| We have audited the Standalone Financial Statements of RACE ECO CHAINLIMITED, which comprise the balance sheet as at 31st March 2025, and the
 statement of Profit & Loss, and statement of cash flows for the year ended, and
 notes to the Standalone 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 explanationsgiven to us, the aforesaid Standalone Financial Statements give the information
 required by the Act in the manner of so required and give a true and fair view in
 conformity with the accounting principles accepted in India, of the state of affairs
 of the company as at March 31st, 2025, and its Profit and cash flows for the year
 ended on that date.
 
 Basis for opinionWe 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 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. W:e believe that the
 audit evidence we have obtained is sufficient and appropriate to provide a basis
 for our opinion.
 Key Audit MattersKey audit matter are those matter that, in our professional judgment, were of mostsignification in our audit of the Standalone Financial Statements of the current
 period. These matters were addressed in the context of our opinion thereon, and
 we do not provide a separate opinion on these matters. ^=-c/7
 
| Kev Audit Matters | How the matter was addressed in our |  
|  | audit |  
| 1. The Company has various | Our audit procedures in relation to the |  
| | related party transactions which | disclosure of related party |  
| include sale, purchase of goods/ services, loans taken and
 | transactions included the following: |  
| 1 loans provide to the related | ^ We obtained an understanding |  
| parties. | of the Company’s policies and |  
| We identified the accuracy and | procedures in respect of the |  
| completeness of disclosure of | capturing of related party |  
| related party transactions set | transactions and howmanagement ensures all
 |  
| out in respective notes to the | transactions and balances with |  
| Ind AS Standalone Financial | related parties have been |  
| 1 Statements as a key audit matter | disclosed in the Ind AS financial |  
| due to: | statement. |  
| ^ The significance of | ^ Read minutes of meeting of the |  
| transactions with related | board of directors and Audit ; |  
| parties during the year | committee and assessed ; |  
| ended March 31, 2025. | whether approvals have beenobtained by the management, as
 |  
| Related party transactionsare subject to the
 compliance requirement
 under the companies Act,
 2013 and SEBI (LODR) 2015.
 | required by Companies Act2013 and LODR.
 > We agreed the amounts |  
| disclosed with underlyingdocumentation and read
 relevant agreements, evaluation
 of arm-length by management, !
 on a sample basis, as part of our
 evaluation of the disclosure.
 |  
|  |  
|  |  
|  |  
|  |  
|  | > We assessed management |  
|  | evaluation of compliance withprovision of section-177 and
 Section-188 of the Companies
 Act, 2013 and SEBI (LODR),
 2015.
 |  
|  | ^ We evaluated the disclosures |  
|  | through reading of statutory/0 information, books and records
 |  
|  | J^.~L and other documents obtained |  
| ff | during the course of our audit. |  
| Ý2.1 Acquisition of following | ^ We have compared the |  
| subsidiaries and Associates | accounting treatment specified |  
| A. Silverline Eco Thrive | in the scheme formulated by the |  
| Limited, | Company along with one |  
| B. Ganesha Recycling Cham | specified in Ind As 103 and Ind |  
| Private Limited, | As 28. |  
| C. Vasundhara Enviro ereen |  
| Private Limited, | ^ We have critically evaluated the |  
| D, Prime Industries Limited | key assumptions, purchase |  
| (Associate) 2,2 Disposal of following | price allocation adjustments ! |  
| and identification and valuationof Net Assets acquired.
 ^ We have assessed the |  
| subsidiary: | Competence and objectivity of |  
| Disposal of Abhay Innovative | the experts engaged by theCompany.
 |  
| Recycling private limited during the |  |  
| Financial Year 2024-2 5. | > We have assessed the adequacy |  
| ___ | of the Company’s disclosures inrespect of the acquisition in
 accordance with the
 requirements of Ind As 103 and
 Ind As 28.
 |  Other Information - Other than the Standalone Financial Statements anriAuditors Report Thereon
The Company’s Board of Directors is responsible for other information. The otherInformation comprises the information included in the Management Discussion
 and Analysis, Board’s Report including Annexures to Board’s Report, Chairman’s
 Statement, Shareholder’s Information and Corporate Governance Report, but does
 not include the standalone Financial Statements and our auditor’s report thereon.
 The Board's Report including Annexures to Board’s Report, Chairman’s Statement
 and Shareholder’s 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 otherInformation and we do not express any form of assurance conclusion thereon.
 In connection with our audit of the Standalone Financial Statements, ourresponsibility 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 course of our audit, or otherwise
 appears to be materially misstated.    ^£==9^1
 If, based on the work we have performed, we conclude that there is a materialmisstatement of this other information, we are required to report that fact. We have
 nothing to report in this regard.
 Management’s Responsibility for Standalone Financial StatementsThe Company’s Board of directors is responsible for the matters stated in section134(5) of the Companies Act, 2013 Cthe Act") with respect to the preparation of
 the these Standalone Financial Statements that give a true and fair view of the
 financial position, financial performance, and cash flow’s of the Company in
 accordance with the accounting principles 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
 appropriate accounting policies ;makmg judgments and estimates that are
 reasonable and prudent; and design, implementation and maintenance of adequate
 Internal Financial Controls, that wrere operating effectively for ensuring the
 accuracy and completeness of the 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.
