We have audited the accompanying Ind AS
standalone financial statements of Creative
Graphics Solutions India Limited ("the
Company”), which comprises the standalone
balance sheet as at March31, 2025, the
standalone Statement of Profit and Loss,
including the statement of Other
Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in
Eguity for the year then ended, and notes to the
standalone Ind AS 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 Ind AS
financial statements give the information
reguired by the Companies Act, 2013, as
amended (the "Act”) in the manner so reguired
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 eguityforthe yearthen ended.

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 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 reguirements that are relevant to our
audit of the financial statements under the
provisions of the Companies Act, 2013 and the
Rules there under, and we have fulfilled our
other ethical responsibilities in accordance with
these reguirements 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.

Information other than the Standalone
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 Director's
Report including the annexure thereto, but does
not include the Standalone Ind AS Financial
Statements and our auditors' report thereon.

Our opinion on the standalone Ind AS 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 Ind AS
financial statements, our responsibility is to
read the other information and, in doing so,
consider whether such other information is
materially inconsistent with the standalone Ind
AS financial statements or our knowledge
obtained in the 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 reguired to report that fact.
We have nothing to report in this regard.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgement, 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. For the key audit matter below, our
description of how our audit addressed the
matter is provided in that context.

We have determined the matters described
below to be the key audit matters to be
communicated in our report. We have fulfilled
the responsibilities described in the Auditor's
responsibilities for the audit of the standalone
Ind AS financial statements section of our
report, including in relation to these matters.
Accordingly, our audit included the
performance of procedures designed to
respond to our assessment of the risks of
material misstatement of the standalone Ind
AS financial statements. The results of audit
procedures performed by us provide the basis
for our audit opinion on the accompanying
standalone Ind AS financial statements.

Identification and disclosure of related parties

(as described in Note 28 of the standalone Ind
AS financial statements)

The company has related party transactions
which include, amongst others, sale and
purchase of goods/services to its subsidiaries,
associates, joint venture and other related
parties and lending, investment and borrowing
to its associates and joint venture.
Identification and disclosure of related parties
was a significant area of focus and hence
considered it as a Key Audit Matter.

Our audit procedures amongst others included
the following:

• Evaluated the design and tested the
operating effectiveness of controls over
identification and disclosure of related party
transactions.

• Obtained a list of related parties from the
company's management and traced the
related parties to declarations given by
directors, where applicable and to note 28 of
the standalone Ind AS financial statements.

• Read minutes of the meetings of the Board
of Directors.

• Read declarations of related party
transactions given to the Board of Directors.

• Verified the disclosures in the standalone
Ind AS financial statements for compliance
with Ind AS 24.

Emphasis of Matters

We draw attention to the following matters in
the Notes to the Ind AS financial statements:

Note 27(b) describing that no provision has
been made for gratuity during the period as well
during the previous year in compliance of Ind
AS- 19 "Employee Benefits" relating to the
provision for gratuity and the same is being
recognised only when it is actually paid; its
effect of the profit of the company could not be
ascertained.

Our opinion is not modified in respect of above
matters.

Other Matters

The company has not separately disclosed the
amount of current maturities of long term
loans in the financial statements for the year.

The company has not made the provision for
undisputed income tax liability of Rs. 16.10
Lakh relating to A.Y. 2024-25 resulting in
understatement of net profit and other liabilities
of the company for the year by that amount.

Responsibilities of Management for
the Standalone Financial Statements

The Company's Board of Directors is
responsible for the matters in section 134(5) of
the Companies Act, 2013 ("the Act”) with
respect to the preparation of these stand alone
Ind AS financial statements that give a true and
fair view of the financial position, financial
performance and cash flows 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 Companies
(Indian Accounting Standards) Rules, 2015, as
amended. This responsibility also includes the
maintenance of adeguate 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 implementation and
maintenance of accounting policies; making
judgments and estimates that are reasonable
and prudent; and design, implementation and
maintenance of adeguate 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 and using the going
concern basis of accounting unless
management either intends to liguidate the
Company's or to cease operations, or has no
realistic alternative to do so.

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

Auditors' Responsibilities for the
Audit of the Financial Statements

A. 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
Standard on Auditing will always detect a
material misstatement when it exists.
Misstatement 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 Ind AS financial statements.

B. As part of an audit in accordance with SAs,
we exercise professional judgment and
maintain professional scepticism
throughout the audit. We also:

i. 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.

v. Evaluate the overall presentation,
structure and content of the
financial statements, including the
disclosures, and whether the
financial statements represent the
underlying transactions and events
in a manner that achieves fair
presentation.

C. Materiality is the magnitude of
misstatements in the Standalone Ind AS
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 guantitative materiality and
gualitative 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.

D. 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.

E. We also provide those charged with
governance with a statement that we have
complied with relevant ethical
reguirements 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.

F. From the matters communicated with
those charged with governance, we
determine those matters that were of
most significance in the audit of the
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 conseguences of doing so would
reasonably be expected to outweigh the
public interest benefits of such
communication.

Report on other Legal and Regulatory

Requirements

i. As reguired 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.

ii. As reguired 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 reguired by law have
been kept by the Company so far
as appears from our examination
of those books.

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

d. In our opinion, the aforesaid
financial statements comply with
the Accounting Standards specified
under Section 133 of the Act, read
with Companies (Indian Accounting
Standards) Rules, 2015, as
amended except Accounting
Standard (Ind AS-19) "Employee
Benefits" relating to the provision
for gratuity and retirement benefits.

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

f. With respect to the adeguacy 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 B" to this
report.

g. With respect to the matter to be

included in the Auditors' Report
under Section 197(16) of the Act: In
our opinion and according to the
information and explanations given
to us, the remuneration paid to its
directors during the current period
is in accordance with the

provisions of Section 197 of the
Act. The remuneration paid to any
director is not in excess of the
limits laid down under section 197
of 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, if any on its financial positions in its
standalone Ind AS financial statements.

ii. As informed, the company did not have any long-term contracts including derivatives contracts for
which there were any material foreseeable losses.

iii. There were no amounts which were reguired to be transferred to the Investor Education and
Protection Fund by the Company.

iv. a. The management of the company has represented that to the best of its knowledge and belief,
the company has not advanced or leased or invested any funds (either from borrowed funds or
share premium or any other sources or kind of funds), to or in any other person(s) or entity(ies),
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 person(s)
or entity(ies) identified in any manner whatsoever by or on behalf of the company ("ultimate
beneficiary") or provide any guarantee, security or the like on behalf of the ultimate beneficiaries;

b. It has been represented by the management, that to the best of its knowledge and belief, the
company has not received any funds from any person(s) or entity(ies) 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 person(s) or entity(ies) identified
in any manner whatsoever by or on behalf of the funding party ("ultimate beneficiary") or provide any
guarantee, security or the like on behalf of the ultimate beneficiaries;

c. On the basis of such audit procedures that the auditors have considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused them 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 company has neither declared nor paid any dividend during the year, thus compliance with
section 123 of the Companies Act, 2013 is not applicable.

vi. Based on our examination which included test checks, the Company has used accounting software
for maintaining its books of account, which have a feature of recording audit trail (edit log) facility,
however the same has not operated throughout the year for all relevant transactions recorded in the
respective software but only from mid of November 2024 to 31 st March 2025.

ForYogesh Kansal & Company

Chartered Accountants

FRN: 507136C

(CA Abhay Kansal)

M. No. 439591

UDIN: 25439591BMHKLA3577

Place: Noida

Date: May 28, 2025