Veerkrupa Jewellers Ltd Auditor Reports

TO

THE MEMBERS OF

VEERKRUPA JEWELLERS LIMITED

Report on the Financial Statements

Qualified Opinion We have audited accompanying financial statements of VEERKRUPA JEWELLERS LIMITED, comprising Balance Sheet as at March 31, 2026, Statement of Profit and Loss, Cash Flow Statement for year then ended, notes to financial statements including summary of significant accounting policies and other explanatory information.

In our opinion and to best of our information and according to explanations given to us, except matters disclosed below, aforesaid financial statements give information required by Companies Act, 2013, as amended, in manner so required and give true and fair view in conformity with accounting principles generally accepted in India, of state of affairs of Company as at March 31, 2026, and its profit and cash flows for year ended on that date.

a) Company has not maintained proper and updated books of account and financial records for period ended March 31, 2026, to extent of GST Records of Branches and reconciliation of GST, as required under applicable accounting frameworks and statutory regulations. In absence of complete and orderly accounting records, source documents, and internal control tracking, we were unable to perform standard review procedures to satisfy ourselves regarding completeness, accuracy, validity of financial transactions reported.

b) Company has not reconciled tax balances and transactions recorded in books with corresponding GST portals and statutory returns (including GSTR-1, GSTR-3B, GSTR-2B, annual ledgers). Material unexplained variances between input tax credit claimed, output tax liabilities recorded, and balances showing in GST portal. In absence of proper books of account and updated GST reconciliation, unable to determine extent of adjustments, potential tax liabilities, interest, penalties, or provisions required. Consequently, cannot determine consequential impact on reported profit, assets, liabilities, statutory compliance disclosures.

c) Companys inventory records are not detailed, lack item-wise identification, and lack precise valuation data for period ending March 31, 2026. Managements valuation of inventory, totaling Rs. 1,718.10 lacs, relied on estimates rather than formal documentation or physical verification and considering nature of business with extreme volatility in price, leaving us unable to verify key inventory figures or impact on financial results.

d) We were unable to obtain independent external confirmations for Trade Receivables and Trade Payables as of March 31, 2026. In absence of such confirmations, and because sufficient alternative review procedures were not feasible regarding valuation, completeness, reconciliation of these balances, we are unable to determine whether any adjustments necessary to carrying values of trade receivables and trade payables, or corresponding profit, assets, liabilities reported for year.

Basis for Opinion We conducted our audit in accordance with Standards on Auditing (SAs), as specified under section 143(10) of Act. Our responsibilities under those Standards further described in Auditors Responsibilities section. We are independent of Company in accordance with Code of Ethics issued by ICAI together with ethical requirements relevant to our audit. We believe audit evidence obtained is sufficient and appropriate to provide basis for our audit opinion.

PAGE 52 — INFORMATION OTHER THAN FINANCIAL STATEMENTS / MANAGEMENT RESPONSIBILITY

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF VEERKRUPA JEWELLERS LIMITED

Information Other than the Financial Statements and Auditors Report Thereon Companys Board of Directors responsible for other information. Other information comprises information included in Directors report, but does not include Financial Statements and our Auditors Report thereon. Our opinion on Financial Statements does not cover other information and we do not express any form of assurance conclusion thereon. In connection with our audit, our responsibility is to read other information and, in doing so, consider whether such other information is materially inconsistent with financial statements or our knowledge obtained in audit or otherwise appears materially misstated. If, based on work performed, we conclude material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements Companys Board of Directors responsible for matters stated in Section 134(5) of Act with respect to preparation of these Financial Statements that give true and fair view of financial position, financial performance including other comprehensive income, changes in equity and cash flows of Company in accordance with accounting principles generally accepted in India specified under Section 133 of Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with provisions of Act for safeguarding assets of Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, operating effectively for ensuring accuracy and completeness of accounting records, relevant to preparation and presentation of Financial Statements that give true and fair view and are free from material misstatement, whether due to fraud or error. In preparing Financial Statements, management responsible for assessing Companys ability to continue as going concern, disclosing, as applicable, matters related to going concern and using going concern basis of accounting unless management either intends to liquidate Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors also responsible for overseeing Companys financial reporting process.

