We have audited the accompanying financial statements of She eta I Coot Products Limited (“the Company'’) which comprises the
Batance Sheet as at Ma rch 31,2025, the Statement of Proflt and Loss, and Statement of Cash F lows to r th e year th en ended, and
notes to the 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 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 slate of affairs of the Company as at March 31,2025, and prof it,total comprehensive
i ncom e, its cash fI owsand the c hanges in e quity fa r th e ye ar e n ded on that date.

Basis for Opinion

We cond ucted o u r aud it in accordan ce wi I h t he Sta n dard s o n Aud iti ng (S As) sp ec ifi ed u n der Section 143( 10) of the Compan i es
Act, 2013, Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the
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 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 i s suftici ent and app rop ri ate to p rovide a basis for our opi nion.

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 cu rrent pe ri od. These m atte rs we re add re ssed i n the context of our aud it of th e f inan c ial statements as a wh ol e.
and i n fo rmi ng our opi nion the reon, and we do not p rovi de a sepa rate opinion on these matters.

Emphasis of Matter

The Company's management is responsible for carrying out the inspection of its inventories on a regular basis. We have not
i nde pende ntly verifi ed the inve ntor;es of the Com pany d u ring th e yea r u nde r review. Any adj u stm ent to the val u e of i nvento ries as
appearing in the balance sheet ot the Company may have an effect on the profit and net assets of the Com pany for the period and
year ended March 31,2025.

We draw your attention to Note 40 to the financial statements where the Company’s management has stated that outstanding
balances, if any. at the yearend in respect of trade receivables, trade payables etc. are subject to confirmation from those
respective parties and consequential reconciliation and/or adjustments arising there from. These have not been independently
ve rif ied by us d u ring the yea r un der review. Any ad j ustm ent to the va lue of such bal ances as appea ri ng i n the baia nee sheet of the
Company may have an effect on the profit and net assets of ihe Company for the period and year ended March 31,2025.

Qu r opinio n is not modi tied in resp ect of this me tter.

Information Other than the Financial Statements and Auditors ReportThereon

The Company’s Boa rd of Di rectors i s responsi bl e for the pre para tion of the other informal io n. The othe r info rmati on comp ri ses 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 Informal ion, but does not include the Financial
statements and our auditor’s reportihereon.

Our opinion on the financial statements does not cover the oiher information and we do not express any form of assurance
conclusion thereon.

In conneciion withouraudit of the financial statements, our responsibility is to read Hie other information and, in doing so, consider
whether the other info rmati on is materially inconsistent with the financial statements or our knowledge obtained during the course
of ou r aud it o r othe rwise appears to be mate rially m isstated,

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are

required lo report that feet. We have nothing to report in this regard.

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the matiers stated in Section 134(5) of tha Companies Act, 2013 ("the Act")
with respect to the preparation of ihese 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
accounling 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 Ihe Act for
safeguarding of the assets of the Company and (or preventing and detecting frauds and other irregularities; selection and
application of appropriate implementation and maintenance of 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 financial statement that give a true and lair view and are tree from material misstatement, whether due to fraud
or error.

In preparing the 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 inlends lo liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Boa rd of D i recto rs a re a Iso respons ible for oversee ing th e com pany's f inane ia I repo rting process.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
m isstateme nt, whethe r d u e to f rau d or error, and to issue an aud itor's report that i nc lud es o u r o pi n i on. R easona ble ass u ranee 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 il, 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 skepticism throughoui
theaudii.Wealso:

1. Identify and assess the risks of material misstatement ot the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence thai 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 infernal control,

2. Obtain an u nderstan ding of inter nal con I roi re levant to t h e audit i n order to des ign aud it p roce dure s that a re a ppro priate in
the circumstances, Under Section 143{3}{l) of the Companies Acl, 2013, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls system in place and the operating
effective n ess of such controls.

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

4. Con dud e o n th e appro priate ness of management's use ot the go i ng cone ern basi s ot accou nting and. based o n th e au di t
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company's ability to conlinue as a going concern. If we conclude that a maleriaI 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 modily our opinion. Our conclusions are based on ihe audit evidence obtained up to the date of our
auditor's report. However, future events orcondilions may cause the Company to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the financial state me nis, including the disclosures, and
whether the financial slate men is represent the underlying transactions and events in a manner thai achieves fair
presenlation.

We communicate with those charged with governance regarding, among other maiters, the planned scope and timing of iheaudii
and significant audit findings, including any significant deficiencies in internal control! hai we idenlify during our audit.

We also provide those charged with governance with a statement that we have compiled 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 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
do ing so wo u Id reaso nably b e expected to outweigh the public i nterest benefits of sue h com mu n icati on.

Report on Other Legal and Regulatory Requirements

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 Seciion 143 of the Companies Act, 2013, we give in “Annexere A" a slate me m on the matters specified in
pa ragrap h s 3 and 4 of the O rde r, lo i h a extent a ppi ica ble,

As requ i red by Se cti on 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
necessa ry fo r the pu rposes of o u r 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 the Statement of Other Comprehensive Income, the Cash
FI ow Statement and Statement of C h anges in Equi ty dea It with by this Report a re in agre am ent with the books of account.

d. 1 n our opimon, the aforesaid financiaf 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 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,

t. With respect to 1 h e adeq u acy of the inte ma I fi n ancial controls over f i nanci al report ing of th e Co mpany a nd the ope rating

effectiveness of such controls, refer to our separate Report in "Annexure B^:’.

g. With respect to the other matters to be included in ihe 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 ys_r the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section
197 of Ihe Act.

h. With respect io the other matters to be included in the Auditor's Report in accordance with Rule 11 or the Companies
(Au dii and Aud ftors) Rules, 2014, in our opin io n and lo th e b eat of o u r infer mation and acco rdi ng to the exp la n al ions gl ven

IO US:

L

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements-
Refer Note 37 to the 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and
P rotecti on F u nd by th e Com pany

d. 1. 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 (eitherfrom
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 guaranies, security or the like on behalf of the Ultimate
Beneficiaries;

2. The Management has rep resen led, 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 be h alt ot the Ultimate Beneficiaries;

3. 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 (1) and (2) above, contain any material
misstatement.

e. The Company has not pai d a ny d ivide n ds du ri ng the year a n d h ence, the p rovis ions of S action 123 of the Act are
not applicable to the Company.

f. The reporting under Rule 11(g) ol the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April
2023.

Bascd on our examination which included lest checks, the Company has used an accounting software for
maimsining its books of account which does not have a feature of recording audit trail (edit log) facility for all
relevant transactions recorded in the software.

Tor, H, B, Kalaria & Associates

Firm Registration Mo. 104571W

Chartered Accountants

Sd/-

(Hasmukh B. Kaiaria)

_ „ . Partner

Place - Rajkot, Mem. _No. 042002

Date : May 23, 2025 UDIN:250420Q2BMJEZD3200