We have audited the accompanying Standalone financial statements of BINDAL
EXPORTS LIMITED which comprises the Balance Sheet as of March 31, 2024, and the
Statement of Profit and Loss (including statement of other comprehensive income),
the statement of changes in equity and 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, subject to qualifications mentioned herein after in this report, the
aforesaid standalone financial statements give the information required by the

Companies Act, 2013 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 March 31, 2024, and its profit, including other total
comprehensive income, the changes in equity and cash flows for the year ended
on that date.

Basis for Qualified opinion

a) In absence of ascertainment by the company of liability towards Gratuity to be
paid to retiring employees through Actuarial Valuation, its impact on the profits
/ (losses) of the company cannot be ascertained.

b) The company is not making provision for leave salary on accrual basis.

c) The company is not making provision for bonus on salary on accrual basis.

We conducted our audit in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. 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 together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the
Companies Act, 2013 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 audit opinion on 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 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 our opinion thereon, and we do not provide
a separate opinion on these matters. For each matter below, our description of how
our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to
be communicated in our report. We have fulfilled the responsibilities described in
the Auditor's responsibilities for the audit of the Standalone Financial Statements
section of our report, including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the Standalone
Financial Statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on
the accompanying Standalone Financial Statements.

Information other than the financial statements and auditors' report thereon.

The Company's board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the
Board's Report including Annexures to Board's Report, Business Responsibility Report
but does not include the financial statements and our auditor's report thereon. The
report is expected to be made available 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 financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalon e financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially
misstated.

If, based on the work we have performed, we conclude that there is no material
misstatement of 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 stated 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, including other comprehensive income, 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 as amended from time to time and other
accounting principles generally accepted in India.

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, 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 intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. The Board of Directors are
also responsible for overseeing the company's financial reporting process.

Auditor's Responsibility 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 Standards of Auditing (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 aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of
these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

Ý Identify and assess the risks of material misstatement of the 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.

Ý 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 Companies Act, 2013, we are also responsible for
expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.

Ý Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.

Ý 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 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.

Ý Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the 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.

From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the 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

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 Companies Act, 2013, we give in the Annexure "A", a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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, and the 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 rule 7 of the
Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the directors as on
March 31, 2024 taken on record by the board of directors, none of the directors
is disqualified as on March 31, 2024 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 over financial
reporting 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
Company's internal financial controls over financial reporting;

(g) With respect to the other matters to be included in the Auditor's Report in
accordance with the requirement of section 197(16) of the Act and, as
amended, in our opinion and to the best of our information and according to
the explanation given to us, the remuneration paid by the company to its
directors during the year is in accordance with the provisions of section 197 of
the Act; and

(h) 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;

a. The detail of pending litigations by and against the company which would
impact its financial position is submitted in Notes to Financial Statements;

b. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses; and

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

d. (i) 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 Intermediaries shall, whether, directly or indirectly lend or
invest in other person or entity 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;

(ii) 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, that the company shall, whether,
directly or indirectly, lend or invest in other person or entity identified in any
manner whatsoever by or on behalf of the Funding Parties ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

(iii) Based on the audit procedures that were 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 (a) and (b)
contain any material misstatement.

e. The company has not declared or paid any interim or final dividend during
the year.

f. 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 period from 06 April 2023 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.

For and on behalf of

SNK & Co.

Chartered Accountants

F.R.No.1 09176W

Samir B. Shah

Partner

Place : Surat

Date : May 24, 2024

UDIN:- 24103562BKADRQ4990