We have audited the accompanying standalone financial statements of Nitin Fire Protection Industries
Limited ("the Company"), which comprise the Balance sheet as at March 31 2025, the Statement of
Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement
of Changes in Equity for the year then ended, and notes to the standalone financial statements,
including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone 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 the state of affairs of the Company as at March
31, 2025, its profit including other comprehensive income, its cash flows and changes in equity for the
year ended on that date.

Basis of opinion

We conducted our audit 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 standalone Ind AS 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 Ind AS financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our ethical responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of matter

We draw attention to the below mentioned matter in the notes to the standalone financial statements:

Note 52 to the standalone financial statements which describes the accounting treatment followed by
the Company consequent to the sale of the Company as a corporate debtor approved under the
insolvency resolution process by the Hon'ble National Company Law Tribunal, Mumbai vide its Order.
Pursuant to the Order, various assets and liabilities as more fully described in the said Note were
derecognised and the resultant capital reserve balance was subsequently transferred to retained
earnings which is not in compliance with the applicable Indian Accounting Standards (Ind AS).

Our opinion is not modified in respect of this matter.

Key audit matters

Key audit matters are those that, in our professional Judgement, were of most significance in our audit
of the financial statements of the current year. These matters if any, 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.

Information other than the Financial Statements and Auditor's Report thereon

The Liquidator is responsible for the preparation of 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.

Our opinion on the standalone 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 standalone 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 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.

Responsibilities of the Liquidator and those charged with governance for the Standalone Financial
Statements

The Hon'ble National Company Law Tribunal ('NCLT') Mumbai Bench admitted a petition for initiation
of CIRP under Section 7 of the Insolvency and Bankruptcy Code , 2016( IBC), filed on June 4, 2018 by
one of the financial creditors of the Company and appointed an Interim Resolution Professional (IRP)
to manage the affairs of the Company in accordance with the provisions of the IBC vide Order dated
October 22, 2018. The Committee of Creditors in its meeting held on November 20, 2018 passed a
resolution confirming the appointment of the IRP as the Resolution Professional (RP). In view of the
CIRP/Liquidation, the powers of the Board of Directors have been suspended and the said power of
adoption of standalone financial statements of the Company vests with the RP/ Liquidator. Further,
vide Order dated January 18, 2022, the RP is now the liquidator of the Company. The Company has
been sold as a going concern.

The Liquidator is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these standalone Ind AS financial statements that give a true and fair view of the
financial position, financial performance, changes in equity and cash flows 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
Standard) Rules, 2015 as amended from time to time. 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 standalone Ind AS financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, Liquidator 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 Liquidator either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

The Liquidator is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone financial statements

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

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

- Identify and assess the risks of material misstatement of the standalone Ind AS 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
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system 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 standalone Ind AS
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 Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS 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 timing of the audit and significant audit findings, including any significant deficiencies in
internal control 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 be 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 standalone Ind AS 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 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 Companies Act,

2013, we give in the Annexure I, 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, 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 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 the Statement of Other
Comprehensive Income, the Cash Flow Statement, and 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 financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

e. As per terms of section 17 (1) (b) of the Insolvency and Bankruptcy Code, 2016 ("the
Code"), the powers of the Board of Directors have been suspended and be exercised by
the Liquidator of the Company. Hence, written representation from directors have not
been taken on record by the Board of Directors. Accordingly, we are unable to comment
whether none of the director is disqualified as on March 31, 2025 from being appointed
as a director in the 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 II;

g. In our opinion, the managerial remuneration, if any, for the year ended March 31, 2025
has been paid / provided by the Company to its directors in accordance with the provisions
of Section 197 read with Schedule V to the Act;

h. 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:

i. The Company has disclosed the impact of pending litigations on its financial position
in its standalone financial statements- Note 41 to the standalone financial statements;

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

iii. There has been delay in transferring an amount required to be transferred, to the
Investor Education and Protection Fund by the Company, Details are as under:

iv. 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 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 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;

• 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 entity, including foreign entity ("Funding
Parties"), with the understanding, whether recorded in writing or
otherwise, that theCompany 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;

Based on such audit procedures performed as considered reasonable and appropriate in
the circumstances, nothing has come to our notice that causes us to believe that the
representations under sub-clause iv contain any material misstatement.

v. The company has neither declared nor paid any dividend during the year. Hence' reporting
the compliance with section 123 to the Act is not applicable.

vi. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Wherever audit trail is enabled during the course of
our audit we did not come across any instance of audit trail feature being tampered with in
respect of abovesaid software.

Other matter

The audit of standalone financial statements which expressed a disclaimer of opinion for the
year ended March 31, 2024 was carried out and reported by Parekh Shah & Lodha, Chartered
Accountants (Firm Registration Number:0107487W) vide their report dated July 9, 2024 and
which was furnished to us by the management. The same has been relied upon by us for the
purpose of our audit of these standalone financial statements.

Our opinion is not modified in respect of this matter.

For Tolia & Associates

Chartered Accountants

Firm Registration Nmber:111017W

Sd/-

Kiran P. Tolia

Proprietor

Membership Number:043637

UDIN: 25043637BMOQDG1650

Mumbai: October 30, 2025