We have audited the accompanying standalone financial statements of CHARTERED
LOGISTICS 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 significant accounting policies and other explanatory information
(hereinafter referred to as "the standalone financial statements”).

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 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 standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). 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 independence requirements that are relevant to
our audit of the standalone financial statements under the provisions of the Act and the Rules
made thereunder, 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 standalone
financial statements.

Key audit matter

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period. 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. We have determined the matters described below to be the key audit matters
to be communicated in our report.

Information Other than the Standalone 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 Annexures to Board’s Report, Business Responsibility
Report, Corporate Governance and Shareholder’s Information, 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 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 Management and those charges 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 Act with respect to the preparation of these standalone 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 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, 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.

Those charged with governance are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

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.

As part of an audit in accordance with SAs, we exercise professional judgement 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 Act, we are also responsible for expressing our opinion on whether the bank
has adequate internal financial controls with reference to financial statements 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 in the standalone financial
statements made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 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 Auditor's Report.
However, future events or conditions may cause a Company to cease to continue
as a going concern.

Evaluate the overall presentation, structure and content of the 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 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 judgment, 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 audit or 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 believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.

Report on Other Legal and Regulatory Requirements

1. 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 books of
account.

d) In our opinion, the afore said standalone financial statements comply with
the Indian Accounting Standards prescribed under section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors of the
Company 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) Based on our examination which included test checks, performed by us on
the Company, have used accounting software for maintaining their
respective 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 except following:

(i) The feature of recording audit trail was not enabled at the database layer
to log any direct data changes for the accounting software used for
maintaining the books of accounts relating to general ledger and
consolidation process.

(ii) The audit trail was not enabled for certain changes which were performed
by users having privilege access rights, for the accounting software used
for maintaining the books of accounts relating to the general ledger.

Further, for the period audit trail (edit log) facility was enabled and operated
for the respective accounting software, we did not come across any instance
of the audit trail feature being tampered with.

g) 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 A”. Our report
expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls over financial
reporting.

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 Act, as amend:
In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the 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, 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 standalone 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, 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 (a) and (b) above, contain any
material misstatement.

v. The same is not applicable as no dividend is declared.

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 B” a statement on the matters specified in paragraphs 3 and
4 of the Order.

For, Prakash Tekwani & Associates,
Chartered Accountants
FRN 120253W

Place: Ahmedabad

Date: 21-05-2025

UDIN: 25108681BMMLST2184

Prakash Tekwani

Partner

M. No. 108681