PAGE 53 — AUDITORS RESPONSIBILITIES / ANNEXURE A

Auditors Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue auditors report that includes our opinion. Reasonable assurance is high level of assurance, but not guarantee that audit conducted in accordance with SAs will always detect material misstatement when it exists. Misstatements can arise from fraud or error and considered material if, individually or in aggregate, they could reasonably be expected to influence economic decisions of users taken on basis of these financial statements. As part of audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout audit. We also: Identify and assess risks of material misstatement of Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence sufficient and appropriate to provide basis for our opinion. Risk of not detecting material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or override of internal control.

1. As required by Companies (Auditors Report) Order, 2020 ("the Order") issued by Central Government of India in terms of sub-section (11) of section 143 of Act, we give statement in "Annexure A" on matters specified in paragraphs 3 and 4 of Order, to extent applicable.

2. A. As required by section 143(3) of Act, we report that: (a) We have sought and obtained all information and explanations which to best of our knowledge and belief were necessary for purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by Company so far as appears from our examination of those books; (c) Balance Sheet, Statement of Profit and Loss including statement of other comprehensive Income, Statement of Changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with books of account. (d) In our opinion, aforesaid financial statements comply with Accounting Standards prescribed under Section 133 of Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended. (e) On basis of written representations received from Directors as on March 31, 2026 taken on record by Board, none of directors disqualified as on March 31, 2026 from being appointed as director in terms of Section 164(2) of Act. (f) With respect to adequacy of internal financial controls of Company with reference to these financial statements and operating effectiveness of such controls, refer to our separate report in "Annexure B".

B. With respect to other matters to be included in Auditors Report in accordance with Rule 11 of Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to best of our information and according to explanations given to us: i. Company did not have any pending litigations which have impact on its financial position in its financial statements; ii. Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and iii. There were no amounts which were required to be transferred to Investor Education and Protection Fund by Company. iv. According to information and explanation given to us:

PAGE 54 — ANNEXURE A CONTD. / AUDITORS REPORT

1. Management has represented that, to best of its knowledge and belief, no funds (material either individually or in aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with understanding, whether recorded in writing or otherwise, that Intermediary shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of Company ("Ultimate Beneficiaries") or provide any guarantee, security or like on behalf of Ultimate Beneficiaries; b) Management has represented, that, to best of its knowledge and belief, no funds (material either individually or in aggregate) have been received by Company from any person or entities, including foreign entities ("Funding Parties"), with understanding, whether recorded in writing or otherwise, that Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or like on behalf of Ultimate Beneficiaries; c) Based on audit procedures considered reasonable and appropriate in circumstances, nothing has come to our notice that has caused us to believe that representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. vi Company has not paid proposed dividend during year subsequent to year-end by Company is in compliance with section 123 of Act.

C. With respect to other matters to be included in Auditors Report in accordance with requirements of section 197(16) of Act, as amended, in our opinion and according to information and explanation given to us by management, remuneration paid/provided during Current Year by Company to its directors is in accordance with provisions of Section 197 read with Schedule V of Act.

"Annexure - A" to The Auditors Report

The Annexure referred to in Independent Auditors Report to members of Company on standalone financial statements for year ended 31st March 2026, we report that:

Property Plant and equipment and intangible assets A) Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment. B) Company has maintained proper records showing full particulars of intangible assets. b) Major property, plant and equipment of company have been physically verified by management at reasonable intervals during year and no material discrepancies noticed on such verification. c) According to information and explanation given to us, title deeds of immovable properties (other than properties where company is lessee and lease agreements duly executed in favour of lessee) are held in name of company. d) Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets or both during year. e) According to information and explanation given to us, no proceedings initiated or pending against company for holding any benami property under Benami Transactions (Prohibition) Act, 1988 and rules made thereunder during year.

Inventories and Working Capital a) Management has conducted physical verification of inventory at reasonable intervals during year, in our opinion, coverage and procedure of such verification appropriate. As informed to us, any discrepancies of 10% or more in aggregate for each class of inventory were not noticed on such verification. b) Company does not have any inventory and no working capital limits in excess of five crore rupees (at any point of time during year), in aggregate, from banks or financial institutions on basis of security of current assets. Accordingly, provisions of clause 3(ii) of Order not applicable.

a) During year company has provided loans or provided advances in nature of loans, or stood guarantee, or provided security to any other entity:- Loans granted during year: Nil Outstanding as on March 31, 2026: Rs. 46.19 lacs b) According to information and explanation given to us, investments made, guarantees provided, security given and terms and conditions of grant of all loans and advances in nature of loans and guarantees provided are not prejudicial to companys interest; c) Schedule of repayment of principal amount and payment of interest have not been stipulated and hence we are unable to comment as to whether receipt of principal amount and interest is regular; d) According to information and explanation given to us, no amount is overdue in this respect; e) According to information and explanation given to us, in respect of any loan or advance in nature of loan granted which has fallen due during year, none has been renewed or extended or fresh loans granted to settle overdue of existing loans given to same parties;

f) The company has granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment, required to be disclosed in respect thereof are as below: The aggregate amount of loans granted to promoters, related parties as defined in clause (76) of section 2 of the companies act, 2013 limit of 185 and 186.

