We have audited the accompanying Ind AS financial statements of RATHI GRAPHIC TECHNOLOGIES
LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit
and Loss( including the statement of Other Comprehensive Income), Statement of Changes in Equity and the
Statement of Cash Flows for the year then ended, and Notes to the Ind AS Financial Statements, including a
summary of Significant Accounting Policies and other explanatory information (hereinafter referred to as “Ind
AS financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind
AS 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 and its Profit(( including the statement of Other Comprehensive Income), total comprehensive, changes in
equity and its cash flows for the year ended on that date.

Exim Scrips Pvt Limited being the financial creditor of RATHI GRAPHIC TECHNOLOGIES LIMITED
(“Corporate Debtor”) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”)
read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before
the National Company Law Tribunal (“NCLT”), at Allahabad for initiation of Corporate Insolvency Resolution
Process (“CIRP”) of the Corporate Debtor. The said application for initiation of CIRP was admitted by the Hon’ble
NCLT Allahabad bench vide its order dated 03.02.2020 and vide the said order had appointed Mr. Sunil Kumar
Agarwal (Insolvency Resolution Professional having registration no. IBBI/IPA-002/IP-N0008177/2017-
18/10222), as the Interim Resolution Professional (“IRP”) for conducting the CIRP. Subsequently, the Committee
of Creditors confirmed the appointment of Mr. Anshul Guptas as Resolution Professional (“RP”).

During the CIRP, The Resolution Professional had received a resolution plan from Surbhika Steels Pvt Limited
through its unit Nikunj Udyog which was duly voted and approved by the Committee of Creditors with 100%
majority voting share. The said resolution plan was filed vide IA No 31/2021 IN CP(IB)/325/ALD/2019 before
the Adjudicating Authority - Hon’ble NCLT Allahabad, who have approved the Resolution Plan vide its orders
dated 27.07.2023. Pursuant to the approval of the resolution plan and constitution of the Monitoring Committee
on 27.07.2023, the Resolution Professional has demitted his office. In accordance with the decision of monitoring

committee the Resolution Plan as approved by the Hon’ble NCLT Allahabad has been implemented and
management and control of the affairs of the Company has been transferred to Surbhika Steels Pvt Limited in
accordance with the Implementation Schedule contained in the Resolution Plan Approval Order/as decided by
monitoring committee.

As per the Resolution Plan all the past claims against the Company have been settled and finalized vide the
approval of the Resolution Plan, in terms of the law laid in Ghanashyam Mishra and Sons Private Limited v.
Edelweiss Asset Reconstruction Company Limited & Ors (SC). Thus, all past claims that do not form part of the
Resolution Plan stands extinguished.

BASIS OF OPINION

We conducted our audit of the Ind AS financial statements 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 Ind AS financial
statements under the provisions of the Companies Act, 2013 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 Ind AS financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of
the Ind AS 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.

INFORMATION OTHER THAN THE IND AS FINANCIAL STATEMENTS AND AUDITORS
REPORT THEREON

The Company’s Management 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
Annexure to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s
Information, but does not include the Ind AS financial statements and our auditor’s report thereon.

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

RESPONSBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE IND
AS FINANCIAL STATEMENTS

The accompanying financial statements have been approved by the Company’s Board of Directors. The
Company’s Board of Directors responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation and presentation of the 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 prescribed under Section 133 of the Act read with relevant rules issued there under.

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

In preparing the Ind AS 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.

The Management is responsible for overseeing the Company’s financial reporting process.

AUDITORS RESPONSIBILITIES

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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 Ind AS
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 Ind AS financial statements, including the
disclosures, and whether the Ind AS 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. From the matters
communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the Ind AS financial statements of the current period and are therefore the key audit matters.

From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Ind AS 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

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 and except for the effects, if any, of the matters
described in the basis for opinion paragraph, we give in the ‘ ANNEXURE A’ a statement on the matters specified
in paragraphs 3 and 4 of the Order.

1. As required by Section 143 (3) of the Act, we report, to the extent applicable 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, Statement of Profit and Loss (including Other Comprehensive income), the
Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement
with the books of account;

(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act;

(e) 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.

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

(g) The Company has not paid any managerial remuneration to its directors and thus the provision of section
197 read with Schedule V of the Act are not applicable to the Company for the year ended March 31,
2025;

(h) With respect to the adequacy of the Internal Financial Controls with reference to Ind AS financial
statements of the Company, and the operating effectiveness of such controls, refer to our separate Report
in “Annexure B”;

(k) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us(as amended):

i. The Company has disclosed the impact of pending litigations on its financial position in its Ind AS
financial statements (Refer note no. 26 to the Ind AS financial statements);

ii. The Company did not have any long-term contracts including derivative contracts as at March 31,
2025 for which there were any material foreseeable losses;

iii. The Company has not declared any dividends either in the current year or during any of the previous
years and therefore transferring of the amounts in the Investor Education and Protection Fund by
the Company does not arise.

iv.

a) The Management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, 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 person(s) or entity(ies), 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 its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the Company from any
person(s) or entity(ies), 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.

c) Based on such 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 in (a) and (b) above,
contain any material misstatement.

v. There is no dividend declared or paid during the year by the Company. Thus, compliance with
Section 123 of the Act is not applicable.

vi. Based on our examination, which included test checks, the Company has used accounting software
systems for maintaining its books of account for the financial year ended March 31, 2025 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 the audit trail feature being tampered with and the
audit trail has been preserved by the Company as per the statutory requirements for record retention.

As per our report of even date
For H G & & CO.

Chartered Accountants

Sd/-

CA Himanshu Garg
Partner

Membership No. : 403482
Firm Regn. No. : 013074C
Place: New Delhi
Date: 29/05/2025
UDIN: 25403482BMLMRT1375