We have audited the accompanying financial statements of SURAJ PRODUCTS LIMITED ("the Com¬
pany"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
(including other comprehensive income), the Cash Flow statement and the statement of changes in
equity for the year 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, as amended
("the Act") 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 31st March 2025,
its profit including and 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 financial statements in accordance with the standards on auditing
(SAs) as 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 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 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 audit opinion on the financial statements.

Key Audit Matters

Key Audit Matters 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 the
context of our audit of the financial statements as a whole, and informing 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.

Information other than the financial statements and auditors' 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, Business Responsibility Report 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 informa¬
tion 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. We have nothing
to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors of the Company are responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ('the act') with respect to the preparation of these financial state¬
ments that give a true and fair view of the financial position, financial performance including compre¬
hensive income and 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 companies (Indian Accounting Standards) rules,
2015, as amended. This responsibility includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for prevent¬
ing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; design, implementation
and maintenance of adequate internal financial controls, that are 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, 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 Responsibility

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 misstate¬
ment 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 deci¬
sions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain profes¬
sional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the 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 Companies Act, 2013,
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 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 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 financial statements, including
the disclosures, and whether the 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 for the financial year ended
March 31, 2025 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 section143 of the Act, we give in the Annexure
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 further 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 appears from our examination of those books;

c) the Balance Sheet, Statement of Profit and Loss including other comprehensive income, the
Cash Flow Statement 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 financial statements comply with the applicable Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules 2014;

e) on the basis of written representations received from the directors as on March 31,2025, and
taken on record by the Board of Directors, none of the directors is disqualified as on March
31,2025, 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 A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls over financial reporting;

g) In our opinion the managerial remuneration for the year ended March 31,2025 has been paid/
provided by the company to its directors is in accordance with the provisions of section 197
read with schedule V of the Act;

h) In our opinion and to the best of our information and according to the explanations given to
us, we report as under with respect to other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company has disclosed the impact of pending litigations on its financial position in
its Ind AS Financial Statements - Refer Note 41 to the Ind AS Financial Statements.

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 been an occasion in case of the Company during the year under report to
transfer sums to the Investor Education and Protection Fund. However there had been
no delay in transferring such sums does not arise;

iv) (a) The Management has represented that, to the best of its knowledge and belief, no

funds (which are material either individually or in the aggregate) 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 entity ("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 its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity ("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;

(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe
that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under
(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) Based on our examination, the company, has used accounting software for maintaining
its books of account for the financial year ended 31st March,2025 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for
all the relevant transactions except in respect of database asset wise property, plant and
equipment, any database changes for the valuation of Inventory and payroll related
records wherein the accounting software did not have the audit trail feature enabled
throughout the year. Further, during the course of our audit we did not come across any
instance of audit trail feature being tampered with.

Additionally, the audit trail has been preserved by the company as per the statutory
requirements for record retention.

For G A R V & Associates
Chartered Accountants
Firm Registration No. 301094E

Place: Kolkata (Ashish Rustagi)

Date: 17th day of May, 2025 Partner

UDIN: 25062982BMGHAD7001 Membership No.: 062982