 In preparing the Standalone Financial Statements and management is responsiblefor assessing the Company's ability to continue as a 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 financialreporting process.
 Auditor’s Responsibilities for the Audit of the Standalone Financial StatementsOur objectives are to obtain reasonable assurance about whether the StandaloneFinancial 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 b£&»4ptj.hese Standalone
 financial Statements.
 As part of an audit in accordance with SAs, we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
 •    Identify and assess the risks of material misstatement of the StandaloneFinancial 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 any involve collusion, forgery, Intentional
 omissions, misreprsentations, or the override of internal control.
 •    Obtain an understanding of internal control relevant to the audit in order todesign 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.
 •    Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by
 management.
 •    Conclude on the appropriateness of management’s use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a
 material uncertainty exits 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
 auditors repots. 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 StandaloneFinancial 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 w7e identify during our audit.'- y /
 •    We also provide those charged with governance with a statementtt^at \Ve havecomplied with relevant ethical requirements regarding 1 nddpehj^c^a^ 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, wedetermine 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.
 • Materiality is the magnitude of misstatements in the Standalone FinancialStatements 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 wrork and in
 evaluating the results of our work; and (ii) to evaluate the effect of any
 identified misstatements in the Standalone Financial Statements.
 •    We communicate with those charged with governance regarding, among othermatters, 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 havecomplied writh 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 w7ere of most significance in the audit of theStandalone Financial Statements of the current period and are therefore the
 key audit matters. We describe these matters in our auditor’s report unless lawr
 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 reasonable be expected to outweigh the public interest benefits of such
 communication.    /J
 Report on other Legal and Regulatory Requirements1.    As required by The Companies (Auditors Report) order 2020, the order issued by Central government of India in terms of sub section (11) of section 143 of the Act, we give in the ‘ Annexure A", a statement the matters specified in paragraph 3 and 4 of the said Order. 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 tothe 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 keptby the Company so far as appears from our examination of those books.
 c)    The company does not have any branch which has not been audited by us. d)    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.
 e)    In our opinion, the aforesaid Standalone Financial Statements comply withthe Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 f)    In our opinion, there is no financial transaction, which would have anadverse effect on the financing of the company.
 g)    With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of the Section 197(16) of the Act, as
 amended:
 In our opinion and according to the information & explanation given to us,the Company has paid/provided managerial remuneration in accordance
 with the requisite approvals mandated by the provisions of section 197 read
 with Schedule V to the Act.
 h)    On the basis of written representations received from the directors as on 31March 202S, taken on record by the Board of Directors, none of the directors
 is disqualified as on 31 March, 202 5, from being appointed as a director in
 terms of Section 164(2) of the Act.
 i)    With respect to the adequacy of the internal financial controls over financialreporting of the company & the operating effectiveness of such controls,
 refer to our separate report in ‘Annexure-B’ to this report; and, ^==^7
 j) With respect to the other matters included in the Auditor’s Report inaccordance with rule 11 of the Companies (Audit & Auditors) Rules 2014, in
 our opinion and to our best of our information and according to the
 explanations given to us:
 I. The Company has pending litigation with Income Tax Authorities and thepossible impact of which has been disclosed in Standalone Financial
 Statements,
 IT The company does not have any long-term contracts, including derivativecontracts which require provision under any law or accounting Standard
 for material foreseeable losses.
 III.    There was no amount which was required to be transferred to theInvestor Education and Protection Fund.
 IV.(a) The Management has represented that, to the best of its knowledge andbelief, 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 andbelief, 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 reasonableand 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 and (b) above, contain any
 material misstatement.
 V.    The company has not proposed or declared or paid any divideH^^lA^^. the year.    ((${ VI. [n our opinion and to the best of our information and according to theexplanations given to us, the Company has used accounting software for
 maintaining its books of accounts for the financial year ended March
 31st, 2025 which has a feature of recording audit trail (edit log) facility.
 The audit trail feature was operated throughout the financial year for all
 relevant transactions recorded in the software. Further, we have not come
 across any instance of the audit trail being tampered with during the
 course of our audit, and the audit trails have been preserved by the
 Company as per the statutory requirements under the Companies Act,
 2013.
 FOR M/S GARG ARUN AND ASSOCIATESChartered Accountants
 FRN: 081 SON
 Place DelhiDate 30/05/2025
CA RAMAN KUMAR GARG/(PARTNER)
 M. NO. 0981564
  
 |