We have audited the accompanying standalone financial
statements of MALLCOM (INDIA) LIMITED (“the Company”),
which comprise the Balance Sheet as at 31^st March 2025, the
Statement of Profit and Loss, (including other Comprehensive
Income), the Cash Flow Statement and the 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. (Herein
after referred to as “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 accounting principles generally
accepted in India, of the State of Affairs of the Company as at 31^st
March, 2025, its Profit (including other comprehensive income), its
Cash Flows and the statement of 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) specified under section 143(10) of the Act. 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 together with the
ethical requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the 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.

Key Audit Matters

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 financial statements
as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. In addition, we have
determined the matters described below as Key Audit Matters
and our description of how our audit addressed the matter is
provided in that context.

Information other than the Financial Statements
and Auditors’ 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’s Report including
Annexures to Board’s Report, Business Responsibility Report but
does not include the standalone financial statements and our
auditor’s report thereon. The aforesaid documents are 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 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 Standalone
Ind AS 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 the preparation 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 the statement of changes in equity 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 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 of the
assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate
implementation and maintenance of 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

statement 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.

The Board of Directors are also responsible for overseeing the
Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Ind AS 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 basis of these
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 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 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 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 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.

Materiality is the magnitude of misstatements in financial
statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable
user of the 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
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 RegulatoryRequirements

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 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 standalone Balance Sheet, the standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the standalone Statement
of changes in Equity and the standalone Cash Flow
Statement dealt with by this Report are in agreement
with the books of account.

d) In our opinion, the aforesaid standalone Ind AS financial
statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule 7
of the Companies (Indian Accounting Standards) Rules,
2015 as amended.

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

f) With respect to the adequacy of internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”.

g) 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
explanations given to us and based on our examination
of the records of the Company, the Company has paid/
provided for managerial remuneration in accordance
with the requisite approvals mandated by the provisions
of Section 197 read with Schedule V to the Act.

h) 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^st March 2025 on its
financial position in its standalone Ind AS financial
statements, refer note 31 to the standalone Ind AS
financial statements;

(ii) The Company has made provision for material
foreseeable losses on long-term derivative
contracts, as required under the applicable laws or
Ind AS in these standalone financial statements;

(iii) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the company, during
the year.

(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 (i) and (ii) above,
contain any material misstatement.

(v) (a) The final dividend proposed in the previous

year, declared and paid by the Company during
the year is in accordance with Section 123 of
the Act, as applicable.

(b) The Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in accordance with
section 123 of the Act, as applicable.

(vi) Based on our examination which included test
checks, the Company has used an accounting
software system for maintaining its books of
accounts for the financial year ended 31^st March
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 system. Further, during the course of our
audit we did not come across any instance of audit
trail feature being tampered with and the audit trail
has been preserved by the Company as per the
statutory requirements for record retetntion.

For S. K. SINGHANIA & CO.

CHARTERED ACCOUNTANTS,
(Firm Registration No. 302206E)

(RAJESH KR. SINGHANIA

19A, Jawaharlal Nehru Road, M. NO. 052722)

Kolkata - 700 087. PARTNER

Dated : 19^th May, 2025 . ICAI UDIN: 25052722BMJOZU2124