We have audited the accompanying financial statements of UFM Industries Ltd ("the
Company") which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and
Loss, the statement of changes in equity and the 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 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 March 31, 2024, its profits including other
comprehensive income, its cash flows and the 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 those Standards 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 together with the 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 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.

Emphasis of Matter Paragraph

We draw attention to the following notes of the financial statement covered by this audit report:

Note 7: The company has disclosed non-financial "Other Current Assets and Non- Current Assets"
vide this note. Other Current assets includes a payment made by the company of Rs. 1.00 crore in
FY 15-16. The management has been demanding repayment of the said amount along with interest
which has not been received. However, in the opinion of the management the said amount is
recoverable and accordingly the asset has been carried in the books of accounts without providing
for any provision for probable losses.

Note 7: The Company has disclosed non-financial "Other current and non-current Assets" vide
this note. An amount of 13.25 Lakhs is being shown as Receivable in the other asset head. The same
pertains to undisputed Receivable from Income Tax department which the management intends to
recover in the future. The management has sent many communication letters to the Income Tax
Department with regard to aforesaid matter and is hopeful of recovering the same.

Note 26.1: Kind attention is drawn to this note of the financial statements, whereby the company
has disclosed "Other Administrative and Selling expenses" incurred during the year. Office rent
amounting to Rs, 2.24 lakhs has been debited to the profit and loss account. On examination of the
lease agreement, we came across the fact that the lease was a period of 11 months and therefore the

management had correctly classified the same as operating Lease. Non-application of the
accounting principles as listed down in IND AS -116 "Leases" does not create any kind of impact
on figures as reported in the financial statements, since the lease is operating in nature.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgement, were of most significance
in our audit of financial statements of the financial year ended 31^st March 2024. These matters were
addressed in the context of our audit of the financial statements as a whole and in forming our
opinion thereon we do not provide a separate opinion on these matters. We have described below
the following matters to be the key audit matters to be communicated in our report. For each
matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of
financial statements, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matters listed below provide the basis for our audit opinion
on the accompanying financial statements.

Other Information

The company's management and Board of Directors are responsible for the other information. The
other information comprises the information included in company's annual report but does not
include the financial statements and our auditor's 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 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 the 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, 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 implementation and maintenance of
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 statement 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 is 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 Responsibility 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 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 Sec 143(1)(i) of the Companies
Act 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial control 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 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 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

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.

As required by Section 143(3) of the Act, we report that:

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.

a. 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.

b. The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the
Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

c. In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.

d. On the basis of the written representations received from the directors as on 31st March, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2024 from being appointed as a director in terms of Section 164 (2) of the Act.

e. With respect to adequacy of internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate report in Annexure-"B".

f. With respect to the other matters to be included in the auditor's 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/provided by the company to its directors during the year is in
accordance with the provisions of Section 197 of the Act.

g. 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 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 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
entities ("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 like on the
behalf of 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 such audit procedures as 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 (iv)(a) and (iv)(b) contain any material misstatement.

v. Since no dividend was declared or paid during the year by the company, reporting of
compliance with Section 123 of the Act is not applicable.

vi. Based on our examination which included test checks, the company has used accounting
software for maintaining its books of accounts which has a feature of recording Audit
Trail (edit log) facility and the same has been operated throughout the year for all
relevant transactions recorded in the software. However, audit trail feature is not
enabled for certain direct changes to data when using certain access rights. Further,
during the course of our audit, we did not come across any instance of audit trail feature
being tampered within respect of accounting software where audit trail was enabled.

For Anil Hitesh & Associates
Chartered Accountants
ICAI FRN: 325406E

CA Hitesh Jain
Partner
ICAI MNO:317845
Place: Silchar
Dated: The 30^th day of May 2024
UDIN:24317845BKCMNH1535