1. We have audited the accompanying standalone financial statements of UNIROYAL MARINE EXPORTS
LIMITED (the “Company”), which comprise the standalone Balance Sheet as at March 31, 2024, and
the standalone Statement of Profit and Loss (including Other Comprehensive Income), the standalone
Statement of Changes in Equity and the 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 (hereinafter referred to as the “standalone financial
statements”).

2. 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 Accounting
principles generally accepted in India, of the state of affairs of the company as at march 31,2024, and
total comprehensive income (comprising of profit and other comprehensive income), changes in
equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (“SA” s) 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
thereunder, 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 obtained is sufficient
and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to note 47 to financial statements which describes the loss suffered by the Company

during the year and the associated financial matters connected there and the management view of

continuing the company as a going concern. Our report is not modified in respect of this matter

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the financial year ended March 31, 2024. 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.

Information Other than the Financial Statements and Auditor's Report Thereon

5. The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Report on Corporate
Governance and Business Responsibility and Sustainability Report but does not include the
standalone financial statements and our auditor's report thereon.

6. Our opinion on the standalone financial statements does not cover the other information and we will
not express any form of assurance conclusion thereon.

7. In connection with our audit of the standalone financial statements, our responsibility is to read the
other information identifies above when it becomes available and, in doing so, consider whether the

other information is materially inconsistent with the standalone financial statements or our
knowledge obtained in audit, or otherwise appears to be materially misstated.

8. We have nothing to report in this regard.

Responsibilities of Management and those charged with Governance for the Standalone Financial

Statements

9. 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, changes in equity and cash flows of the Company in
accordance with the Indian Accounting Standards (Ind AS) 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.

10. 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.

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

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

12. 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.

13. 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 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 Act, we are
also responsible for expressing our opinion on whether the Company has adequate internal
financial controls with reference to standalone financial statement 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 the management and Board of Directors.

• Conclude on the appropriateness of management's and Board of Director's use of the going
concern basis of accounting in preparation of standalone financial statement 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 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.

14. 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.

15. 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.

16. 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

17. As required by Section 143(3) of the Act, based on our audit 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 Changes in Equity and the standalone
Statement of Cash Flows 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 Accounting
Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors and taken on record by the
Boards of directors, none of the directors is disqualified as on March 31, 2024, 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
financials statement of the company over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure A".

g) 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 as at March 31, 2024 on its
financial position On its standalone financial statements - There are no pending litigations as
at March 31, 2024.

ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including derivative
contracts. The Company is discharging the liabilities towards various employees benefit
scheme like PF/ESI only to direct employees, even though Company engaged services of casual
workers and workers employed through contractors.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company during the year.

iv. a. The Management has represented that, to the best of its knowledge and belief, as disclosed

in the Note .50 (iii) to the financial statements, 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 persons or entities, 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 (“Ultimate Beneficiaries”) by or on behalf of
the Company 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 the Note 50 (xii) to the financial statements, no funds have been received by
the Company from any persons or entities, 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 (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

c. Based on such audit procedures performed that has 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) contain any
material mis-statement.

d. The company has not declared or paid dividend during the year under report and
accordingly nothing to report with regard to compliance of provisions of section 123 of
the Act.

e. Based on our examination, which included test checks, the Company has used an
accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) is not maintained for changes to certain records and changes made by
certain users with specific access, if any. But the company uses a different software for
recording transactions of inventory , wherein the audit trail ( edit log) facility of is not
maintained

Also, refer Note 52 to the standalone financial statements.

18. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For BSJ & Associates

Chartered Accountants

(Firm's Registration No.010560S)

Sd/-

CA. Jobby George

Partner (Membership No. 211174)

UDIN: 24211174BKBNJU6226

Place: Vengalam

Date: 11.06.2024