maximum permissible managerial remuneration is not applicable to a private limited company.

Other Matter

The financial statements of The Company for the year ended March 31, 2024 were audited by another auditor who has expressed a qualified opinion on those financial statements vide their report dated 29 May, 2024.

	For M I Shah And Co
	Chartered Accountants
	ICAI Firm Registration No: 119025W
	SD/-
	CA Manish I. Shah
	Proprietor
	Membership No. 106342
Place: Vapi
Date: 29-05-2025	ICAI UDIN: 25106342BMGXUE9987

ANNEXURE- A TO THE AUDITORS REPORT

ANNEXURE A REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING ‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS AS REQUIRED BY

SECTION 143(3) OF THE ACT, WE REPORT TO THE MEMBERS OF VAPI ENTERPRISE LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 THAT:

i.(a) A. As per the information and explanations given to us, the company has maintained proper

records to show full particulars including quantitative details and situation of property, plant and

equipment.

B. As per the information and explanations given to us, the company has no intangible assets.

(b) Property, plant and equipment have been physically verified by the management at reasonable

intervals during the year. There were no material discrepancies found to place on record.

(c) In our opinion and according to the information and explanations given to us, the company does

not hold any Immovable Proprieties.

(d) 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.

(e) According to the 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 pending against the Company for

holding any benami property under the Prohibition of Benami Property Transactions Act, 1988

and rules made there under.

ii.(a) The Company does not hold any inventory which has to be physically verified by the management

during the year.

(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 sanctioned any working capital limits in

excess of five crore rupees in aggregate during the year from banks of financial institution on the

basis of security of current assets.

Iii 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 made any investments,

provided 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 during the year. Therefore, reporting under clause (iii) (a) to (e) of paragraph 3 of

the order is not applicable.

iv. According to the information and explanations provided to us, the Company has not

granted loans to the parties mentioned in clause (iii) above covered under Section 186.

v. The Company has not accepted any deposits from public covered under section 73 to 76

or any other relevant provisions of the Companies Act, 2013. Accordingly, clause (v) of

paragraph 3 of the Order is not applicable.

vi. According to the information and explanations given to us, the maintenance of cost

records under Section 148(1) of the Companies Act, 2013 is not required. Accordingly,

clause (vi) of paragraph 3 the Order is not applicable

vii.(a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax

and Value added tax during the year since effective 1 July 2017, these statutory dues have

been subsumed into GST.

According to the information and explanations given to us and on the basis of our

examination of the records of the Company, in our opinion amounts deducted / accrued in

the books of account in respect of undisputed statutory dues including Goods and Services

Tax (‘GST), Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs

or Cess or other statutory dues have been regularly deposited by the Company with the

appropriate authorities.

According to the information and explanations given to us and on the basis of our

examination of the records of the Company, no undisputed amounts payable in respect of

Goods and Services Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty

of Customs or Cess or other statutory dues were in arrears as at 31 March 2025 for a

period of more than six months from the date they became payable

(b) According to the records of the Company, there are no outstanding statutory dues relating

to Goods and Services Tax, Provident Fund, Employees State Insurance, Income-Tax,

Duty of Customs or Cess on account of any dispute.

viii. 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 surrendered or

disclosed any transactions, previously unrecorded as income in the books of account, in

the tax assessments under the Income-tax Act, 1961 as income during the year.

ix.(a) According to the information and explanations given by the management, the Company

has not defaulted in repayment of loans or other borrowings or interest thereon to any

lender.

(b) The company is not a willful defaulter declared by any bank or financial institution or

government or government authority.

(c) In our opinion and according to the information and explanations given to us by the

management, the Company has not obtained any term loan during the year. The amount

received in earlier years were applied for the purpose for which the loans were obtained.

(d) According to the information and explanations given to us and on an overall examination

of the balance sheet of the Company, we report that no funds raised on short-term basis

have been used for long-term purposes by the Company.

(e) According to the information and explanation give to us, the company does not have any

subsidiaries, associates and join venture. Therefore clause xi(e) and (f) of the paragraph 3

of the Order are not applicable.

x.(a) The Company has not raised any money by way of initial public offer or by way of further

public offer including debt instrument. Accordingly, clause (x)(a) of the paragraph 3 of

the Order is not applicable.

