We have audited the accompanying Standalone
Financial Statements of KAKA INDUSTRIES LIMITED
(Formely known as Kaka Industries Private Limited)
(CIN: L25209GJ 2019PLC108782) ("the Company"),

which comprises the Balance Sheet as at 31st March
2025, the Statement of Profit and Loss and Cash
Flow Statement for the year ended,and notes to the
standalone financial statement, 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 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 Standards prescribed
under section 133 of the Act("AS") and other accounting
principles generally accepted in India, of the state of
affairs of the Company as at 31st March 2025, and its
Profit, and its cash flows 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 Companies Act, 2013. Our
responsibilities under those Standards are further
described in the Auditor's Responsibilities for the

Audit of Standalone 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 Companies Act, 2013 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 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.

We have determined the matter describe below to
be key audit matter to be communicated below. We
have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the Financial
Statements section of our report, including in relation
to these matters. Accordingly, our audit included
the performance to these procedures designed to
respond to our assessment of the risk of the material
misstatement of the Financial Statements.

The results of our audit procedures, including the
procedures performed to address the matters
below, provide the basis for our audit opinion on the
accompanying Financial Statements.

Information Other than the Financial Statements an<
Auditor's Report Thereon.

The Company's Board of Directors is responsible fo
the preparation of the other information. The othe
information comprises the information included in th
board's report including Annexure to Board's Report
Management report but does not include the financia
Statements and our auditor's report thereon.

Our opinion on the Standalone Financial Statement
does not cover the other information and we do no

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 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. We have nothing to report in this
regard.

Responsibilities Of Management And Those Charged
With Governance For The Standalone 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 and
presentation of these Standalone 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.

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

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

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
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 financial
control relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under section 143(3)0) 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 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.

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 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 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 Balance Sheet, the Statement of Profit
and Loss, and the Cash Flow Statement dealt
with by this Report are in agreement with the
books of account of the Company.

d) In our opinion, the aforesaid Standalone
Financial Statements comply with the
Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

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

f) With respect to 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) In our opinion and to the best of our
information and explanation given to us, the
managerial remuneration paid/ provided by
company to its directors during the year is in
accordance with provisions of 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 does not have any pending
litigation which would impact on its financial
position.

ii. The company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses.

iii. There were no amounts which 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(s)
or entity(is), 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(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
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 the audit procedures adopted
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 made by
the Management under sub clause (a) and (b)
above, contain any material misstatement.

v. The company has not declared or paid
any dividend during the year. Therefore,
compliance of provisions of section 123 of the
Act is not applicable.

vi. Based on our examination which included test
checks, the company has used an accounting
software for maintaining its books of account
which has a feature of recording audit trail
(edit log) facility and the same has operated
throughout the period for all relevant
transactions recorded in the software.
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
retention.

FOR,DINESH R THAKKAR & CO.

CHARTERED ACCOUNTANTS

FRN : 102612W

KEYUR M. THAKKAR

(PARTNER)

PLACE : AHMEDABAD _M._NO.₁₉₀₂₄₃

DATE : 15/05/2025 UDIN: 25190243BNGCIH5714