We have audited the accompanying standalone financial statements of MARDIA SAMYOUNG CAPILLARY TUBES CO.
LTD. (“the Company”), which comprise the Balance Sheet as at 31^st March 2024, the Statement of Profit and Loss,
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, including a summary of the
significant accounting policies and other explanatory information.

Management's Responsibility 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 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 Indian Accounting Standards (IndAS) prescribed under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended, 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 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 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. In conducting
our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit report under the provisions of the Act and the Rules made there under
and the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified
under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
standalone financial statements. The procedures selected depend on the auditor's judgement, including the assessment
of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the
standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall
presentation of the standalone financial statements. We are also responsible to 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 entity's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the
auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
the opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor's report. However,
future events or conditions may cause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.

Opinion

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 Act in the manner so required and give a true and

fair view in conformity with the accounting principles generally accepted in India including the, of the state of affairs of
the Company as at 31^st March 2024, its Loss, changes in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 Cash Flow
Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant
books of account maintained for the purpose of preparation of the standalone financial statements.

d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards
prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31^st March 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on 31^st March 2024 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 financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B”.

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; - Refer Note 1 on SIGNIFICANT ACCOUNTING POLICIES 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. Company was not required to transfer any amount to investor Education and Protection Fund as required
under law.

For AGRAWAL & AGRAWAL ASSOCIATES

CHARTERED ACCOUNTANTS.

Sd/-

(S.C. AGRAWAL)

PARTNER
M No.: 031774
FRN NO: 116653W
Date: 30.05.2024
PLACE: MUMBAI