We have audited the accompanying financial statements Gautam Gems Limited (“die Company”), which comprise the
Balance Sheet as at March 31, 2025, and die Statement of Profit and Loss, including die Statement of Other Comprehensive
Income, the Statement of Changes in Equity and the Cash Flow Statement for the year then ended and notes to the financial
statements including a summary of the significant accounting policies and other explanatory information (hereinafter referred
to as “Financial Statements”).

In our opinion and to the best of our information and according to die explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013, as amended (“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 die state of affairs of the
Company as at March 31,2025, and its profit including other comprehensive income, the 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), as specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described ill the ‘Auditor’s Responsibilities
for die Audit of the Financial Statements’ section of our report. We are independent of die 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 thereunder, and we have
fulfilled our other ediical responsibilities in accordance with diese requirements and the Code of Etiiics. 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 Board of Directors is responsible for the other information. The other information comprises the information
included in the Directors repeat, 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. El connection with our audit of the Financial Statements, our responsibility is to read the other information and, in
doing so, consider whether such 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, 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 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 of these Financial Statements that give a true and fair view⁷ of the financial position, financial performance
including other comprehensive income, changes in equity and cash flow's of the Company in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards (IND AS) specified under Section 133 of
the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of die 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 adequate internal financial controls, that w'ere 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 tme and fair view' and are free from material misstatement, whether due to fraud or error.

In preparing the 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 die 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. Those
Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether die Financial Statements as a whole are free from material
misstatement, whcdicr due to fraud or error, and to issue an auditor’s report diat 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 die basis of these Financial
Statements.

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

• Identify and assess die 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 proride 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 expressing our opinion on whether the
Company has adequate internal financial controls 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 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 die Financial Statements, including the disclosures, and whether
the Financial Statements represent die underlying transactions and events in a maimer that achieves fair presentation.

We communicate with those charged widi 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 diosc charged with governance with a statement that w'c have complied with relevant ethical requirements
regarding independence, and to communicate widi them all relationships and other matters that may reasonably be thought to
bear on our independence, and wiiere applicable, related safeguards.

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 Section 143(11) of the Act, w'e give in the “Annexure 1”, a statement on the matters specified in paragraphs 3
and 4 of the Order.

2. As required by Section 143(3) of the Act, w'e report that:

(a) We have sought and obtained all the information and explanations w'liich to the best of our knowledge and belief
w'ere necessary for the pmposes 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, die Statement of Profit and Loss including the statement of other comprehensive Income, the Statement
of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement 111111 the books of account.

(d) hi our opinion, the aforesaid financial statements comply with die Accounting Standards prescribed under Section 133 of
the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended

(c) 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 die internal financial controls of the Company with reference to these financial statements
and tlie operating effectiveness of such controls, refer to our separate report in “Annexure 2” to this report.

(g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requir ements of section
197(16) of the Act, as amended, in our opinion and according to the information and explanation given to us by the
management, the remuneration paid by the Company to its directors dining the year is in accordance with the provisions of
Section 197 read with Schedule V of the Act.

(h) Withrespect 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, as amended, in our opinion and to the best of our information and according to the explanations
given to us:

i. The Company does not have any pending litigations which have impact on its financial position in its financial
statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses; and

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

iv. With respect to Investments:

(a) The Management has represented that, to the best of its knowledge and belief, no fluids (winch are material either
individually or in the aggregate) have been a chanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of fluids) 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 proride 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 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 ex' on behalf of the Funding Party (“Ultimate Beneficiaries”) or proride any guarantee, security or he 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 lias 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 dividend during the year.

vi. Based on our examination, which included test checks, the Company has used Tally based accounting software system
for maintaining its books of account for the year ended March 31, 2025 which is subject to the feature of recording
audit hail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
software systems.

For AKGVG & Associates

Chartered Accountants

ICAI Firm Registration No.: 018598N

IIDIN: 25118627BMKTDA8145

Priyauk Shah

Partner Place: Alimedabad

Membership No.: 118627 Date: May 26, 2025