We have audited the accompanying Standalone Financial
Statements of BOROSIL LIMITED (“the Company”),
which comprise the balance sheet as at 31^st 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 Standalone Financial Statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as
“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 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, of the state of affairs of the Company as at
31^st March 2025, and its profit including other
comprehensive income, changes in equity and its cash
flows 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
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 Standalone
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 ICAI’s Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion on the Standalone Financial
Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current year.
These matters were addressed in the context of our audit
of the Standalone Financial Statements as a whole, and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For the matter below,
our description of how our audit addressed the matter is
provided in thatcontext.

We have determined the matter described below to be the
key audit matter to be communicated in our report. We
have fulfilled the responsibilities described in the Auditors’
responsibilities for the audit of the Standalone Financial
Statements section of our report, including in relation to that
matter. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the Standalone Financial
Statements. The results of our audit procedures, including
the procedures performed to address the matter below,
provide the basis for our audit opinion on the accompanying
Standalone Financial Statements.

INFORMATION OTHER THAN THE STANDALONE
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 Standalone Financial Statements and our
auditor’s reportthereon.

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 identified above 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.

If, based on the work we have performed, we conclude that
there is a material misstatement of this other information;
we are required to communicate the matter to those
charged with governance. We have nothing to report in
this regard.

RESPONSIBILITIES 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 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, 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 read with the
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 implementation
and maintenance of 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, relevanttothe preparation and presentation ofthe
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 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’sfinancial 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 skepticism
throughout the audit. We also:

♦ 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 financial controls
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 Standalone 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 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 ability
of the Company 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

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Standalone
Financial Statements may be influenced.

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.

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 of the current year 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

1 As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the “Annexure B”
a statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.

2 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 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 Indian Accounting
Standards specified under Section 133 of the
Act, read with the Companies (Indian Accounting
Standards) Rules, 2015.

(e) On the basis of the written representations
received from the 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 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 Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure A”.

(g) With respect to the other matters to be included
in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as
amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid or provided by the Company to
its directors during the year is in accordance with
the provisions of section 197 read with Schedule
Vtothe Act.

(h) 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 Standalone Financial Statements.
Refer Note 37 to the Standalone Financial
Statements.

(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 bythe Company.

(iv) (a) Management has represented to us

that, to the best of it’s knowledge and
belief, as disclosed in the notes 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 persons or entities, 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) Management has represented to us
that, to the best of its knowledge and
belief, as disclosed in the notes 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, 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 our audit procedure
performed that were considered
reasonable and appropriate in the
circumstances, nothing has come to
our attention that cause us to believe
that the representation given by the
management under paragraph (2)
(h) (iv) (a) & (b) contain any material
misstatement.

(v) The Company has not declared or paid any
dividend during the year.

(vi) Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account for the year ended

March 31, 2025 which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the year
for all relevant transactions recorded in the
software at the application level, further audit
trails records at the database level are not
available to verify changes directly made to
the database in accounting software SAP for
the year ended March 31, 2025. The Payroll
Software does not have audit trails feature
at the application and database level.
Further, during the course of our audit where
audit trail (edit log) facility was enabled and
operated for the accounting software, we
did not come across any instance of the
audit trail feature being tampered with and
the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For CHATURVEDI & SHAH LLP

Chartered Accountants

Firm Reg. No. 101720W/W100355

Anuj Bhatia

Partner

Membership No. 122179

UDIN NO - 25122179BMLJAX7140

Place: Mumbai
Dated: May 19, 2025