Auditor Report of Palm Jewels Ltd.

Mar 31, 2025

We have audited the accompanying Financial Statements of Palm Jewels Limited ("the
Company"), which comprise the Balance Sheet as at 31^st March, 2025, the Statement of
Profit and Loss (including other comprehensive income), the Statement of Cash Flows
and the Statement of Changes in Equity for the year then ended, and a summary of
significant accounting policies and other explanatory information (herein after referred
to as "Financial Statements").

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 ("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 read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31^st March, 2025, the Profit and total
comprehensive Income, changes in equity and its cash flows for the year ended on that
date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs). 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 (ICAI) together with the independence requirements that are relevant to our audit
of the financial statements under the provisions of the Act and the Rules made there
under, 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 audit opinion on the
financial statements.

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. We have not identified any of such matters that are to be reported separately
here during the current period.

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

The Company''s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the Director''s
Report but does not include the financial statements and our auditor''s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the
other information 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. 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
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 and
presentation of these 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 the accounting principles
generally accepted in India, including the applicable Indian Accounting Standards (Ind
AS).

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 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, 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 responsible for overseeing the Company''s financial reporting
process.

Auditor''s Responsibility 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 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 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 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 financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the 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 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 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, to the 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 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, the Statement of Cash
Flows and the Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account;

d) In our opinion, the aforesaid Financial Statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of the written representations received from the directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 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 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 the Financial Statement.

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 of the company has represented that, to the best
of it''s 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(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 of the company has represented that, that, to the
best of it''s knowledge and belief, other than as disclosed in the notes to
the accounts, no funds have been received by the company from any
person(s) or entity(ies), 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 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 we have 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) contain any material mis-statement.

v. The company has not declared or paid any dividend during the year.

vi. The Ministry of Corporate Affairs (MCA) has amended the Rule 3 of
Companies (Accounts) rules, 2014 by way of notification dated 31st
March, 2022. According to the information and explanation provided to
us, the Company has used such accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log)
facility and the same has been operated throughout the year for all
transactions recorded in the software and the audit trail feature has not
been tampered with and the audit trail has been preserved by the
company as per the statutory requirements for record retention.

h) With respect to the matters to be included in the Auditor''s Report in accordance
with the requirements of section 197(16) of the Act, as amended:

According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the managerial remuneration paid
by the Company to its directors during the year is in accordance with the
provisions of section 197(16) of the Act.

For, BHARAT H. SHAH & CO.

Chartered Accountants

FRN: 101217W

CA BHARAT H. SHAH

Place: Ahmedabad Partner

Date: 27^th May, 2025 Membership No: 039664

UDIN: 25039664BMSCCM1590

---

Mar 31, 2024

We have audited the accompanying standalone quarterly financial results of Palm
Jewels Limited (The company) for the quarter ended 31^st March, 2024 and the year to
date results for the period from 1^st April, 2023 to 31^st March, 2024, attached Herewith,
being submitted by the company pursuant to the requirement of Regulation 33of the
SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, As
amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given
to us these standalone financial results:

i. presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and

iL Give a true and fair view in conformity with the recognition and measurement
Principles laid down in the applicable accounting standards and other Accounting
principles generally accepted in India of the net profit/losss and other
Comprehensive income and other financial information for the quarter ended 31^st
March, 2024 as well as the year to date results for the period from 1^st April, 2023
to 31^£l March, 2024.

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 (the Act). Our responsibilities under
those Standards are further described in the Auditor’s Responsibilities for the Audit of
the Standalone Financial Results section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the-lnsjityte of Chartered
Accountants of India together with the ethical requirements tba^eVe^ant to our audit
of the financial results under the provisions of the Companies/Act, 201$sind 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.

Management’s Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year to date standalone financial results
have been prepared on the basis of the interim financial statements. The Company’s
Board of Directors are responsible for the preparation of these financial results that give
a true and fair view of the net profit/loss and other comprehensive income and other
financial information in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34, ’Interim Financial Reporting'' prescribed under
Section 133 of the Act read with relevant rules issued there under and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. 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 standalone financial results that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone financial results, the 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 the Board of Directors 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 Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone
financial results 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 wilt 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 financial results.

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 standalone financia
I results, 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 riskpLp6£d_efecfing a material
misstatement resulting from fraud is higher than for pHeTesulting^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 company''s internal
control.

• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the
Board of Directors.

• Conclude on the appropriateness of the Board of Directors'' 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 auditors report to the related disclosures in the financial results or, if such
disciosures 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 qoinq
concern.

• Evaluate the overall presentation, structure and content of the standalone
financial results, including the disclosures, and whether the financial results
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 deficienciGs in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied
with re evant 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 section
143 of the Companies Act, 2013, we give in the Annexure “A" statement on the
matters specified in paragraphs 3 and 4 of the Order, to the 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 purDoses
of our audit. ^p

(b) In our opinion, proper books of account as require^ydawijbve been

kept by the Company so far as it appears from _{of thn}~„

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, and the best of our information and explanation given to us,
the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with relevant Rule.

(e) On the basis of the written representations received from the directors as
on 31st March, 2023 taken on record by the Board of Directors, none of
the directors is disqualified as on 31st March, 2023 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, the managerial remuneration for the year ended March 31,
2023 has been paid / provided by the Company to its directors in
accordance with the provisions of Section 197 read with Schedule V to 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 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 has been no delay in transferring amounts, 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 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(les),including
foreign entities (‘''Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, 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 have been received by the
company from any person(s) or entity(ies), including foreign
entities ("Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall,

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. 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
misstatement.

v. During the year company has neither paid any interim dividend nor
proposed any final dividend

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has
a feature of recording audit trail (edit log) facility is applicable to
the Company with effect from April 1, 2023, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31,
2024.

"i '' _____

I; lf\jy For A.K. Shah & Associates

'' /j.......; - CHARTED ACCOUNTANTS

.j ''A \ ,, FRN: 0109478W

j J

Place : Ahmedabad CA. Ajit K. Shah

Date: 29/05/2024 M.No.: 044602