We have audited the financial statements of GALA GLOBAL PRODUCTS LTD ("the
Company”), which comprise the balance sheet as at 31^s‘March, 2025, the statement of profit and loss
for the year end and the statement of cash flows for the year ended on that date, 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 Companies Act, 2013 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 its profit and its cash
flows for the year ended on that date.

Basis for Qualified Opinion

1 Considerable payments made as advances to the supplier can be quantified subject to detailed
investigation with the outcome of future 'events only. As per the information and explanations
provided to us, this matter is sub-juice at present. ECL Provisioning for the same will be done
on the basis of a detailed investigation with the outcome of future events only.

2. Ind AS adjustments are yet to be affected in the books. In light of this, we are not in a position
to quantify the effect on the Profit and Loss accounts and Balance Sheet of the company.

3 During the year the company had made various transactions with director/s and other related
parties. We are unable to verify whether such transactions were carried out at arm's length price.
With reference to the overall situation of the company, the company is running a current
account with the Director/s and section 185 may be attracted.

4. As required under Ind As 109, Financial Instruments, the company has not measured the loss
allowance with regard to the provision of expected credit loss for a financial instrument, part
of the trade receivables are overdue.

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5. As required under Ind AS 108, Operating Segments, the company has not reported the operating

segment in respect of various segments. The company has entered into trading of many commodities other than paper.

6. The company carries Intangible assets worth Rs.13 Crore which are not amortized and are
subject to valuation and we are not in a position to quantify.

7. The savings on OTS (One-Time Settlement) of Rs.76.27 Lakh have been booked in spite of the
provisional letter resulting in over statement of profit and understatement of liability to that
extent.

8. Company has made default to pay various unsecured loans.

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 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 financial statements.

Emphasis of Matters

1. We draw attention to the requirements of Ind AS 19— Employee Benefits have not been
complied with. Based on books of account and as per the explanations given by the
management, the Company is in the process of finalization of structure for the employee
benefits and hence, there were no employees who were eligible for the benefits yet.
Accordingly, Employee Benefits have not been provided in the financial statements as per the
criteria defined by the Company.

2. The company is required to maintain cost records and required to be audited u/s 148 of the
Companies Act, 2013. However, cost records have not been maintained as prescribed, nor the
same has been audited as prescribed. Hence, we are unable to review the same.

3. Various compliances/dues of statutory requirements like; company law, PF, TDS, Income tax
etc; are subject to actual compliance/payment.

4. We draw attention to outstanding dues of the TCS yet to be paid.

5. Balances of Debtors, Creditors, Security Deposits, stock, etc; are subject to confirmation.

6 Valuation of inventories is accepted on the basis of management evaluation.

Key Audit Matters

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. In addition to the matter described in the 'Basis for
Qualified Opinion section, we have determined the matters described below to be the key audit matters
to be communicated in our report.

We have fulfilled the responsibilities described in the 'Auditor's responsibilities for the audit of the
Financial Statements section of our report, including in relation to these matters. Accordingly, our
audit included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the Financial Statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying Financial Statements.

Other Matters:

1. We draw attention to Note 4 of the financial results, as regards the management's evaluation of
COVID-19 impact on the future performance of the Company. To assess the recoverability of
certain assets, investments and trade receivables, the Company has considered internal and
external information up to the date of this report in respect of the current and estimated future
global including Indian economic indicators consequent to the global health pandemic. The
actual impact of the pandemic may be different from that considered in assessing the
recoverability of these assets.

2. In Previous year audit report there was a mistake that Furniture & Fixture Block of assets
become negative but actual value of assets become zero and we book these assets their residual
value of rupees l/-

3. We book interest on Loans of Directors for F.Y. 23-24 as a prior period items and current year
24-25 as a interest expense.

4. Company has obsolescence of inventory, it means that a portion of its inventory has become

outdated, no longer sellable, or significantly reduced in value due to some factors in Andhra
Pradesh Branch. ___

The Company’s Board of Directors is responsible for the preparation of the other the|_1C

other information comprises the information included in the Board’s Report, but does not

Financial Statements and our auditor’s report thereon. Our opinion on the financial statements does
cover the other information and we do not express any form of assurance conclusion

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
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

Responsibilities of Management and Those Charged with Governance 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 financial statements that give
a true and fair view of the financial position, financial performance, 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 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 statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors 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 the Board of Directors 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.

Our objectives arc 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 delect 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.

1. 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 Companies Act, 2013, 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
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 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.

2. 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. •

3. 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.

4 From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and arc 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.

II. Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), as amended, issued by
the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
“Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to 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 purpose 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 and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account;

d In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of written representations received from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors are not 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

B”.

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

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 does not have any pending litigations which would impact its financial position;

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

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

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 declared or paid during the year by the Company. So reporting under this clause is
not required.

vi. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which has no a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded
in the software.

For, R. B. GOHIL & CO.

Chartered Accountants
FRN. 119360W

Place: Jamnagar

Date: 30/05/2025 \(⁽*-\

CA Raghubha B. Gohil

Partner
M. No. 104997
UDIN: 25104997BMGEWF9831