We have audited the accompanying standalone financial
statements of KRITI INDUSTRIES (INDIA) 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 the financial statements, including a
summary of material accounting policy information 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 Companies Act, 2013 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 31^st March, 2025, the
loss and total comprehensive income, changes in equity
and its cash flows 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 Companies
Act , 2013. 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 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 audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
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
financial statements of the financial year ended on March
31, 2025. These matters were addressed in the context
of our audit of the 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.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the Standalone
Financial Statement section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the Standalone Financial Statements . The results of our
audit procedures, including the procedures performed
to address the matters below, provide the basis for
our audit opinion on the accompanying Standalone
Financial Statements.

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 Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business
Responsibility Report, Corporate Governance and
Shareholder's Information (''the Other Information"), but
does not include the standalone financial statements and
our auditor's report thereon.

Our opinion on the standalone 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 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 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,
total comprehensive income, changes in equity and cash
flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
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, 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 for 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 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 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 the 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 the users taken on the basis of
these financial statements.

As part of an audit in accordance with SAs, the auditor
exercises professional judgment and maintains
professional skepticism throughout the audit. We also:

Ý Identify and assess the risks of material misstatement
of the standalone financial statements, whether
due to fraud or error; to design and perform audit
procedures responsive to those risks; and to 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.

Ý Obtain an understanding of internal financial
controls 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.

Ý Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

Ý 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
entity's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are
required to draw attention in our report to the related
disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify the
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our audit report.
However, future events or conditions may cause an
entity to cease to continue as a going concern.

Ý Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the 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 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 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 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 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)

(A) 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 Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income,
Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report
are in agreement with the books of accounts.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian 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 31^st March, 2025
taken on record by the Board of Directors, none
of the directors is disqualified as on 31^st 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 with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer
to our separate report in "Annexure - B". Our
report expresses an unmodified opinion on the
adequacy and the operating effectiveness of
the Company's internal financial controls with
reference to standalone financial statements.

(B) 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:

a) The Company has disclosed the impact of pending
litigations on its financial position in its standalone
Ind AS financial statements - Refer Note 30(c) to
the standalone Ind AS financial statements.

b) The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.

c) There was no delay in transferring the amount,
required to be transferred to the Investor
Education and Protection Fund by the Company
during the year ended 31^st March 2025.

d) (i) The Management has represented that,

to the best of its knowledge and belief, as
disclosed in the Note 47 (vi) 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,
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.

(ii) The Management has represented, that,
to the best of its knowledge and belief, as

disclosed in the Note 47 (vii) 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,
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.

(iii) Based on the audit procedures performed
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 (d) (i) and (d) (ii) contain any material
mis-statement.

e) The final dividend paid by the company during the
current year in respect of the same declared for
the previous year is in accordance with section
123 of the Companies Act 2013 to the extent
it applies to payment of dividend. The Board of
Directors of the company have not proposed any
final dividend for the current year.

f) 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, 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. Additionally, the
Audit trail has been preserved as per the statutory
requirements for record retention.

(C) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of Sec 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.

FOR RAKESH KUMAR & ASSOCIATES

Chartered Accountants
Firm Reg. No.: 002150C

CA. PUNEET GUPTA

Place : Indore Partner

Date : 22^nd May 2025 Membership No.: 413168