According to the information and explanation given to us, the company has complied with requirements of section 185 and 186 in respect of loans, investments, guarantees or security made by it during the year under audit

(vii) Deposits

In our opinion, the company has complied with the directives issued by the reserve bank of India, the provisions of sections 73 to 76 and other relevant provisions of the act and the companies (acceptance of deposits) rules, 2014 as amended as applicable, with regard to the deposits accepted from the public. According to the information and explanations given to us, no order has been passed by the company law board or national company law tribunal or reserve bank of India or any court or any other tribunal, in this regard.

(viii) Cost Records

To the best of our knowledge and belief, the central government has not specified maintenance of cost records under sub-section (1) of section 148 of the act, in respect of companys products/ services. Accordingly, the provisions of clause 3(vii) of the order are not applicable.

(ix) Statutory dues

a) The company is regular in depositing undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable.

b) There are no dues in respect of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues that have not been deposited with the appropriate authorities on account of any dispute. Or the dues outstanding in respect of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues in account of any dispute, are as follows: (a mere representation to the concerned department shall not be treated as a dispute) name of the statute nature of dues amount paid under protest period to which the amount relates forum where dispute is pending

f) Company has granted loans or advances in nature of loans either repayable on demand or without specifying any terms or period of repayment, required details in respect thereof are as below: The aggregate amount percentage thereto to total loans granted aggregate amount of loans granted to promoters, related parties as defined in clause (76) of section 2 of Companies Act, 2013

(vi) Deposits In our opinion, company has complied with directives issued by Reserve Bank of India, provisions of sections 73 to 76 and other relevant provisions of Act and Companies (Acceptance of Deposits) Rules, 2014 (as amended) as applicable, with regard to deposits accepted or amounts deemed to be deposits. According to information and explanations given to us, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, in this regard.

(vii) Cost Records To best of our knowledge and belief, central government has not specified maintenance of cost records under sub-section (1) of section 148 of Act, in respect of companys products/services. Accordingly, provisions of clause 3(vi) of Order not applicable.

(viii) Statutory Dues a) Company is regular in depositing undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues, as applicable, with appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at year-end for period of more than six months from date they became payable. b) There are no dues in respect of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues that have not been deposited with appropriate authorities on account of any dispute. Or dues outstanding in respect of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues on account of any dispute, are as follows: (a mere representation to concerned department shall not be treated as a dispute) name of statute nature of dues amount paid under protest period to which amount relates forum where dispute is pend.

801, Iconic Shyamal, Opp City Gold, Shyamal Cross Roads, Satellite, Ahmedabad 380015 E-mail –shahkaria.ca@gmail.com,auditors.shahkaria@gmail.com

(ix) Undisclosed Income According to information and explanation given to us, company has no transactions, not recorded in books of account have been surrendered or disclosed as income during year in tax assessments under Income Tax Act, 1961 (43 of 1961).

(x) Loans or Borrowings a) In our opinion, company has not defaulted in repayment of loans or other borrowings or in payment of interest thereon to any lender during year; b) Company is not declared wilful defaulter by any bank or financial institution or other lender; c) According to information and explanation given to us, term loans were applied for purpose for which loans were obtained; d) According to information and explanation given to us, funds raised on short term basis have not been utilised for long term purposes; e) According to information and explanation given to us, company has not taken any funds from any entity or person on account of or to meet obligations of its subsidiaries, associates or joint ventures; f) According to information and explanation given to us, company has not raised loans during year on pledge of securities held in its subsidiaries, joint ventures or associate companies; or company has no borrowing, including debt securities during year;

(xi) Fraud Reporting a) According to information and explanation given to us, any fraud by company or any fraud on company has not been noticed or reported during year; b) According to information and explanation given to us, no report under sub-section (12) of section 143 of Companies Act has been filed by auditors in form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with Central Government; c) According to information and explanation given to us, no whistle-blower complaints received during year by company;

(xii) Nidhi Companies Company is not a nidhi company, accordingly provisions of clause 3(xii) of Order not applicable.

