We have audited the standalone
financial statements of M/s. Emerald Tyre
Manufacturers Limited ("the Company"),
which comprise the standalone balance
sheet as at 31st March 2025, and the
standalone statement of Profit and Loss
and standalone statement of cash flows
for the year then ended, and notes to the
standalone financial statements, including
a summary of significant accounting
policies and other explanatory information.

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 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 31st March 2025 its Profit 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 SAs 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 standalone
financial statements under the provisions
of the Companies Act, 2013 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

Key audit matters (‘KAM') are those
matters that, in our professional judgment,
were of most significance in our audit of
the standalone financial statements of
the current period. 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.

The Company was listed on the EMERGE
platform of the National Stock Exchange
of India Limited on 12th December, 2024.

Information other than the Standalone
financial statements and auditors’ report
thereon

The Company's management and board of
directors is responsible for the preparation
of the other information. The other
information comprises the information
included in the Board's Report including
Annexures to Board's Report but does not

include the financial statements and our
auditor's report thereon.

Our opinion on the 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 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 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 if there is a material
misstatement of this other information,
we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and
Those Charged with Governance for the
Standalone Financial Statements

The Company's management and 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 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 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 and 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
management either intends to liquidate
the Company or to cease operations, or
has no realistic alternative but to do so.

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 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(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
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 of the standalone
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.

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
Companies Act, 2013, 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 and the
Standalone Cash Flow Statement
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,
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.

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 matter to
be included in the Auditor's
Report under section 197(16), In
our opinion and according to the
information and explanations
given to us, the remuneration
paid by the Company to its
directors during the current
year is in accordance with the
provisions of section 197 of the
Act. The remuneration paid to
any director is not in excess of

the limit laid down under 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:

i. The Company has disclosed the
impact of pending litigations
as on 31st March, 2025 in its
standalone financial statements.

ii. The Company does not have
any long-term contracts
including derivative contracts
for which there were any material
foreseeable losses.

iii. There were no amounts which
were 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,
as disclosed in note 39Ato the
financial statement, 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, as
disclosed in note 39B to the
financial statement, 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; and

(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 under (a) and (b)
above, contain any material mis¬
statement.

v. As stated in note 30. to the
financial statements, 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 dividend declared
is in accordance with section 123
of the Act to the extent it applies
to declaration of dividend.

vi. As per reporting under Rule
11(g) of Companies (Audit
and Auditors) Rules, 2014, the
Company with effect from 1st
April 2023 is using accounting
software for maintaining books
of account which has features
of recording audit trial (edit log)
facility.

For Rajani & Co
Chartered Accountants
FRNo.003433S

Mahesh Jain,

Partner

M.No.229881, Place : Chennai

UDIN:25229881BMGPZR7882 Date : 29th May 2025