1. We have audited the accompanying Ind AS financial statements of Trio Mercantile and Trading Limited ("the
Company"), which comprise the Balance Sheet as of March 31,2024, 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 a summary of the significant accounting policies and other explanatory information.

2. 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 Act in the manner so required and give a true and fair viewexcept for complying
with the Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (hereinafter referred as "the Account Rules") of having
an accounting software with the feature of audit trail for maintaining of books of accounts, in conformity with the accounting
principles generally accepted in India including Indian Accounting Standards ('Ind AS') specified under section 133 of the Act,
of the state of affairs of the Company as at March 31,2024, and total comprehensive income (comprising of loss for the year
and other comprehensive income), its cash flows and changes in equity for the year ended on that date.

Basis for opinion

3. 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 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 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.

Key Audit Matters

4. 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 Ind AS 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.

Information other than the Financial Statements and Auditor's Report thereon

5. 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 Ind AS financial statements and our auditor's report
thereon.The Annual report is expected to be made available to us after the date of this our auditor's report.

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 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 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 Financial Statements

6. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013("the
Act") with respect to the preparation of these Ind AS financial statements to give a true and fair view of the financial
position, financial performance, 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 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 financial statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

7. In preparing the 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.

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

Auditor's Responsibilities for the Audit of the Financial Statements

9. 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 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 financial statements.

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

• Identified and assessed the risks of material misstatement of 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,
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 explaining 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.

• Evaluated the overall presentation, structure and content of the Ind AS financial statements, including the
disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of the misstatement in the financial statement that, individually or in aggregate, makes
it probable that the economic decision of the reasonably knowledgeable user of the financial statement may be
influenced. We considered quantitative materiality and qualitative factor in (i) planning the scope of our audit work and
evaluating the result of our work, and (ii) evaluating the effects of any identified misstatement in the financial statements.

11. 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.

12. 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.

13. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the 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

14. As required by 'the Companies (Auditor's Report) Order, 2020', issued by the Central Government of India in terms of
subsection (11) of section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of
the books and records of the Company as we considered appropriate and according to the information and explanations
given to us, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

15. 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 the Company so far as it appears
from our examination of those booksand the audit trail feature is not complied;

c) the Balance sheet, 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;

d) in our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standard specified
under Section 133 of the Act;

e) on the basis of the written representations received from the directors as on March 31, 2024 taken on record by
the Board of Directors, none of the directors is 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"; and

g) with respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the
Companies(Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according
to the information and explanations given to us:

i. The Company has pending litigations with the Income Tax Department that might impact its financial position;

ii. the Company does not have any long term contract including derivative contracts for which there are any
material foreseeable losses;

iii. There has been no delay in transferring amount required to be transferred to the Investor Education and
Protection Fund.

iv. (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 (which are material either individually or in 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(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 its knowledge and belief, other than as disclosed
in the notes to the accounts, no funds (which are material either individually or in aggregate) 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 such audit procedures that the auditor has considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused them to believe that the representations
under sub-clause (a) and (b) of point no. iv contains any material misstatement.

v. The management has represented, that, the Company has not declared or paid any dividend during the year.

vi. In accordance with the guidance note issued by the ICAI on the reporting of audit trail under rule 11(g) of
the companies (Audit and auditors) rules, 2014, we have checked the requirement of maintenance of audit
trail feature in the accounting software.

Based on our examination which included test checks, the company has used an accounting software (i.e.
Tally Prime) for maintaining its books of account which does have a feature of recording audit trail facility but
not enabled by the Company.

FOR BILIMORIA MEHTA & CO.

CHARTERED ACCOUNTANTS
Firm Registration Number: 101490W

CA JALPESH K. VORA

Partner

Place : Mumbai Membership No.: 106636

Date : 30th May, 2024 UDIN : 24106636BKGWBU9697