1) We have audited the accompanying standalone
financial statements of RattanIndia Enterprises
Limited ('the Company'), which comprise the Balance
Sheet as at 31 March 2025, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in Equity for
the year then ended, and notes to the standalone
financial statements, including material accounting
policy information and other explanatory information,
in which are included the financial statements of
RattanIndia Enterprises Limited Employee Welfare
Trust (''the Trust'') for the year ended on that date
audited by the auditors of the Trust.

2) I n our opinion and to the best of our information
and according to the explanations given to us, and
based on the consideration of the reports of the
auditors of the Trust as referred to in paragraph 15
below, the aforesaid standalone 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 ('Ind AS') specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India,
of the state of affairs of the Company as at 31 March
2025, and its profit (including other comprehensive
income), its cash flows and the 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 the Standalone 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 standalone
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 together with
the audit evidence obtained by the auditors of the
Trust, in terms of their report referred to in paragraph
15 of the Other Matter section below 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 and based on the consideration
of the report of the auditors of the Trust as referred
to paragraph 15 below, were of most significance in
our audit of the standalone financial statements of
the current period. These matters were addressed in
the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters.

5) We have determined the matters described below
to be the key audit matters to be communicated in
our report

Information other than the Standalone Financial

Statements and Auditor's Report thereon

6) The Company's Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annual
Report, but does not include the standalone financial
statements and our auditor's report thereon. The
Annual Report is expected to be made available to
us after the date of this auditor's report.

Our opinion on the standalone financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.

I n connection with our audit of the standalone
financial statements, our responsibility is to read the
other information identified above when it becomes
available and, in doing so, consider whether the
other information is materially inconsistent with the
standalone financial statements or our knowledge

obtained in the audit or otherwise appears to be
materially misstated.

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

7) The accompanying standalone financial statements
have been approved by the Company's Board
of Directors. The Company's Board of Directors
are responsible for the matters stated in section
134(5) of the Act with respect to the preparation
and presentation of these standalone 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
Ind AS specified under section 133 of the Act and
other accounting principles generally accepted in
India. 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.

8) I n preparing the standalone financial statements,
the Board of Directors 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 the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the

Standalone Financial Statements

10) 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 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 standalone financial statements.

11) As part of an audit in accordance with Standards on
Auditing, specified under section 143(10) of the Act
we exercise professional judgment and maintain
professional skepticism throughout the audit.
We also:

• Identify and assess the risks of material misstatement
of the standalone 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 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 Board of Directors'
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 standalone 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 standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation; and

• Obtain sufficient appropriate audit evidence regarding
the standalone financial statements of the Company and
its Trust or the business activities within the Company
to express an opinion on the standalone financial
statements. We are responsible for the direction,
supervision and performance of the audit of financial
statements of the Company included in the financial
statements, of which we are the independent auditors.
For the Trust included in the financial statements,
which have been audited by the other auditors, such

other auditors remain responsible for the direction,
supervision and performance of the audits carried
out by them. We remain solely responsible for our
audit opinion.

12) 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.

13) 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.

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

Other Matter

15) We did not audit the financial statements of one Trust
included in the standalone financial statements of the
Company whose financial statements reflects total
assets of ? 49.34 million as at 31 March 2025, and the
total revenues of ? 3.64 million and net cash inflows
of ? 0.01 million for the year ended on that date.
These financial statements have been audited by the
auditors of the Trust whose report has been furnished
to us by the management, and our opinion on the
standalone financial statements, in so far as it relates
to the amounts and disclosures included in respect
of these, and our report in terms of sub-section (3)
of section 143 of the Act in so far as it relates to the
aforesaid trust, is based solely on the report of such
auditors of the Trust.

Our opinion above on the standalone financial
statements, and our report on other legal and
regulatory requirements below, are not modified
in respect of the above matters with respect to our

reliance on the work done by and the reports of the
auditors of the trust.

Report on Other Legal and Regulatory

Requirements

16) As required by section 197(16) of the Act, based on
our audit, we report that the Company has paid
remuneration to its directors/manager during the
year in accordance with the provisions of and limits
laid down under section 197 read with Schedule V to
the Act.

17) 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 the Annexure A, a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

18) Further to our comments in Annexure A, as required
by section 143(3) of the Act based on our audit, and
on the consideration of the reports of the auditors
of the trust as referred to in paragraph 15 above we
report, to the extent applicable, 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 of the accompanying
standalone financial statements;

b) Except for the matters stated in paragraph 18(i)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended), 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 report on the accounts of the Trust of the
Company audited under section 143(8) of the
Act by the auditors of the Trust has been sent
to us and have been properly dealt with by us
in preparing this report;

d) The standalone financial statements dealt with
by this report are in agreement with the books
of account;

e) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;

f) On the basis of the written representations
received from the directors and 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;

g) The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 18(b) above
on reporting under section 143(3)(b) of the Act
and paragraph 18(i)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended);

h) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March 2025
and the operating effectiveness of such controls,
refer to our separate report in Annexure B,
wherein we have expressed an unmodified
opinion; and

i) 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 (as amended), in our opinion and to the
best of our information and according to the
explanations given to us and based on the
consideration of the reports of the auditors of
the Trust as referred to in paragraph 15 above:

i. the Company, as detailed in note 41(c)
to the standalone financial statements,
has disclosed the impact of pending
litigation(s) on its financial position as at
31 March 2025;

ii. the Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2025;

iii. there were no amounts which were
required to be transferred to the Investor
Education and Protection Fund by the
Company during the year ended 31
March 2025;

iv. a) The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 60(a) to
the standalone financial statements,
no funds have been advanced or
loaned or invested (either from
borrowed funds or securities
premium or any other sources or kind

of funds) by the Company to or in
any person(s) or entity(ies), including
foreign entities ('the 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 ('the
Ultimate Beneficiaries') or provide
any guarantee, security or the like on
behalf the Ultimate Beneficiaries;

b) The management has represented
that, to the best of its knowledge
and belief, other than as disclosed
in note 60(b) to the standalone
financial statements, no funds have
been received by the Company from
any person(s) or entity(ies), including
foreign entities ('the 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
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

v. The Company has not declared or paid
any dividend during the year ended 31
March 2025;

vi. As stated in Note 42 to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial
year commencing on or after 1 April
2024, has used an accounting software
for maintaining its books of account

which has a feature of recording audit
trail (edit log) facility and the same has
been operated throughout the year for
all relevant transactions recorded in
the software except that the audit trail
of accounting software for the period
1 April 2023 to 3 April 2023 has not
been preserved by the Company as per
the statutory requirements for record

retention. Further, during the course of our
audit, we did not come across any instance
of audit trail feature being tampered with
other than the consequential impact
of the exception above. Furthermore,
except for the instance above, the audit
trail has been preserved by the Company
as per the statutory requirements for
record retention.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm's Registration No.: 001076N/N500013

Deepak Mittal

Partner

Place: New Delhi Membership No.: 503843

Date: 27 May 2025 UDIN: 25503843BMLCQD7408