We have audited the accompanying standalone financial statements of ULTRACAB (INDIA)
LIMITED, which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and
Loss, the Cash Flow Statement for the year then ended, Statement of changes in equity for the
year ended and a summary of significant 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
the accounting principles generally accepted in India, of the state of affairs of the Company as at
31 March 2025, Profit, its Cash Flows and Statement of Changes in Equity for the year ended on
that date.

Basis for 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 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 obtained by us is sufficient and appropriate to
provide a basis for our opinion on the 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 matters.

In our opinion there are no Key Audit Matters to communicate in audit report.

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

The Company's management and Board of Directors are responsible for the preparation of the
other information. The other information comprises the information included in the Annual

Report including Annexures to Annual Report, Business Responsibility Report but does not include
the financial statements and our auditors' report thereon.

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 when it becomes available 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, 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.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the
Companies Act, 2013 ("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, cash
flows and statement of changes in equity 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 Standards) Rules, 2015
as amended. This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets of the Company and for
preventing and detecting the 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 control, 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, management 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 management either intend
to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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

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 auditors' 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 scepticism 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 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 auditors' 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 auditors' 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.

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.

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 the "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, 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 appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, 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 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) On the basis of written representations received from the directors as on 31st March,
2025, taken on record by the Board of Directors, none of the directors is disqualified
as on 31st March, 2025, 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".

g) With respect to the other matters 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 did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

ii. The amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company during the year ended on 31^st March, 2025 is
Rs. 640. However, the same had not been deposited on the date of the audit
report i.e, 28^th May, 2025. The Management had represented that the Full
Unclaimed Dividend will be deposited before 31^st March, 2026.

iii. (i) The Management has represented that, to the best of its knowledge and

belief, other than as disclosed in the notes to the accounts, 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 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.

(ii) The Management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, no fund have
been received by the Company from any persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the
Funding Parties or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed that has been considered
reasonable and appropriate in the circumstances, nothing has come to our
notice that has caused us to believe that the representations referred in
sub-para (a) and (b) above contain any material mis-statement.

iv. No dividend has been declared or paid during the year hence compliance with
section 123 of the Companies Act, 2013 is not applicable.

v. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
for the Company only with effect from 1 April 2023, reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014 is not applicable.

h) With respect to the matter to be included in the Auditor's Report under Section
197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration
paid/payable by the Company to its directors during the current 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 Act. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) of the Act which are required to be commented upon by us.

for, Bhavin Associates

Chartered Accountants
FRN: 0101383W

Place: Rajkot Sd/-

Date:28/05/2025 Bhavin P. Bhansali

UDIN: 25043796BMIQTC5319 Partner

Membership No.: 043796