1. We have audited the accompanying Standalone financial
statements of Krishca Strapping Solutions Limited (the
"Company"), which comprise the Standalone Balance Sheet
as at 31^st March, 2025, the Standalone Statement of Profit and
Loss, and the Standalone Statement of cashflows for the year
then ended, 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").

2. In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements for the period ended 31^st March, 2025 give
the information required by the Companies Act, 2013 in the
manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of
the standalone state of affairs of the Company as at 31^st March,
2025, and standalone profit, and its standalone cash flows for
the year ended on that date.

Basis for Opinion

3. 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 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 together with
the ethical requirements that are relevant to our audit of the
standalone 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 on the Standalone Financial
Statements.

Key Audit Matters

4. 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.

Information Other than the Standalone Financial

Statements and Auditor's Report Thereon

5. The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Company's
Board Report including Annexures but does not include the
standalone financial statements and our auditor's report
thereon. The annual report is expected to be made available
to us after the date of this auditor's report

6. Our opinion on the standalone financial statements does not
cover the other information and we do not express any form
of assurance conclusion thereon.

7. 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.

Responsibilities of the Management and Those

charged with Governance for the Standalone Financial

Statements

8. 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 of these
standalone financial statements that give a true and fair view
of the standalone financial position, standalone financial
performance and standalone cash flows 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 judgements 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 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.

9. 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.

10. 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:

11. 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 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.

12. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:

i. 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.

ii. 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 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.

iii. Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

iv. 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 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.

v. 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.

13. 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 (ii) to evaluate
the effect of any identified misstatements in the standalone
financial statements.

14. 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.

15. 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.

16. 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:

17. 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 "Annexure - A" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable

18. As required by Section 143(3) of the Act, we
report that:

i. 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.

ii. 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.

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

iv. In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act read with the Rule
7 of Companies (Accounts) Rules, 2014, as amended.

v. On the basis of the written representation received from
the directors as on 31^st March, 2025 taken on records
by the Board of Directors, none of the directors are
disqualified as on 31^st March, 2025 from being appointed
as a Directors in terms of Section 164(2) of the Act.

vi. Reporting 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 Report in "Annexure B". Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial control
over financial reporting.

vii. 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 period is in accordance with the provisions of section
197 of the Act.

viii. 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 no pending litigations as at 31^st
March 2025 which would impact its Standalone
Financial Position.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses during the year
ended 31^st March 2025.

iii. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company during the year ended 31^st
March 2025.

ix. (a) The Management has represented that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) 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 entity, including
foreign entity ("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 (which are material
either individually or in the aggregate) have been

received by the Company from any person or entity,
including foreign entity ("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 the audit procedures 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 under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain any
material misstatement.

x. The Company did not declare or paid any dividend during
the period.

xi. With respect to reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014, 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 31^st March, 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 and the audit trail feature has not been tampered
with and the audit trail has been preserved by the Company as
per the statutory requirements for record retention.

For L U Krishnan & Co.

Chartered Accountants
Firm's Registration No: 001527S

P K Manoj

Partner

Place: Chennai Membership No: 207550

Date: 26/05/2025 UDIN: 25207550BMJDHW7824