We have audited the accompanying standalone Ind AS financial
statements of M/s RUSHIL DECOR LIMITED (''the Company"),
which comprise the standalone balance sheet as at March 31,
2025, and the standalone statement of profit and loss (including
other comprehensive income), standalone statement of changes
in equity and standalone statement of cash flows for the year
then ended, and notes to the standalone financial statements,
including a summary of material 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 standalone Ind
AS 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 (financial Position )of the Company as
at March 31,2025, and its Profits (financial performance including
other comprehensive income), its Cash flows and changes in
equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards
on Auditing 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 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 (ICAI) 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 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 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 Board of Directors is responsible for the other
information. The other

information comprises the information included in the Annual
report, but does not include the standalone Ind AS financial
statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS financial
statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially
inconsistent with the standalone Ind AS 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 AND
THOSE CHARGED WITH GOVERNANCE FOR THE
STANDALONE IND AS 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 Ind AS financial statements that give a true
and fair view of the state of affairs (financial position),Profit
or loss(financial performance including 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 Ind AS 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 Ind AS 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
THE STANDALONE IND AS FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the standalone 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 of assurance, but is not a
guarantee that an audit conducted in accordance with Standards
on Auditing 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 Ind AS financial
statements

As part of an audit in accordance with Standards on Auditing,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the
standalone 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, 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 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 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 Ind AS
financial statement 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 Ind AS financial statements, including the
disclosures, and whether the standalone Ind AS 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 standalone 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,
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 section 197(16) of the Act, we report that
the company has paid remuneration to its directors during
the year in accordance with the provisions of and limits laid
down under section 197 read with schedule V to the Act.
The remuneration paid to any director 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 commented upon
by us.

2. 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 section 143 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

3. 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. 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 standalone Balance Sheet, the standalone
Statement of Profit and Loss including other
Comprehensive Income, standalone Statement of
Changes in Equity and the standalone Statement of
Cash Flow dealt with by this Report are in agreement
with the books of account.

d. In our opinion, the aforesaid standalone Ind AS financial
statements comply with the Indian Accounting
Standards specified under section 133 of the Act.

e. On the basis of written representations, received from
the directors as on March 31, 2025 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 with reference to Standalone Ind AS financial
Statement 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
control with reference to Standalone Ind AS financial
Statement.

g. 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 as on 31.03.2025 on its
financial position in the standalone Ind AS
Financial Statements (Refer Note No 36 to the
Standalone Ind AS Financial Statements.)

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

III. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

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. (a) The final dividend proposed in the previous
year, declared and paid by the company

during the year is in accordance with Section
123 of the Act, as applicable.

(b) The Board of Directors of the company have
proposed final dividend for the year which
is subject to the approval of the members
at the ensuing annual general meeting.
The amount of dividend proposed is in
accordance with section 123 of the act, as
applicable.

VI. Based on our examination, which include test
checks, the Company has used accounting
software for maintaining its books of account
for the financial year ended March 31, 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 recorded in the software.
Further, during the course of our audit we did
not come across any instance of the audit trail
feature being tampered with. The audit trail
has been preserved by the Company as per the
statutory requirements for record retention.

For Pankaj R Shah & Associates

Chartered Accountants
(Firm Regn.No.107361W)

[CA Nilesh Shah]

PARTNER
Membership No. 107414
UDIN: 25107414BMGISU2614

Place: Ahmedabad
Date: 14^th May, 2025