BWL limited Report on the Audit of the Financial Statements

Qualified Opinion

1. Wo have audited the Unsocial statements of BWL Limited (“the Company"). which comprise the balance sheetas at March 31,2025, and the statement of Profit and Loss; Kucemmt of changes In utility and the statement of cash flows Ibt die year then ended and nates to the financial statements. Inducting a summary of material accounting policies and nther explanatory JnformatkiTi.

lu our optnlfin ml to the best of our Information and according to the explanations given to lis. except for the effects of the matter described bi the Bads for Qualified Opinion section of our report the aforesaid financial statements give a true and folr view In conformity with the accounting principles generally accepted In Indio, of the state of offal rs of the Company as at March 31st 2025, and Its Profit, change* in equity and Us each flows for the year ended on that date.

H Key Audit Matters

Key audit matters are those matters that. In our professional lodgment were of most significance In our audit of (he finandal statements of the current period. These matters were addressed In the content of our audit of the financial statements as a whole, and In forming our opinion thereon and we do nor provide a separate opinion on these matters. In addition to the matter described In the Bads for Qualified Opinion section we have determined the matters described below:

IJJ. iDfonnoticmodier Hhd the fineinrJul statements wd Auditor's Report there «Ý;

Hie Company # Board of Director* H responsible for the preparation of the other Momitfan, The other iufwmpi'ives the inlbriiEitii>uiuclijded Li die Maiuigemvujt tBtttHdton and Analyte Board's Report Including Annexure to Board's Report ant) Shares holder's informal; uni. but dines nut Include the Financial Statements and Auditor^ iÝsport there ml Out opinion on the financial etatements does not cover the other htfomiatlnn and we do not express any farm of assurance condtuton thereon.

In [oimecdmi with our audit of financial Awnts, our responsibility Is to read the Infannatfan ami. In doing so, cniuiiler whether the ndier litfarmadojt is irtatwinlly inconsistejit with the IliiaiLdiil statements or our JtnnwJedge obtained during the course of om- audit, or odierwiw appears tp be materially misstated,

LL bins) on the work we have performed. we oondude that there is material misstatement of this other information, we were required to Report that fact.We have nothing to Report in tills regard.

IV.    Management’s Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Art, 2013 (^J'the Art") with respect¹ to the preparation of these financial stmtoments that give a true and fair view of the financial position, financial perfimufmoe, changes in equity and cash flows of the Company In accordance with the IWD-AS and other accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. The respective board of Director? of the companies are also responsible for maintenance adequate accounting records in accordance with the provision.'; of the Act lor safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; milking judgments ami estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring die accuracy and completeness of Urn accounting records, relevant to die preparation and presentation of the financial statement that give a true and (air view and are free from material is statement wluethcr due to fraud or error.

in preparing the financial statements; Board of Directors of the Company is responsible for assessing die Company's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using tits going concern basis of accounting unless management either Intends to liquidate the Company or to cease operations, or bas o realistic alternative hut to do so.

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

V.    Audilor’s Respotisibflitirs lor (he Audi! of (lie Financial Statements

Our objectives ate 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part ef an auditing Accordance with SAg¹ we exercise professional Judgment anti maintain

professionals keep criticism throughout the audit We also:

*    Identify and assess die risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risk¹ and obtain audit evidence that Is sufficient and appropriate to provide a basis lor 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.

i Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 14-3(3)0] of the Companies Act, 2GL3, we are also responsible for expressing our opinion on whether the company has adequate Internal financl^coijteoisiystimiinplawandtheoperaHiigefi^t.tivtnesstifiui'licontrols.

•    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 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 Compapy to cease to continue as agoing concern.

Ý Materiality Is the magnitude of misstatements in the Financial Statements that, Individually or in aggregate makes it probable that the economic derisions of a reasonably knowledgeable user of Hu¹ Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (1) planning the scope of our audit work and in evaluating Hie results of our work: and (il] to evaluate the effect of any Identified misstatements In the Financial Statements,

Ý    Obtain sufficient appropriate audit evident:* regarding tin? flnam&l Information of the entities or LhÝ jiiuv-jis activities within the company to eipres.¹; an opinion on the tmimcJaLstatenieats, We an responsible for the diiTsctian, supervision and performance of the audit of Goaodil statements of such entities Included in financial statements.

