1. We have audited the accompanying statement of quarterly and year to date standalone financial
results of Inditrade Capital Limited (the "Company") for the quarter ended March 31,2025 and for
the year ended March 31, 2025 ("Statement"), attached herewith, being submitted by the
Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").

2. In our opinion and to the best of our information and according to the explanations given to us,
because of the omission of the information mentioned in the Basis of Adverse and Emphasis of
Opinion section of the report, the accompanying financial results do not present fairly the financial
position of the Company for the quarter and for the year ended March 31,2025 and of its financial
performance and its cash flows for the year then ended in accordance with the Indian Accounting
Standards (Ind AS) issued by the Institute of Chartered Accountants of India.

Basis for Adverse Opinion

I. Ind AS 36 Impairment of Assets
a) Loans and Investments in Subsidiaries and Associates

We draw your attention that the company held investments in subsidiaries and associates amounting to Rs.
8729.96 lakhs and loans from related parties amounting to Rs. 3097.05 lakhs as at March 31, 2025 as
detailed in table below. Considering the going concern uncertainties of the subsidiaries and associates as
mentioned in the Statutory Auditor's Report the Company has not conducted an impairment of these assets
as required under Indian Accounting Standard (Ind AS) 36- Impairment of Assets, and accordingly no
provision for impairment has been recognized in respect thereof.

II. Material uncertainty in relation to Going Concern:

We draw your attention that the company has incurred a net loss amounting to Rs. 297.86 lakhs during
the year for the year ended March 31, 2025 and as on March 31, 2025 the total assets of the Company
is Rs. 13289.97 lakhs out of which the Company had outstanding loans from subsidiaries and associates
amounting to Rs. 3097.05 lakhs and investments of Rs. 8857.17 lakhs. However, considering the going
concern uncertainties of these subsidiaries and associates which constitutes 89.94% of the total assets of
the Company and the Company does not have any alternate financial arrangements as on the date of
reporting. These factors indicate that existence of material uncertainty that may cast significant doubt
on the Company's ability to continue as a going concern. The financial statements do not adequately
disclose this matter and the financial statements have been prepared on a going concern basis by the
management.

III. Section 186: Loans and Investments by company

We draw your attention to the fact that the company has not disclosed in the financial statements the full
particulars of the loans given and the purpose for which the loan is proposed to be utilized by the recipient
of the loan. Pursuant to the agreement, the loans have been granted and received for working capital
purpose, however no sufficient documentary evidence has been made available to substantiate the same.
Further, in our opinion the quantum of loans received and granted is disproportionate to the scale of the
business operations as reflected in financial statements.

During the year ended March 31, 2025 the company has granted and received unsecured loans to and
from subsidiaries and associates as enlisted in the table below:

Loans granted to Subsidiaries, Associates and Related Parties

Loans received from Subsidiaries, Associates and Related Parties

b) Intangible Assets

We draw your attention that the company holds intangible assets amounting to Rs. 129.38 lakhs as on
March 31, 2025. In accordance with Ind AS 36, the company has not reassessed the useful life of these
intangible assets despite significant adverse changes affecting the entity i.e. significant doubt on company's
ability to continue as a going concern during the audit period.

IV. Recognition of Deferred Tax Asset:

The Company has recognized deferred tax assets amounting to Rs. 309.21 Lakhs based on future taxable
income projections. However, in our opinion, considering the Company's losses during the current and
considering the material uncertainty exists that may cast significant doubt on the Company's ability to
continue as a going concern, the recognition of such deferred tax assets does not appear to be reasonable
or supported by convincing evidence of future taxable profits. Accordingly, the deferred tax asset is not be
realizable resulting in a material overstatement of the financial statements to that extent.

V. Inadequate Provisioning against Financial Assets:

We draw your attention that the company holds interest receivables from subsidiaries and associates
amounting to Rs. 453.15 lakhs, investments in Inditrade Rural Marketing limited amounting to Rs. 29.76
lakhs and tax payment pending adjustments amounting to Rs. 380.71 lakhs. Considering the going concern
uncertainties of the subsidiaries and associates as highlighted in the Auditor's report, the company has not
made adequate provisions in accordance with Ind AS 109 - Financial Instruments.

VI. Non-Receipt of Balance Confirmations:

The Company has not provided to us, external balance confirmations for various financial assets and
liabilities i.e. trade payables and security deposits as at March 31, 2025 for verification purpose. In the
absence of these confirmations, we are unable to verify the existence, accuracy, and completeness of
the aforesaid balances reported in the financial statements as enlisted below:

Basis of Emphasis of Matter Opinion
I. Statutory Dues:

The Company has not deposited statutory dues amounting to approximately Rs. 214.89 lakhs (Includes
TDS payable of Rs. 101.20 lakhs, GST outward payable (excluding GST ITC) of Rs. 112.38 lakhs), PF
Payable of Rs. 1.27 lakhs and other statutory dues payable of Rs. 0.03 Lakhs as on March 31, 2025. The
same remain unpaid and unreconciled with government portal, which may lead to interest, penalties or
other liabilities. The company during the year has filed Nil GST returns for multiple states. However, GST
registration of the Company for Kerala state is cancelled w.e.f. October 7, 2024 as per notice received
November 11, 2024.

We conducted our audit in accordance with the Standards on Auditing 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 Financial Results 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 financial results 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 Adverse opinion.

Management's Responsibilities for the Standalone Financial Results

3. These standalone financial results have been prepared on the basis of standalone annual financial
statement. The Company's Board of Directors is responsible for the preparation and presentation of the
standalone financial results that gives a true and fair view of the net loss and other comprehensive
income and other financial information of the company in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the
Act read with relevant rules issued thereunder and other accounting principles generally accepted in
India and in compliance with Regulation 33 of the Listing Regulations. 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 results
that gives a true and fair view and from material misstatement, whether due to fraud or error.

4. In preparing the standalone financial results, 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.

5. The Board of Directors is also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

6. Our objectives are to obtain reasonable assurance about whether the standalone financial results as
a whole is 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. Misstatement 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 results.

7. 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 standalone financial results, 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 financial results 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 Board of Directors.

• Conclude on the appropriateness of the Board of Directors' 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 results 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 Statement, including the disclosures,
and whether the standalone financial results represent the underlying transactions and events in a
manner that achieves fair presentation.

8. 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.

9. 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.

Other Matter

The Standalone Financial Results includes the results for the quarter ended March 31, 2025, being the
balancing figure between the audited figures in respect of the full financial year ended March 31,2025, and
the published unaudited year-to-date figures up to the third quarter of the current financial year, which were
subjected to a limited review by us, as required under the Listing Regulations. We have initialled the
statement for identification purpose only.

Our opinion on the financial results is not modified in respect of this matter.

For Kirtane & Pandit LLP

Chartered Accountants

Firm's Registration No.: 105215W/W100057

Mittal Shah
Partner

Membership No.: 147370

UDIN: 25147370BMHZRB5236

Place: Mumbai
Date: August 21,2025