We have audited the standalone financial statements of Garnet International Limited (the "Company"),
which comprise the balance sheet as at March 31, 2025, the statement of profit and loss (including other
comprehensive income), the statement of changes in equity and the statement of cash flows for the year
then ended, and notes to financial statements including a summary of the material accounting policy
information and other explanatory information (hereinafter referred to as “the standalone financial
statements”).

In our opinion and to the best of our information and according to the explanations given to us, except for
effects of the matters described in the Basis for Qualified Opinion, 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 (‘Ind AS’) specified under section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its
profit (including other comprehensive income), its cash flows and the changes in equity for the year ended
on that date. In our opinion and to the best of our information and according to the explanations given to us,
the Statement:

Basis for Qualified Opinion

1. As mentioned in Note No. 35 to the Statement, the Company has not made interest provision nor received any Interest on
unsecured Inter-Corporate loan (parties covered under section 186 of the Companies Act, 2013) of Rs. 547.02 lakhs,
(yearend balance of such loan is Rs. 447.02 lakhs), which is in non- compliance of provisions of Section 186(7) of the Act.

2. As mentioned in Note No. 36 to the Statement, the Company has neither paid nor provided interest on few of its borrowings
during the financial year (year end balances of such borrowing are Rs. 300 lakhs). Had such interest been recognized, the
finance cost and interest liability for the year ended March 31, 2025 would have been further increased to that extent.
Consequently, the reported Profit after Other Comprehensive Income by the Company for the year would have been further
decreased to that extent.

3. As mentioned in Note No. 37 to the Statement, the Company has granted interest free unsecured loan to its Subsidiary
company. Company has not made interest provision nor received any Interest on the said loan (parties covered under
section 186 of the Companies Act, 2013), which is in non- compliance of provisions of Section 186(7) of the Act.

In respect of the matters specified above, from the available information we are unable to express our opinion as to the
extent of their effect on the profit for the year ended and net assets as at 31.03.2025.

Emphasis of Matter

1. Few balances of Trade Receivables, Deposits, Loans and Advances, Advance received from customers
and Trade payable are subject to confirmation from the respective parties and consequential
reconciliation/adjustment. The Consequential impact thereof on the account is not ascertainable.

2. Trade receivables include amount of Rs. 228.71 Lakhs from two parties which are under NCLT. No
provision is made on this amount as of current date, as the company is waiting for the final order on the
same.

Our report is unmodified in respect of these matters.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013, as amended ("the Act”). Our responsibilities under those Standards are
further described in the "Auditor's Responsibilities for the Audit of the Standalone 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 obtained by us is sufficient and appropriate to provide a basis for our
qualified audit opinion on the 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 standalone Ind AS financial statements for the year ended March 31, 2025. These matters were
addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information Other than the Standalone Ind AS financial statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Directors’ Report (including annexures) and
Report on Corporate Governance, but does not include the standalone Ind AS financial statements and our
auditor’s report thereon.

Our opinion on the standalone 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 standalone 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 standalone 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.

Management s Responsibilities for the Standalone Financial Statements

The Board of Directors of the Company is responsible for the preparation and presentation of the
Statement that gives a true and fair view of the net loss and other comprehensive loss of the Company and
other financial information in accordance with the recognition and measurement principles laid down in
Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued
there under and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations.

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 the 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
Statement that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the Statement, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process of the
Company.

Auditor s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the Statement, 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.

ii. 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.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

iv. Conclude on the appropriateness of the Board of Directors' 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.

v. Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone 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 standalone Financial Statements.

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 standalone 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

1. As required by the Companies (Auditor’s Report) Order, 2016 (“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.

2. 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of Cash Flows and the Standalone
Statement of Changes in Equity dealt with by this report are in agreement with the books of
account.

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS
specified under section 133 of the Act.

e) On the basis of 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.

f) With respect to the adequacy of the internal financial controls with reference to the
standalone Ind AS financial statements of the Company and the operating effectiveness of
such controls, refer to our separate report in Annexure ‘B’.

g) With respect to other matters to be included in the Auditor’s Report in accordance with the
requirements of 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, the remuneration paid by the

Company to its directors during the year is in accordance with the provisions of section 197 of
the Act. The Ministry of Corporate Affairs has not prescribed other details under section
197(16) which are required to be commented upon by us.

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, we further report that:

i. The Company has no pending litigation which may impact its financial position

ii. The Company did not have any Long-Term Contracts including derivative contracts for
which there were any material foreseeable losses

iii. There has been no delay in transferring amounts, 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 (b)
above, contain any material misstatement.

v.

a) The Company has not paid any dividend during the year.

b) The Board of Directors of the Company has neither proposed nor paid any dividend for the
year.

vi. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account for the year ended 31st March, 2025 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 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.

3. Further, as required by Non-Banking Financial Companies Auditor's Report (Reserve Bank)
Directions,2016', we further state that we have submitted a separate report to the Board of
Directors of the Company on the matters specified in said directions as under: -

The company applied for registration as provided in section 45IA of the Reserve Bank of India
Act, 1934 and has obtained certificate of registration from the Reserve Bank of India.

The Company is entitled to continue to hold the Certificate of Registration in terms of its

asset/income pattern as on 31st March, 2025.

The Board of Directors of the company has passed a resolution for non - acceptance of any
public deposits.

d The company has not accepted any public deposit during the year under reference.

The company has complied with the prudential norms relating to income recognition,
accounting standards, assets classification and provisioning of bad and doubtful debts as
applicable to it in terms of Non-Banking Financial (Non-Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Directions, 2007.

The Company has not accepted any public deposit during the year under reference.

The Company has requisite Net Owned Fund as required by Master direction -Non-Banking
Financial Company - Non systemically Important Non-Deposit taking Company (Reserve
Bank) Direction, 2016

For Sarda Soni Associates LLP

Chartered Accountants
FRN: 117235W

Manoj Kumar Jain

Partner

Mem. No.: 120788

UDIN: 25120788BMIEFQ9849

Place: Mumbai
Date: 30.05.2025