We have audited the accompanying Standalone
Financial Statements of Arfin India Limited (“the
Company”), which comprise the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss,
including the Statement of Other Comprehensive
Income, the Statement of Changes in Equity and
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 Standalone 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 March
31, 2025, its profit including other comprehensive
income, its cash flows and the changes in equity for
the year ended on that date.

Basis for Opinion

We conducted our audit 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 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 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 ICAI’s Code of Ethics. We
believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our

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Information other than the Standalone Financial
Statements and Auditors Report thereon

The company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report including
annexures to the board’s report, Management
discussion and analysis, Corporate governance and
shareholder’s information, but does not include the IND
AS financial statements and our Auditor’s report
thereon.

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 and, in doing so, consider whether such
other information is materially inconsistent with the
Standalone Financial Statements or our knowledge
obtained in the audit or otherwise appears to be
materially misstated. If, based on work we have
performed, we conclude that there is material
misstatement of this other information, we are required
to report the fact. We have nothing to report in this
regard.

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 financial statements as a
whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

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 Companies
Act, 2013 (“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,
cash flows and changes in equity of the Company in
accordance with accounting principles generally
accepted in India, including the Indian Accounting
Standards (IND AS) specified under Section 133 of the

Act, read with Rule 7 of the Companies (Accounts)
Amendment Rules, 2014 and the Companies (Indian
Accounting Standards) Amendment Rules, 2021. This
responsibility also includes maintenance of adequate
accounting records in accordance with the provisions
of the Act for safeguarding 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 the
design, implementation and maintenance of
adequate internal financial control 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
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.

Auditor’s Responsibilities 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 a high level of assurance, but is not a guarantee that
an audit conducted in accordance with the Standards
on Auditing (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 scepticism 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 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 management;

• Conclude on the appropriateness of management’s
use of the going concern basis of accounting in
preparation of Standalone Financial Statements
and, based on the audit evidence obtained,
whether a material uncertainty exists related to
events or conditions that may cast significant doubt
on the appropriateness of this assumption. If we
conclude that a material uncertainty exists, we are
required to draw attention in our auditors’ 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
auditors’ report. However, future events or
conditions may cause the company to cease to
continue as a going concern; and

• 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.

We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

We communicate with those charged with governance
of the Company of which we are the independent
auditors 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.

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

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 Act, we give in the
“Annexure-1” a statement on the matters
specified in paragraphs 3 and 4 of the Order.

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 accounts 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, Statement of Profit and
Loss including Other Comprehensive
Income and the Cash Flow Statement and
Statement of Changes in Equity 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 Indian
Accounting Standards 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 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 over financial reporting of
the Company and the operating effectiveness
of such controls, refer to our separate Report in
“Annexure-2” to this report;

(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.
The remuneration paid to any director is not
in excess of the limits laid down under section
197 of the Act. The Ministry of Corporate
Affairs has not prescribed other details under
Section 197(16) of the Act which are required
to be commented upon by us.

(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, 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 on its financial

position in its Standalone Financial
Statements - Refer Note 35 to the
financial statements.

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

(iii) There were no amounts which were
required to be transferred to the Investor
Education and Protection Fund by the
Company.

(iv) a) No funds have been advanced or

loaned or invested by the company
to or in any other person(s) or
entities, including foreign entities
(“Intermediaries”), with the
understanding that the intermediary
shall whether directly or indirectly
lend or invest in other persons or
entities identified in any manner by
or on behalf of the company
(Ultimate Beneficiaries) or provide
any guarantee, security or the like
on behalf of ultimate beneficiaries.

b) No funds have been received by the
company from any person(s) or
entities including foreign entities
(“Funding Parties”) with the
understanding that such 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 guarantee, security or
the like on behalf of the Ultimate
beneficiaries.

c) Based on the audit procedures
performed 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) contain any material mis¬
statement.

(v) During the year, no dividend paid or
declared by the board of directors of
the company. So, Compliance of section
123 of the Act with respect to dividend
declared/paid during the year not
applicable.

(vi) Based on our examination, which
included test check, the company
has used accounting software for
maintaining its books of accounts for
the financial year ending March 31,
2025 which has feature of recording
audit trail (edit log) facility and the
same has operated throughout the
year for all relevant transactions
recorded in the software. Further,
during the course of our audit we did
not come across any instance of the
audit trail feature being tempered with.

For, Raman M Jain & Co,

Chartered Accountants
Firm Registration No.: 113290W

Raman M. Jain

(Partner)

(Membership No.: 045790)

UDIN: 25045790BMLLZV7347

Place: Chhatral
Date: May 23, 2025