We have audited the accompanying standalone Financial Statements of BAHETI RECYCLING
INDUSTRIES LIMITED (CIN: L37100GJ1994PLC024001) ("the Company") which comprises the
Balance Sheet as at 31st March,2025, the statement of Profit and Loss and the Cash Flow Statement
for the year ended and notes to the standalone financial statement, including a summary of
significant accounting policies and other explanatory information.

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 Companies Act,
2013 ("the Act") in the manner so required and give a true and fair view in conformity with the
Accounting Standards Specified under Section 133 of the Act read with the Companies (Accounting
Standard) Rules, 2021("AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31*March,2025, and its profit 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 Companies Act,2013. 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 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 Code of Ethics. We believe that the audit evidence obtained is sufficient and
appropriate to provide a basis for our opinion.

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 of the current period. These matters were addressed in the
context of our audit of the 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 matter described below to the key audit matter to be communicated in our
report.

Information Other than the 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 Board Report including Annexure to Board's Report,
Management Report but does not include the 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 other information is materially inconsistent
with the standalone 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.

Responsibilities of the Management and Those Charged with Governance 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 preparation and presentation of these standalone Financial
Statements that give a true and fair view of the financial position, financial performance 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 the 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 the frauds
and other irregularities; selection and application of appropriate accounting policies; making judgment
and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial control that were operating effectively for ensuring the accuracy andcompleteness of
accounting records, relevant to preparation and presentation of 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, 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 Director 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.

Auditors' 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. Mis¬
statements 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 Financial Statements.

As part of an audit in accordance with SA's, 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 over¬
ride of internal control.

• Obtain an understanding of internal financial 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 es¬
timates 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, in¬
cluding 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 further 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 purpose 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 books except for the matters stated for reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 with respect to maintenance of Audit Trail
for part of the year.The Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account of the company;

c) In our opinion, the aforesaid standalone Financial Statements comply with the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014

d) On the basis of written representations received from directors as on 31«March,2025, taken on
record by the Board of Directors, none of the director is disqualified as on March 31, 2025, from
being appointed as a director in terms of section 164 (2) of the Act.

e) 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 "Annexure B".

f) 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 provisions of section 197 of the act.

g) With respect to 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:

h)

i) The Company has disclosed the impact of pending litigations on its financial positions in its 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 required to be transferred to the Investor Education and Protection
Fund by the Company.

(iv)

(d) 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 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;

(e) The Management has represented to us 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, 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

(f) Based on the audit procedures adopted that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us
to believe that the representation made by the management under sub clause (a) &
(b) above, contain any material misstatement.

(v) In our opinion Company has complied with section 123 of the Companies Act, 2013
with respect to dividend declared/paid during the year.

(vi) The Company implemented audit trail functionality in its accounting software from mid
of the year. Further, during the course of our audit we did not come across any instance
of audit trail feature being tampered with from the date from which it is implemented.
As the functionality was not available for the earlier part of the financial year, our
procedure relating to audit trial were confined to the period after its implementation.

For, Jeevan Jagetiya & Co

Chartered Accountants

FRN: - 121335W

CA Jeevan Jagetiya

(Partner)

M. No. 046553

UDIN: 25046553BMKQGU2846

Date: 05^th May, 2025

Place: Ahmedabad