We have audited the accompanying standalone financial statements of Carysil Limited
("the Company") which comprise the balance sheet as at 31st March 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 the material accounting policies
and other explanatory information (hereinafter referred to as "the 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 Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ('Ind AS") and the other accounting principles generally accepted in India, of
the state of affairs of the Company as at 31st March 2026 and of the 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 of the standalone financial statements 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 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 ("the 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 we have obtained is
sufficient and appropriate to provide a basis for our 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 our forming our opinion thereon, and we do not provide
a separate opinion on these matters.

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

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND
AUDITOR'S 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, Management Discussion and Analysis,
Shareholder's Information, but does not include the standalone financial statements
and auditor's report thereon. The Board's Report and other information are 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 aforesaid reports and information, if we conclude that there is
material misstatement therein, we are required to communicate the matter to those
charged with governance.

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 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 Ind AS and 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 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 concerns 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 is also responsible for overseeing the Company's financial
reporting process.

AUDITOR'S RESPONSIBILITY 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 high level of assurance, but is not a guarantee that 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 misstatements 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 the 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 system 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.

• 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 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 disclosure, 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.

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

1 As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued

by the Central Government of India terms of sub-section (11) of section 143 of the

Act, we give in the Annexure - A, a statement on the matters specified in clause 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 purpose 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, statement of changes in equity and the cash flow
statement 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 Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2015;

e) On the basis of written representations received from the directors as on
31st March 2026, and taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March 2026, from being appointed as a
director in terms section 164(2) of the Act;

f) With respect to the adequacy of internal financial controls over financial
reporting of the Company and operating effectiveness of such controls, our
separate report in annexure - B may be referred;

g) I n our opinion and to the best of our information and according to the
explanations given to us, remuneration paid by the Company to its directors
during the year is in accordance with the provisions of section 197 of the
Act read with Schedule V of the Act;

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
explanation given to us:

i. The Company has disclosed the impact of pending litigations on its
financial position in its standalone financial statements;

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

iii. There were no 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 no, 38(i) 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 person
or entity, including foreign entities ("intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the
intermediary shall, whether, 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;

b. The Management has represented, that, to the best of its
knowledge and belief, as disclosed in the note no. 38(j) to the
accounts, 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 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;

c. Based on such audit procedures 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 (a) and (b) above, contain any
material misstatement.

v. The dividend declared or paid during the year by the Company is in
compliance with section 123 of the Act.

vi. Based on our examination which included compliance test and test
checks, the Company has used the accounting software for maintaining
books of account which has a feature of recording audit trail (edit log)

facility and the same has been operated throughout the year for all
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. The audit trail has been preserved by the Company as
per the statutory requirements for record retention.

For P A R K & COMPANY

Chartered Accountants
FRN: 116825W

Bhavnagar ASHISH DAVE

May 20, 2026 Partner

Membership No. 170275
UDIN: 26170275ERFLOB6123