We have audited the accompanying Standalone Financial Statements of Kothari Products 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 Flows for the
year then ended, and notes to Standalone Financial Statements including a summary of material 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 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 Indian Accounting Standards ("Ind AS") prescribed 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, of the state of affairs of the Company as at March 31,2025 and its profit (including other comprehensive income), the
changes in equity and its cash flows for the year ended on that date.

BasisforOpinion

We conducted our audit of the Standalone Financial Statement in accordance with the Standards on Auditing ("SAs") specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's
Responsibilities forthe 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
framed 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 onthe 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 informing our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined thatthere are no key audit matters to communicate in our report.

Information Otherthan the Standalone Financial Statements and Auditor's Report thereon

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 Annual Report, but does not include the Standalone Financial Statements,
Consolidated Financial Statements and our Auditor's report thereon. The Annual Report is expected to be made available to us
afterthe date ofthis report.

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 isto read the other information identified
above 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.

When we read the Annual Report, if we conclude thatthere is a material misstatement therein, we are required to communicate
the matter to Those Charged With Governance and take necessary actions as applicable under the relevant laws and regulations.

Management's and Those Charged with Governance Responsibilities forthe Standalone Financial Statements

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of the Standalone Financial Statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equity, cash flows of the Company in accordance with the
accounting principlesgenerally accepted in India, including Ind ASand relevant provisions of the Act.

This responsibility also includes maintenance of adequate accounting records in 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, relevanttothe 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 Company's 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 management either intends to liquidate the Company or to cease
operations, or has no realistic alternative butto 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 Standalone 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 detecta
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
Standalone 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 higherthanforone
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevanttothe audit in orderto 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 with reference to Standalone Financial 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 Management.

• Conclude on the appropriateness of Management and Board of Director'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 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 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
achievesfair 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 inthe 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 section 143(11) ofthe Act, we give in the "Annexure A", a statement on the matters specified in the paragraph 3 and 4
of the said Order.

2. As required by section 143(3)ofthe Act, we reportthat:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessaryforthe purposes of ouraudit;

b) In our opinion, proper books of account as required bylaw relating to preparation ofthe aforesaid Standalone Financial
Statements have been keptsofaras itappearsfrom ourexamination ofthose books;

c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (Including Other Comprehensive Income),
the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report
are in agreementwith the books of account;

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under
section 133 ofthe Act, read with relevant rules issued thereunder and relevant provisions of the Act;

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

f) With respect to the adequacy ofthe internal financial controls with reference to Standalone Financial Statements ofthe
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report
expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Company's internal financial
controls with reference to Standalone Financial Statements;

g) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section
197(16) 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 ofthe Act; and

h) With respectto the other matters to be included in the Auditor's Report in accordance with rule 11 ofthe 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 details of pending litigations, however, it does not have adverse impact on its financial
position. Refer note 45 to Standalone Financial Statements;

ii. The Company does not have any long term contracts including derivative contracts requiring a provision for
material foreseable 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 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(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf ofthe Company ("Ultimate Beneficiaries") or provide any
guarantee,security orthe like on behalf ofthe Ultimate Beneficiaries;

(b) The Management has represented that 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 ofthe Funding Party ("Ultimate Beneficiaries") or provide
any guarantee,security orthe like on behalf ofthe Ultimate Beneficiaries; and

(c) Based on the audit procedures performed 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 undersub-
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.

vi. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of accountforthe financial year ended March 31,2025 which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year 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.The Company has preserved by the audit trail, with effect from the period it was enabled, as perthe
statutory requirements for record retention.

For G. M. Kapadia & Co.

Chartered Accountants
Firm Registration No.104767W

Atul Shah

Partner

Place: Mumbai Membership No.039569

Date: May 28, 2025 UDIN: 25039569BMLNDI3021