We have audited the accompanying standalone Ind AS financial statements of VELOX INDUSTRIES
LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2024, the Statement of
Profit and Loss, Statement of Cash Flows and the Statement for changes in Equity for the year then
ended, include and a summary of significant accounting policies and other explanatory information.
(Hereinafter referred to as 'standalone Ind AS financial statements').

Management's Responsibility for the Standalone Financial Statements

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 and presentation of these standalone Ind
AS financial statements that gives a true and fair view of the financial position, financial performance,
cash flows and changes in equity of the Company in accordance with accounting principles generally
accepted in India, including the Indian Accounting Standards(Ind AS) specified under section 133 of the
Act, read with relevant rules there. 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 the design,
implementation and maintenance of adequate 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 standalone Ind AS 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 standalone Ind AS 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
thereunder.

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 standalone Ind AS financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the standalone Ind AS financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the standalone Ind aS financial
statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal financial control relevant to the
Company's preparation of the standalone Ind AS financial statements that give a 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 the Company's Directors, as well as evaluating the overall presentation of the
standalone Ind AS 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements give the information required by 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 the state of affairs of the Company as at March 31, 2024, its profits, total comprehensive income
its cash flows and changes in equity for the year ended on that date.

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 the "Annexure
A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 purpose 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 and proper returns adequate for the purpose of our
audit ;

(c) The Balance Sheet, Statement of Profit and Loss including other comprehensive income, Cash Flow
Statement and the statement of changes in equity dealt with by this Report are in agreement with the
books of account;

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting
Standards specified 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 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 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, the company has no pending litigation.

For P Shah & Co.

Chartered Accountants
(Regd No.: 109710W)

Sd/-

Ketan P Shah
Proprietor

Membership No.: 043246
Place of Signature: Mumbai
Date: 30/05/2024

UDIN: 24043246BKCAUO8039