Auditor Report of Apex Ecotech Ltd.

Mar 31, 2025

We have audited the accompanying financial statements
of M/s APEX ECOTECH LIMITED (“the Company”), which
comprise the balance sheet as at March 31,2025, the
statement of Profit and Loss and cash flow statement for the
year then ended 31^st March 2025, and a summary of material
accounting policies and other explanatory information, which
we have signed under reference to this report.

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 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 ( financial position) of the Company as at
March 31 2025, and its profits (financial performance) and
cash flows 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” 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 ICAI''s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

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. These matters were addressed in
the context of our audit of financial statements as a whole,
and in forming our opinion on these matters. We have not
determined the matters described below to be the key audit
matters to be communicated in our report.

Particulars	Key Audit Matters	Auditor’s Response
Sale of Product	Revenue from sale of goods is recognized when the significant risk and rewards of ownership have been transferred to the buyer, the seller retains no effective control, the amount of revenue and related costs can be measured reliably, and it is probable the economic benefits will flow to the seller.	Evaluated a sample of transactions to verify the point at which risks and rewards were transferred, including reviewing dispatch documentation and customer acceptance evidence.
Sale of Service	Revenue form supply of services is completion of the service, depending on the nature of the contract and ability to estimate the outcome.	Assessed whether revenue was recognized upon completion of services and examined supporting documentation such as customer sign-offs and invoices.

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
financial statements that give a true and fair view of the
financial position and financial performance of the Company
in accordance with the Accounting Principles generally
accepted in India, including the Accounting Standards
specified under Section 133 of the Act read with Rule7 of
Companies( Accounts) Rules, 2014.

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
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 statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the 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.

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

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

As part of an audit in accordance with SAs, we exercise
professional judgement 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 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 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.

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.

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.

Report on Other Legal and Regulatory Requirements

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 A”, a statement on the matters specified in
the paragraph 3 and 4 of the order.

As required by Section 143(3) of the Act we report that;

a) We have 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.

c) The Balance Sheet, the Statement of Profit and Loss 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 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 the written representations received
from the directors as on March 31, 2024 taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31, 2024 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) In our opinion and to the best of our information and
according to the explanations given to us, we report
as under with respect to other matters to be included
in the Auditor''s Report in accordance with Rule of the
Companies(Audit and Auditor''s) Rules, 2014:

(i) The Company has disclosed the impact of
pending litigations on its financial position in
its financial statements - Refer Note 25 to the
financial statements.

(ii) The Company did not have any long-term contracts
including derivative contracts; as such the question
of commenting on any material foreseeable losses
thereon does not arise.

(iii) There has not been an occasion in case of the
Company during the year under report to transfer
any sums to the Investor Education and Protection
Fund. The question of delay in transferring such
sums does not arise.

(iv) a) The management has represented that, to the

best of its knowledge and belief, other than as
disclosed in the notes to the accounts, 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 person or entity,
including foreign entities (“intermediaries”)
with the understanding, whether recorded
in writing or otherwise, that the intermediary
shall, whether directly or indirectly lend or
invest in other person or entity identified in
any manner whatsoever by or 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, other than as
disclosed in the notes to the accounts, no funds
have been received by the company from any
person or entity including foreign entities
(“Funding Parties”) with the understanding,
whether recorded in writing or otherwise,
that the company shall, whether directly or
indirectly, lend or invest in other person or
entity identified in any manner whatsoever
by or behalf of the funding party (“ultimate
beneficiaries”) or provide any guarantee,
security or the like on behalf of the ultimate
beneficiaries; and

c) Based on such audit procedures that were
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that
representations under sub clause (a) and (b)
contain any material mis-statement.

(v) The Company has neither declared nor paid any
dividend during the year; as such the compliance
with section 123 of the Companies Act'' 2013 does
not arises.

(vi) 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) 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 audit
trail feature being tampered with. Further as per
Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 the company has duly preserved the
audit trail as per the statutory requirements for
record retention.

As per our separate report of even date.

For Raman Chawla and Associates

Chartered Accountants
FRN:035543N

Jasmeet Singh

Partner

Place: New Delhi Membership No. : 549076

Date: 22 May 2025 UDIN: 25549076BMOKTD8509