We have audited the accompanying standalone financial
statements of Skipper Limited ("the Company"), which comprises
the balance sheet as at March 31,2026, the statement of profit and
loss, (including the statement of other comprehensive income),
the statement of cash flows and the statement of changes in
equity for the year then ended, and notes to the standalone
financial statements, including a summary of material accounting
policies 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, 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 relevant rules
and other 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, its cash flows and the
changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements
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 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 (ICAI) together with the ethical requirements
that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules there
under, 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 standalone 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
financial statements for the financial year ended March 31, 2026.
These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our
audit addressed the matter is provided in that context.

Information Other than the Standalone 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 annual report, but does not include the standalone financial statements and our auditor's report thereon.
The annual report is expected to be made available to us after the date of this auditor's report. Our opinion on the financial statements
does not cover the other information and we will 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 identified above 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. When we
read the annual report, if we conclude that there is a material
misstatement therein, we are required to communicate the
matter to those charged with governance. We have nothing to
report in this regard.

Management's Responsibility for the Standalone
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
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 accounting principles
generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015,
as amended. 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 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 standalone financial statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the standalone 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 Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether
the standalone 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
standalone financial statements.

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

? Identify and assess the risks of material misstatement of the
standalone 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(3X0 of the Act, 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 standalone 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 ofthe
standalone financial statements, including the disclosures,
and whether the standalone financial statements represent
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 ofthe 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, 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.

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 except
for the matters stated in the paragraph 2(i)(VI) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

(c) The standalone balance sheet, the standalone statement
of profit and loss including the statement of other
comprehensive Income, the standalone statement of
cash flows and 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 financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read
with Companies (Indian Accounting Standards) Rules,
2015, as amended from time to time;

(e) On the basis of the written representations received
from the directors as on March 31, 2026 taken on
record by the Board of Directors, none of the director is

disqualified as on March 31, 2026 from being appointed
as a director in terms of Section 164(2) of the Act;

(f) The modifications relating to the maintenance of
accounts and other matters connected therewith are as
stated in the paragraph 2(b) above on reporting under
Section 143(3)(b) of the Act and paragraph 2(i)(VI)
below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal financial
controls with reference to standalone financial statement
of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".

(h) 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:

In our opinion and according to the explanations
given to us, the managerial remuneration for the year
ended March 31, 2026 has been paid / provided by
the Company to its directors in accordance with the
provisions of section 197 read with Schedule V to the
Act; and

(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,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us:

I. The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements- Refer Note 42 to the
standalone financial statements;

II. Provision has been made in the standalone financial
statements, as required under the applicable Law
or Accounting Standards, for material foreseeable
losses, if any, on long-term contracts including
derivative contracts as at March 31, 2026 -
Refer Note 25 & 52 to the standalone financial
statements in respect of such items as it relates to
the company.

III. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection fund by the Company.

V. (a) The management has represented that, to the best of its

knowledge and belief, 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 or entity, 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
(refer note 63 to the standalone financial statements);

(b) The management has represented, that, to the best of
its knowledge and belief, as disclosed in the notes to the
accounts, no funds have been received by the company
from any person or entity, 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 (refer note 63
to the standalone financial statements); and

(c) Based on such audit procedures that we considered
reasonable and appropriate in the circumstances,
nothing has come to our attention that causes us to
believe that the representations under sub-clause (i)
and (ii) of Rule 11(e) as provided under paragraph 2(i)
(IV)(a) & (b) above, contain any material mis-statement.

V. The dividend declared or paid during the year by the
Company is in compliance with section 123 of the Companies
Act, 2013.

VI. 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 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 except
that audit trail was not enabled at the database level for
accounting software to log any direct data changes till
31.12.2025.

Further, during the course of our audit we did not come
across any instance of the audit trail feature being tampered
with, in respect of accounting software for the period for
which the audit trail feature was enabled and operating and
the audit trail has been preserved by the company as per
the statutory requirements for record retention except at the
database level as audit trail feature was not enabled for the
aforementioned period.

For J K V S & CO
Chartered Accountants

Firm Registration No. 318086E

Ajay Kumar

Partner

Place: Kolkata Membership No. 068756

Dated: April 28, 2026 UDIN: 26068756ZOXCWS2171