1. We have audited the accompanying financial statements of Krishna Filament
Industries Limited (“the Company”) which comprise the Balance Sheet as at
March 31, 2024, the Statement of Profit and Loss, & Cash Flow Statement for
the year then ended, and a summary of significant accounting policies and
other explanatory information.

2. 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 state of affairs of the Company as at March 31,
2024, its Profit and its Cash Flow for the year ended on that date.

Basis of Opinion:

3. 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 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 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 Code of Ethics.

4. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.

Information other than the Standalone Financial Statements and Auditors' Report
thereon:

5. The Company's Management and Board of Directors are responsible for the
other information. The other information comprises the information included in
the Board's report and Business Responsibility Report, but does not include the
standalone Financial Statements and our auditor's 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.

6. 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 our
audit or otherwise appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a no material misstatement of
this other information.

Management's Responsibilities for the Standalone Financial Statements

7. 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 standalone financial statements that give a true and fair
view of the financial position, financial performance 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 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.

8. In preparing the Standalone Financial Statements, the Management and
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
management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

9. Those Board of Directors is also responsible for overseeing the company's
financial reporting process.

Auditor's Responsibility:

10. 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.

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

I. 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.

II. Obtain an understanding of internal financial 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 system in place and the
operating effectiveness of such controls.

III. Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by the management and Board of Directors.

IV. Conclude on the appropriateness of Management and Board of
Director's use of the going concern basis of accounting in
preparation of the Standalone Financial Statements 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.

V. 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.

12. 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.

13. 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.

14. 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 for the financial year ended March 31,2024
and are therefore the key audit matters. We describe these matters in our
auditors' 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:

15. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), as
amended, issued by the Central Government of India in terms of sub-section
(11) of section 143(11) of the Act, we give in the "Annexure A” a statement
on the matters specified in paragraphs 3 and 4 of the Order.

16. (A) 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 purpose 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 and the Cash Flow
Statement 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,
read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on
March 31, 2024 taken on record by the Board 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) The reporting on the adequacy of the internal financial controls over
financial reporting of the Company with reference to these Standalone
Financial Statements and the operating effectiveness of such controls is
annexed herewith as per “Annexure B”.

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 does not have any pending litigations which would
impact its financial position.

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

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

iv) 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 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 to or on behalf of the
Ultimate Beneficiaries.

v) The management has represented that, to the best of its knowledge
and belief, 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 Party or

• provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries; and

vi) Based on such audit procedures as 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 (d) (i)
and (d) (ii) contain any material mis-statement.

h) The Company has not declared or paid any dividend during the year.
Hence, the Company is not required to comply with the provision of the
Section 123 of the Act.

i) With respect to the matter to be included in the Auditor’s Report under
Section 197(16) of the Act:

The Provisions of section 197(16) as amended read with schedule V to the
Act are applicable only to the public companies. Accordingly, reporting
under Section 197(16) of the Act, as amended is not applicable to the
company.

For P.R.Agarwal & Awasthi
Chartered Accountants
FRN: 117940W

y I

C.A.Pawan Agarwal

Partner

M.No.034147

UDIN: 24034147BKHBPF1233
Place: Mumbai
Date:24/05/2024