1. We have audited the accompanying standalone financial statements of UNIROYAL
MARINE EXPORTS LIMITED (the “Company”), which comprise the standalone Balance
Sheet as at March 31, 2025,and the standalone Statement of Profit and Loss (including
Other Comprehensive Income), the standalone Statement of Changes in Equity and the
standalone Statement of Cash Flows for the year then ended, and notes to the
standalone financial statements including a summary of significant accounting policies
and other explanatory information (hereinafter referred to as the “standalone financial
statements”).

2. 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 Accounting principles generally accepted in India, of
the state of affairs of the company as at march 31,2025, and total comprehensive
income (comprising of profit and other comprehensive income), changes in equity and
its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (“SA” s) 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 (“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
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
obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key Audit Matters

4. 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 financial year
ended March 31, 2025. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.

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

5. The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and

Analysis, Report on Corporate Governance and Business Responsibility and
Sustainability Report but does not include the standalone financial statements and our
auditor's report thereon.

6. Our opinion on the standalone financial statements does not cover the other information
and we will not express any form of assurance conclusion thereon.

7. In connection with our audit of the standalone financial statements, our responsibility is
to read the other information identifies 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 in audit, or otherwise
appears to be materially misstated.

8. We have nothing to report in this regard.

Responsibilities of Management and those charged with Governance for the

Standalone Financial Statements

9. 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, changes in
equity and cash flows of the Company in accordance with the Indian Accounting
Standards (Ind AS) 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 standalone
financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

10. 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 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.

11. The Board of Directors is responsible for overseeing the Company's financial reporting
process.

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

12. 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 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 standalone financial statements.

13. 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
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 with reference to standalone
financial statement 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 and Board
of Directors.

• Conclude on the appropriateness of management's and Board of Director's use of the
going concern basis of accounting in preparation of standalone financial statement
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 standalone financial
statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that
achieves fair presentation.

14. 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.

15. 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.

16. 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.

Report on Other Legal and Regulatory Requirements

17. As required by Section 143(3) of the Act, based on our audit 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 subject to point
referred below on Rule 11(g) by Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 on maintaining its books of account which has a feature of recording
audit trail (edit log),

c) The standalone Balance Sheet, the standalone Statement of Profit and Loss
(including Other Comprehensive Income), the standalone Statement of Changes in
Equity and the standalone Statement of Cash Flows 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.

e) On the basis of the written representations received from the directors and taken on
record by the Boards of directors, none of the directors is disqualified as on March
31, 2025, 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
standalone financials statement of the company over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure A".

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 as at March 31,
2025 on its financial position On its standalone financial statements - There are
no pending litigations as at March 31, 2025.

ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts. The Company is discharging the
liabilities towards various employees benefit scheme like PF/ESI only to direct
employees, even though Company engaged services of casual workers and
workers employed through contractors.

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

iv. a. The Management has represented that, to the best of its knowledge and

belief, as disclosed in the Note .46 (iii) to the financial statements, 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 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 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 46 (xii) to the financial statements, no funds
have been received by the Company from any persons or entities, including
foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company 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
Funding Parties or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

c. Based on such audit procedures performed that has 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 (i) and (ii) of Rule 11(e) contain any material mis-statement.

d. The company has not declared or paid dividend during the year under
report and accordingly nothing to report with regard to compliance of
provisions of section 123 of the Act.

e. 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), but is not maintained for changes
to certain records and changes made by certain users with specific access, if
any. The company uses a different software for recording transactions of
inventory, wherein the audit trail (edit log) facility is not maintained. Since
Audit trail is not being implemented in full we are not commenting about
the preservation of the audit trail as required by Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as amended).

18. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by
the Central Government in terms of Section 143(11) of the Act, we give in "Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

For BSJ & Associates
Chartered Accountants
(Firm's Registration No.010560S)

CA. Jobby George

Partner (Membership No. 211174)

UDIN: 25211174BMKSHH5439

Place: Kochi

Date: 30.5.2025