We have audited the Financial Statements of ASI Industries
Limited (“the Company”), which comprise the Balance Sheet as
at March 31, 2026, 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 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 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 and other
accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2026, its profit and total
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 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 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 Financial
Statements under the provisions of the Act and the Rules there
under, 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
judgement, were of most significance in our audit of the financial
statements of the current period. This matter was 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 this matter.

We have determined the matter described below to be the key
audit matters to 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 Annual Report
but does not include the financial statements and our auditor's
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 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.

Responsibilities of Management and Those Charged with
Governance for the 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 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 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 statements 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 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.

Those Board of Directors are 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.

(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 Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of
Cash Flow 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 Rule 7 of the
Companies (Accounts) Rules, 2014.

(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 as at 31^st March, 2026 on its financial position
in its Financial Statements - Refer Note No. 31 to the
financial statement.

ii. The Company has made provisions, as required under
the applicable law or accounting standard, for material
foreseeable losses, if any on long-term contracts
including derivative contracts.

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

iv. (1) The Management has represented that, to the

best of its knowledge and belief, 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 or entity, 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.

(2) The Management has represented, that, to the
best of its knowledge and belief, no funds have
been received by the Company from any person or
entity, including foreign entities (Funding Parties),
with the understanding, whether recorded in writing
or otherwise, as on the date of this audit report,
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.

(3) Based on the audit procedures performed that
have been considered reasonable and appropriate
in the circumstances, and according to the
information and explanations provided to us by the
Management in this regard 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 (1) and (2) above,
contain any material misstatement.

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

vi. The Board of Directors of the Company has proposed
dividend for the year ended 31^st March, 2026 which is
subject to the approval of the members at the ensuing
Annual General Meeting. Such proposed dividend is in
accordance with section 123 of the Act, as applicable.

vii. 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 31st March, 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.

Additionally, based on our examination, where the
audit trail (edit log) facility was enabled and operated at
application and database layer in the previous year, the
audit trail has not been preserved by the Company as
per the statutory requirements for record retention.

3. As required by The Companies (Amendment) Act, 2017, in
our opinion, according to information, explanations given
to us, the Company has paid remuneration to its directors
in excess of the limits prescribed under Section 197 of the
Act and the rules there under for the Financial Year 2025¬
26. However, it has been paid within the limit approved by
Special Resolution in the Annual General Meeting.

For B. L. Ajmera & Co.

Chartered Accountants
(FRN: 001100C)

(Rajendra Singh Zala)
Partner

^{Place: Mumbai} Membership No. 017184

Date: 18^th May, 2026 UDIN: 26017184VTXXMU7105