We were engaged to audit the financial statements of Alexander Stamps and
Coins Limited ("the Company"), which comprises of the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Cash
Flow Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the
explanation given to us, the statement:

(i) except for the effects/possible effects of the matters described in the basis
for qualified opinion paragraph below, gives true and fair view in conformity
with the aforesaid Indian Accounting Standards and other accounting
principles generally accepted in India of total comprehensive income and
other financial information of the Company for the quarter and year ended
31st March 2025.

Basis for Qualified Opinion:

a) We draw attention to the Note No 30 to the Financial Statements, with
respect to the Investments as stated in Non-Current Investments amounting
to INR 113.67/- Lacs, the requisite documents with respect to this investment
are not available with the Company, in the absence of sufficient information,
the Management has also not provided for any Impairment for the same and
in turn we are unable to comment on the carrying value of Investment made
by the Company and the consequent impact thereof on Other
Comprehensive Income.

b) We draw attention to the Note No 27 to the Financial Statements, in respect
of the Outstanding Income Tax demand for the Assessment Year 2017-2018,
amounting to INR 357.63 Lakhs, for which the Company has neither filed any
appeal nor created any provision in the books of accounts. Had the company
has provided the same loss would have been higher by INR 357.63 Lakhs.

c) We draw attention to the Note No 29 to the Financial Statements, the
inventories as on 31.03.2025 amounting to Rs. 1643.84/- Lakh valued as per
Valuation report dated 8th May 2023, stating valuation mentioned in this
report as on the date of 31st March 2023. Consequently, we had relied upon
the valuation of the inventories as on 31st March 2025 on this valuation report
and hence we are unable to ascertain the impact due to deviation in
inventory valuation as per Ind AS 2 Inventories.

Material Uncertainty related to Going Concern:

We draw attention to the Note No. 28 to the Financial Statements in respect of
the Nonmoving inventories amounting to INR 1492.81 Lakh, which comprises of
the 92% of the total assets of the company. Nonmoving inventories along with
other matters set forth in the "Basis of Qualified Opinion" section above
indicate the existence of material uncertainty that may cast significant doubt
about the Company's ability to continue as a going concern. However, in view
of mitigating factors including business plan, the management is of the view
that going concern basis of accounting is appropriate. Our opinion is not
modified in respect of this 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 do 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.

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 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 financial statements that give a true and fair view of the
state of affairs (financial position), profit or loss (financial performance
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 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 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 statement 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 Responsibilities for the Audit of the Financial Statements

Our responsibility is to conduct an audit of the Company's financial
statements in accordance with Standards on Auditing and to issue an
auditor's report. However, because of the matters described in the Basis for
Qualified Opinion section of our report, we were not able to obtain sufficient
appropriate audit evidence to provide a basis for an audit opinion on these
standalone financial statements.

We are independent of the Company in accordance with the ethical
requirements in accordance with the requirements of the Code of Ethics
issued by ICAI and the ethical requirements as prescribed under the laws and
regulations applicable to the entity.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we
give in "Annexure A" a statement on the matters specified in paragraphs 3
and 4 of the Order.

2. As required by Section 143(3) of the Act, based on our audit, we report that:

a)Except as described in the Basis for Qualified Opinion section above, we
have sought and obtain all the information and explanations,
which to the best of our knowledge and belief were necessary for the
purposes of our audit.

b) ln our opinion, subject to the matters described in the Basis for Qualified
Opinion section above, 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) Subject to the matters described in the Basis for Qualified Opinion section
above, the Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive income, the statement of changes in equity and the Cash
Flow Statement dealt with by this Report are in agreement with the books of
account.

d) Due to the possible effects of the matter described in the Basis for Qualified
Opinion section above, we are unable to state whether; the aforesaid
standalone financial statements comply with the Indian Accounting
Standards prescribed under section 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of written representations received from the directors as on
31st March 2025 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March 2022 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 over financial
reporting of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B". Our report expresses unmodified
opinion on the adequacy and operating effectiveness of the Company's
internal financial controls over financial reporting.

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 has disclosed the impact of pending litigations on its financial
position in its financial statements.

ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts.

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

a) The Management has represented that, to the best of their 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 person(s) or entity(ies), 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;

b) The Management has represented that , to the best of their knowledge
and belief, that 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, 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 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) contain any material mis-statement.

iv. There is no dividend declared or paid during the year by the Company and
hence provisions of section 123 of the companies Act, 2013 are not applicable.

For M Sahu & Co.

Chartered Accountants
Firm Registration No: 130001W

Partner (Manojkumar Sahu) Date: 22/05/2025

Membership No: 132623 Place: Vadodara

UDIN: 25132623BMGYUO1837