(formerly know as Omnipotent Industries Pvt. Ltd.)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Omnipotent industries Limited I the Company*), which comprise the Balance Sheet as at 31st March 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 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, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, of the state of affairs of the Company as at 31st March 2025, its loss and other comprehensive income, changes in equity, and its cash flows for the year ended on that date, subject to matters reported under Key Audit Matters and Emphasis of matter as discussed below.

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 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 (ICA1), and we have fulfilled our other eth-cal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

i he Key Audit Matters

Key audit matters are those that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the current financial year. These matters were addressed in the context of our audit of the financial • tatements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

1. Going Concern Assumption

Background: The Company has sold fixed assets anc stock-in-hand of Kandla plant during the year. It has also incurred a book loss on sale of fixed assets and reported a net loss for the year. During the year significantly operation In the company reduced and there is uncertainty about the continuation of business in its current form.

, Auditor's Response: We have obtained management's assessment of the going concern assumption and evaluated the underlying assumptions. We reviewed post-balance sheet events and minutes of meetings. Based on the information available, the material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

o Disclosure: In our opinion, the disclosures in Notes in respective schedules of the financial statements are adequate. However, the financial statements have been prepared on a going concern basis which may not be appropriate if the company is unable to secure necessary future funding or a viable business model.

2. Dilution of Promoters' Shareholding

Promoters Mr. Prince Shah and Mr. Punit K. Popat diluted their shareholding by selling 13,16,000 and 17,14,000 shares respectively in the open market. This raised governance and control-related considerations as the present management has not hold shareholding as required under the Companies Act 2013.

3. Outstanding Debtors and Advances

. Long outstanding of trade receivables over 180 days of *737.35 lakhs and advances to suppliers of *980.02 lakhs remain unadjusted. As per management, debtors have withheld payments due to GST-related uncertainties and potential liabilities.

o We have examined correspondence and assessed the recoverability. Due to absence of confirmations and pending resolution of GST disputes, recoverability remains uncertain and may require provisions.

4. Show Cause Notice from GST Department

o The company received a show cause notice and has paid *132 lakhs under DRC-03 The matter is under adjudication and no provision is made for future liabilities may arise.

o We reviewed legal correspondence and assessed management's position. Outcome being uncertain, management has decided not to make provision in this regards.

Emphasis of Matter - Going Concern

We draw attention to Note 1 as above, which describes the Company's sale of all fixed assets and inventory, the loss incurred on sale, and lack of future operational plans. These conditions indicate a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not i^Sfcodified in respect of this matter.

The Company's management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company's Annua! Report, but does not include the standalone financial statements and our auditors' 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 the audit or otherv/ise 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

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters stated in section 134(5) of the Ac* with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit and 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 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, management and Board nf 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Boarc of Directors is also responsible for overseeing the Company's standalone financial reporting process.

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

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.

ÝvSffis part of an audit in accordance with SAs, we exercise professional judgment and maintain

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• In respect of going concern, we assessed whether management’s use of going concern basis is appropriate. If events or conditions indicate a material uncertainty, we are required to draw attention to the relevant disclosures.

• dentify and assess the risks of material misstatement of the 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 >s higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control, except :•

j. In oast. GST department has carried out search and survey in the company on January 7\ 2022 on ground of wrongly claim of ITC of R$. 9.31 Crs. and Imprisoned promoter director for 60 days, operational activities were substantial down and major staff has reigned, due to that, major operational activities were down from January 2022 to March 2022. The legal proceeding is going on. so we are unable to quantlfy any contingent statutory liabilities of the company towards GST and to that extent profit and loss of the corrjpqny will be offected.

ii. The debtors outstanding more than 180 days amounting tP Rs,_737..3S Locs_qnd_gdygncg to suppliers Rs. 98Q.02 Lacs are unpaid since long time, as informed to us that, due to GST survey and notices to said debtors, debtors has held payment} under protest Jhot^hey may attract GST payment liabilities and amount of liabilities are not aware, MJhey have hold entire outstanding amount and said amounts were unpaid as on date.

• 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)0) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate Internal financial controls with reference to financial statements in place ard 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 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 standalone the 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 j^jJ&Nfinancial 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 standalone 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 ail 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 standalone financial statement of the current per.od 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

2. As required by the Companies (Auditors' Report) Order, 2020 ("the Order'¹) issued by the Central Government in terms of section 143 (11) of the Act, we give in the "Annexure A‘‘ a statement on the matters specified in the Order, to the extent applicable.

(A) As required by Section 143(3) of the Act. we report that:

a) We have sought and ootained all the information and explanations v/hich 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 Flows dealt with by this Report are In agreement with the books of account

d) In our opinion, the aforesaid financial statements comply with the AS specified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31” March, 2025 taken on record by the Board of Directors, none of the directors are disqualified as on 31” 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 financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".

(8) With respect to the other matters to be included in the Auditors' 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 does have any pending litigations which would impact its financial position, as reported in KEY AUDIT MATTERS.

ii. The Company does not have any long-term contracts Including derivative contracts for which there 'were any material foreseeable losses EXCEPT as reported in KEY AUDIT MATTERS

iii. There were no amounts which were required to be transferred to the investor Education and Protection Fund by the Company.

iv a) The management has represented that, to the best of it's knowledge and belief, no funds have been advanced or loaned (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or it any other person(s) or entlty(ies), including foreign entities (Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend in other persons or entities identified in ar.y manner, whatsoever by or on behalf of the company (Ultimate Beneficiaries*! or provide any guarantee or the like on behalf of the Ultimate Beneficiaries, company has given advances to suppliers of *980.02 fakhs remain unadjusted as reported in KEY AUDIT MATTERS.

b) The Management has represented, that, to the best of it’s knowledge and belief, no fund have been rece.ved 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, 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; and

c) Based on such audit procedures that, we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused to believe that the representations under sub-clause (ij and (ii) contain any material mis statement.

d) There is no dividend declared or paid during the year by the company.

(C) With respect to the matter to be included in the Auditors' Report under section 197(16):

In our opinion and according to the information and explanations given to us. the remuneration paid by the company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.