We have audited the Financial Statements of SHYAM DHANI INDUSTRIES LIMITED
(“the Company”) which comprise the Balance sheet as at 31 “March, 2025, the
Statement of Profit & Loss, 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.

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 cash flow for the year
ended on that date.

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 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.

Key audit matters

Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable
to the Company as4t4s^an unlisted company.

Information other than the financial statements and auditors' report thereon

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 Annexure 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.

When we read the other information, if 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.

Management Responsibility for the Financial Statements

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, read with Rule 7 of the Companies(Accounts) Rules, 2014.

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.

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
np^^^tesalternative but to do so.
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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 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
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

/^i^S^nclusions are based on the audit evidence obtained up to the date of our

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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.

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

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 section143 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 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 and cash flow statement
dealt with by this report are in agreement with the books of account.

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

y^o^^bampanies (Accounts) Rules, 2014;

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e) On the basis of the written representations received from the directors of the
Company as on 31st March, 2025 taken on record by the Board of Directors of
the Company, none of the directors of the company is disqualified as on 31st
March, 2025 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 the
financial reporting of the company and the operating effectiveness of such
controls, refer to our separate report in “Annexure B”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the
company’s internal financial controls over financial reporting.

g) With respect to the matter to be included in the Auditor’s Report under
section 197(16) of the Act:

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.

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 Auditor’s) Rules, 2014,
in our opinion and to the best of our information and according to the
explanations given to us:

I. There were no pending litigations which would impact the
financial position of the Company.

II. The Company did not have any material foreseeable losses on
long-term contracts including derivative contracts.

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, other than as disclosed in the notes to
the accounts, 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 person(s) or entity(ies), 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 the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of its
knowledge and belief, other than as disclosed in the notes to
the accounts, no funds have been received by the company
from any person(s) or entity(ies), including foreign entities
(“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; and

(c) Based on such 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 mis¬
statement.

V. No dividend have been declared or paid during the year by the
company.

VI. Based on our examination, which included test checks, the
company has used an accounting software for maintaining its
books of account which has a feature of 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.

FOR G.L. DANGAYACH & CO
CHARTERED ACCOUNTANTS
/-fJ8**&01582C

DATE- 14-07-2025 /&—-

PLACE - JAIPUR N( [CM \£\ fy//

UDIN: 25401795BNGATA5648 <4 "•’SI

(SUNIL DANGAYACH)
PARTNER
M.NO.-401795