We have audited the accompanying Ind AS financial statements of Sainik Finance & Industries Limited comprising of the Balance
Sheet as at 31 March 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 then ended, and notes to the Ind AS financial statements, including a summary of
significant accounting policies and other explanatory information (hereinafter referred to as 'the Ind AS financial statements').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 31 March 2025, their profits including other comprehensive income, their cash flows and the statement of changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS 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 Ind AS 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 Ind AS financial statements.

Emphasis of Matter

We draw attention to note no. 39 to the Ind AS financial statements in terms of which it has been reported that in certain cases, the
Company has advanced loans on which no amount has been received against the principal and interest accrued thereon but the
same is in accordance with the loan agreements entered by the Company which provides for payment of interest along with
principal amount or at the expiry of the said loan agreements. Although, the Company is confident of the recovery of the said
amounts as per respective terms of the loan agreements and has obtained declarations and confirmations from the respective
parties. Our report is not modified in respect of this matter.

Key Audit Matters

Key Audit matters are those matters that, in our professional judgment, 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 in 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. We have fulfilled the
responsibilities described in the Auditor's responsibilities for the audit of the Ind AS financial statements section of our report,
including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the Ind AS financial statements. The results of audit procedures performed by
us, including those procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
Ind AS financial statements.

Information other than the Financial Statements and Auditors' Report thereon

• The Company's Board of Directors is responsible for the preparation of other information which comprises the Director's Report
including annexures to Director's Report, Management Discussion and Analysis Report and Report on Corporate Governance,
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 accordingly, 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 financial statements or our knowledge obtained during the
course of audit or otherwise appears to be materially misstated.

• Based on the work we have performed, if we conclude that there is a material misstatement of this other information; we are
required to report the fact. We have nothing to report in this regard.

Responsibility of Management for Financial Statements

The Company's Board of Directors is responsible for the preparation and presentation of these Ind AS financial statements in terms
of the requirements of the Act that give a true and fair view of the financial position, financial performance including other comprehensive
income, cash flows and statement of changes in equity in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective Board of Directors of the
Companies are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets 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 Ind AS financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Ind AS financial
statements by the Directors of the Company, as aforesaid.

In preparing the Ind AS financial statements, the respective Board of Directors of the companies are responsible for assessing the
ability of the Company 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.

Those respective Board of Directors of the Companies are also responsible for overseeing the financial reporting process of the
Company.

Auditor's Responsibilities for the Audit of the Financial Statements

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the
audit. We also:

• Identify and assess the risks of material misstatement on the Ind AS 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, misrepresentation, 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 Ind AS 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 Ind AS 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 charge with governance, we determine those matters that were of most significance in the
audit of Ind AS 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 in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public 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 in terms of
Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraph 3 and 4 of the said
order, to the extent applicable.

2. As required by section 143(3) of the Act, 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 purposes of our audit of the aforesaid Ind AS financial statements;

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 the Statement of 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
maintained for the purpose of preparation of the Ind AS financial statements;

d) In our opinion, the aforesaid Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31 March, 2025 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) 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 (B)”.

g) With respect to the other matters to be included in the Auditors' Report in accordance with the requirements of Section
197(16) of the Act, as amended, In our opinion and to the best of our information and accordingly to the explanations given
to us, no remuneration has been paid by the company to its directors during the year.

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, in our opinion and to the best of our information and according to the explanations given to us:

i. There is no pending litigation which would have its impact on Ind AS financial statement of the Company.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.

iii. There are no amounts 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, no funds have been advanced or

loaned or invested (either from borrowed fund or share premium or any other source or kind of funds) by the
Company to or in any other persons(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, 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 best of its knowledge and belief, no funds have been received by the
Company from any other person(s) or entity(ies), including foreign entities (“Funding Parties”), with the
understanding, whether recording 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 Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representation under clause (a) and (b) contain any
material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination which included test checks, the company has used accounting software for maintaining its
books of account 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. Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with.

For Kumra Bhatia & Co.

Chartered Accountants
ICAI Firm Registration No.: 002848N

Harish Kumar Bhargava

Partner

Place: New Delhi Membership No.: 090572

Date: 28 May 2025 UDIN: 25090572BMICUM2389