INDEPENDENT AUDITOR'S REPORT

To

The Members of
CARYSIL LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Opinion

We have audited the accompanying standalone financial
statements of Carysil Limited (formerly known as "Acrysil
Limited") ("the Company") which comprise the balance
sheet as at 31st March 2023, 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 notes to the financial statements,
including a summary of the significant 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 the
Companies (Indian Accounting Standards) Rules, 2015, as
amended, ('Ind AS") and the other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31st March 2023 and of the profit and total
comprehensive income, changes in equity and its cash
flows 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 ("the 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 made thereunder, 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 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 of the current period.
These matters were addressed in the context of our audit
of the standalone financial statements as a whole, and in
our forming our opinion thereon, and we do not provide a
separate opinion on these matters.

We have determined the matters described below to be the
key audit matters to be communicated in our report:

Key Audit Matter:

Revenue from the sale of goods ("Revenue") is recognized
when the Company performs its obligation to its
customers, the amount of revenue can be measured
reliably and recovery of the consideration is probable. The
timing of such recognition is when the control over the
same is transferred to the customer, which is mainly upon
delivery. The timing of revenue recognition is relevant to
the reported performance of the Company.

Auditor's Response:

Our audit approach was a combination of test of internal
controls and substantive procedures including assessing
the appropriateness of the Company's revenue recognition
accounting policies in line with Ind AS 115 ("Revenue from
Contracts with Customers") and testing thereof; evaluating
the integrity of the general information and control
environment and testing the operating effectiveness of key
controls.

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 Board's Report
including Annexures to Board's Report, Management
Discussion and Analysis, Shareholder's Information, but
does not include the standalone financial statements and
auditor's report thereon. The Board's Report and other
information are 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 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 becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.

When we read the aforesaid reports and information, if we
conclude that there is material misstatement therein, we
are required to communicate the matter to those charged
with governance.

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 Ind AS and 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 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 concerns 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 is also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibility 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 high level of assurance,

but is not a guarantee that 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
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatements
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 the internal control.

• Obtain an understanding of internal financial controls
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 system 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 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 disclosure, 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 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 terms of sub-section (11) of section 143 of
the Act, we give in the Annexure - A, a statement on
the matters specified in clause 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
purpose 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,
statement of changes in equity and the cash
flow statement dealt with by this Report are in
agreement with the books of account;

nothing has come to our notice that
has caused us to believe that the
representations under sub-clause (a)
and (b) above, contain any material
misstatement.

v. The dividend declared or paid during the
year by the Company is in compliance with
section 123 of the Act.

vi. Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining
books of account using accounting
software which has a feature of recording
audit trail (edit log) facility is applicable to
the Company with effect from April 1, 2023,
and accordingly, reporting under Rule 11 (g)
of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year
ended March 31,2023.

For P A R K & COMPANY

Chartered Accountants

FRN:116825W

ASHISH DAVE

Partner

Membership No. 170275

UDIN: 23170275BGSZFU7892

Bhavnagar

May 25, 2023