We have audited the accompanying Ind AS financial
statements of M/s. Thangamayil Jewellery Limited ("the
Company"), which comprise 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 Statement of Cash Flows for the year ended
on that date, and a summary of the material accounting
policies and other explanatory information (hereinafter
referred to as "the Ind AS Financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Ind AS 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 March 31, 2025, the
profit and total comprehensive income, changes in equity
and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the Ind AS Financial statements in
accordance with the Standards on Auditing ("SA"s) 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 Ind AS 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 independence requirements that are
relevant to our audit of the Ind AS Financial statements
under the provisions of the Act and the Rules made there
under, 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 audit opinion on the Ind AS 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 Ind AS
Financial statements of the current period. These matters
were addressed in the context of our audit of the Ind AS
Financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these
matters We have determined the matters described below
to be the key audit matters to be communicated in our
report.

1) Revenue Recognition

The Company recognizes revenue from the sale of jewellery
when control of the goods is transferred to the customer.
Given that a significant portion of the Company's revenue
is derived from the sale of jewellery , which involves
numerous individual sales contracts with retail customers,
distributors, and franchisees, each with varied contractual
terms, there exists complexity in revenue recognition. Both
the Company and its external stakeholders heavily rely
on revenue as a primary performance indicator, thereby
increasing the risk of misstatement in the timing and
existence of revenue recognized.

Therefore, we have identified revenue recognition as a key
audit matter.

Auditor's Response

In view of the significance of the matter, we applied the
following audit procedures in this area, among others, to
obtain sufficient appropriate audit evidence:

1. We assessed whether the accounting policy for revenue
recognition was appropriate according to the relevant
accounting standards.

2. We evaluated both the design and implementation of
essential internal financial controls relating to revenue
recognition. This evaluation included an examination of
general IT controls and key application controls over IT
systems responsible for revenue recognition, focusing
on access controls, controls over program changes, and
the interfaces between systems.

3. We perused selected samples of key contracts with
customers to understand terms and conditions
particularly relating to acceptance of goods.

4. For retail sales, we conducted substantive testing by
using statistical sampling to select transactions at
retail outlets. We verified these transactions by tracing
sales to corresponding collection reports and bank
statements.

5. We examined a sample of sales transactions conducted
immediately before and after the fiscal year-end. We
confirmed that the timing of revenue recognition for
these transactions was consistent with the underlying
documentation.

2) INVENTORIES

The Jewellery and other allied products stock are held at
various locations including manufacturing units, stores
and third-party locations. The Company has a plan wherein
inventory is verified on a periodic basis to ascertain
the existence of inventory. Inventory valuation involves
significant assumptions and estimations made by the
Management. Management also makes an estimate for
non- moving inventory based on the age of the inventory.

We have identified inventory as a key audit matter because
of the number of locations that inventory is held at and
the judgement applied in the valuation of inventory and
provision for inventory.

Auditor's Response

In view of the significance of the matter we applied the
following audit procedures in this area, among other
procedures, to obtain sufficient appropriate audit evidence.

• We assessed the appropriateness of the inventories
accounting policies and its compliances with applicable
accounting standards.

• We evaluated the design of key internal financial controls
and operating effectiveness of the relevant key controls
with respect to physical verification of inventory and
valuation of inventory.

• We evaluated the design, implementation and operating
effectiveness of management's general IT controls and
key application controls over the Company's IT systems
which govern inventories, including access controls,
controls over program changes, interfaces between
different systems.

• For locations selected using statistical sampling and
performed surprise stock counts at select stores on a
sample basis.

• For samples selected using statistical sampling, we have
obtained confirmations of inventories held with third
parties and respective stores.

• We tested, on a sample basis, the valuation of inventories
as at the year end and the Management's assessment of
non moving inventories held as at the balance sheet date
if any.

• We considered the adequacy and appropriateness of the
disclosures in the financial statements, relating to the
inventories.

3) EVALUATION OF UNCERTAIN TAX POSITIONS

The Company has material uncertain tax positions including
matters under dispute which involves significant judgment
to determine the possible outcome of these disputes.

