We have audited the accompanying standalone financial statements of
Shish Industries Ltd. (“the Company”), which comprise the Balance
Sheet as at March 31, 2025, and the Statement of Profit and Loss
(including Other Comprehensive income), the Statement of Changes in
Equity and the Cash Flow Statement for the year then ended on that
date, and a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the
explanation 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 accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025 and its profit (financial
performance including other 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 opinion on the Standalone Financial
Statements.

Key Audit Matter

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.

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 Management Discussion and Analysis, Board's Report
including Annexures to Board's Report, but does not include the
standalone financial statements and our auditor's report thereon. These
reports are expected to be made available to us after the date of our
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 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.

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 and
presentation of these standalone financial statements that give a true
and fair view of the financial position, financial performance, total
Comprehensive Income, Changes in Equity and cash flows of the
Company in accordance with the Indian Accounting Standards and the
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 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.

The Board of Directors are 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 and 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, international
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 with reference to
standalone financial statements 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
financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusion 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.

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 be 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 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.

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 appears from our
examination of those books;

(c) The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive Income,
Statement of Changes in Equity and Cash Flow Statement
dealt with by this Report are in agreement with the books of
account;

(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards under section 133 of
Companies Act, 2013 and Companies (Indian Accounting
Standards) Rules, 2015 (“Ind AS”) as amended by
Companies (Indian Accounting Standards) Rules, 2016.

(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 sub- section (2) of section 164 of the Companies Act, 2013.

(f) With respect to the adequacy of the internal financial controls
over financial reporting of the Company with reference to this
Standalone Financial Statements and the operating
effectiveness of such controls, refer to our separate Report in
“Annexure B” to this report.

(g) With respect to the other matters to be included in the
Auditor's 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 according to the explanations
given to us, the remuneration paid by the Company to its
directors during the year is in accordance with the provisions
of Section 197 of the Act.

(h) Without qualifying our opinion, we, on the basis of our
examination of books of accounts and other documents, have
found certain matters which need an emphasis as are given
below:

Loan & Advances, Creditors and Debtors balances as at
March 31, 2025 are subject to the confirmation and
reconciliation with respective parties.

(i) 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. The Company has disclosed the impact of pending
litigations on its financial performance in its standalone
financial statements. [Refer note no. 35 to standalone
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 were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company during the year ended March 31,
2025.

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. (Refer note no. 44 (l) and
(m) to the standalone financial statement)

V. The company has not declared and paid any Interim
divided nor has proposed any final dividend during the
previous year, and hence the question of Compliance
and applicability of Section 123 of the Companies Act
does not arise.

VI. Based on our examination, which included test checks,
the Company has used accounting software for
maintaining its books of accounts 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 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 Company is
in compliance with the preservation of audit trail as per
the statutory requirements for record retention.

For K P C M & Co.
Chartered Accountants
Firm Reg. No. 0117390W

CA Kanaiya Asawa
Partner

Date: May 5, 2025 Membership No.103498

Place: Surat UDIN: 25103498BMIDKJ2206