We have audited the accompanying standalone financial statements of Emmbi Industries Limited ("the Company"), which
comprise the Standalone Balance Sheet as at March 31. 2025, the Standalone Statement of Profit and Loss [including Other
Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Rows for the
year ended on that date, and notes to the standalone financial statements, including a summary of the significant accounting
policies and other explanatory information {hereinafter referred to as the standalone financial statements").

In our opinion and to the best of our information and according ?d the explanations given to us. the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 i"the Act”) in the manner so required and give a
true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies llndian Accounting Standards) Rules, 2015, as amended, find AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2C25. the profit and total comprehensive income,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified
under section 1/43(10) of the Act ISAs). Our responsibilities under those Standards are further described in the Auditors
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 (ICAI) 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 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 we have obtained is sufficient and
appropriate to provide a basis for our audit 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
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion there on, and we do not provide a separate opinion on
these matters.

We have determined the following matters to be the key audit matter to be communicated in our Report

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S

The Company's Management and Board of Directors are responsible for the preparation of the other information. The other
information comprises the information included in the Company's Annual Report Board Report including annexurcs to the
Board report but does not include the Standalone Financial Statement and our auditors’ report thereon.

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 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.

MANAGEMENTS RESPONSIBILITY FOR THE STANDALONE FINANCIAL

The Company's Management and Board of Directors are responsible tor the matters stated in Section 134I5) of 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 total 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 (Ind ASI specified
under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules. 2015, as amended and other
accounting principles generally accepted in India..

This responsibility also includes maintenance of adequate accounting records >n 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 standalone financial
statements 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, the Management and the 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 Management and 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.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL

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 auditors' 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 reason
ably 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 scepticism
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 these 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 controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)!') of the Act, we are also responsible for expressing our opinion on
whethe the Company has adequate internal financial controls system with reference to the Standalone F inancial
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 and the Board of Directors

• Conclude on the appropriateness of Management and Board of Director s' use of the going concern basis of accounting
and. based or. 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 go ng concern. If we conclude that a material uncertainty
exists, we are required to draw attention .n 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 entit
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 the Standalone 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 quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work and (iil to evaluate the effect of 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 indepenoence. 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 mattes 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 auditors' 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 REGULATORY REQUIREMENTS

t. As required by Section 143(3) of the Act, based on our audit 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 ooinion, proper books of account as required by lav/ 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.
Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flow dealt with by this Report are in
agreement with the relevant books of account.

d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under section 133 of the Act.

e. On the basis of the 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 t'ne Act.

f. 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 Reoort in "ANNEXURE A" Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company's internal f inancial controls over financial reporting.

g. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements
of section I97h6i 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.

The Ministry of Corporate affairs has not prescribed other details under section 197(161 which are required to be
commented upon by us.

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, as amended 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 on its financial position in its financial statements.

ii. The Company doesn't have any long term contracts including derivative contracts requiring provision for material
foreseeable losses.

iii. There has been no delay in transferring amounts, 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 bel.ef. no funds have been advanced

or loaned or invested leither from borrowed funds or share prem-um or any other sources or kind of funds) by
the Company to or in any other personlsl or entities), 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 otherpersons 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 tne best of its knowledge and belief, no funds haw been received
by the company from any person(s) orentityiics), including foreign entities (“Funding Parties' ), with the

C 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 we have 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) contain any material mis-sl3tement.

v. The dividend declared or paid dunng die year by the Company is in compliance with Section 123 of the Act.

vi. Based on our examination, which includes test checks, the company has used such accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been
operated throughout the year for all transactions recorded in the software and the audit trail feature has nol been
tampered 'with and the audit trail has been preserved by the company as per the statutory requirements

for record retention.

2. As required by the Companies (Auditor s Reportl Order. 2020 ("the Ol der") issued by the Central Government in terms
of Section U3(11| of the Act. we give ir 'ANNEXURE B” a statement on the matters specified in paragraphs 3 and 4 of
the Order.

For R DALIYA & ASSOCIATES

Chartered Accountants
[ICAI FRN 102060V/)

RS. Daliya
Partner
(M. No. 043703)

Place: Mumbai

Date: 24* May. 2025 UDIN: 250437O3BM0HZW1822