We have audited the accompanying financial statements of SKP BEARING INDUSTRIES LIMITED ("the
company"), which comprise of the Balance Sheet as at March 31,2025, the Statement of Profit and Loss and
the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our knowledge and according to the information and explanations given to
us, the aforesaid financial statements, give the information required by Companies Act, 2013 (the Act) in the
manner so required and give a true and fair view in conformity with the accounting standards as prescribed
by Companies (Accounting Standards) Rules. 2006;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2025;

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Basis of Opinion:

We have conducted our audit of the Financial Statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the 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 independence requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI's 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 Financial Statements.

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

The Company's Management and Board of Directors are responsible for the other information. The other
information obtained at the date of this auditor's report is information included in the Director' report, but
does not include the financial statements and 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 financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor's
report, 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.

Material Uncertainty With Regards to Going Concern Assumption:

As per SA 570 on Going Concern, we are required to obtain sufficient and appropriate audit evidence
regarding, and to conclude on, the appropriateness of management's use of the going concern basis of
accounting in the preparation of financial statements, and to conclude, based on audit evidence obtained,
whether a material uncertainty exists about the entity's ability to continue as a going concern. In this regard.
We have obtained audit evidences that are sufficient and appropriate in our professional judgment and basis
the same, we conclude that there exists no material uncertainty with respect to ability of the company to
continue as going concern

Key Audit Matters:

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 Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of
the assets of the Company and for preventing and detecting the 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 internal financial control, 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit report under the provisions of the Act and the Rules made there
under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the
Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on our judgment, including the assessment of the risks
of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, we considers internal financial control relevant to the Company's preparation of the financial
statements that give true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall
presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the financial statements.

OTHER MATTERS

Commencement of Operations at New unit
At Zamar Plant

• The Company commenced commercial operations at its Zamar Plant effective from March 1,2025.

• All expenditures previously recognized under Capital Work-in-Progress related to the Zamar Plant,
amounting to Rs. 14,94,49,882/- have been transferred to the appropriate categories under Property, Plant
and Equipment in accordance with the applicable financial reporting framework.

At PM Kusum Solar Project:

• The Company commenced generation of electricity at its PM Kusum Solar Project plant effective from
Dune 19,2024.

* All expenditures previously recognized under Capital Work-in-Progress related to the PM Kusum Solar
Project, amounting to Rs.10,37,49,946/-, have been transferred to the appropriate categories under
Property, Plant and Equipment in accordance with the applicable financial reporting framework.

Our opinion is not modified in respect of this matter.

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 Annexure-A a statement
on the matters specified in the paragraph 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 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
appears from our examination of those books of account.

c) The company has not appointed any branch auditor and thus question of considering branch audit
report does not arise.

d) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this
Report are in agreement with the books of account.

e) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

f) During course of our audit, we have not observed any financial transaction or matter that adversely
affect functioning of the company.

g) 0n the basis of written representations received from the directors, taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March, 2025, from being appointed as a director in
terms of Section 164(2) of the Act.

h) We do not express any qualification, reservation, or adverse remark with respect to the maintenance of
accounts. The Company has implemented a New ERP system effective from 1st April, 2024 and is
currently in the process of system updation and stabilization to ensure smoother operations.

I) In our opinion, company has adequate internal financial control system over financial statements in
place and in our observation same is operating effectively.

j) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of
Companies (Audit and Auditors) Rules. 2014, in our opinion and to the best of our information and
according to the explanations given to us;

The Company has pending litigations as under;

The Company has paid entire amount of Rs. 34.75 Lakhs to the income tax and has opted for the resolution as
per Direct Tax Vivad se Vishwas (DTVSV) Scheme, 2024.

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

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

(a) the management has represented that, to the best of it's knowledge and belief, no funds have been
loaned or advanced or invested [either from borrowed funds or share premium or any other source 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 it's knowledge and belief, 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 such 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 (a) and (b) contain any material mis-statement.

Company has paid final dividend of Rs.1.10 per share amounting to total of Rs. 1,82,60,000/- for FY 2023-24.

In our opinion, same is in accordance with the section 123 of the Act.

For. DIPAK P. SHAH AND CO.

. Chartered Accountants

Place: Surendranagar

Date: 18/07/2025 DIPAK P. SHAH

[PROPRIETOR]

[M.N0.045296]

[FRN-112132W]