We have audited the accompanying Standalone
Ind AS financial statements of Belrise Industries
Limited (Erstwhile known as Badve Engineering
Limited)(“the Company”) which comprises
the Balance Sheet as at 31^st March, 2025, the
Statement of Profit and Loss (including the
Statement of Other Comprehensive Income),
the Statement of Cash Flows and the Statement
of Changes in Equity, for the year then ended
and notes to the Standalone Ind AS 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 standalone Ind AS 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 and other accounting
principles generally accepted in India, of the state
of affairs of the Company as at 31^st March, 2025,
and its profit (including other comprehensive
income), its cash flows and the changes in equity
for the year ended on that date.

2 BASIS FOR OPINION

We conducted our audit of the Standalone Ind
AS financial statements 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 Standalone Ind AS 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 Standalone Ind AS financial statements

under the provisions of the Companies Act,
2013 and the Rules made 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 Standalone
Ind AS financial statements.

3 EMPHASIS OF MATTER

We draw attention to Note No. 50 to the
Standalone Financial statements, with respect
to the subsequent event of the listing of the
Company's Equity Shares on National Stock
Exchange on 28^th May, 2025. As stated in the note,
this event does not impact the financial position
as at 31^st March, 2025 but may have significant
implications for the Company's future operations
and financial structure. Our opinion is not
modified in respect of this matter.

4 INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR'S REPORT
THEREON

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, Board's
Report including Annexures to Board's Report,
Business Responsibility and Sustainability
Report, Corporate Governance and Shareholder's
Information, but does not include the consolidated
financial statements, Standalone Ind AS financial
statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS financial
statements does not cover the other information
and we do not express any form of assurance or
conclusion thereon.

In connection with our audit of the Standalone
Ind AS financial statements, our responsibility
is to read the other information and, in doing
so, consider whether the other information is
materially inconsistent with the Standalone
Ind AS 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 a material misstatement of
this other information, we are required to report
that fact. We have nothing to report in this regard.

5 MANAGEMENT'S RESPONSIBILITY FOR THE
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 Ind AS
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. 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 implementation and maintenance
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 Standalone Ind AS financial statement that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS financial
statements, management and 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 management either intends to liquidate
the Company or to cease operations, or has no
realistic alternative but to do so.

Those Board of Directors are also responsible for
overseeing the company's financial reporting
process.

6 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT
OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance
about whether the Standalone Ind AS 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 Ind AS financial
statements.

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

a Identify and assess the risks of material
misstatement of the Standalone Ind AS
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.

b Obtain an understanding of internal financial
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.

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

d 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 I nd
AS 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.

e Evaluate the overall presentation, structure
and content of the Standalone Ind AS
financial statements, including the
disclosures, and whether the Standalone
Ind AS financial statements represent the
underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of
misstatements in the Standalone Ind AS
financial statements that, individually
or in aggregate, makes it probable that
the economic decisions of a reasonably
knowledgeable user of the Standalone Ind
AS 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 Standalone
Ind AS 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 financial
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 Ind AS 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.

7 REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

01) 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.

02) 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 appears from our
examination of those books.

c) The Balance Sheet, the Statement
of Profit and Loss including Other
Comprehensive Income, the Statement
of Changes in Equity and the 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
Ind AS specified under Section 133 of the
Act.

e) On the basis of written representations
received from the directors as on March
31, 2025, and taken on record by the
Board of Directors, none of the directors

are disqualified as on March 31, 2025,
from being appointed as a director in
terms of section 164(2) of the Companies
Act, 2013.

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'; and

g) With respect to the other matters to
be included in the Auditor's Report in
accordance with the requirements of
section 197(16) of the Act, as amended:
In our opinion and to the best of
our information and according to
the explanations 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”

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:

i) The Company has disclosed
pending litigations in Note No. 35
of its Standalone Ind AS financial
statements.

ii) The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses.

iii) There are no such amounts which
are required to be transferred
to Investor Education and
Protection Fund in accordance
with the relevant provisions of the
Companies Act, 2013 and rules
made there under.

iv) (a) The Management has

represented that, to the
best of its knowledge and
belief, no funds (which are

material either individually
or in the aggregate) 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
entity ("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, no funds (which are
material either individually or
in the aggregate) have been
received by the Company
from any person or entity,
including foreign entity
("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 the 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 (i) and (ii) of Rule 11(e),
as provided under (a) and (b)
above, contain any material
misstatement.

v) No dividend has been declared
or paid during the year by the
Company.

vi) a) Based on our examination,

which included test checks,
the Company has used
accounting softwares for
maintaining its books of
account for the financial year
ended March 31, 2025 which
has a feature of recording
audit trail (edit log) facility
and the same has operated
throughout the year for
all relevant transactions
recorded in the softwares.
Further, during the course
of our audit we did not
come across any instance of
the audit trail feature being
tampered with.

b) The Company has complied
with the provisions of Rules
11(g) of the Companies (Audit
and Auditors)Rule, 2014 for
the financial year ended
31^st March, 2025. Specifically,
the audit trail (edit log)
generated by the accounting
software has been duly
maintained and preserved
in accordance with the
applicable statutory record
retention requirements.

GSA & Associates LLP

Chartered Accountants
Firm Reg. No. 000257N/N500339

Sd/-

[CA. Deepa Jain]
Partner

Place: Chh.Sambhaji Nagar M.No. 119681

Date: 16.06.2025 UDIN NO. : 25119681BMLIEJ2240