We have audited the Ind AS financial statements of Mihika Industries Limited ("the
Company”), which comprise the balance sheet as at 31st March 2026, and the
statement of Profit and Loss (Including Other Comprehensive Income), statement of
cash flows and statement of changes in equity for the year ended 31st March 2026,
and notes to the financial statements, including a summary of material accounting
policies and other explanatory information (herein referred to as "financial
statements”).

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013 in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS”) and other accounting principles generally accepted in India, of
the state of affairs of the Company as at 31st March 2026, and Profit (Financial
performance including other comprehensive income), its cash flows and changes in
equity for the year ended 31st March 2026.

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
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.

Emphasis of Matters

We draw attention to the financial results for the quarter and year ended 31st March,
2026. During the course of our limited review, the management has not furnished
balance confirmation letters, party-wise reconciliation statements, and age-wise
analysis in respect of certain Trade Receivable and Trade Payable balances
outstanding as at 31st March, 2026. In the absence of such confirmations and
supporting reconciliations, we were unable to satisfy ourselves as to the existence,
completeness, accuracy, and recoverability of the said balances, and consequently
we are unable to determine whether any adjustments are required in respect thereof.

The impact, if any, of such adjustments on the financial results of the Company for the
quarter and year ended 31st March, 2026 is not presently ascertainable. This matter
has been brought to the attention of the Board of Directors and the Audit Committee
of the Company. Our conclusion on the financial results is not modified in respect of
this matter. Further, we have not provided with satisfactory supporting documents for
completeness of valuation of inventory as on 31^st March 2026 in the financial results.
Therefore, we could not generate and obtain appropriate audit evidence for the
aforesaid observations.

We draw attention that as required under Section 138 of the Companies Act, 2013
read with Rule 13 of the Companies (Accounts) Rules, 2014, the Company, being a
listed entity, is mandatorily required to appoint an Internal Auditor. We wish to report
that the Company has not appointed an Internal Auditor for the entire Financial Year
2025-26. This constitutes a non-compliance with the applicable provisions of the
Companies Act, 2013. The absence of an internal audit function for the full financial
year has resulted in a significant gap in the internal control framework of the Company,
which may have a bearing on the reliability and accuracy of the financial information
presented. This matter has been communicated to the Board of Directors / Audit
Committee. Our conclusion is not modified in respect of this matter.

The Company has granted loans for which confirmations and supporting loan
agreements were not made available for verification. In the absence of such
information, the accuracy, recoverability and interest-free nature of these loans could
not be verified. Accordingly, we are unable to comment on the possible impact, if any,
on the fair presentation of the company’s financial statements with respect to assets,
liabilities and interest income.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These
matters were addressed in the context of our audit of the Standalone Financial
Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below
to be the key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included Board’s Report including Annexures to
Board’s 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 the other information is materially inconsistent with
the financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance 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 including other comprehensive income, cash flows and changes in equity
of the Company in accordance with the Ind AS and accounting principles generally
accepted in India, including the Ind AS 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 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 Responsibilities for the Audit of the Financial Statements

1. 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.

2. 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 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.

• Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the financial statements.

3. 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.

4. 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.

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 Balance Sheet, the Statement of Profit and Loss (including other
comprehensive income), the Statement of Cash Flows and the Statement of Changes
in Equity dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid financial statements comply with the Ind AS 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 31st
March, 2026 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2026 from being appointed as a director in terms of
Section 164 (2) of the Act.

f. With respect to adequacy of the internal financial control over financial reporting of
the company and the operating effectiveness of such controls refer our separate report
in Annexure “B” and

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 have disclosed the impact pending litigations on its financial position
in its financial statements.

(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) Based on our examination, which include test checks, the company has used
accounting software for maintaining its books of accounts for the Financial year ended

March 31,2026 which have the feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transaction recorded in
softwares.

i. In respect of the Company, the feature of recording audit trail (edit log) facility was
not enabled at the database layer to log any direct data changes for all the accounting
software used for maintaining the books of account.

ii. In respect of the Company, in the absence of coverage of audit trail (edit log) with
respect to database level in the independent auditor’s report in relation to controls at
the service organisation for accounting software used for preparation of financial
statements, which is operated by a third-party software service provider, we are unable
to comment whether the audit trail feature at the database level of the said software
was enabled and operated throughout the year for all relevant transactions recorded
in the software. Further, where audit trail (edit log) facility was enabled and operated,
we did not come across any instance of the audit trail feature being tampered with.

(vi) In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to
any director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.

3. Since The Company has not declared / paid any dividend during the year, Section
123 of the Act is not applicable.

For, S K Bhavsar & Co.

Chartered Accountants
Firm Registration No. 145880W

Shivam Bhavsar

Proprietor

Membership No. 180566
UDIN: 26180566AXEKMD2722
Place: Ahmedabad
Date: May 27, 2026