Ý    We dimmuaiiate with those charged with jwei naare regarding, among other matters, H ie planned scope and timing of the audit and significant audit findings. including any signiilvaiit deficiencies in internal control that we identic during our audit.

Ý    We also provide tieise charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them ah relationship's and other matters that may reasonably^lKf thought to bear on our independence, and where applicable, related safeguards.

Ý    From dee matters communicated with those charged with governance, we determine Huise 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 matter:; in am auditor’s report unless law or regulation precludes public dbefesure aJiout the matter or when, in eitremely rnre eireu instances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably ho expected to outweigh the public interest benefits of

such communication.

VL Report on Other Legal and Regulatory Requirements

t. Am required by the Companies [Auditor’s Report) Order, 2020 I "Hie Order"), issued by the Central Government of India in terms of sub-section fli) of wetum 143 of die Companies Act, 2013, we give In Hie Annoxure -2 statement on the matters specified in paragraphs 3 and 4 of die Order, to the extent applicable,

2. As required by Section 1+3(3) of Hie Act, were port that:

(a)    We have sought end obtained all the Information and explanations which to the best of our knowledge and belief we are necessary for the purposes of our audit of the aforesaid financial

statements.

(b)    In our opinion, proper books of account as required by law have been kept by die Company so fit as it appears from our examination of those books.,

(c)    The Balance Sheet, the Statement of Profit and Loss, the Statement of changes in Equities and the Cash Flow Statement dealt with hy this Report are In agreement with the books of account maintained for the purpose of preparation of the financial statements.

(dj [a our opinion, tine aforesaid financial statements comply with tbo JND AS specified under Section 133 ofthe Act, read with Rule 7 of the Companies! [Aotfounts] Rute$,2G14.

(Ýe) On the basis of tlx? written representations received from tlie directors as on 31st March, Z02Si taken on record by the Board of Directors, none of the directors is disqualified on March 3 l^,202f>, from being appointed as a directors in terms of section 164(2} of the Art

(f) With respect to die adequacy of the internal financial controls over financial reporting of die Company and tlx? operating effectiveness of such controls, refer to our separate Report in "Annexure -1.

(fl) With respect to liie other matters to be included in Auditor's Report in accord ante with the requirements of Section 197(16) ofthe Act, as amended;

In our opinion and to the best of -uur Information and according to explanations given to us, the remuneration |>ald by tins Company to it's directors during the year Is In accordance with due provisions of Section 197 ofthe Act

li") 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 beat 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 financial statemeots-Refer Note 3 [20) to the financial statements

iL The Company does not has any material foreseeable loss arising out of derivative contract

ML There has been no delay in transferring amounts; required to Lie transferred, to the Investor Education and Protection Fund by the Company.

VIL (a) Tbs management lias represented that, tin* best of its knowledge and belief no funds have been advanced or loaned or invested [either borrowed fends or share premium or any other sources or kind of fends] by the company or in any other persons or entities including foreign entities [intermediaries] with the understanding, whether reotrded in writing or otherwise; that the intermediary -vlin.il. directly Or indirectly lend or invest in other persons Or entities identified in tiny manner whatsoever ['ultimate Beneficiaries'] lty or on behalf of the company or provide any guarantee, security Ofthe like on behalf of the ultimate Beneficiaries.

[b) The management has represented that, to the best of Its knfrw ledge and belief, hi) funds haw been reed veil by the company front any persons or entities, including foreign entities (funding entities')- with tlw imderatouding 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 ['ultimate beneficiaries'] by or on behalf of the funding parties or provide any guarantee, security or LLe on behalf of the ultimate beneficiaries,

(c) Baaed on the procedures (Knfortned that have been considered reasonable and appropriate La the circumstances, nothing has cum to our notice that has caused us to tehees that the representations under sub-clause [II] and. fiilj of Rule life) contain any material misstatement.

v, hi view of accumulated Loss Company (fid not declare and paid dividend during the Current year and also in the previous year,

 Evaluate the overall presentation, structure and Content of the financial statement¹ including the disclosures, and whether the financial statements represent the underlying transactions and events In a manner that achieves hair presentation.