We have audited the accompanying financial statements of Manoj Ceramic Limited, (the
"Company"), which comprises of the Balance sheet as at 31st March, 2026, and the
statement of Profit & Loss and the Statement of Cash Flow for the year then ended, and
Notes to the financial statements, including a summary of significant accounting policies
and other explanatory information in which are included in the standalone financial
statements for the year ended on date.

Opinion

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid standalone 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 Indian Accounting Standards prescribed under section 133 of the Act
read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other
accounting principles generally accepted in India, of the state of affairs of the Company as
at 31st March, 2026, its Profits and its Cash Flows 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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone 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 Standalone Financial Statements and Auditor's report
thereon

The Company's Board of Directors is responsible for the preparation of other information.
The Other information comprises the information included in the Management Discussion
and Analysis, Board's Report including Annexure to the Board report and Shareholder's
information, but does not include the standalone financial statement and our auditor's
report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone 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 required to report that fact. We have nothing to report in this
regard.

Responsibilities of Management and those charged with Governance for the standalone
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 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 standalone 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

Our objectives are to obtain reasonable assurance about whether the Company financial
statements 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 standalone 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 Company 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 Act, 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 the 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 entity'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 standalone 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 entity to cease to
continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone 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 standalone financial statements that
individually or in aggregate makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone 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 ant identified
misstatements in the standalone financial statements.

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 Company 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. Pursuant to 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 (the "Act"), we give in the "Annexure - A" statement on the
matters specified in paragraphs 3 and 4 of the Order.

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 of the
aforesaid financial information.

(b) In our opinion, proper books of account as required by law maintained by the
Company have been kept so far as it appears from our examination of those books
and records. The backup of Books of Accounts maintained in electronic from through
Tally is taken on daily basis and stored on the server located at Unit No. 2 to 8
Building, Building No. 19 & 24, Indian Corporation Compound, Opp Gajanan Petrol
Pump, Mankoli Naka, Daopde Road, Bhiwandi, Thane - 421302.

(c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt
with by this Report are in agreement with the relevant books of account maintained
by the company including relevant records relating to the preparation of the financial
information.

(d) In our opinion, the aforesaid Company financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Account) Rules, 2015, as amended.

(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 are
disqualified as on 31st March, 2026 from being appointed as a director in terms
section 164 (2) of the Companies Act, 2013.

(f) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report attached herewith in "Annexure-B",

(g) 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 explanation
given to us, the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of the section 197 of the Act.

(h) With respect to the matters to be included in the Auditors Report in accordance with
Rulell 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 has disclosed the impact of pending litigations on its financial
performance in its standalone financial statements as at 31st March, 2026.

ii. The Company did not have any long-term contracts including derivative
contracts as at 31st March, 2026.

iii. There are no amounts required to be transferred to the Investor Education and
Protection Fund during the year.

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 such audit procedures that we have considered reasonable and
appropriate in the circumstances, nothing has come to our notices that has
caused us to believe that the representation under sub-clause (a) and (b)
contain any material misstatement.

(d) Based on our examination which included test checks, the company has used
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. The company is in compliance with the
preservation of audit trail as per the statutory requirement for record retention.

v. The dividend on Preference Share for the financial year 2025-26 has been waived
by the Preference Share Holders.

For CHHOGMAL & CO.

Chartered Accountants
FRN No. 101826W

Chintan N Shah

Partner

M. No. 107490

Dated: 25^th May, 2026

Place: Mumbai

UDIN: 26107490YRPRYL3485