We have audited the accompanying financial statements (the “financial statements”) of Indo Gulf Industries
Limited (the “Company”), which comprise the Balance Sheet as at 31^st March, 2024, and the Statement of Profit
and Loss, Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to
the 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 explanation given to us, the aforesaid
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 Indian Accounting Standards prescribed under
Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”)
and other accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31^st March, 2024;

(b) in the case of the Statement of Profit & Loss, of the profit for the year ended on that date;

(c) in the case of the Statement of Changes in Equity, of the changes in equity during the year ended on that date;
and

(d) in the case of the Statement of Cash Flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (the “SAs”)
specified under Section143(10) of the Act. 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 requirements that are relevant to our audit of the 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 on the financial statements.

3. Key Audit Matter

Key audit matters are those matters which in our professional judgement were of most significance in our audit of
these Financial Statements of the current period. These matters were addressed in the context of our audit as a
whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the below matters to be the key audit matters to be communicated in this report:

4. Information other than the Financial Statements and Auditor’s 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 Annual Report, the Board’s Report including Annexures to
Board’s Report but does not include the financial statements and our auditors’ report thereon. The above-referred
information is expected to be made available to us after the date of this audit report.

Our opinion on the 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 financial statements, our responsibility is to read
the other information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the 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 required to report that fact.

When we read the other information, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance and take appropriate actions necessitated by the
circumstances and the applicable laws and regulations.

5. Responsibilities of Management and Those charged with Governance for the Financial Statements

The Company’s Management and Board of Directos 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 financial
position, financial performance, changes in equity and cash flows of the Company in accordance with the
accounting standards specified under Section 133 of the Act and other accounting principles generally accepted in
India. This responsibility also includes maintenance of adequate accounting records in accordance with the
provision 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 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, 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 Board of Directors either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

Those Board of Directors is also responsible for overseeing the Company’s financial reporting process.

6. Auditor’s Responsibilities for the audit of the financial statement

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 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
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatementof 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 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 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
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 Financial Statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

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.

7. Report on Other Legal and Regulatory Requirements

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 the 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 section, 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
appears from our examination of those books and proper returns adequate for the purposes of our audit;

(c) the Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity, the Statement of
Cash Flows and notes to the financial statements 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 , read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended;

(e) on the basis of written representations received from the directors as on 31^st March, 2024, none of the
directors is disqualified as on 31^st March, 2024, from being appointed as a director in terms of Section
164(2) of the Act;

(f) with respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B";

(g) the Company has not paid any managerial remuneration to its directors and thus, the provisions of section
197 read with Schedule V of the Act are not applicable to the Company for the year ended March 31,
2024;

(h) with respect to the other matters 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 as at March 31, 2024 on its financial
positions in the financial statements Refer Note No.24(4)(iii) to the financial statements.

ii. The Company does not have any long-term contracts including derivatives contracts, for which there
were any material foreseeable losses as required under the applicable law or accounting standards;

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 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 to or in any other person 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 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 have
been received by the Company from any person or entities, 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 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 such audit procedures that were 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 (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year. Hence, the Company is not
required to comply with the provision of Section 123 of the Act.

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable
from April 1, 2023.

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
effective from 6^th July, 2023 and the same has operated throughout the remaining year for all
relevant transactions recorded in the software.

We did not come across any instance of the audit trail feature being tampered with in the accounting
software in the remaining period.

For HEMANT ARORA &CO. LLP

CHARTERED ACCOUNTANTS
Firm Registration No. 002141C/C400006

Place: Dehradun Kamal Nagpal

Date: 30^th May 2024 Partner

UDIN: 24408066BKDUYX1502 M. No.: 408066