801, Iconic Shyamal, Opp City Gold, Shyamal Cross Roads, Satellite, Ahmedabad 380015 E-mail –shahkaria.ca@gmail.com,auditors.shahkaria@gmail.com

(xiii) Related Party Transactions According to information and explanations given to us, Company has entered into transactions with related parties during year, which are in compliance with provisions of Sections 177 and 188 of Companies Act, 2013, wherever applicable. Details of such related party transactions disclosed in standalone financial statements, as required by applicable accounting standards.

(xiv) Internal Audit a) According to information and explanations given to us, company has an internal audit system commensurate with size and nature of its business; b) We have considered reports of internal auditors for period under audit.

(xv) Non-Cash Transactions According to information and explanations given to us, we are of opinion that company has not entered into any non-cash transactions with directors or persons connected with him and accordingly, provisions of clause 3(xv) of Order not applicable.

(xvi) Registration under Section 45-IA of RBI Act According to information and explanations given to us, we are of opinion that company is not required to be registered under section 45-IA of Reserve Bank of India Act, 1934 and company is not a core investment company (CIC) as defined in regulations made by Reserve Bank of India, accordingly provisions of clause 3(xvi) of Order not applicable.

(xvii) Cash Losses According to information and explanations given to us and based on audit procedures conducted we are of opinion that company has not incurred any cash losses in financial year and immediately preceding financial year.

(xviii) Resignation of Statutory Auditors There has been a casual vacancy due to resignation of statutory auditors during year. We have taken into consideration issues, objections, or concerns, if any, raised by outgoing auditors, and have addressed same appropriately while planning and performing our audit.

(xix) Financial Ratios On basis of financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying financial statements, our knowledge of board of directors and management plans and based on our examination of evidence supporting assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on date of audit report indicating company is incapable of meeting its liabilities existing at date of balance sheet as and when they fall due within period of one year from balance sheet date. We however state that this is not an assurance as to future viability of company. We further state that our reporting is based on facts up to date of audit report and we neither give any guarantee nor any assurance that all liabilities falling due within period of one year from balance sheet date, will get discharged by company as and when they fall due.

Provisions of section 135 towards corporate social responsibility are not applicable on company. Accordingly, provisions of clause 3(xx) of Order not applicable. Reporting under clause (xxi) not applicable in respect of audit of standalone financial statements of company. Accordingly, no comment included in respect of said clause under this report.

ANNEXURE B TO THE AUDITORS REPORT

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

We have audited internal financial controls over financial reporting of Veerkrupa Jewellers Limited (‘the Company) as of 31st March 2026 in conjunction with our audit of financial statements of Company for year ended on that date.

Managements Responsibility for Internal Financial Controls Companys management responsible for establishing and maintaining internal financial controls based on internal control over financial reporting criteria established by Company considering essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by ICAI. These responsibilities include design, implementation and maintenance of adequate internal financial controls operating effectively for ensuring orderly and efficient conduct of its business, including adherence to Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information, as required under Companies Act, 2013.

Auditors Responsibility Our responsibility is to express opinion on Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with Guidance Note on Audit of Internal Financial Controls over Financial Reporting (‘the Guidance Note) and Standards on Auditing, issued by ICAI and deemed prescribed under Section 143(10) of Companies Act, 2013, to extent applicable to audit of internal financial controls, both applicable to audit of Internal Financial Controls and both issued by ICAI. Those Standards and Guidance Note require that we comply with ethical requirements and plan and perform 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 adequacy of internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining understanding of internal financial controls over financial reporting, assessing risk that material weakness exists, and testing and evaluating design and operating effectiveness of internal control based on assessed risk. Procedures selected depend on auditors judgment, including assessment of risks of material misstatement of financial statements, whether due to fraud or error. We believe audit evidence we have obtained is sufficient and appropriate to provide basis for our audit opinion on 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 process designed to provide reasonable assurance regarding reliability of financial reporting and 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 maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets of 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 company are being made only in accordance with authorizations of management and directors of company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of companys assets that could have material effect on financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting Because of inherent limitations of internal financial controls over financial reporting, including 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 internal financial controls over financial reporting to future periods are subject to risk that internal financial control over financial reporting may become inadequate because of changes in conditions, or that degree of compliance with policies or procedures may deteriorate.

Opinion In our opinion, Company has, in all material respects, adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2026, based on internal control over financial reporting criteria established by Company considering essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.