We have audited the accompanying Financial Statements
of Gujarat Poly Electronics Limited (the 'Company') which
comprise the Balance Sheet as at March 31, 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 notes to the Financial Statements,
including a summary of material 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 (the
Act) in the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards prescribed
under Sec. 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 as amended (Ind AS), other
accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2025 and profit, total
comprehensive income, its cash flows and changes in equity for
the year ended on that date.

Basis for Opinion

We concluded 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 (ICAI) 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
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 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 for the financial year ended March 31, 2025. 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 determined that there is no key audit matter to
communicate in our report.

Information other than Financial Statements & Auditors
Report thereon

The Company's Board of Directors is responsible for the Other
Information. The Other Information inter-alia comprises of
Management Discussion and Analysis, Board's Report including
Annexures to Board's Report, Corporate Governance and
Shareholder's Information (but does not include the Financial
Statements and our auditor's report thereon), which we obtained
prior to the date of this report and the rest of the Annual Report
is expected to be made available to us after that date.

Our opinion on the Financial Statements does not cover the
Other Information and we do not and will 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 identified above
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.

Based on the work we have performed, if 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 Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these Financial Statements that give a true and fair view of
the financial position, financial performance including other
comprehensive income, changes in equity and cash flows of
the Company in accordance with the Ind AS and accounting
principles generally accepted in India. The 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 judgement and estimates that
are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were
operating effectively or ensuring 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 Company's 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 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 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 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 polices used
and the reasonableness of accounting estimates and related
disclosures made by the 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.

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 are 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.

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" 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 are 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 except
for the matters stated in the paragraph (2)(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

(c) The Balance Sheet, the Statement of Profit and Loss
including other comprehensive income and the Cash
Flow Statement, 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 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, 2025 taken
onrecord 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) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph (b) above on reporting
under Section 143(3) and paragraph (2)(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

(g) With respect to the adequacy of internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to
or separate report in "Annexure B".

(h) With respect to the other matters to be included in the
Auditors Report in accordance with requirements of
Sec. 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/provided by the Company to its
Directors during the year is in accordance with the
provisions of Sec. 197 read with Schedule V to the
Companies Act, 2013.

(i) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditor's) Rule, 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 litigation having
material impact on the financial position of its
Financial Statements.

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
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 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 (a) and (b) above,
contain any material misstatement.

v. (a) The company had not proposed any final

dividend in the previous year, which was
declared and paid by the Company during
the year.

(b) The Company has not declared and paid any
interim dividend during the year and until
the date of this report.

(c) The Board of Directors of the Company has
not proposed any final dividend for the year
which is subject to approval of the members
in the ensuing Annual General Meeting.

vi. Based on our examination carried out in
accordance with the Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014, which included
test checks, we report that 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 except that audit trail
feature is not enabled for direct changes to
database level. Further, during the course of our
audit we did not come across any instance of
audit trail feature being tampered with in respect
to accounting software. Additionally, the audit
trail has been preserved by the Company as per
statutory requirements for record retention, to
the extent it was enabled and recorded in the
respective years.

For, Mahendra N. Shah & Co.,

Chartered Accountants
ICAI Firm Registration No.: 105775W

Chirag M. Shah

Partner

Date: May 5, 2025 Membership No.: 045706

Place: Ahmedabad UDIN: 25045706BMJAGL2558