We have audited the financial statements of TIJARIA POLYPIPES LIMITED (“the
Company”), which comprise the balance sheet as at 31st March 2025, and the
statement of Profit and Loss (Including other comprehensive income), Statement of
Change in Equity and Statement of Cash Flow for the year than ended, and notes to the
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 explanations
given to us, the aforesaid financial statements 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 state of
affairs of the Company as at March 31, 2025, and its profit (Loss) (Including other
comprehensive income), Change in Equity and Cash Flow 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 Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the
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
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.

Basis for Disclaimer of Opinion

We draw to attention to:

We are unable to determine the consequential impact of certain specific transactions

/matters and disclosures on the Standalone Financial Statements. Such specific

transactions/ matters include:

a. Bank of India has declared Non-Performing Assets (NPA) to the Company on
30.06.2022 (w.e.f. 27.11.2020) as on date outstanding loan amount was 7250.19
Lacs and Bank Guarantee Rs. 57 lacs total Rs. 7307.19 Lacs. As per the section
13(8) of the SARFAESI Act, 2002 the right of redemption of secured assets, Bank
of India has excising the power and forfeited Equity shares investment of
Promoters / Directors and their relatives total Amount Rs. 474.06 Lacs. This has
been shown in Financials statements as Loan against shares forfeited.

b. The company has taken a loan of Rs 44 lakhs from the directors, this amount is
pending since last years. Management treating it as current borrowing and no
provision for interest has been made.

c. During this Financial Year 2024-25, Bank of India did not engage in any
transactions involving forfeited shares. In the preceding Financial Year 2023-24,
the Bank sold 71,69,116 shares of Tijaria Polypipes Limited for a total of Rs.
4,65,27,031 (Rs.6.49 Per Share). During the Financial Year 2022-23, Bank of India
disposed of 14,17,858 forfeited shares amounting to Rs. 76,33,435(Rs. 5.38 Per
Share). These shares were held by directors, promoters, their relatives persons,
or companies. The proceeds from the sale of these forfeited shares were credited
towards the outstanding loan amount by the Bank.

d. As management has been decided that there is not made interest provision on
NPA declared Bank Loan Account since declaration of NPA by the bank i.e. 1st
July 2022.

e. The company has total outstanding of receivables and advances to Suppliers of Rs.
2,332 lacs as on the year period 31st March 2025 from various entities. We have
circulated the independent balance confirmation for the majority of the
outstanding loans and advances, however, we have not received any confirmation
independently. Also, the company has not accrued any interest on the said loans
& advances. Accordingly, due to lack of sufficient and appropriate audit evidence,
we are unable to comment on the recoverability and existence of such loans and
advances.

f. As per Standards on Auditing (SA) - 505 External Confirmation, Independent
Balance confirmation for outstanding Bank Balances as on 31.03.2025 were
sought during the course of audit and the response to the said confirmations
were received by us.

g. We were unable to perform audit procedures to confirm the balances of Trade

Receivables and Trade Payables as management did not provide external
confirmations. As a result, we could not obtain sufficient appropriate audit
evidence to assess the recoverability or payability of these balances.

h. The company has declared land and building of Rs. 29.82 Lacs situated at
Daulatpura, Jaipur held for sale since 2018-19. Refer to IND AS 105 for this to be
the case, the assets must be available for immediate sale in its present condition,
for the sale to be highly probable, the appropriate level of management must be
committed to a plan of such assets. In this regard the company management not
provide any future plan to execute the same.

i. The company has a Gross Tax Asset of Rs. 26.34 Lacs as on 31st Mar 2025
pertaining to various years. The company has not provided with the status of the
assessment/refund/appeal for the said Tax Assets and hence, due to lack of the
information and documentary evidence, we are unable to comment on the
recoverability of the tax assets or requirement of the provision, if any.

j. The Board of Directors commissioned a valuation of the Plant & Machinery for
the Textile and Pipe Division by registered valuer Vijay Prakash Bhardwaj, with a
valuation report dated March 31, 2025, which indicated impairment of these
assets; the original purchase cost of these impaired assets totaled ^66.28 crores,
with a Written Down Value (WDV) of ^6.44 crores as of March 31, 2025, and
following the impairment assessment, the valuer determined the revised value of
the Plant & Machinery to be ^3.31 crores, impairment loss Rs. 3.12 Crores that
has been recorded in the company's books as of March 31, 2025.

Emphasis of Matter

Key Audit Matters (‘KAM') are those matters that, in our professional judgement, were
of most significance in our audit of the financial statements of the current period.
These matters were addressed in in the context of our audit of the financial statement
as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company's Management and Board of Directors are responsible for the other
information. The other information comprises the information included in the
Management Discussion and Analysis, Board's Report including Annexures to Board's
Report, Company's annual return but does not include the financial statements and our
auditor's report thereon.

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 financial statements, our responsibility is to read
the other information 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. 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. We have nothing to report in this regard.

Responsibilities of Management for the Financial Statements

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
financial statements that give a true and fair view of the financial position, financial
performance 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 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.

In preparing the financial statements, the Management and Board of Directors are
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.

Those Board of Directors are also responsible for overseeing the company's financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements

A Further description of the auditor's responsibilities for the audit of the standalone
financial statements is included in Annexure A. This description forms part of our
auditor's report.

Report on Other Legal and Regulatory Requirements

k. As required by the Companies (Auditor's Report) Order, 2016 issued by the
Central Government of India in terms of sub-section (11) of section143 of the Act,
we give in the “Annexure B” a statement on the matters Specified in paragraphs 3
and 4 of the Order, to the extent applicable.

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.

c. The Balance Sheet, the Statement of Profit and Loss (including other
comprehensive income), the Statement of Change in Equity and the Statement
of Cash Flow 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
Accounting Standards specified under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014.

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

f. 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 C”

3. 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, 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 as at 31 March
2025 on its financial position in the financial statements at Significant
Accounting policies & Notes on Account.

ii. The Company did not have any long-term contracts including derivative
contracts; as such the question of commenting on any material foreseeable
losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under
report to transfer any sums to the Investor Education and Protection Fund.
The question of delay in transferring such sums does not arise.

4. With respect to the matter to be included in the Auditors' Report under section
197 (16):

In our opinion and according to information and explanation given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provision of Section 197 of the Act. The remuneration paid
to any is not in excess of the limit laid down under section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under section
197(16) which are required to be communicated upon by us.

For AMIT AGRAWAL &CO.
Chartered Accountants
Firm No. 009184C

Date : 15^th May 2025

Place : Jaipur

(CA. AMIT AGRAWAL)
PARTNER
Membership No. 77407

UDIN: 25077407BMJBEC9622