We have audited the accompanying Standalone Financial
Statements of Flair Writing Industries Limited (“the Company”),
which comprise Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flow and the Statement of
Changes in Equity for the year ended on that date, 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, (“the Act”) in the manner so required and
give a true and fair view in conformity with Indian Accounting
Standards prescribed under section 133 of the Act, read with
the 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, and their other comprehensive
loss, its cash flows and its changes in equity for the year
ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements
in accordance with the Standards on Auditing (SAs), as
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 made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the ICAI’s Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the Standalone Financial Statements.

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. 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 matter. We have determined the matters described below
to be the key audit matters to be communicated in our report.

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 Company’s Annual Report, but
does not include the Consolidated Financial Statements,
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 Standalone

Financial Statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.

• If, based on the work we have performed, 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 Management and Board of
Directors for the Standalone Financial Statements

The Company’s Board of Directors is 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 loss, cash flows
and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including Ind
AS 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 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
Management and 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 the Board
of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Company’s Board of Directors 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 Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgement 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 financial controls
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 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 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.

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) to evaluate
the effect of any identified misstatement 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 financial 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 “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, based on our
audit 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;

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 book;

c) The Balance sheet, the Statement of Profit & Loss
including Other Comprehensive Income, the 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 Financial
Statements comply with the Ind AS specified under
Section 133 of the Act;

e) On the basis of the written representation received
from the directors as on March 31, 2026 taken
on record by the Board of Directors, none of the
directors is 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 the Standalone Financial
Statements of the company and the operating
effectiveness of such controls, refer to our separate
Report in Annexure “B”. Our report expresses
an unmodified opinion on the adequacy and
operating effectiveness of the companies internal
financial controls with reference to Standalone
Financial Statements;

g) 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 by the Company to its directors
during the year is in accordance with the provisions
of Section 197 read with Schedule V of the Act.

h) With respect to the 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:

(i) The Company has disclosed the impact of
pending litigations on its financial position in its
Standalone Financial Statements. [Refer Note
[A2.1]39 to Standalone Financial Statements]

(ii) The Company did not have any long-term
contracts, including derivative contracts, which
could result in any material foreseeable losses.

(iii) There were no amounts which were 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, other
than as disclosed in the Note 34 in the
Standalone Financial Statement, 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
entity(ies) (“Intermediaries”), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other person(s) or entity(ies) 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 its knowledge and belief,
other than as disclosed in the Note 34 in
the Standalone Financial Statement, no
funds have been received by the Company
from any person(s) or entity(ies), including
foreign entity(ies) (“Funding Parties”), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall, whether, directly or indirectly, lend
or invest in other person(s) or entity(ies)
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) as
provided under (a) and (b) above, contain
any material misstatement.

(v) The final dividend proposed in the previous
year, declared and paid by the Company during
the year is in accordance with section 123 of the
Act, as applicable.

As stated in Note 43 to the Standalone Financial
Statements, the Board of Directors of the
Company has proposed final dividend for the
year which is subject to the approval of the
members at the ensuing Annual General Meeting.
Such dividend proposed is in accordance with
section 123 of the Act, as applicable.

(vi) Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of account for
the financial year ended March 31, 2026 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 the audit trail feature being tampered with
and the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.

For Jeswani & Rathore

Chartered Accountants
(FRN: 104202W)

Dhiren K. Rathore

(Partner)

Place: Mumbai M. No: 115126

Date: May 21,2026 UDIN: 26115126RAETYG5602