We have audited the accompanying standalone financial statements of CALLISTA INDUSTRIES
LIMITED (the "Company”), which comprise the Balance Sheet as at March 31, 2024, 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 ended on that date and notes to the financial
statements, including a summary of material accounting policies and other explanatory
information (hereinafter referred to as the "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, ("Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2024 and its loss, total comprehensive income, changes in equity and its cash flows for
the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs) 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 together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules there under, 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.

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 information included in the Annual 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 standalone 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 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.

Responsibility of Management and Those Charged with Governance 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 of these standalone financial statements that give true and
fair view of the financial position, cash flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India, including the Indian Accounting
Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended)
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 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, the Board of Directors 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 the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting
process.

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under
the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies
(Accounts) Amendment Rules, 2021 requiring companies, which uses accounting software for
maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in
the books of account along with the date when such changes were made and ensuring that the
audit trail cannot be disabled.

The audit trail feature was not enabled at the database level for accounting software Tally Prime
to log any direct data changes, used for maintenance of all accounting records by the Company.

Auditor's Responsibilities 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 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 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.

We cast responsibility in terms of reporting on audit trail by making a specific assertion in the audit
report under the section 'Report on Other Legal and Regulatory Requirements'. This has been
explained in the paragraph below.

To elaborate, we comment on whether the company is using an accounting software which has a
feature of recording audit trail and verify the following aspects:

• whether the audit trail feature is configurable (i.e., if it can be disabled or tampered with)?

• whether the audit trail feature was enabled/operated throughout the year?

• whether all transactions2 recorded in the software covered in the audit trail feature?

• Whether the audit trail has been preserved as per statutory requirements for record retention?

Report on Other Legal and Regulatory Requirements

1. 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 purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by Company so
far as it appears from our examination of those books.

c. The Balance Sheet, the 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 afore said standalone financial statements comply with the Indian
Accounting Standards prescribed 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, 2024,
none of the directors are disqualified as on March 31, 2024 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 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, of the company examined
by us, and as explained to us, the provisions of section 197 read with schedule v of the act
are not applicable to the Company.

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:

1. The Company does not have any pending litigations, which would impact its financial
position.

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

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

4. a. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, 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 person(s) or entity(ies), including foreign entities
("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 it's knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been received by the
company from any person(s) or entity(ies), including foreign entities ("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; and

c. Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.

d. The company has not declared or paid any dividend during the year.

e. As stated in the standalone financial statements and based on our examination
which included test checks, except for instance mentioned below, the Company, in respect

of financial year commencing on 01 April 2023, 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 from the date 8^th August, 2023 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, other than the
consequential impact of the exception given below.

For Ramanand & Associates
Chartered Accountants
ICAI Firm Reg. No. 117776W

Ramanand Gupta
Partner

M. No. 103975

UDIN: 24103975BKAHYX2006
Place: Mumbai
Date: 29^th May, 2024