We have audited accompanying standalone financial
statements of Aarvi Encon Limited (the “company”),
which comprise the standalone Balance Sheet as at March
31, 2026, the standalone Statement of Profit and Loss,
including the statement of Other Comprehensive Income,
the standalone statement of Cash Flow Statement and
the standalone Statement of Changes in Equity for the
year then 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
financial statements give the information required by
the Companies Act, 2013, as amended (“the Act”) in
the manner so required and give a true and fair view
in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as
at March 31,2026, its profit including other comprehensive
income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) as 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 sections 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 standalone financial statements
under the provisions of the Act and Rules thereunder,
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion on the Standalone 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
financial statement 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 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 consolidated
financial statements, standalone financial statements
and our auditor’s report thereon. The Annual report 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 identified above when it becomes available
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.

Management’s Responsibility for the Financial
Statements

The management and Board of Directors of the Company
are responsible for the matters stated in section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to
the preparation and presentation 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
accounting principles generally accepted in India,
including the Accounting Standards specified under
Section 133 of the Act, read with the Companies (Indian

Accounting Standards) Rules, 2015, as amended. This
responsibility includes the maintenance of adequate
accounting records in accordance with the provision of
the Act for safeguarding of the assets of the Company
and for preventing and detecting the 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 internal financial control, that were
operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
preparation and presentation of the 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 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 Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

Auditors’ Responsibility

Our responsibility is to express an opinion on these
standalone financial statements based on our audit.

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. Misstatements can arise from fraud or error and
are considered material if, individually or in aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
Financial Statements.

As a 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 error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or 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 Company 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 made by Management and
Board of Directors.

• 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 Financial Statements, including the
disclosures, and whether the Financial Statements,
including the disclosure, and whether the 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 Statement 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 (i) in
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 for the financial year ended March 31, 2026
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.

We conducted our audit 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 financial
statements are free from material misstatement.

An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
financial statements. The procedures selected depend
on the auditor’s judgment, including the assessment
of the risks of material misstatement of the 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 financial statements that give true and fair view,
in order to design audit procedures that are appropriate
in the circumstances, An audit also includes evaluating
the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made
by Company’s management and Board of Directors, as
well as evaluating the overall presentation of the financial
statements.

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.

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 Act, we give in the Annexure 1,
a statement on the matters specified in paragraph 3
and 4 of the Order, to the extent applicable.

2. A. 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
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 except for the matters stated in the
paragraph 2B(vi) below on reporting under Rule
11 (g) of the Companies (Audit and Auditors)
Rules, 2014;

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including the
Statement of Other Comprehensive Income,
the Standalone Statement of Cash Flow and
Statement of Changes in Equity dealt with by
this Report are in agreement with the books of
account;

d) In our opinion, the aforesaid standalone financial
statements comply with the applicable Indian
Accounting Standards specified under Section
133 of the Act, read with Companies (Indian
Accounts Standard) Rules, 2015, as amended.

e) On the basis of written representations received
from the directors as on 31 March 2026, and
taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March
2026, from being appointed as a director in
terms of Section 164(2) of the Act.

f) The modifications relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(A)(b) above
on reporting under Section 143(3)(b) of the Act
and para 2(B)(vi) below on reporting under Rule
11 (g) of the Companies (Audit and Auditors)
Rules, 2014.

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

2’. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness
of the company’s internal financial control over
financial reporting.

B. 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 as at 31 March, 2026 on
its financial position in its standalone financial
statements.

ii. The Company did not have any long-term
contracts including derivative contracts; as such
the question of commenting on any material
foreseeable losses thereon.

iii. There were no amounts which were 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
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 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;

b) The Management has represented that, to
the best of its knowledge and belief, no funds
have been received by the Company from
any person or entity, 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

c) Based on such audit procedures that were
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 (a) and (b)
contain any material misstatement.

v. The dividend declared/paid during the year and
subsequent to the year-end by the Company is in
compliance with Section 123 of the Act.

vi. Based on our examination which included test
checks, except for the instances mentioned below,
the Company has used accounting software for
maintaining its books of account, which have a feature
of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the response software.

(i) The feature of recording audit trail (edit log)
facility has not been enabled at the database
level to log any direct data changes for the
accounting software used for maintaining the
records relating to payroll.

(ii) The feature of recording audit trail (edit log)
facility was not enabled at the application layer
of the accounting software relating to payroll for
the period 1 April 2025 to 31 March 2026.

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

C. Companies Act the requirements of section 197(16)
of the Act, as amended:

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 read with
Schedule V of the Act.

For Jay Shah & Associates.

Chartered Accountants
Firm Reg. No. 135424W

CA. Jay Shah

(Proprietor)

Membership No. 134334
UDINo. : 26134334LAMZBC5279
Place : Mumbai
Date : 22^nd May, 2026