We have audited the accompanying standalone
financial statements of Stylam Industries Limited ("the
Company"), which comprise the Balance Sheet as at 31
March 2025, 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 "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 other accounting principles
generally accepted in India, of the state of affairs of
the Company as at 31st March, 2025, and its profit, total
comprehensive income, its cash flows and the changes
in equity for the year ended on that date.

Basis of 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 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 together
with the ethical requirements that are relevant to our audit
of the standalone 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 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 of the current
period. 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. We have
determined the matter described below to be the key
audit matter to be communicated in our report.

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

The Company's management and Board of Directors is
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, Business Responsibility
Report, Corporate Governance and Shareholder's
Information, but does not include the standalone financial
statements and our auditor's report thereon.

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

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 and take necessary actions, as applicable
under the relevant laws and regulations. We have nothing
to report in this regard.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

The Company's management and Board of Directors are
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
state of affairs, profit/loss and other comprehensive
income, changes in equity and cash flows 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.
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 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 Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of
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
skepticism throughout the audit. We also:

• 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.

• Obtain an understanding of internal financial
control 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 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.

• 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.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the standalone
financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning

the scope of our audit work and in evaluating the results
of our work; and (ii) to evaluate the effect of any identified
misstatements in the standalone financial statements.

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.

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 section 143(11) of
the Act, we give in the "Annexure A" a statement on
the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

2. (A) As required by Section 143(3) of the Act, based

on our audit, 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) The management of the Company has not
provided us with the financial statements
and other relevant financial information of
Alca Vstyle Sdn.Bhd,Malysia (Associate).
As a result, we were unable to obtain
sufficient appropriate audit evidence
regarding the financial information of this

associate to be included in the financial
statements. Accordingly, our audit opinion
on the consolidated financial statements,
to the extent they relate to the amounts
and disclosures pertaining to Alca Vstyle
Sdn.Bhd,Malysia, is based solely on the
information provided by the management.

(c) 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.

(d) The Balance Sheet, the Statement of Profit
and Loss including other comprehensive
income, the Cash Flow Statement and the
statement of changes in equity dealt with
by this Report are in agreement with the
relevant books of account.

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

(f) 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.

(g) 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". Our report expresses an unmodified
opinion on the adequacy and operating
effectiveness of the Company's internal
financial controls over financial reporting.

(b) 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;

ii. There is one pending case pertaining to the
office address SCO 14, Sector 7-C, Madhya
Marg, Chandigarh, which is currently
pending with the SDM of Chandigarh. The
liability, if any, in connection with this case
cannot be ascertained at this stage.

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

iv. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company.

v. (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 funds or share premium or
any other sources or kind of funds)
by the Company to or in any other
persons or entities, including foreign
entities ("Intermediaries"), with the
understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, directly or indirectly
lend or invest in other persons or entities
identified in any manner whatsoever
("Ultimate Beneficiaries") by or on
behalf of the Company 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 have been
received by the Company from any
persons or entities, including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall directly or indirectly, lend or invest
in other persons or entities identified
in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of
the Funding Parties or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures
performed 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)
contain any material misstatement.

(c) With respect to the matter to be included in the
Auditors' Report under section 197(16) of the Act:

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

(d) Based on our examination which included
test checks, in respect of financial year
commencing on 1 April 2024, the company has
used an accounting software for maintaining
its books of account which has a feature of

recording audit trail (edit log) facility and the
same has been 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.

(e) As proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 is applicable from April 1,
2023, reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 on preservation
of audit trail as per the statutory requirements
for record retention is not applicable for the
financial year ended March 31, 2025.

For Mittal Goel & Associates

Chartered Accountants
Firm Reg. No. 017577N

Sd/-

SANDEEP KUMAR GOEL

Partner

Date: 26th May, 2025 Membership No. 099212

Place: Chandigarh UDIN:- 25099212BMIYYL8794