We have audited the accompanying Standalone financial
statements of Kotyark Industries Limited (“the Company”), which
comprise the Standalone Balance Sheet as on March 31, 2025,
and the Standalone Statement of Profit and Loss, Standalone
the Statement of Cash Flows for the year then ended, and 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 read with the Companies
(Accounting Standards) Rules, 2021 as amended (“Accounting
Standards”) and other accounting principles generally accepted
in India, of the Standalone state of affairs of the Company as at
31 March 2025, and its Standalone profit, its Standalone 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 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor’s Responsibility
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
obtained by us 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 thereon, and
we do not provide a separate opinion on these matters. We have
determined that there are no key audit matters to communicate
in our report.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR’S
REPORT THEREON

The Company’s Board of Directors is responsible for the other
information. The other information comprises the Directors’
Report including Annexures to the Directors’ Report but does not
include the Standalone Financial Statements and our auditor’s
report thereon. The other information is expected to be made
available to us after the date of this auditor's 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 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 Standalone financial statements,
or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

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 to comply
with the relevant applicable requirements of the SA 720 ‘The
Auditor’s responsibilities Relating to Other Information.

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 Act with respect to the preparation
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
Standards and other accounting principles generally accepted in
India. 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,
relevant to the preparation and presentation of the Standalone
financial statement 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, management
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 management 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 RESPONSIBILITY FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the Standalone financial statements as 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 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 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)(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 the 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 Standalone financial
statements or, if such disclosures are inadequate, to
modify our opin ion. Our conclusions are based on th e
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 have communicated 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 have also provided 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 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 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 Statement of Cash Flows dealt with by this
Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone financial
statements comply with the Accounting Standards
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 director
is disqualified as on March 31, 2025 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 with reference to these Standalone
Financial Statements and the operating effectiveness
of such controls, refer to our separate Report in
“Annexure A”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness
of the Company’s internal financial controls with
reference to 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 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,
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 Standalone Financial statements.
(Refer Note 35).

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) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

v. With respect to Dividend payment, we report that:

(a) The final dividend proposed for the
previous year, declared and paid by the
Company during the year is in accordance
with Section 123 of the Act, as applicable.

(b) As stated in note no. 4.7 the interim dividend
declared and paid by the Company during
the year and until the date of this report is in
compliance with Section 123 of the Act.

(c) As stated in note no. 4.7 the Board of
Directors of the Company have proposed
final dividend for the year which is subject to
the approval of the members at the ensuing
Annual General Meeting. The amount of
dividend proposed is in accordance with
Section 123 of the Act, as applicable.

vi. Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of account for
the 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 the
audit trail feature being 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 Report) order,
2020 (“the ord er”) issued by the Cen tral Government in
terms of Section 143(11) of the Act, we give in “Annexure
B” a statement on the matters specified in paragraphs 3
and 4 of the order.

For Manubhai & Shah LLP

Chartered Accountants
ICAI Firm Registration No. 106041W/W100136

(J. D. Shah)

Partner

Place: Ahmedabad Mem. No.100116

Date: May 23, 2025 UDIN: 251001 16BMIRQZ5699