1. We have audited the accompanying standalone financial
statements of Sumeru Industries Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 2024, the Statement of
Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows
for the year ended on that date, and a summary of the significant
accounting policies and other explanatory information (hereinafter
referred to as "the standalone financial statements").

2. 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 accounting principles generally
accepted in India including Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind
AS"), of the state of affairs (financial position) of the Company as at
March 31, 2024 and its profit (financial performance including
other comprehensive income), its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing specified under section
143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for
the Audit of the Standalone 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 the ethical requirements that are
relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules made 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 we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial
statements.

Key Audit Matters

4. Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements for the year ended March 31, 2024. 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.

5. 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

6. The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management Discussion
and Analysis, Board's Report including Annexures to Board's
Report, Business Responsibility Report, Corporate Governance and
Shareholder's Information, but does not include the standalone
financial statements 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 are required
to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone Financial
Statements

7. The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair
view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of the
Company in accordance with the Ind AS and other accounting
principles generally accepted in India.

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 standalone financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

8. 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 either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

9. The Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone
Financial Statements

10. Our objectives are to obtain reasonable assurance about whether
the standalone 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 Standards on Auditing will
always detect a material misstatement when it exits. Misstatement
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.

11. 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 risks 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. Under section 143(3)(i) of the Act, 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 estimate 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 audit'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 audit'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
standalone financial statements, including the disclosers and
whether the standalone 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 any
identified misstatements in the standalone financial statements.

12. 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.

13. 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.

14. From the matters communicated with those charge with
governance, we determine those matter that were of most
significance in the audit of the standalone 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

15. 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 B, a statement
on the matters specified in paragraph 3 and 4 of the Order.

16. As required by Section 143(3) of the Act, based on our audit 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 & Loss including Other
comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement
with the books of account;

d) In our opinion, the aforesaid standalone financial statements
comply with Ind AS specified under section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014;

e) As per the management representation, we report,

• No funds have been advanced or loaned or invested by the
Company to or in any other person(s) or entities, including foreign
entities ("Intermediaries"), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in
other persons or entities identified in any manner by or on behalf of
the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.

• No funds have been received by the Company from any person(s)
or entities including foreign entities ("Funding Parties") with the
understanding that such 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 guarantee, security or the like on behalf of
the Ultimate beneficiaries.

• Based on the audit procedures performed, we report that nothing
has come to our notice that has caused us to believe that the
representations given under sub-clause (i) and (ii) by the
management contain any material mis-statement.

f) In our opinion, as the Company has not declared/paid any dividend
during the year, reporting for the compliance with Section 123 of
the Companies Act, 2013 is inapplicable.

g) On the basis of the written representation received from the
directors as on March 31, 2024 taken on record by the Board of
Directors, none of directors is disqualified as on March 31, 2024
from being appointed as a director in terms of Section 164(2) of
Act.

h) With respect to the adequacy of the internal financial controls over
financial reporting of the Company and the opening effectiveness
of such controls, refer to our separate report in "Annexure A". Our
report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company's internal financial controls
over financial reporting.

i) With respect to other matters to be included in the Auditor's Report
in accordance with the requirements of section 197(16) of the Act,
as amended, the Company has neither paid nor provided for any
remuneration to its directors during the year.

j) With respect to the other matter to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014 (as amended), in our opinion and to the best
of our information and according to the explanations given to us;

1. The company has disclosed the impact of pending litigations on its
financial position in its standalone financial statements.

2. The Company did not have any Long Term Contracts including
derivative contracts for which there were any material foreseeable
losses.

3. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.

Place : Ahmedabad

Date : 29/04/2024 For, Nitin K. Shah & Co.

Chartered Accountants
Firm Reg. No.:107140W

Vaibhav N. Shah
Proprietor
M. No. 116817

UDIN:24116817BKDHYV8533