We have audited the Financial Statements of ASI Industries
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
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 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 Companies (Indian
Accounting Standards) Rules, 2015 as amended and other
accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025, the profit 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 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 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 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
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

We have determined that there are no key audit matters to
communicate in our report.

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

The Company's Board of Directors is responsible for the other
information. The other information comprises the Annual 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 financial statements, our
responsibility is to read the other information 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. 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 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 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
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 financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Board of Directors
are 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 the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative
but to do so.

Those Board of Directors are also responsible for overseeing
the Company’s financial reporting process.

Auditor's Responsibilities for the Audit of the 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 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.

We give in “Annexure A” a detailed description of Auditor's
responsibilities for Audit of the Financial Statements.

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 “Annexure B” 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 Balance Sheet, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flow 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 March 31, 2025, taken on record by the
Board of Directors, none of the directors are disqualified as
on March 31, 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 Financial Statements of the
Company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure C”.

(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, 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 31^st March, 2025 on its financial position

in its Standalone Financial Statements - Refer Note
No. 31 to the financial statement.

ii. The Company has made provisions, as required under
the applicable law or accounting standard, for material
foreseeable losses, if any on long-term contracts
including derivative contracts.

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

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

(2) The Management has represented, that, to the best of its
knowledge and belief, 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, as on the
date of this audit report, 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.

(3) Based on the audit procedures performed that have
been considered reasonable and appropriate in the
circumstances, and according to the information and
explanations provided to us by the Management in this
regard 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.

v. The final dividend of the previous year, declared and
paid by the Company during the year is in accordance
with section 123 of the Act, as applicable.

vi. The Board of Directors of the Company has proposed
dividend for the year ended 31^st March, 2025 which is
subject to the approval of the members at the ensuing
Annual General Meeting. Such proposed dividend is in
accordance with section 123 of the Act, as applicable.

vii. 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 31st March, 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, based on our examination, where the
audit trail (edit log) facility was enabled and operated
at application and database layer in the previous year,
the audit trail has not been preserved by the Company
as per the statutory requirements for record retention.

3. As required by The Companies (Amendment) Act, 2017, in
our opinion, according to information, explanations given
to us, the Company has paid remuneration to its directors
in excess of the limits prescribed under Section 197 of the
Act and the rules there under for the Financial Year 2024¬
25. However, it has been paid within the limit approved by
Special Resolution in the Annual General Meeting.

For B. L. Ajmera & Co.

Chartered Accountants
(FRN: 001100C)

(Rajendra Singh Zala)
Partner

Place: Mumbai Membership No. 017184

Date: 16^th May, 2025 UDIN: 25017184BMMKID1278