We have audited the accompanying Standalone financial statements of M/s. Glittek Granites Limited ("the
Companywhich comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of changes in Equityand 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 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 2024, and its Loss, total comprehensive income, the 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 Companies Act, 2013. 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 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 opinion on the financial statement.

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 addresses the matter is provided in that context.

Information other than the Financial Statements and Auditor's Report Thereon

The Company's Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Board's Report including Annexure to the Board's Report, but does not
include the financial statements and our auditor's report thereon. The Company's annual report is expected to be made
available to us after the date of this auditor's report.

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 .

Responsibility of Management for the Financial Statements

The Company's Management and 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 financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the Indian Accounting standards (Ind AS) prescribed under section 133 of
the Act, read with the Companies (Indian Accounting standards)Rules, 2015, as amended, 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, application, implementation and maintenance of appropriate of 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 Management and 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 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.

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 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.

• 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 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 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the 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 misstatements in the 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 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
Emphasis of Matter

We draw attention to the following:

a. Balances in respect of trade receivables, trade payables and loans and advances are subject to confirmation from
respective parties. However, in the opinion of the Management all the Current Assets and Non-current Financial
Assets are approximately of the value stated in books if realized in the ordinary course of business and all the
liabilities are payable except where there is dispute regarding quality of services, material or regarding rates.
Refer note no. 41 of financial statement.

b. The Company is carrying Stock of Granite Slabs and Tiles for more than 5 years without any movement but no
provision has been made for any obsolescence or diminution in the value due to efflux of time. Refer note no. 40 of
financial statement.

In the opinion of the management, in stone industry, unlike other minerals such as iron ore or coal, each color or
variety is a product by itself and the demand changes fast in consonance with the "fashion factor" abroad. It is
natural product which in imperishable. It is commoditized business. Maintaining of large inventory is desirable in
this business as company have to offer their customers so much in terms of variety, all sorts of colors, designs,
textures and types. Slabs and Tiles are extremely resilient when it comes to staining and wear and water resilient.
As such the same no provision for diminution in value is required.
c The Company has not provided and paid interest on delayed payment to MSME as per the provisions of the MSME
Act,

2006. It was informed by the Management that the vendors have agreed to accept delayed payment without any
interest and have not raised any objection. The impact of the same on the Profit and Loss for the year could not
ascertain as the company has not calculated the amount of interest payable. Refer note no. 35 of financial
statement.

Our Audit opinion is not modified for the above matters.

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 Companies Act, 2013, we give in the "Annexure 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, 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 Indian Accounting Standards specified under
Section 133 of the Act, read with the Companies (Indian Accounting standards) Rules, 2015

e. On the basis of the written representations received from the directors as on 31st March, 2024taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 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 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 which could impact its financial position as mentioned in
note no.31 to financial statement.

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

iii. There was no amount which was required to be transferred to the Investor Education and Protection Fund during
the year by the company

iv. a. 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

source 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 to or on behalf of the Ultimate Beneficiaries.

b. The management has represented, that, to the best of it's knowledge and belief, no funds have been received by the
company from any person or entities, 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; and

c. Based on audit procedures as 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 iv(a) and iv(b) contain any material mis¬
statement.

v. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123
of the Companies Act, 2013.

vi. . Based on our examination, 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 audit trail has been made operational during the
year for all relevant transactions recorded except for the accounting software relating to maintenance of inventory and
fixed asset in the software, as inventory and fixed asset register in maintained in excel by the company Further, during
the course of our audit we did not come across any instance of audit trail being been tampered with.

h. With respect to the matter to be included in the Auditor's Report under Section197(16) of the Act as amended:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to
its directors during the current year is in accordance with the provisions of Section197 of the Act.

For G R V & P K.

Chartered Accountants
FRN.008099S
Kamal Kishore
Partner
M N.205819

UDIN:24205819BKCNGE5721
Place: Bangalore
Date: 30/05/2024