We have audited the financial statements of
Viaz Tyres Limited (“the Company”), which
comprise the balance sheet as at 31st March
2025, the statement of Profit and Loss, the
statement of cash flows for the year then
ended, and notes to the financial statements,
including a summary of 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
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, of the state of affairs of the Company as
at March 31, 2025, and its profit, and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the 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
Responsibility 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 the ethical requirements that
are relevant to our audit of the 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 Financial Statements.

Information Other than the Financial
Statements and Auditor's Report Thereon

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 financial statements and our
auditors' report thereon.

Our opinion on the 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 financial
statements, our responsibility is to read the
other information and, in doing so, consider
whether the other information is materially
inconsistent with the 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.

Responsibilities of Management and Those
Charged with Governance for the Financial
Statements

The Company's Board of Directors is
responsible for the matters stated in section
134(5) of the Act with respect to the
preparation and presentation 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
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 financial
statement 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.

Those 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 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:

a) Identify and assess the risks of material
misstatement of the 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.

b) 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 financial
statements in place and the operating
effectiveness of such controls.

c) Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting estimates and
related disclosures made by management.

d) 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 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.

e) 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
sub-section (11) of section 143 of the Act, we
give in the “Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the
Order, to the extent 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 and the Cash Flow Statement dealt
with by this Report are in agreement with the
books of account.

d) In our opinion, the aforesaid financial
statements comply with Accounting
Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 (as amended).

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.

f) from being appointed as a director in
terms of Section 164 (2) of the Act.

g) With respect to the adequacy of the
internal financial controls over financial
reporting of the Company and operating
effectiveness of such controls, refer to our
separate report in “Annexure B”. Our report
expresses an unmodified opinion on the
adequacy and operating effectiveness of the
Company's internal financial controls over
financial reporting;

h) As required by 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, we report that
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:

I. There is no pending litigation on Company
for which disclosure is required.

ii. The Company has made provision, as
required under the applicable law or
accounting standards, for material
foreseeable losses, if any, on long-term
contracts including derivative contracts.

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

iv. Based on our examination, carried out in
accordance with the Implementation
Guidance on Reporting on Audit Trail under
Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (Revised 2024 Edition)
issued by the Institute of Chartered
Accountants of India, the company has used
accounting software for maintaining its
books of account, which has a feature of
recording audit trail (edit log) facility.

j) (a) The management has represented that,
to the best of its knowledge and belief, 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
persons or entities, 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 it's knowledge and belief, other
than as disclosed in notes to accounts, no
funds have been received by the company
from any persons or entities, 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 such audit procedures that we
have considered reasonable and appropriate
in the circumstances, nothing has come to
our notice that has caused us to believe that
the representations given under (a) and (b)
above, contain any material mis-statement

For Doshi Doshi & Co

Chartered Accountants

Firm Registration No.: 153683W

Sd/-

Chintan Doshi

Partner

Membership No.:158931
UDIN: 25158931BMIFXC9452

Place: Ahmedabad
Date: May 29, 2025