We have audited the accompanying Ind AS financial statements
of Resonance Specialties Limited (the “Company”), which
comprise of the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss, the Statement of Changes in
Equity and Statement of Cash Flows for the year then ended,
and a summary of material 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 Ind AS 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 Indian Accounting Standards prescribed under
the 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 March 31, 2026, the
profit and total comprehensive income, changes in equity and
its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements 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 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 made 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 by us is sufficient and appropriate to provide a basis
for our audit opinion on the 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 current period. 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.

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 information
included in 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 will 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.

(When we read the Annual Report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance)

Responsibility of Management for the Ind AS 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 Ind
AS Financial Statements that give a true and fair view of
the financial position, profit (including other 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 (Ind AS)
specified under Section 133 of the Act, read with Rule 4 of
the Companies (Ind AS) Rules, 2015. 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 Ind AS
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, 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.

The Board of Directors are also responsible for overseeing the
company's financial reporting process.

Auditor's Responsibilities for the Audit of Ind AS Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the Ind AS 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 Ind AS financial statements.

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 Ind AS 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
internal financial controls with reference to Financial
Statements 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 Ind AS 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 Ind AS financial statements, including the
disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 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 doing so would reasonably
be expected to outweigh the public interest benefits of such
communication.

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 Section 143 of 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.

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 appears
from our examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement
of Cash Flow and the Statement of Changes in Equity
dealt with by this Report are in agreement with the books
of account;

d) In our opinion, the aforesaid Ind AS financial statements
comply with the Indian Accounting Standards specified
under Section 133 of the Act.

e) On the Basis of written representations received from the
Directors as on 31^st March, 2026 and taken on record
by the Board of Directors , none of the directors is
disqualified as on 31^st March, 2026, from being appointed
as a Directors 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 other matters to be included in the
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 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.

h) With respect to the other matters to be included in the
Auditor's Report and to our best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its Ind AS
financial statements in Note No. 45

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

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

iv. a) The Company has represented that 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, 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 other than those
disclosed in the notes to accounts.

b) The Company has represented that 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, 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 other than those disclosed in the
notes to accounts.

c) Based on audit procedures 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 (a) and (b) above contain any material
misstatement.

v. The company has complied with section 123 of the
act with respect to dividend declared and paid during
the year.

vi. Based on our examination, which included test
checks, the Company has used accounting software
systems for maintaining its books of account for the
financial year ended March 31, 2026 which have
the feature of recording audit trail (edit log) facility
and the same has operated throughout the year for
all relevant transactions recorded in the software
systems. Further, during the course of our audit we
did not come across any instance of the audit trail
feature being tampered with and the audit trail has
been preserved by the Company as per the statutory
requirements for record retention.

For Kailash Chand Jain & Co.

Chartered Accountants
Firm Registration No.: 112318W

Saurabh Chouhan

Partner

Membership No.: 167453
UDIN:26167453AVOFR28557

Date: May 14, 2026
Place: