We have audited the accompanying Standalone Financial Statements of Maitri Enterprises Limited (CIN: L45208GJ1991PLC016853)
("the Company"), which comprises the Balance Sheet as at 31^st March, 2025, the Statement of Profit and Loss , including other
comprehensive income, the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and notes
to the standalone financial statement, including a summary of material accounting policies and other explanatory information("the
Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the
matter described in the Basis for Qualified Opinion section below, 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, ("Ind AS") and other 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, its Cash Flows and
the Changes in Equity for the year ended on that date.

Basis for Qualified Opinion

a) We observed that out of total Trade Payables amounting '.416.56 lakhs as at 31^st March, 2025, there have been outstanding for more
than three years amounting '. 81.57 lakhs. However, in the absence of direct confirmations or other sufficient appropriate audit
evidence as required under SA 500 - Audit Evidence and SA 505 - External Confirmations, to support the validity and existence of
these balances, we are unable to determine whether any adjustment is necessary.

b) We observed that out of total Trade Receivables amounting '.230.06 lakhs as at 31^st March, 2025, We were unable to obtain
sufficient and appropriate audit evidence regarding Trade Receivables amounting to '. 52.33 lakhs which have been outstanding
for a period exceeding three years. However, the Company did not provide such confirmations nor any alternative audit evidence
to substantiate the balance as required under SA 500 - Audit Evidence and SA 505 - External Confirmations. The absence of
such confirmations, particularly for Receivables outstanding for such an extended period, raises concerns regarding the accuracy,
existence, and recoverability of the stated balances. Consequently, we were unable to determine whether any adjustments might
be necessary in respect of these Trade Receivables and their corresponding impact on the Financial Statements.

c) The Company's Inventory includes items amounting to '. 73.96 lakhs which is non-moving stock items for a period exceeding one
year. As per the principles of Inventory valuation under Ind AS 2- "Inventories" and in accordance with SA 501 - Audit Evidence -
Specific Considerations for Selected Items, such non-moving items require assessment for impairment or obsolescence. However,
the management has not provided us with adequate audit evidence such as ageing analysis, technical evaluation, future usability
assessment, or specific plans for disposal/use of such inventory to support the carrying value of these items as at the Balance sheet
date. Accordingly, we were unable to determine whether any adjustment is required to the carrying value of such Inventories.

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143 (10) of the Companies
Act,2013 (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 (the "ICAI") together with the ethical requirements that
are relevant to our audit of the standalone financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, 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 by us is sufficient and appropriate to provide a basis for our qualified opinion
on the Standalone Financial Statemenets.

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 Financial Year ended 31^st March, 2025. 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. In addition to
the matter described in the Basis for Qualified Opinion section, we have determined the matters described below to be the key audit
matters to be communicated in our report.

We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the Financial Statements section of
our report, including in relation to these matters. Accordingly, our audit included the performance to these procedures designed to
respond to our assessment of the risk of the material misstatement of the Financial Statements.The results of our audit procedures,

including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
Financial Statements.

Information Other than the Financial Statements and Auditor's Report Thereon.

The Company's Board of Directors are 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 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.

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 such 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 report that fact. 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 Companies Act, 2013 ("the Act") with
respect to the preparation and presentation 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 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 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 Standalone Financial Statements, the Board of Directors 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
the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are 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 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 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.

• 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 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 consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

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 period 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 A", 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 except for the matter stated in point no. i (vi) below.

c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive income, the Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account
of the Company.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

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

g) With respect to adequacy of internal financial controls over financial reporting of the company and the operating effectiveness
of such controls, refer to our separate Report in "Annexure B".

h) 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 Companies Act, 2013, as amended, in our opinion and to the best of our information and explanation given
to us, the remuneration paid by Company to its directors during the year is in accordance with the provisions of section
197 of the Act.

i) 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- Refer
"Note no. 29(a):- Contingent liabilities- Pending Litigation".

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

iii. There were no amounts which 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 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(is), 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.

(b) The Management has represented that, to the best of its knowledge and belief, 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 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 by us 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 made by the
Management under sub clause (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year. Therefore, provisions of section 123 of the Act is
not applicable.

vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log) facility w.e.f. 16^th July, 2024 and the same has operated
during the period for all relevant transactions recorded in the software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved w.e.f. 16^th
July,2024 by the Company as per the statutory requirements for record retention.

FOR,DINESH R THAKKAR & CO.

CHARTERED ACCOUNTANTS
FRN : 102612W

KEYUR M. THAKKAR

(PARTNER)

PLACE : AHMEDABAD M.NO.190243

DATE : 30 MAY ,2025 UDIN: 25190243BNGCIQ2289