Auditor's Response

Principal Audit Procedures

• We understood from the management, assessed and
tested the design and operating effectiveness of the
Company's key controls surrounding assessment of
litigations relating to the relevant laws and regulations.

• We have reviewed the legal and other professional
expenses and enquired with the management for
recent developments and the status of the material
litigations which were reviewed.

• We performed our assessment on a test basis on the
underlying calculations supporting the contingent
liabilities/ other significant litigations disclosed in the
financial statements.

• We used auditor's experts/specialists to gain an
understanding and to evaluate the disputed tax matters

• We considered external legal opinions, where relevant,
obtained by management.

• We evaluated management's assessments by
understanding precedents set in similar cases and
assessed the reliability of the management's past
estimates/judgements.

• We evaluated management's assessment around
those matters that are not disclosed or not considered
as contingent liability, as the probability of material
outflow is considered to be remote by the management.

• We assessed the adequacy of the Company's
disclosures. Based on the above work performed, no
significant exceptions were noted in the assessment in
respect of litigations and related disclosures relating to
contingent liabilities/other significant litigations in the
financial statements.

Information Other than the Ind AS Financial
statements and Auditor's 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 the Management
Discussion and Analysis, Board's Report including Annexure
to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but
does not include the Ind AS Financial statements and our
auditor's report thereon.

Our opinion on the Ind AS 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 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 Ind AS
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.

Management's Responsibility for the Ind AS 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 Ind AS Financial statements that
give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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 Ind AS Financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Ind AS 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.

The Board of Directors is responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Ind AS
Financial statements:

Our objectives are to obtain reasonable assurance about
whether the Ind AS 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 Ind AS
Financial statements.

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

1. Identify and assess the risks of material misstatement
of the Ind AS 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.

2. 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 system in place
and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

4. 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 Ind AS 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.

5. Evaluate the overall presentation, structure and
content of the Ind AS Financial statements, including
the disclosures, and whether the Ind AS Financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in
the Financial Statements that, individually or in
aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
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 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 Ind AS
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 section 197(16) of the Act, based on
our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.

2. 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.

3. As required by Section 143(3) of the Act, based on our
audit 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, Statement
of Changes in Equity and the Statement of Cash
Flow dealt with by this Report are in agreement
with the relevant books of account.

d) In our opinion, the aforesaid Ind AS Financial
statements comply with the Ind AS specified under
Section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2021;

e) On the basis of the written representations received
from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 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 over financial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure
B". Our report expresses an 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,
as amended 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
Ind AS 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.

iv) a) The management has represented that, to
the best of its knowledge and belief, on the
date of this audit report, no funds have been
advanced or loaned or invested (either from
borrowed funds or securities premium or any

other sources or kind of funds) by the Company
to or in any persons or entities, including
foreign entities ('the 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
('the Ultimate Beneficiaries') or provide any
guarantee, security or the like on behalf the
Ultimate Beneficiaries;

b) The management has represented that, to
the best of its knowledge and belief, on the
date of this audit report, no funds have been
received by the Company from any persons
or entities, including foreign entities ('the
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
as considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
management representations under sub¬
clauses (a) and (b) above contain any material
misstatement.

v) As stated in Note to the financial statements:

a. The final dividend proposed in the previous
year, declared and paid by the Company
during the year is in accordance with Section
123 of the Act, as applicable.

b. The interim dividend declared and paid by the
Company during the year and until the date
of this report is in compliance with Section
123 of the Act.

c. The Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in accordance with
section 123 of the Act, as applicable.

vi) Based on our examination, which included
test checks, the company has used accounting
software's for maintaining its books of account
for the financial 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's. Further, the during course of
audit we did not come across any instance of the
audit trail feature being tampered with.

For B.Thiagarajan & Co.,

Chartered Accountants,

F.Reg No: 004371S

D. Aruchamy
Partner

Place - Madurai M.No: 219156

Date - May 15, 2025 UDIN : 25219156BMIBDI1220