We have audited the accompanying Statement containing Financial Results of RAMASIGNS INDUSTRIES
LIMITED (the "Company"), for the year ended March 31, 2024 (the "Statement"), being submitted by the
Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). In our opinion and
to the best of our information and according to the explanations given to us, except for the effects of the
matter described in the Basis for Qualified Opinion section of our report, the aforesaid financial
Statement:

a. is presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations;
and

b. gives a true and fair view in conformity with the recognition and measurement principles laid down in
the Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India of
the net profit and total comprehensive income and other financial information of the Company for the
year then ended March 31, 2024.

Basis for Qualified 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 believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified
opinion.

1. Cash Disbursements:

We were unable to verify the completeness and accuracy of all cash disbursements made during the year
ended March 31, 2024. Our verification procedures were limited to reviewing cash transactions selected
on a test basis. Consequently, we were unable to determine whether any adjustments might have been
found necessary in respect of recorded or unrecorded cash disbursements.

2. Debtors and Creditors:

We were unable to obtain independent confirmation of the closing balances of debtors and creditors as
of March 31, 2024. Our procedures for these balances relied solely on management representations.
Accordingly, we were unable to determine whether any adjustments might have been found necessary in
respect of the recorded or unrecorded balances of debtors and creditors.

3.Inventory:

We were unable to physically verify the inventory held at the Bhiwandi godown due to it being sealed by
a government department. The valuation of this inventory is based on the information provided by the
Company's management. Consequently, we were unable to determine whether any adjustments to the
carrying value of inventory might have been necessary.

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Results 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
("ICAI") together with the ethical requirements that are relevant to our audit of the Financial Results for
the year ended March 31, 2024 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 ICAI's Code of
Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis
for our audit opinion.

Management's Responsibilities for the Financial Results

This Statement, which includes the financial results for the year ended March 31, 2024 is the responsibility
of the Company's Board of Directors, and has been approved by them for the issuance. The financial
results for the year ended March 31, 2024 have been compiled from the related audited financial
statements. This responsibility includes preparation and presentation of the Financial Results for the
quarter and year ended March 31, 2024 that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition and
measurement principles laid down in Indian Accounting Standards, prescribed under Section 133 of the
Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India
and in compliance with Regulation 33 and 52 of the Listing Regulations. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding 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 the 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 Results that give a true and fair
view and is free from material misstatement, whether due to fraud or error. In preparing the
accompanying Statement, the Board of Directors 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 the 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 is also
responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the Financial Results for the year ended
March 31, 2024 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 SA'S 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 this Financial Results. 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 annual Financial Results, 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 controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors
in terms of the requirements specified under Regulation 33 and 52 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors' 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 ability of the Company 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 Annual financial results 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 Annual Financial
Results, including the disclosures, and whether the Annual Financial Results
represent the underlying transactions and events in a manner that achieves fair
presentation.

• Obtain sufficient appropriate audit evidence regarding the Annual Financial Results of the
Company to express an opinion on the Annual Financial Results. Materiality is the magnitude of
misstatements in the Annual Financial Results that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the Financial Results 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 Annual Financial Results.

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.

1. Report on Other Legal and Regulatory Requirements

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) Not Applicable

d) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income and
the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

e) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards prescribed under section 133 of the Act.

f) 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 are disqualified as on 31st March,
2024 from being appointed as a director in terms of Section 164(2) of the Act.

g) Since the Company's turnover as per last audited financial statements is less than Rs.50 Crores and
its borrowings from banks and financial institutions at any time during the year is less than Rs.25
Crores, the Company is exempted from getting an audit opinion with respect to the adequacy of
the internal financial controls over financial reporting of the company and the operating
effectiveness of such controls vide notification dated June 13, 2017;

h) 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 by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

i) 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:

a. The Company does not have any pending litigations which would impact its financial
position;

b. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;

c. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company;

d.

i. 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;

ii. 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

iii. Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that
the representations under sub-clause (i) and (ii) contain any material misstatement.

e.

a) The Company has not proposed, declared and paid any dividend during the year in
accordance with the provisions of Sec 123 of The Companies Act, 2013.

b) The Company has not proposed, declared and paid any interim dividend during the year in
accordance with the provisions of The Companies Act, 2013.

c) The Board of Directors of the Company have not proposed any dividend which is subject to

the approval of the members at the Annual General Meeting

f. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
accounts using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023 and accordingly, the
company has maintained the audit trail of all transactions undertaken during the year.

2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

For R Mehta & Associates
Chartered Accountants
FRN.: 143992W

Sd/-

CA Rohan Mehta

(Proprietor) Place: Mumbai

Membership No.: 141598 Date: 28/05/2024

UDIN: 24141598BKBWDJ1938