We have audited the accompanying standalone Ind AS financial statements of SIYARAM RECYCLING
INDUSTRIES LIMITED ("the Company") which comprise the Balance sheet as on 31^st March, 2025, and the
Statement of Profit & Loss, including the statement of other comprehensive income, the Cash Flow Statement
and the Statement of Changes in Equity for the year 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 as amended ("the
Act") in the manner so required and give a true and fair view in conformity with Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rule 2015, as
amended, ("Ind As") and accounting principles generally accepted in India, of the state of affairs of the Company
as at 31^st March, 2025, its profits including other comprehensive income, its cash flows and the changes in the
equity 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 Companies 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 relevant to our audit of the financial statements under the provisions of the Companies
Act, 2013 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 audit opinion on the financial statements.

Information other than the Standalone Financial Statements and Auditors Report Thereon

The Company's Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in Chairman's Letter, Management Discussion and Analysis, and Directors
Report including Annexure to Directors report but does not include the standalone 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 standalone Ind AS 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 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 material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE 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 standalone 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 accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with Companies
(Indian Accounting Standards) Rules 2015, as amended. 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, 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.

Those Board of Directors are also responsible for overseeing the company's financial reporting process.
AUDITOR'S RESPONSIBILITY FOR AUDIT OF 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 aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.'

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

• Identify 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 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 adequate internal financial controls system 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.

• We 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 financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS:

1. As required by the Companies (Auditor's Report) Order, 2020, issued by the Central Government of India in
terms of sub section (11) of section 143 of the Act, (hereinafter referred as "the order"), and on the basis of
such checks as we considered appropriate and according to the information and explanation given to us,
we give in the "Annexure A" statement on the matters specified in paragraph 3 and 4 of the order, to the
extent applicable.

2. 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 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 except for the matters stated in the paragraph
2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

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 standalone financial statements comply with the Ind AS specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representation received from Directors as on 31^st March, 2025 taken on
record by the Board of Directors, none of the Directors is disqualified as on 31^st March, 2025 from
being appointed as Director in terms of sub-section (2) of Section 164 of the Companies Act, 2013.

f) In our opinion and according to the information and explanations given to us, the Managerial
Remuneration paid / payable by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act with respect to requisite approval of the members

g) 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".

B. With respect to 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:

a) According to records of the company, information and explanation given by the management of
the company, there are no disputes or case pending against the company.

b) The company was not required to recognize any provision as at 31^st March 2025 under the applicable
law or accounting standards, as it does not have any material foreseeable losses as long term
contracts (including derivative contracts).

c) According to records of the company, information and explanation given by the management of
the company, there are no dividend outstanding to be paid, hence no amounts were required to be
transferred to the Investor Education and Protection fund by the company.

d) (i) The management has represented that, to the best of its knowledge and belief, as disclosed

in the Additional Para to Note no. 17 to the standalone financial statements, 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(s) or entity(ies),
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.

(ii) The management has represented that, to the best of its knowledge and belief, as disclosed in
the Additional Note 17 to the standalone financial statements, no funds have been received 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
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed 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 (i) and (ii)
above, contain any material misstatement.

e) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from
1^st April 2024.

Based on our examination which included test checks, the Company has used accounting software
for maintaining its books of account, which does not have a feature of recording audit trail (edit log)
facility for all relevant transactions recorded in the respective software. The management has been
advised to upgrade the software to meet with the requirement of Rule 11(g) of Companies (Audit
and Auditors) Rules, 2014.

For Kamlesh Rathod & Associates

Chartered Accountants

UDIN: 25131261BMGXMQ8231

(Sagar D Shah)

Partner

Membership. No 131261

FRN No. 117930W

Jamnagar dated 20^th May 2025