We have audited the accompanying
standalone Ind AS financial statements of Elcid
Investments Limited ("the Company"), which
comprise the Balance Sheet as at 31st March
2026, and the Statement of Profit and Loss
(including other comprehensive income), the
statement of Cash Flows and the statement of
changes in equity for the year then ended, and
notes to the financial statement including a
summary of significant accounting policies and
other explanatory information (herein after
referred to as "standalone Ind AS financial
statements").

2. In our opinion and to the best of our
information and according to the explanation
given to us, the aforesaid Ind AS standalone
financial statements give the information
required by 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 the Ind AS, of the state of affairs
of the Company as at 31 March 2026, and its
Profit including loss in other total

comprehensive income, its cash flows and the
change in equity for the year ended on that.

Basis for Opinion

3. 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

4. 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, 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 Ind AS
Financial Statements and auditor's report thereon

5. The Company's management and Board of
Directors are responsible for the other
information. The other information comprises
the information included in the Company's
annual report but does not include the
standalone financial statements and our
auditors' report thereon.

6. Our opinion on the standalone financial
statements does not cover the other information
and we do not express any form of assurance
conclusion thereon.

7. 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 in the
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 on in this regard.

Management's Responsibility for the Standalone
Ind AS Financial Statements

8. 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 standalone Ind AS
financial statements, that give a true and fair
view of the financial position, financial
performance including other comprehensive
income, cash flows and changes in equity of
the Company in accordance with the
accounting principles generally accepted in
India, including the Indian Accounting
Standards (Ind As) specified under Section 133
of the Act, read with relevant rules issued
thereunder. This responsibility also includes
maintenance of adequate accounting records in
accordance with the provisions of the Act; for
safeguarding the assets of the Company; for
preventing and detecting frauds and other

irregularities; selection and application of
appropriate implementation and maintenance
of 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 Ind AS financial statements
that give a true and fair view and are free from
material misstatement, whether due to fraud
or error.

9. 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.

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

Auditors Responsibility for the Audit of the

Standalone Ind AS Financial Statements

11. 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 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.

12. 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 Act, we are also responsible for
expressing our opinion on whether the
Company has adequate internal financial
controls with reference to standalone
financial statements 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 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 Company 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 standalone
financial statements represent the

underlying transactions and events in a
manner that achieves fair presentation.

13. 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.

14. 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.

15. From the matters communicated with those
charged with governance, we determine those
matters 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
auditors' 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

16. 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 I" a statement
on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

17. As required by Section143(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 purpose 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 Company has no branch office and
hence the company is not required to
conduct audit under section 143 (8) of the
Act;

d. The Standalone IND AS Balance sheet, the
standalone statement of profit and loss
including other comprehensive income, the
statement of cash flow and the statement
of changes in equity dealt with by this
report are in agreement with the books of
account.

e. In our opinion, the aforesaid standalone Ind
AS financial statements comply with the
Indian Accounting Standards (Ind As)
specified under Section 133 of the Act, read
with relevant rule issued thereunder.

f. During our audit we did not come across
any financial transaction or matters which
might have an adverse effect on the
functioning of the company.

g. On the basis of the written representations
received from the directors as on 31st
March, 2026 and taken on record by the
Board of Directors, none of the directors is
disqualified as on 31st March, 2026 from
being appointed as a director in terms of
Section 164(2) of the Act;

h. We do not have any qualification,
reservation or adverse remark relating to
the maintenance of accounts and other
matters connected therewith.

i. We have also audited the internal financial
controls over financial reporting (IFCoFR) of
the Company as on 31st March 2026 in
conjunction with our audit of the
standalone Ind AS financial statements of
the Company for the year ended on that
date and our report as per Annexure II
expressed.

18. With respect to the matter to be included in the
Auditors' Report under Section 197(16) of the
Act: 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.

19. With respect to the other matters to be included
in the Auditors' Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of
information and according to the explanations
given to us:

i. The Company does not have any pending
litigations which may impact on its financial
positions in its standalone Ind AS financial
statements;

ii. The company did not have any long-term
contracts, including derivative contracts for
which there were any material foreseeable
losses.

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, 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 the 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
(h) above, contain any material
misstatement.

v. The final dividend paid by the company
during the year is in respect of the dividend
declared for the previous year and is in
accordance with section 123 of the Act to the
extent it applies to payment of dividend.

The Board of Directors of Company have
proposed a final dividend for the current year
ended 31st March 2026 which is subject to
the approval of the members at ensuring
Annual General Meeting. The dividend
declared is in accordance with section 123 of
the Act to the extent it applies to declaration
of dividend.

vi. Based on our examination, which included
test checks, the Company has used
accounting software for maintaining its books
of accounts for the financial year ended
March 31, 2026, 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 were not able to verify any instance
of the audit trail being tampered.

For V K Beswal & Associates

Chartered Accountants
Firm Registration No. 101083W

CA Kunal V. Beswal

Partner
M No-131054

UDIN No.: 26131054N KOWOL5444

Place: Mumbai
Date: 25-05-2026