We have audited the Standalone Financial Statements of RACE ECO CHAIN
LIMITED, which comprise the balance sheet as at 31^st March 2025, and the
statement of Profit & Loss, and statement of cash flows for the year ended, and
notes to the Standalone Financial Statements, 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 Act in the manner of so required and give a true and fair view in
conformity with the accounting principles accepted in India, of the state of affairs
of the company as at March 31st, 2025, and its Profit and 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 code of ethics issued by the Institute of Chartered Accountants
of India 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. W^:e believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

Key Audit Matters

Key audit matter are those matter that, in our professional judgment, were of most
signification in our audit of the Standalone Financial Statements of the current
period. These matters were addressed in the context of our opinion thereon, and
we do not provide a separate opinion on these matters. ^₌-_c/7

Other Information - Other than the Standalone Financial Statements anri
Auditors Report Thereon

The Company’s Board of Directors is responsible for other information. The other
Information comprises the information included in the Management Discussion
and Analysis, Board’s Report including Annexures to Board’s Report, Chairman’s
Statement, Shareholder’s Information and Corporate Governance Report, but does
not include the standalone Financial Statements and our auditor’s report thereon.
The Board's Report including Annexures to Board’s Report, Chairman’s Statement
and Shareholder’s Information is expected to be made available to us after the date
of this auditor’s report.

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 in the course of our audit, or otherwise
appears to be materially misstated. ^£==9^1

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 Standalone Financial Statements

The Company’s Board of directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 Cthe Act") with respect to the preparation of
the these Standalone Financial Statements that give a true and fair view of the
financial position, financial performance, and cash flow’s of the Company in
accordance with the accounting principles accepted in India, including the
accounting standards specified under section 133 of the Act. 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
appropriate accounting policies ;makmg judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate
Internal Financial Controls, that w^rere 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 Standalone Financial Statements and management is responsible
for assessing the Company's ability to continue as a 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 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 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 b£&»4ptj.hese 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 any involve collusion, forgery, Intentional
omissions, misreprsentations, 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 exits 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 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
auditors repots. 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. 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 w⁷e identify during our audit.'- y /

• We also provide those charged with governance with a statementtt^at \Ve have
complied with relevant ethical requirements regarding 1 nddpehj^c^a^ 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.

• 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 w^rork 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 w^rith 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 w⁷ere 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^r
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 reasonable be expected to outweigh the public interest benefits of such
communication. /J

Report on other Legal and Regulatory Requirements

1. As required by The Companies (Auditors Report) order 2020, the order issued

by Central government of India in terms of sub section (11) of section 143 of

the Act, we give in the ‘ Annexure A", a statement the matters specified in

paragraph 3 and 4 of the said Order.

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 appears from our examination of those books.

c) The company does not have any branch which has not been audited by us.

d) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow^:
Statement dealt with by this Report are in agreement with the books of
account.

e) 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.

f) In our opinion, there is no financial transaction, which would have an
adverse effect on the financing of the company.

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

In our opinion and according to the information & explanation given to us,
the Company has paid/provided managerial remuneration in accordance
with the requisite approvals mandated by the provisions of section 197 read
with Schedule V to the Act.

h) On the basis of written representations received from the directors as on 31
March 202S, taken on record by the Board of Directors, none of the directors
is disqualified as on 31 March, 202 5, from being appointed as a director in
terms of Section 164(2) of the Act.

i) With respect to the adequacy of the internal financial controls over financial
reporting of the company & the operating effectiveness of such controls,
refer to our separate report in ‘Annexure-B’ to this report; and, ^==^7

j) With respect to the other matters included in the Auditor’s Report in
accordance with rule 11 of the Companies (Audit & Auditors) Rules 2014, in
our opinion and to our best of our information and according to the
explanations given to us:

I. The Company has pending litigation with Income Tax Authorities and the
possible impact of which has been disclosed in Standalone Financial
Statements,

IT The company does not have any long-term contracts, including derivative
contracts which require provision under any law or accounting Standard
for material foreseeable losses.

III. There was no amount which was required to be transferred to the
Investor Education and Protection Fund.

IV.

(a) The Management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the
aggregate) 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 or entity, including foreign
entity (“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) The Management has represented, that, to the best of its knowledge and
belief, no funds (which are material either individually or in the
aggregate) have been received by the Company from any person or
entity, including foreign entity (“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 the audit procedures 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 under sub-clause
(i) and (ii) of Rule 11(e), as provided under and (b) above, contain any
material misstatement.

V. The company has not proposed or declared or paid any divideH^^lA^^.

the year. ((${

VI. [n our opinion and to the best of our information and according to the
explanations given to us, the Company has used accounting software for
maintaining its books of accounts for the financial year ended March
31st, 2025 which has a feature of recording audit trail (edit log) facility.
The audit trail feature was operated throughout the financial year for all
relevant transactions recorded in the software. Further, we have not come
across any instance of the audit trail being tampered with during the
course of our audit, and the audit trails have been preserved by the
Company as per the statutory requirements under the Companies Act,
2013.

FOR M/S GARG ARUN AND ASSOCIATES
Chartered Accountants
FRN: 081 SON

Place Delhi
Date 30/05/2025

CA RAMAN KUMAR GARG
/(PARTNER)
M. NO. 0981564