We have audited the accompanying Financial Statements of CLENON ENTERPRISES LIMITED
(formerly known as G.R.Cables Limited) ("the Company”), which comprise the Balance Sheet as at
March 31, 2025. 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 significant accounting policies and other
explanatory information (hereinafter referred to as the "Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid 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. 2025. 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 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 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 made thereunder, 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 obtained by us is sufficient and appropriate to provide a basis for our
audit opinion on the 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 financial statements for the financial year ended March 31.2025 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 that there are
no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor’s Report Thereon / Other
Information

The Company’s Board of Directors is responsible for 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. Report on Corporate Governance, but does not include the
Financial Statements and our auditor's report thereon The Management Discussion and Analysis,
Board's report including annexures to Board's report. Report on Corporate Governance is expected to
be made available to us after the date of this auditor’s report

Our opinion on the financial statements docs not cover the other information and we will 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 identified above when it becomes available and, m doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially misstated.

When we read the Management Discussion and Analysis, Board's report including annexures to Board's
report. Report on Corporate Governance Report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance as required under
SA 720 ‘The Auditor's responsibilities Relating to Other Information'.

Responsibilities of Management and Board of Directors for The 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 Financial Statements that give a true and fair view
of the financial position, 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 Ind AS specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with die 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 Financial Statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, management and Board of Directors are 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 Company’s Board of Directors are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibility for The Audit of The Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.

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

• Identity' 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 delecting 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 financial 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 control
system with reference to 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 the 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating the results of our work, and (ii) to evaluate
the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and liming of the audit and significant audit findings, including any significant deficiencies in
internal financial controls 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 he 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 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 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 Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in
agreement with the books of account

d In our opinion, die aforesaid financial statements comply with the Ind AS specified under Section 133
of the Act.

e. On the basis of the 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 financial statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure
A Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls with reference to Financial Statements.

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 With respect to the other matters to he 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 on its financial position in its financial
statements.

li The Company did not have any material foreseeable losses on long-term contracts including derivative
contract.

hi There were no amounts, which were 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 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 persons or entities, 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, no funds have been
received by the Company from any persons or entities, 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;

c. Based on the audit procedures that has 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. The company has not declared or paid any dividend during the year.

vi Based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of account for the financial year ended March 31, 2025 which have the 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 and the audit trail has been preserved by the
Company as per the statutory requirements for record retention

2. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in "Annexure B” a statement on
the matters specified in paragraphs 3 and 4 of the Order.

For Gorantla & Co
Chartered Accountants
Firm’s Registration No.: 016943S

Sd/-

Sri Ranga Gorantla
Partner

Membership No.: 222450
UDIN: 25222450BMTVEU5956

Place: Hyderabad
Date: 30th May,2025