We have audited the accompanying financial statements of Narmada Mac Plast Drip
Irrigation Systems Ltd (the "Company") which comprise the Balance Sheet as at March
31, 2025, the Statement of Profit and Loss, Including the statement of Other
Comprehensive Income, statement of changes in equity and the cash Flow statement
for the year then ended, and notes to the financial statements, including a summary of
material accounting policies and other explanatory information (herein after referred to
as "the financial statements").

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, 2025, its profit including other
comprehensive income, its cash flows and the changes in equity for the year ended on
that date.

Basis of Opinion

We conducted our audit of the accompanying financial statements in accordance with
the Standards on Auditing ("SA"s) specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditor's
Responsibility for the Audit of the 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 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 obtained by us is sufficient and appropriate to provide a basis for our
audit opinion on the accompanying financial statements.

Key Audit Matters

Key Audit matters ('KAM') 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.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Management and Board of Directors are responsible for the other
information. The other information comprises the information included in the
Company's annual report, but does not include the accompanying financial statements
and our auditor's report thereon.

Our opinion on the accompanying 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 accompanying financial statements, our
responsibility is to read the other information and, in doing so, consider whether such
other information is materially inconsistent with the 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.

2. Management's Responsibility for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these financial
statements that give a true and fair view of the state of financial position, financial
performance including other comprehensive income, changes in equity and cash flows
of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of
the Act read with the companies (Indian Accounting standard) Rules, 2015, as amended.
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 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 management and board of directors are
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 Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial
reporting process.

3. Auditor's Responsibility for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the accompanying
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 basis of these 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 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 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 Act, we are also responsible for expressing our
opinion on whether the 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 the 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 accompanying
financial statements, including the disclosures, and whether the accompanying
financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance of the Company, 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
accompanying financial statements for the financial year ended March 31, 2025, 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.

4. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by

the Central Government of India in terms of section (11) of section 143 of the
Companies Act, 2013 we give in the "Annexure-A" a statement on the matters
specified in the paragraphs 3 and 4 of the Order.

ii. As required by section 143(3) of the Act, we report that:

a. We have sought, obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit of the
afore said financial statements;

b. In our opinion proper books of account as required by law relating to preparation
of the afore said financial statements have been kept by the Company so far as
appears from our examination of those books, except for the matters stated in
4(ii)(i)(VI) below on reporting under rule 11(g) of the companies (Audit and
Auditors) Rules, 2014;

c. The Balance Sheet, Statement of Profit and Loss including other comprehensive
Income, Statement of changes in equity and Statement of Cash Flow dealt with
by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid financial statements comply with the Indian
Accounting Standards specified under section 133 of the Act, read with
Companies (Indian Accounting standards) Rules, 2015, as amended;

e. On the basis of written representations received from the directors 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. The modification relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph (b) above on reporting under
section 143(3)(b) and in 143(3)(i)(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 with reference to
these financial statements of the Company and the operating effectiveness of
such controls, refer to our separate report in "Annexure B".

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 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 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 accordance to the
explanation given to us:

i. The company does not have any pending litigations which would impact its
financial position.

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 were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. (a) The Management has represented to us 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 or in any other person or entity, including foreign entity
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf
of the Company or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(b) The Management has represented to us that, to the best of their
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, 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 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. In Our Opinion and according to the information and explanation given to us,
the company has not declare any dividend.

VI. Based on our examination which included test checks, the Company has used
accounting software for maintaining its books of account 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 the audit trail feature is enabled, for certain direct changes to
database when using certain privileged /administrative access rights enabled.

Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with in respect of the accounting software
where audit trail was enabled.

Additionally, the audit trail of relevant prior years has been preserved for
record retention to the extent it was enabled and recorded in those respective
years by the Company as per the statutory requirements for record retention.

For, Rajendra J. Shah & Co.

Chartered Accountants
(Registration No. 108369W)

Date: 29^th April, 2025
Place: Ahmedabad

Jaykin Rajendrakumar Shah

Proprietor
M.No.: 137924
UDIN: 25137924BMJGAP8464