Auditor Report of Patron Exim Ltd.

Mar 31, 2024

We have audited the Financial Statements of PATRON EXIM LIMITED
U24100GJ2022PLC134939 ("the Company"), which comprise the Balance Sheet as at 31st
March 2024, the Statement of Profit and Loss, 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.

Auditor Opinion

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
Accounting Standards prescribed under section 133 of the Act and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the
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 (SAs) specified under
section 143(10) of the Act. 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 Act and the Rules
there under, 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. We have key audit
matter to communicate in our report as under

1. Non payment of previous year income tax dues Rs. 92.14 lacs & TDS Rs. 27.69 lacs.

2. The transactions of unsecured loans and advances Rs. 12.96 crores (including current year
Rs. 8.18 crores) to related parties having no any income and are subject to justification of
disbursement and recovery.

3. No provisions for interest have been made on unsecured loan.

4. The advances to creditors Rs. 10.36 crores (including current year Rs. 5.52 crores) to
various parties (including Rs. 4.87 crores to related parties) are subject to justification of
disbursement and recovery.

5. The earlier years unsecured investment Rs. 8.67 crores outstanding from two parties
having no income and are subject to justification of disbursement and recovery.

6. Purchase turnover as per GST data not tallied and which are subject to verification and
reconciliation.

7. In debtors and creditors ledgers the transaction other then sales and purchases are not
according to accounting standard to show nature of transaction, there are Rs. 41.36 lacs
debit balances in creditors ledgers.

8. All related party transactions shown in para 2 of notes on accounts.

Information Other than the Standalone 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 Management Discussion and
Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility
Report, Corporate Governance and Shareholder''s Information, 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 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 except noted in key audit matter.

For, J M Patel & Bros.
Chartered Accountants
Reg. No. 107707W

Sd/-

Place: Ahmedabad CA JASWANT M PATEL

Date: 29/05/2024 (PROPERITOR)

UDIN: 24030161BKELXB5700 Mem. No. 030161