1. We have audited the accompanying financial statements of RDB
RASAYANS LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March 2026, the Statement of Profit and
Loss (including Other Comprehensive Income), the Statement of
Cash Flows, the Statement of Changes in Equity for the year then
ended on that date and notes to the financial statements
including a summary of material accounting policies and other
explanatory information (herein after referred to as "Financial
Statements").

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, 2026, its profit (including Other Comprehensive
Income), Changes in equity and its cash flows for the year ended
on that date.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on

Auditing (SAs) 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 together with the
ethical requirements that are relevant to our audit of the financial
statements 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
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

3. Key Audit Matters are those matters that, in our professional

judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the 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 the matters described below to be the
key audit matters to be communicated in our report.

our opinion thereon, and 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.

Other Information

4. The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis; Board's
Report including Annexures to Board Report, Corporate
Governance and Shareholders' Information but does not include
the financial statements and our auditor's report thereon. The
aforesaid documents are expected to be made available to us after
the date of this auditor's report.

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

6. In connection with our audit of the financial statements, our
responsibility is to read the other information when it becomes
available and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated.

7. When we read the aforesaid documents, if we conclude that there is
a material misstatement therein, we are required to communicate
the matters to those charged with governance.

Management's Responsibility for the 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 financial statements that give a
true and fair view of the financial position, financial performance,
changes in equity 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 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.

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

Auditor's Responsibility for the Audit of the Financial

Statements

11. 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.

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
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.

• Obtained 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 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
financial statements, including the disclosures, and whether the
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 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 matters or when 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.

16. Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of
the 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
financial statements.

Report on Other Legal and Regulatory Requirements

17. 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.

18. 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) and the Cash Flow Statement,
Statement of Changes in Equity dealt with by this report are in
agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with
the 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, 2026 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;

(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 the requirements of
section 197(16) of the Act, as amended.

According to the information and explanations given to us and
the records of the company examined by us, total managerial
remuneration paid as reflected in the financial statements for
the year ended 31st March 2026 are in accordance with the
requisite approvals mandated by the provisions of section 197
read with Schedule V of the Act.

(h) 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 has disclosed the impact of pending
litigations on its financial position in its financial
statements. Refer Note 43 of the financial statements

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 amount 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, 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;

(ii) 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;

(iii) 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 (i) and (ii) above, contain any material
misstatement.

e. The Company has neither proposed any dividend in the
previous year or in the current year nor paid any interim
dividend during the year.

f. Based on our examination which included test checks, the
company has used accounting software for maintaining its
books of account for the financial year ended March 31,
2026 which have the feature of recording audit trail (edit
log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software
systems. Further, during the course of our audit we did not
come across any instance of audit trail feature being
tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record
retention.

For L. B. Jha & Co.

Chartered Accountants
Firm Registration No: 301088E/E300295

(Ranjan Singh)

Place: Kolkata Partner

Date: 27.05.2026 (Membership number 305423)

UDIN: 26305423UHBHX25796