our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit matters to be communicated in
our report.

We have audited the accompanying financial statements of Credo Brands Marketing
Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2026, and 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 then ended, and notes to the
financial statements, including material accounting policy information 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 read with Companies
(Indian Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,
2026, and its profit (including other 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 SAs
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 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 ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming

Key Audit Matters How the Key Audit Matters was addressed in our

audit

• Performing roll-forward and roll-back procedures
where counts were conducted at dates other
than the balance sheet date.

• Reviewing the reconciliation of physical inventory
counts with the inventory records maintained in
the Company’s ERP system and investigating
significant differences.

• Evaluated the adequacy of the disclosures made
in the financial statements as per relevant Indian
Accounting Standards, including the disclosures
related to accounting policies and valuation
methods.

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 Annual Report including the Director’s
report, but does not include the financial statements and our auditor’s report thereon. The
Company’s Annual Report which is expected to be made available to us after that date.

Our opinion on the 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 financial statements, our responsibility is to read the
other information identified above 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.

When we read the Annual Report including Director’s 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 BOARD OF DIRECTORS FOR THE FINANCIAL
STATEMENTS

The Company’s Management and Board of Directors are 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 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 specified under section 133
of the Act. 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 statement that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Company 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 Board of Directors is 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 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 the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

We give in "Annexure A” a detailed description of Auditor’s responsibilities for Audit of the
Financial Statements.

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 "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the

Order, to the extent applicable.

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 purposes of our audit of
the aforesaid financial statements.

(b) In our opinion, proper books of account as required by law relating to preparation
of the aforesaid financial statements 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), the Statement of Changes in Equity and the Statement of Cash Flows
dealt with by this Report are in agreement with the books of account maintained for
the purpose of preparation of the financial statements.

(d) In our opinion, the 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 31,2026 taken on record by the Board of Directors, none of the directors are
disqualified as on March 31, 2026 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 C".

(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:

i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 33 to the 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 are no amounts which are required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended March
31,2026.

iv. a. The Management has represented that, to the best of it’s knowledge

and belief, as disclosed in the note 42(g) to the financial statements, 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 person(s) or entity(ies), including foreign
entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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 it’s knowledge and
belief, as disclosed in the note 42(h) to the financial statements, no funds
have been received by the Company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, 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 performed that have 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) contain any material mis-statement.

v. The Board of Directors of the Company have proposed final dividend for the
year which is subject to the approval of the members at the ensuing Annual
General Meeting. The dividend declared is in accordance with section 123 of
the Act to the extent it applies to declaration of dividend. (Refer Note 43 to the
financial statements).

vi. Based on our examination, which included test checks, the Company 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 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 audit trail feature being tampered with. Additionally, the audit trail of prior
years has been preserved by the Company as per the statutory requirements
for record retention.

3. In our opinion, according to information, explanations given to us, the remuneration paid
by the Company to its directors is within the limits laid prescribed under Section 197
read with Schedule V of the Act and the rules thereunder.

For M S K C & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 001595S/S000168

Ojas D. Joshi

Partner

Place: Mumbai Membership No. 109752

Date: May 21,2026 UDIN: 26109752ROMJEW7576