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

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 (“the Act”) in the
manner so required and give a true and fair view in
conformity with the accounting principles generally
accepted in India including the Indian Accounting
Standards (“Ind AS”), of the state of affairs of the
Company as at March 31,2025, 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 in accordance with 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 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 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 Standalone Financial Statements of the
current period. We have determined that there are no
key audit matters to communicate in our report .

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon

The Company's Management and the Board of Directors
are responsible for the preparation of the other
information. The other information comprises the
information included in the annual report for example,
Directors report and Management analysis including
annexures thereon, but does not include the
Standalone/Consolidated Financial Statements and our
auditor's report thereon.

The other information 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.

In 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 during the
course of our audit or otherwise appears to be materially
misstated.

When we read the other information, as stated above,
which is expected to be received after the date of our
audit report, if we conclude that there is a material
misstatement therein, we are required to communicate
the matter to those charged with governance and take
necessary actions, as applicable under applicable laws
and regulations.

Management's and Board of Director's Responsibilities for
the Standalone Financial Statements

The Company's Management and the Board of Directors
are responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these
Standalone Financial Statements that give a true and fair
view of the financial position, financial performance
including other comprehensive income, statement of
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 relevant rules issued thereunder. 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 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, the
Board of Directors 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 Board of Directors either intends to
liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Management and 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

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 Financial
Statements.

As part of an audit in accordance with SAs, 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 Standalone 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 the
management and the Board of Directors.

• Conclude on the appropriateness of the Board of
Director'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 Financial Statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained upto 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.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone 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) evaluating the
effect of any identified misstatements in the Standalone
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
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 section 143(11) of
the Act, we give in ‘‘Annexure 1", a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

(2) (A) As required by section 143(3) of the Act, we

report that:

(i) 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;

(ii) 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;

(iii) The Standalone Balance Sheet, the
Standalone Statement of Profit and Loss
including the Statement of Other
Comprehensive Income, the Standalone
Statement of Changes in Equity and the
Standalone Statement of Cash Flows dealt
with by this report are in agreement with
the books of account;

(iv) In our opinion, the aforesaid Standalone
Financial Statements comply with the
Accounting Standards specified under
section 133 of the Act read with relevant
rules issued thereunder;

(v) 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 March 31,
2025 from being appointed as a director in
terms of section 164(2) of the Act;

(vi) With respect to the adequacy of the
internal financial controls with reference to

Standalone Financial Statements of the
Company and the operating effectiveness
of such controls, we give our separate
report in "Annexure 2".

(B) 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)
Amendment Rules, 2021, 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 as on March 31,2025 on
its financial position in its Standalone
Financial Statements - Refer Note 44 on
Contingent Liabilities to the Standalone
Financial Statements;

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

(iii) There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company.

(iv) a) The Management has represented

that, to the best of its knowledge and
belief, as disclosed in the Note 64(ii)(A)
to the Standalon e Financial
Statements, 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
persons or entities, 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 ("Ultimate
Beneficiaries”) by or on behalf of
the Company or

• Provide 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, as disclosed in Note No 64(ii)(B)
of Standalone Financial Statements,
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 the
Company shall:

• Directly or indirectly, lend or invest
in other persons or entities
identified in any manner
whatsoever ("Ultimate
Beneficiaries”) by or on behalf of
the Funding Party or

• Provide any guarantee, security
or the like on behalf of the
Ultimate Beneficiaries;

c) Based on the audit procedures as
con sid ered reason a bl e an d
appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
representations under sub-clause iv
(a) and (b) contain any material mis¬
statement.

(v) The company has not proposed / paid any
dividend during the year.

(vi) i) 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.

ii) Further, during the course of our audit
we did not come across any instance of
audit trail feature being tampered with.

iii) Additionally, the audit trail has been
preserved by the company as per the
statutory requirements for record
retention.

(C) With respect to the other matters to be included
in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as
amended;

In our opinion and to the best of our information
and according to the explanations given to us,
the remuneration paid / provided by the
Company to its directors during the year is in
accordance with the provisions of section 197
of the Act. The remuneration paid to any
director is not in excess of the Limit laid down
under Section 197 of the Companies Act.

For VKS Aiyer & Co

Chartered Accountants
ICAI Firm Registration No.000066S
CS Sathyanarayanan

Partner

Coimbatore Membership No.028328

15th May 2025 UDIN: 25028328BMIZUG1710