We have audited the accompanying standalone financial statements of Raw Edge Industrial Solutions
Limited ('the Company'), which comprise the balance sheet as at 31st March 2025, the statement of
profit and loss (including Other Comprehensive Income), the Cash Flow Statement and the statement of
Changes in Equity for the year then ended, and notes to the financial statements, including a summary of
the 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 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 accounting
principles generally accepted in India, of the state of affairs of the company as at March 31, 2025 and its
profit and loss, changes in equity and its cash flows for the year ended on that date.

Basis of opinion

We have conducted our audit in accordance with standards on Auditing 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 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 (ICAI) together with ethical requirements that are relevant to our audit of 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 which we have obtained are sufficient and appropriate to provide a basis for our
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters ('KAM') 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 that there are no key audit matters to communicate in our report.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone
financial statements that give a true and fair view of the state of affairs, profit / loss (including other
comprehensive income), Changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian 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 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 and Board of Directors are responsible for assessing
the company's ability to continue as a 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.

Board of Directors are also responsible for overseeing the company's financial reporting process.
Auditor's Responsibility

Our objective is 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 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.

• 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 is based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the company and its associates and jointly controlled
entities 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.

Report on Other Legal and Regulatory Requirements

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, I give in the "Annexure A", a statement on
the matters specified in the paragraph 3 and 4 of the order, to the extend applicable.

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 Changes in Equity and the Cash flow statement dealt with by this Report are in agreement
with the relevant books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards 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 2025 taken
on record by the Board of Directors, none of the directors 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 financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B";

(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 has no pending litigation which would impact its financial position.

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

(iii) There were no amounts which 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 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 (a) and (b) contain any material misstatement.

(v) The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.

(vi) Based on our examination, which included test checks, the company has used accounting software
for maintaining its books of account, which have a feature of recording audit trail (edit log) facilities, and
the same has operated throughout the year for all relevant transactions recorded in the respective
software. Further, for the periods where the audit trail (edit log) facility was enabled and operated
throughout the year for the respective accounting software, we did not come across any instance of the
audit trail feature being tampered with.

With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act, in
our opinion and according to the information and explanations given to us by the management, 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 except remuneration paid to Mr. Prashant Suresh Agarwal (DIN:
10394966), Director and Chief Executive Officer (CFO) during the financial year 2024-25 which exceeds
the limits prescribed under section 197 of the companies Act by Rs. 8.44 Lakhs.

For PRADEEP K. SINGHI & ASSOCIATES

CHARTERED ACCOUNTANTS
Firm Reg. No.:0126027W

Sd/-

Pradeepkumar Singhi

Partner
M. No. 024612

Place: Surat

Date: 27/05/2025

UDIN: 25024612BMONJD3376