ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Sihora Industries Ltd.

Mar 31, 2024

We have audited the financial statements of M/s SIHORA INDUSTRIES
PRIVATE LIMITED, ("the Company") which comprise the Balance Sheet as
at 31 March 2024, and the Statement of Profit and Loss and Cash Flow
Statement for the period 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 me, 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
principles generally accepted in India, of the state of affairs of the Company
as at 31 March 2024, and profit for the period 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 Act. Our responsibilities under those
SAs are further described in the Auditor''s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India ("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 thereunder, and we have fulfilled our
other 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.

Information Other than the Standalone Financial Statements and
Auditor''s Report Thereon

The Company''s management and Board of Directors are responsible for the
other information. The other information comprises the information included
in the Director''s 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 a
material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.

Responsibility of Management for Financial Statements

The Company''s Board of Directors is responsible for the matters stated in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to the
preparation of these financial statements that give a true and fair view of
the financial position, financial performance, (changes in equity) 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 of 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, management and Board of Directors
are responsible for assessing the Company''s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management 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 Company''s
financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor''s report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with 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 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
judgement 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, but
not for the purpose 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 management''s 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 Company''s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s 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 auditor''s 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.

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 auditor''s 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 (Auditor''s Report) Order, 2020 ("the

Order"), issued by the Central Government of India in terms of sub¬
section (11) of section 143 of the Companies Act, 2013, 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 account as required by law have been
kept by the Company so far as it appears from our examination of
those books;

c) The financial statements dealt with by this Report are in agreement
with the books of accounts;

d) In our opinion, the aforesaid 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 31 March, 2024 taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act;

f) With respect to the adequacy of the Internal Financial Controls over
financial reporting of the company and operating effectiveness of such
controls are given in separate Annexure-B;

g) The provisions of Section 197 read with Schedule V of the Act are not

applicable to the Company for the period ended 31 March 2024 since
the Company is not a public company as defined under section Z(71)
of the Act. Accordingly, reporting under section197(16) is not
applicable;

h) With respect to the other matters to be included in the Auditor''s 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 me:

i. The Company does not have any pending litigations which would
impact its financial position.

ii. The Company does 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 me 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 did not declare any dividend during the year.

vi. Based on our examination, which includes test checks, the company
has used an accounting software for maintaining its books of account for the period ended 31^st March, 2024, which has a feature
recording audit trail (edit log) facility and the same has operated

throughout the year 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.

As proviso to rule 3(1) of the Companies (Accounts) Rules, 20214 is
applicable from April 1, 2024, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 on preservation of audit
trail as per the statutory requirements for record retention is not
applicable for the period ended as on 31^st March, 2024.

For Lakhankiya & Dosi LLP
Chartered Accountants

Firm''s Registration No.: 154114W/W100873

CA Shailesh H Lakhankiya

Partner

Membership No.: 147112
UDIN: 24147112BKCNFX4121
Place: Surat
Date: August 10, 2024