We have audited the accompanying standalone financial
statements of Skipper Limited ("the Company"), which
comprises the balance sheet as at March 31 2025, the
statement of profit and loss, (including the statement of other
comprehensive income), the statement of cash flows and the
statement of changes in equity for the year then ended, and
notes to the standalone financial statements, including a
summary of material accounting policies and other explanatory
information (hereinafter referred to as "the 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
prescribed under section 133 of the act, read with relevant rules
and other accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31,2025, its profit
including other comprehensive income, its cash flows and the
changes in equity 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 (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 (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 there under, 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 we have obtained 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 for the financial year ended March 31, 2025.
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. For each matter below, our description of how our
audit addressed the matter is provided in that context.

Information Other than the Standalone Financial
Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the
preparation of 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 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 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 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. We have nothing to
report in this regard.

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, cash flows and changes in equity
of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015,
as amended. 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 the 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, 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 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 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:

Ý 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.

Ý 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(3X0 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.

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

Ý 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.

Ý 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.

Other Matter

The audit of the standalone financial statements for the year ended
March 31,2024 was carried out and reported on by predecessor
auditor, who have expressed their unmodified opinion vide their
audit report dated 02 May, 2024.

Our report on the standalone financial statements is not modified
in respect of the above matter.

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 A" 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, 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 except
for the matters stated in the paragraph 2(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

(c) The balance sheet, the statement of profit and loss
including the statement of other comprehensive
Income, the statement of cash flows and statement
of changes in equity 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 Indian Accounting
Standards specified under Section 133 of the Act, read
with Companies (Indian Accounting Standards) Rules,
2015, as amended from time to time;

(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) The modifications relating to the maintenance of
accounts and other matters connected therewith are as
stated in the paragraph 2(b) above on reporting under
Section 143(3)(b) of the Act and paragraph 2(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal financial
controls with reference to standalone financial statement
of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".

(h) 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 according to the explanations
given to us, the managerial remuneration for the year
ended March 31, 2025 has been paid / provided by
the Company to its directors in accordance with the
provisions of section 197 read with Schedule V to the
Act; and

(i) 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 41 to the
standalone financial statements;

II. Provision has been made in the standalone financial
statements, as required under the applicable Law
or Accounting Standards, for material foreseeable
losses, if any, on long-term contracts including
derivative contracts as at March 31, 2025 -
Refer Note 25 & 52 to the standalone financial
statements in respect of such items as it relates to
the company.

III. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection fund by the Company.

IV. (a) The management has represented that, to the

best of its knowledge and belief, as disclosed
in the notes to the accounts, 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 person or entity,
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 (refer note 63 to the
standalone financial statements);

(b) The management has represented, that, to the
best of its knowledge and belief, as disclosed
in the notes to the accounts, no funds have
been received by the company from any
person or entity, 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 (refer note 63 to the standalone
financial statements); and

(c) Based on such audit procedures that we
considered reasonable and appropriate in
the circumstances, nothing has come to our
attention that causes us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e) as provided under paragraph 2(i)
(iv)(a) & (b) above, contain any material mis¬
statement.

V. The dividend declared or paid during the year by
the Company is in compliance with section 123 of
the Companies Act, 2013.

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
except that no audit trail was enabled at the
database level for accounting software to log any
direct data changes.

Further, during the course of our audit we did not
come across any instance of the audit trail feature
being tampered with, in respect of accounting
software for the period for which the audit trail
feature was enabled and operating and the audit
trail has been preserved by the company as per
the statutory requirements for record retention
except at the database level as audit trail feature is
not enabled.

For J K V S & CO
Chartered Accountants

Firm Registration No. 318086E

Ajay Kumar

Partner

Place: Kolkata Membership No. 068756

Dated: April 30, 2025 UDIN:25068756BMNQTL7389