We have audited the accompanying Standalone Financial Statements of Enbee Trade and Finance
Limited (“the Company”), which comprise the standalone Balance Sheet as at 31st March 2025, and
the standalone Statement of Profit and Loss (including other comprehensive income), standalone
Statement of Changes in Equity and standalone statement of Cash Flows for the year then ended, and
notes to the Standalone Financial Statements, including a summary of the Significant Accounting
Policies and other explanatory information (hereinafter referred to as “the Standalone Financial
Statements”).

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 Indian
Accounting Standards prescribed under 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 31st March 2025, and profit and other
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of this Interim Standalone Financial Statement 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 Interim
Standalone Financial Statement 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 independence requirements that are relevant to our audit of the Interim
Standalone Financial Statement 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 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.

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 for the current period. These matters were addressed as part of
our audit of the financial statements as a whole and in forming our audit opinion. We do not provide
a separate opinion on these matters. The key audit matters identified are described below:

Right Issues

The Board of Directors, at its meeting held on 6th January 2025, allotted 3,46,76,061 shares
to the equity shareholders of the Company through a Rights Issue in the ratio of 121 equity
share for every 50 fully paid-up equity shares at an issue price of Rs. 13 per equity share
(including a premium of Rs. 3 per equity share). The Company has received a sum of Rs.
4,507.89 lakhs.

How the matter was addressed in our audit:

• The Company has adequately disclosed all pertinent information in relation to the
aforesaid securities in its Notes to Accounts.

• We have verified the receipt of consideration against the said securities and have
found them to be received in full.

Information Other than the Standalone Financial Statements and Auditors' Report Thereon

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 annual report, but does not
include the financial statements and our auditors' report thereon. The other information is expected
to be made available to us after the date of this auditor's report.

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 in the audit or otherwise
appears to be materially misstated.

Management and Board of Directors' 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 Act with respect to the preparation of these Standalone Financial Statements that give
a true and fair view of the state of affairs, profit/loss 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 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, 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
the Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Further, the Management and Board of Directors are responsible for using only such accounting
software which has the following features:

• Records an audit trail of each and every transaction,

• Creating an edit log of each change made in the books of account along with the date when
such changes were made.

They should ensure that the audit trail is not disabled and there is no option to disable it and it has
been effectively Implemented throughout the year.

Board of Directors is also responsible for overseeing the Company's 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.

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

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

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.

• 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 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 and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone financial statements made by the Management
and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 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.

• 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.

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.

Other Matter

This Auditors' Report on the audit of the annual financial results pursuant to Regulation 33 of the
Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended after incorporating Correction of Prior Period Errors in Accordance
with Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" refer note 36. Audit
Report is in continuation to our audit report dated 28/04/2025 UDIN: 25111829BMIFNB3355
where we expressed an unmodified opinion on financial results.

Report on Other Legal and Regulatory Requirements

A. As required by the Companies (Auditors' Report) Order, 2020 (“the Order”) 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 paragraphs 3 and 4 of the Order, to the extent applicable.

B. 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 standalone balance sheet, the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and the standalone 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.

e) On the basis of the written representations received from the directors as on 31st March 2025 taken
on record by the Board of Directors, none of the directors are disqualified as on 31st March 2025
from being appointed as a director in terms of Section 164(2) of the Act.

f) The modifications relating to the maintenance of accounts and other matters connected therewith
are as stated in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and
paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

g) 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 B”.

C. 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 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. a. The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) 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 entity (“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

b. The Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the Company from
any person or entity, including foreign entity (“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.

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

v. The company has not declared or paid dividends during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2023.

The company has used an accounting software that has a feature of audit trail and the same was
operated/ enabled from 10^th June 2024. The transactions recorded in the software were covered in
the audit trail feature from the date it was enabled. Further, the audit trails were preserved as per
statutory requirements for record retention. Refer Note 41 to the Financial Statements

For Ambavat Jain And Associates LLP

Chartered Accountants

Firms Registration No:109681W

Sd/-

Ashish J Jain
Partner

Membership No:

UDIN: 25111829BMIFNB3355
Place: Mumbai
Date: 28/04/2025