A) We have audited the accompanying financial statements of M/s Rockingdeals Circular
Economy Limited (“the Company”), which comprise the balance sheet as at March 31, 2025,
the Statement of Profit and Loss and cash flow statement for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information.

B) 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 (‘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, 2025, its Profit and its cash flow for the year ended on that date.

2. Basis for opinion

We conducted our audit in accordance with the standards on auditing 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 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.

3. Emphasis of Matter

During the year, the company has capitalised the stock-in-hand valued of ?8.58 crores into Fixed
assets. This has been disclosed in Note-10 and 21 in the financial statements.

Our opinion is not modified in respect of the above matters.

4. 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 financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters and there is no any key audit matters
which need to be reported.

5. Information other than the standalone financial statements and auditors’ report
thereon

A) The Company’s board of directors is responsible for the preparation of the other information.
The other information comprises the information included in the 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.

B) 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

6. Management’s responsibility for the financial statements

A) The Company’s board of directors are responsible for the matters stated in section 134 (5) of
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
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.

B) In preparing the standalone 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 or 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 Company’s financial reporting
process.

7. Auditor’s responsibilities for the audit of the financial statements

A) 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.

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

(i) Identify and assess the risks of material misstatement of the standalone 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.

(ii) 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

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

(iv) 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.

(v) 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

C) 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.

D) 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.

E) 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.

F) 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.

II 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 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 are 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 excepts for the matter stated in
paragraph 3 (vi) below on reporting under rule 11(g) of the Companies ( Audit and Auditor )
Rules 2014.

c) The Balance Sheet, the Statement of Profit and Loss and statement of Cash flows with this
Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act read with relevant rules issued thereunder.

e) On the basis of written representations received from the directors as on 31 March, 2025,
taken on record by the Board of Directors, none of the directors are disqualified as on 31
March, 2025, from being appointed as a director in terms of Section 164(2) of the Act, and

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) 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. In our opinion and to the best of our information and according to the explanations given to
us, we report as under with respect to other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

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

(ii) The Company did not have any long-term derivatives contracts for which there were
any material foreseeable losses

(iii) There are no amounts which required to be transferred by the Company 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 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 persons or entities, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or
provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries

b) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including
foreign entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Funding Party or provide any guarantee,
security or the like from or on behalf of the Ultimate Beneficiaries; and

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 subclause (d) (i) and (d) (ii) contain any material misstatement

(v) The Company has not proposed any interim or final dividend during the year

(vi) Based on our examination which included test checks, the Company has used
accounting software for maintaining its books of account for the year ended 31st
March, 2025 which has a feature of recording audit trail (edit log) facility and the
same has operated for the during the year for all relevant transactions recorded in
the software. Further, during the course of our audit, we have did not come across
any instance of the audit trail feature being tampered with after it has become
operational by the Company.

For AKAR & ASSOCIATES

Chartered Accountants

(Firm Registration No.: 003753N)

RASIK MAKKAR

Partner

M. No. 086414

Firm Regd. No. 003753N

UDIN-

Date:

Place: New Delhi