We have audited the accompanying financial statements of Spenta International Limited (“the
Company”], which comprise the Balance Sheet as at March 31, 2025 and the Statement of Profit and
Loss (Including other Comprehensive Income]. Statement of change in Equity and Cash Flow
Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.

Opinion

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 Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards] Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit and total
comprehensive income (including other comprehensive income), the changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

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 there under, 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.

Responsibilities of Management and Those Charged with Governance for the Standalone
financial statements

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 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 Indian Accounting Standards
(Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, 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.

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:

• 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.

• 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 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, 29 including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of entities
within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the audit of financial information of
such entities included in the consolidated financial statements. We remain solely responsible for
our audit opinion

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.

From the matters communicated with those charged with governance, we identify matter that were
of such significance in the audit of the Standalone financial statements for the financial year ended
March 31, 2025, that they would be considered key audit matters. Accordingly, such matters have
been described in our auditor's report. Furthermore, there were no circumstances where disclosure
was precluded by law or regulation, or where adverse consequences were expected to outweigh the
public interest benefits of such communication.

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 Company Act, 2013, and on
the basis of such checks of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we give in the Annexure, a
statement on the matters specified in the said Order.

As required by Section 143(3] of the Act, based on our audit, we report to the extend applicable,
that:

a] We have 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 Balance Sheet and the Statement of Profit and Loss (including other comprehensive
income], statement of change in equity and cash flow dealt with by this Report are in agreement
with the books of account maintained for the purpose of preparation of financial statement.

d] In our opinion, the Balance Sheet and the Statement of Profit and Loss comply with the Ind AS
specified under section 133 of the Act, read with Rule 7 of the companies (Account] Rules, 2014.

e] In our opinion, the aforesaid Standalone financial statements comply with the Ind AS specified
under Section 133 of the Act.

f] There are no observations or comments on financial transactions or matters which have any
adverse effect on the functioning of the company.

g] On the basis of the written representations received from the directors as on March 31, 2025,
taken on record by the Board of Directors, none of the directors is disqualified as on March 31,
2025, from being appointed as a director in terms of Section 164(2] of the Act.

h] There is no qualification, reservation or adverse remark relating to maintenance of accounts and
other matters connected therewith no need to include this.

i] With respect to the adequacy of the internal financial controls with reference to financial
statement of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure 2” to this report.

j) With respect to the matter to be included in the Auditor's 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 provisions of section 197 read with schedule V to the companies Act, 2013 in respect of
the remuneration paid by the Company to its directors during the year. The remuneration paid
is in accordance with the provisions of Section 197 read with Schedule V to the Companies Act,
2013

k] 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 our
information and according to the explanations given to us.

1. The Company does not have any pending litigation which would impact its financial position

in its financial statements;

2. The Company did not have any long-term contracts including derivative contracts for which

there were any material foreseeable losses; and

3. There has been no delay in transferring amounts, required to be transferred, to the Investor

Education and Protection Fund by the Company during the year ended 31 March, 2025.

4. 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 (b)
above, contain any material misstatement

5. As stated in Note 2.12.3 to the standalone financial statements

(a) The final dividend proposed in the previous year, declared and paid by the Company
during the year is in accordance with Section 123 of the Act, as applicable.

(b) The Board of Directors of the Company have proposed final dividend for the year which
is subject to the approval of the members at the ensuing Annual General Meeting. The
amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

6. Based on our examination of the books of account and other relevant records of the Company,
and according to the information and explanations given to us, we report that the Company has
used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014, applicable with effect from April 1, 2023, the audit trail feature has been
operated throughout the financial year ended March 31, 2025, for all transactions recorded in the
software, and the audit trail has not been tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record retention

For M/s. A K Kocchar & Associates
Chartered Accountants
FRN: 120410W

(Abhilash Darda.)

Partner

Membership No: 423896

Date: 26th May 2025

UDIN - 25423896BMKTWZ8093