Auditor Report of Gabriel Pet Straps Ltd.

Mar 31, 2025

We have audited the financial statements of Gabriel Pet Straps Limited (the Company"), which
comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss for the year ended
on that date, the Cash Flow Statement for the year ended on that date and the notes to the financial
statements, including a summary of significant accounting policies mid other explanatory information.

In out 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 in
the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India;

* In the case of The Balance Sheet, of the slate of affairs of the Company as at March 31, 2025

* In the case of the Statement of Profit and Loss, of its profit for the year ended 31 March 2025

* In the ease of the Cash Flow Statement, of the cash flow for the year ended 31 March 2025
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 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 the financial statements ,...

Key audit matters are those matters that_r 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.

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

The Company''s Board of Directors is responsible for providing the other information. The other
information generally comprises the information included in the Company’s Annual Keport but dues
not include the financial statements and our auditor''s report thereon.

Our opinion is on the financial statements and not on the other Information accompanying the
financial statements, and therefore, insofar as the Other Information is concerned, we do not express
any form of assurance or conclusion thereon,

In connection with our audit of the financial statements, our responsibility is to read the other
information when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.

Responsibilities of Management and those Charged with Governance for the Financial
Statements

The Company’s Board of Directors is responsible for the matters staled in section 134(5) of the
Companies Act. 2013 (‘the Act”j 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 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 delecting frauds and oilier

*

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 cither intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for over seeing the company''s financial reporting process¹

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 SA’s will always delect a material misstatement when it exists Misstatements can arise from fraud or error and are considered materia! 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 statement.

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
Lo 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, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

*

estimates and related disclosures made by management.

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

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 (II) of the section 143 of the Act, we give in the
"Annexure A" a Statement on the matters specified in the paragraphs 3 and 4 of the order,

2. As required by the section 143(3) of the Act, we further 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.

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 applicable accounting
standards specified under section 133 of the Act, read with rule 7 of the Companies
(Accounts) Rules. 2014.

el On the basis of written representation received from the directors as on March 31, 2035,
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 of adequacy of the internal Financial control over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
Annexure - B.

gj With respect to the other matters to be included in the Auditor’s Report in accordance with
the requirement of rule 11 of the Companies (Accounts) Rules, 2014:

i The company does not have any pending litigation which would impact its Financial

position in its financial statement.

ii. The company did not have any long term contracts including derivative contract; 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, no
funds which arc 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(s) or entiiy(ies),
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 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 other than directors, including foreign entities
(“Funding Parties’*), with the understanding, whether recorded m 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 company
(“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 representations under sub clause (i) and (ii) of Rule 11(e) as provided
Under (a) and (b) above, contain any material misstatement, /ri ;

v. The company has not declared or paid any dividend during the year in contravention
of the provisions of section 123 of the Companies Act, 2013-

vi. 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 wild.

FOR, PRANAV R. SHAH & CO¬
CHARTERED ACCOUNTANTS___

FRN: 139686W

u/ftoTSoV

--¹ \*\ 139SBSW /*/

Pianav Rajeshbhal Shah VrV Y^y I

Proprietor

Membership No. 161945 ^^2.—

HDIN NO: 25 16 1945BMGKEY2179

Place: Paddhari, Rajkot
Date: May 29, 2025

1

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 concern¹ If we conclude that a material uncertainly 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

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Mar 31, 2024

We have audited the accompanying financial statements of M/s Gabriel Pet Straps Limited, which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss 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 for the period beginning from 3^rd August, 2023 and ended on 31^st March, 2024.

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 of the Company as at March 31, 2024, its profit and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the auditors’ 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 Act 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.

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.

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 Board’s Report and its annexures, but does not include the standalone 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 the other information is materially inconsistent with the standalone 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.

Management’s responsibility for the financial statements

The management and Board of Directors of the company are responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give true and fair view of the financial position, financial performance and cash flow of the company in accordance with the accounting principles generally accepted in India, including the accounting standard Specified under section 133 of the Act, read with rule 7 of companies (Accounts) Rules, 2014. This responsibility 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; design implementation and maintenance of adequate internal finance controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give 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. The board of directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements

Our responsibility is 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 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 Financial Control relevant to the audit in order to design audit procedure 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 Statements in place and 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.

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

/V /D

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.

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

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 the section 143 of the Act, we give in the

“Annexure A” a statement on the matters specified in the paragraphs 3 and 4 of the order.

2. As required by the section 143(3) of the Act, we further 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.

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 applicable 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 representation received from the directors as on March 31, 2024, and 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 of adequacy of the internal financial control 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 requirement of rule 11 of the Companies (Accounts) Rules, 2014:

A . /C \

i. The company does not have any pending litigation which would impact its financial position.

ii. The company did not have any long-term contracts including derivative contract; 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, 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(s) or entity(ies), 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 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 other than directors, 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 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;

(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 representations under sub clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.

FOR,

PRANAV R. SHAH & CO.

CHARTERED ACCOUNTANTS

^ ^__K/ frn-

Pranav Rajeshbhai Shah Proprietor

Membership No. 161945 FRN: 139686W

UDIN NO: 24161945BJZXGK3246

Place: Paddhari, Rajkot Date: May 30, 2024