We have audited the accompanying standalone financial statements of Rajesh Exports Limited (“the company”), which
comprise the Balance Sheet as at 31st March 2026, the Statement of Profit and Loss (Including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary
of material accounting policies and other explanatory information. (herein after referred to as “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 and other accounting principles
generally accepted in India, of the state of affairs of the company as at 31st March 2026 and its profit including other
comprehensive income, changes in equity 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 Act.
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 Act 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 professional judgement, where of most significant in our audit of the standalone
financial statement of the current period. These matters where addressed in the context of our audit of standalone
financial statement as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.
Information Other than the Standalone Financial Statements and Auditors’ Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Board’s Report including Annexures to Board’s Report, Business Responsibility Report,
Corporate Governance and Shareholders Information but does not include the standalone financial statements and our
auditors’ report thereon. The Boards’ Report is expected to be made available to us after the date of this auditor’ report.
Our opinion on the 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 is made available and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of our 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.
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, including other comprehensive income, changes in equity and cash flows of the company in accordance
with the Indian 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 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 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 the 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 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
Standards on Auditing 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 Standards on Auditing (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)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls 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 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 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 Act, we give in the ‘Annexure — I’ a statement on the matters
specified in paragraphs 3 and 4 of the 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 to the best of our knowledge and belief
were necessary for the purposes of our audit.
(b) In our opinion, except for the matters stated in clause (vi) below on reporting under Rule 11(g), 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 including Other Comprehensive Income, Statement of
Changes in Equity 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 Ind AS specified under Section 133
of the Act.
(e) On the basis of the written representations received from the directors as on 31st March, 2026 taken on record
by the board of directors, none of the directors is disqualified as on 31st March, 2026 from being appointed as a
director in terms of Section 164 (2) of the Act.
(f) Our observation relating to maintenance of accounts and other matters connected therewith are stated in clause
(vi) below on reporting under Rule 11(g).
(g) 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 — II’. Our report expresses an
unmodified opinion on the adequacy and operation effectiveness of the Company’s internal financial controls over
financial reporting.
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
the 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 provision of section 197 of the Act.
(i) With respect to the other matters to be included in the Auditors 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 explanation given to us.
i. The Company has disclosed the pending litigations on its standalone financial statements in note 26 (3), (11),
(12) and (13) of the standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
iii. We draw attention to Note 26(14) to the financial statements, which describes the pending transfer of
Rs.27.07 lakhs to the Investor Education and Protection Fund (IEPF).
iv. (a) the Management has represented that, to the best of their knowledge and belief, other than as disclosed in
note no 3 to the standalone financial statement, 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 persons or entities, 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 their knowledge and belief, no funds have been
received by the Company from any persons or entities, 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 that we have considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clauses
(i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. On the basis of test checking, we report that the Company has used accounting software for maintaining its
books of account and all other relevant transactions recorded in the software which does not have a feature
of recording audit trail (edit log) facility throughout the year.
In the absence of edit log feature in the software, the preservation of Audit Trail as per the statutory
requirement of records retention under Rule 11(g) could not be ensured.
For B S D & CO
Chartered Accountants
Firm Regn. No. 000312S
Sd/-
Place : Bengaluru (P L VENKATADRI)
Date : May 30, 2026 Partner
M.No. 209054
UDIN : 26209054IFATKR3342
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