(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 made any preferential

allotment or private placement of shares or fully or partly convertible debentures during

the year as per requirements of the section 42 and section 62 of the Companies Act, 2013.

Accordingly, clause (x)(b) of the paragraph 3 of the Order is not applicable.

xi.(a) To the best of our knowledge and belief and according to the information and

explanations given to us, no fraud on by the company or material fraud on the Company

by its officers or employees has been 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, 2013 has been filed by the auditors in Form

ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with

the Central Government.

(c) The company has not received any whistle blower complaints during the year and up to

the date of audit report. Hence, reporting under this clause is not applicable.

xii. In our opinion the Company is not a Nidhi company. Therefore, the provisions of clause

(xii) of the paragraph 3 of the order are not applicable to the Company and hence not

commented upon.

xiii. The company is a private company and hence, the provisions of section 177 and second

proviso to section 188(1) of the companies act 2013 are not applicable to the company.

The company has complied with provision of section 188 of the Companies Act, 2013 as

regards transaction with related parties. In our opinion and according to the information

and explanation given to us, the company has disclosed the details of related party

transaction in the financial statement as required by the applicable accounting standards.

xiv. The company is a limited company and it is not qualified as per section 138 read with rule

13 of the Companies (Accounts) Rules, 2014 for internal audit. Therefore, clause (xiv) is

not applicable.

xv. In our opinion 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 to its Directors and hence, provisions of Section 192 of the Companies Act,

2013 are not applicable to the Company.

xvi.(a) This clause of the Caro 2020 is not applicable to the Company as the company is not

required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) During the year, the Company has not conducted any non-banking financial or housing

finance activities. Accordingly, clause (xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations

made by the Reserve Bank of India. Accordingly, clause (xvi)(c) of the Order is not

applicable.

(d) According to the information and explanations provided to us during the course of audit,

the Group does not have any CIC. Accordingly, the requirements of clause (xvi)(d) are

not applicable.

xvii. The Company has not incurred cash losses in the current and in the immediately

preceding financial year. Accordingly, clause (xvii) of the Order is not applicable.

xviii. There is a resignation of the statutory auditor during the year due to rotation cycle. There

were no issues, objections or concern stated in report of the outgoing auditor.

xix. According to the information and explanations given to us and 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 causes 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. (a) In our opinion and according to the information and explanations given to us, there is no

unspent amount under sub-section (5) of Section 135 of the Companies Act, 2013

pursuant to any project other than ongoing project. Accordingly, clauses (xx)(a) of the

Order is not applicable.

(b) In our opinion and according to the information and explanations given to us, there is no

unspent amount under sub-section (5) of Section 135 of the Companies Act, 2013

pursuant to ongoing project. Accordingly, clauses (xx)(b) of the Order is not applicable.

xxi. The company does not have any subsidiary and it is not preparing consolidated financial

statement therefore this clause (xxi) is not applicable to the company.

For M I Shah And Co Chartered Accountants

ICAI Firm Registration No: 119025W

SD/-

CA Manish I. Shah Proprietor Membership No. 106342

UDIN : 25106342BMGXUE9987 Place : Vapi Date : 29-05-2025

ANNEXURE- B TO THE AUDITORS REPORT

ANNEXURE B REFERRED TO IN POINT (g) OF PARAGRAPH 2 UNDER THE

HEADING ‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS AS

REQUIRED BY SECTION 143(3) OF THE ACT, WE REPORT TO THE MEMBERS OF VAPI ENTERPRISE LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 THAT:

To,

The Members of

Vapi Enterprise Limited

Vapi.

Opinion

We have audited the internal financial controls over financial reporting of Vapi Enterprise Limited ("the company"), as at 31 March 2025, in conjunction with our audit of the financial statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at

31 March 2025, 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")

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 the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls 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 as specified under section 143(10) of the Companies Act, 2013, to the extent 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 include 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 internal financial controls 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 accounting principles, and that receipts and expenditures 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.

	For M I Shah And Co
	Chartered Accountants
	ICAI Firm Registration No: 119025W
	SD/-
	CA Manish I. Shah
	Proprietor
	Membership No. 106342
Place: Vapi
Date: 29-05-2025	ICAI UDIN: 25106342BMGXUE9987