1. We have audited the accompanying standalone financial statements of Senco Gold Limited (‘the Company’),
which comprise the Standalone Balance Sheet as at 31 March 2025, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone
Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements,
including material accounting policy information and other explanatory information.

2. 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’) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as
at 31 March 2025, and its profit (including other comprehensive income), its cash flows and the changes in
equity for the year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the Standards on Auditing 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 (‘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 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 MATTER

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.

5. We have determined the matter described below to be the key audit matter to be communicated in
our report.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS

AND AUDITOR’S REPORT THEREON

6. The Company’s Board of Directors are responsible for the other information. The other information comprises
the information included in the Annual Report, 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.

Our opinion on the standalone financial statements does not cover the other information and we will 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 in
the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR

THE STANDALONE FINANCIAL STATEMENTS

7. The accompanying standalone financial statements have been approved by the Company’s Board of
Directors. The Company’s Board of Directors are responsible for the matters stated in section 134(5) of
the Act with respect to the preparation and presentation 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 Ind AS specified under section
133 of the Act 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
of 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 financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

8. In preparing the standalone financial statements, the Board of Directors 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 Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

9. The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL

STATEMENTS

10. 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.

11. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act 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 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 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 Board of Directors’ 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; and

• 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.

12. 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.

13. 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.

14. 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

15. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid
remuneration to its directors during the year in accordance with the provisions of and limits laid down under
section 197 read with Schedule V to the Act.

16. 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) of the Act we give in the Annexure A, a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.

17. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we
report, to the extent applicable, 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 purpose of our audit of the accompanying standalone financial statements;

(b) Except for the matters stated in paragraph 17(h)(vi) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended), 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 standalone financial statements dealt with by this report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section
133 of the Act;

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

(f) The modification relating to the maintenance of accounts and other matters connected therewith are
as stated in paragraph 17(b) above on reporting under section 143(3)(b) of the Act and paragraph
17(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as
amended);

(g) With respect to the adequacy of the internal financial controls with reference to financial statements
of the Company as on 31 March 2025 and the operating effectiveness of such controls, refer to our
separate report in Annexure B wherein we have expressed an unmodified opinion; and

(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, as detailed in note 45 to the standalone financial statements, has disclosed the
impact of pending litigation on its financial position as at 31 March 2025;

(ii) The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses as at 31 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 March 2025;

(iv) a. The management has represented that, to the best of its knowledge and belief, as disclosed in note

56(iv) to the standalone financial statements, no funds have been advanced or loaned or invested
(either from borrowed funds or securities premium or any other sources or kind of funds) by the
Company to or in any person(s) or entity(ies), including foreign entities (‘the 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 (‘the 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, as disclosed
in note 56(v) to the standalone financial statements, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities (‘the 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 such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.

(v) The interim dividend declared and paid by the Company during the year ended 31 March 2025 and
until the date of this audit report is in compliance with section 123 of the Act.

As stated in note 39 to the accompanying standalone financial statements, the Board of Directors
of the Company have proposed final dividend for the year ended 31 March 2025 which is subject
to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in
accordance with section 123 of the Act to the extent it applies to declaration of dividend; and

(vi) As stated in note 55 to the standalone financial statements and based on our examination which
included test checks, the Company, in respect of financial year commencing on 1 April 2024, has
used an accounting software operated by a third-party software service provider for maintaining
its books of account which has a feature of recording audit trail facility and the same has been
operated throughout the year for all relevant transactions recorded in the software at the application
level. In absence of an ‘Independent Service Auditor’s Assurance Report on the Description of
Controls, their Design and Operating Effectiveness’ (‘Type 2 report’ issued in accordance with SAE
3402, Assurance Reports on Controls at a Service Organization), we are unable to comment on
whether audit trail feature of the said software was enabled and operated throughout the year for all
relevant transactions or whether there were any instances of audit trail feature being tampered with
at the database level. The audit trail has been preserved at the application level by the Company as
per the statutory requirements for record retention. Further, due to absence of the Type 2 report, we
are unable to comment on preservation of audit trail at the database level.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration Number: 001076N/N500013

Rajni Mundra

Partner

Membership No.: 058644

UDIN: 25058644BMODLF5635

Place: Kolkata

Date: 29^th May, 2025