P N Gadgil Jewellers Ltd.की ऑडीटर रिपोर्ट

We have audited the accompanying standalone financial
statements of P N Gadgil Jewellers Limited (”the Company”),
which comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including Other Comprehensive
Loss), Statement of Changes in Equity and Statement of Cash
Flows for the year then ended, and notes to the Financial
Statements, including a summary of material accounting policies
and other explanatory information (hereinafter referred to as
“the Standalone Financial Statements”).

In our opinion and to the best of our information and according to
the explanations given to us, the standalone financial statements
give the information required by the Companies Act, 2013 as
amended (“the Act”) in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India including Indian Accounting
Standards (Ind AS) specified under section 133 of the Act, of
the state of affairs of the Company as at March 31, 2026 and its
profit (including Other Comprehensive Loss), its cash flows and
the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in
accordance with 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 Standalone 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 (“the ICAI”) together with the ethical
requirements that are relevant to our audit of the standalone
financial statements for the year ended March 31, 2026 under
the provisions of the Act and Rules made 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 audit opinion on the
standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements for the financial year ended
March 31, 2026. These matters were addressed in the context
of our audit of the standalone financial statements as a whole,
and in forming our opinion thereon and we do not provide a
separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in
that context. We have determined the matter described below to
be the key audit matter to be communicated in our report.

1. Inventory:

The Company''s inventories primarily comprise high value
items like Jewellery made of gold, diamonds, gemstones
etc. Due to the significant value and nature of these
items, inventory existence has been identified as a key
audit matter. (Refer Note 10 to the Standalone Financial
Statements)

Key Risk Factors:

a. High monetary value of precious items

b. I nventory distributed across multiple locations (retail
stores, head-office, third-party job workers)

c. Significant risk of loss or theft given the value and
nature of inventory

Our methodology included the following:

a. We gained an understanding of management''s processes
for inventory monitoring and tested the implementation
of these procedures. We also evaluated the design,
implementation and operating effectiveness of key financial
controls related to inventory safeguarding and physical
verification, including assessment of the Company''s
standard operating procedures for conducting, recording
and reconciling physical inventory verification.

b. We evaluated the design, implementation and operating
effectiveness of general IT controls and key application
controls over the Company''s IT systems.

c. We reviewed internal audit reports to evaluate the physical
verification process carried out by the control owners
during the year on a sample basis.

d. For locations chosen using statistical sampling, we
conducted physical inventory verification at or near year-
end and tested management''s roll-forward/roll-backward
calculations where applicable and agreed the inventory as
per physical verification with the book records.

e. We verified inventory quantity submissions made by the
Company to banks and obtained reconciliation with book
records on a sample basis.

f. For samples chosen using statistical sampling, we obtained
independent confirmations of inventories held by third
parties and third-party job workers.

Other Information

The Company''s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Corporate
Governance, Business Responsibility and Sustainability Report,
Director''s report, 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
identified above when it becomes available 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 the fact.

We have nothing to report in this regard.

Responsibilities of Management and Those Charged
with Governance for the Standalone 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 and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance, cash flows and changes in equity of the
Company in accordance with accounting principles generally
accepted in India, including the Indian Accounting Standards
(Ind AS) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as
amended. 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 standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone 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 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 is also responsible for overseeing the
Company''s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements

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

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

• I dentify and assess the risks of material misstatement of
the standalone 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 standalone 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 standalone financial statements, including the
disclosures, and whether the standalone 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.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone 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 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, based on our
audit, 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) I n our opinion, proper books of account as required
by law relating to preparation of the financial
statements have been kept so far as it appears from
our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss
(including Other Comprehensive Loss), the Statement
of Changes in Equity and the Statement of Cash
Flows dealt with by this Report are in agreement with
the books of account.

(d) I n our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under section 133 of the Act,
read with Companies (Indian Accounting Standards)
Rules, 2015, as amended.

(e) On the basis of the written representations received
from the directors as on March 31, 2026 taken on
record by the Board of Directors, none of the directors
is disqualified as on March 31, 2026 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'' to this report.
Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of Company''s
internal financial controls with reference to standalone
financial statements.

(g) As required by section 197 (16) of the Act, in our
opinion and according to information and explanation

provided to us, the remuneration paid/ provided for
by the company to its directors is in accordance with
the provisions of section 197 of 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,
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 its
standalone financial statements. (Refer Note 33
to the standalone financial statements).

ii. The Company did not have any long term
contracts including derivative contract 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 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 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. T he 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 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

Further, we did not come across any instance
of tampering of the audit trail feature during the
course of our audit and the audit trail has been
preserved by the Company as per the statutory
requirements for record retention.

For GDA & Associates

Chartered Accountants

Firm Registration Number 135780W

Kishor V. Karve

Partner

Membership No.: 142951

Place: Pune

Date : 14/05/2026

UDIN: 26142951JRJVPD1371

We have audited the accompanying standalone financial
statements of P N Gadgil Jewellers Limited (”the
Company”), which comprise the Balance Sheet as at March
31, 2025, the Statement of Profit and Loss (including Other
Comprehensive Loss), Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and
notes to the Financial Statements, including a summary
of material accounting policies and other explanatory
information (hereinafter referred to as “the standalone
financial statements”).

In our opinion and to the best of our information and
according to the explanations given to us, the standalone
financial statements give the information required by the
Companies Act, 2013 as amended (“the Act”) in the manner
so required and give a true and fair view in conformity
with the accounting principles generally accepted in India
including Indian Accounting Standards (Ind AS) specified
under section 133 of the Act, of the state of affairs of the
Company as at March 31, 2025 and its profit (including
Other Comprehensive Loss), its cash flows and the changes
in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with 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 Standalone 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 (“the ICAI”) together with the ethical
requirements that are relevant to our audit of the standalone
financial statements for the year ended March 31, 2025
under the provisions of the Act and Rules made 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 audit
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements for the financial year ended
March 31, 2025. These matters were addressed in the
context of our audit of the standalone financial statements
as a whole, and in forming our opinion thereon and we do
not provide a separate opinion on these matters. For each

matter below, our description of how our audit addressed
the matter is provided in that context. We have determined
the matter described below to be the key audit matter to be
communicated in our report.

1. Inventory:

The Company’s inventories primarily comprise high
value items like Jewellery made of gold, diamonds,
gemstones etc. Due to the significant value and nature
of these items, inventory existence has been identified
as a key audit matter. (Refer Note 10 to the standalone
financial statements)

Key Risk Factors:

a. High monetary value of precious items

b. Inventory distributed across multiple locations
(retail stores, head-office, third-party job workers)

c. Significant risk of loss or theft given the value and
nature of inventory

Our methodology included the following:

a. We gained an understanding of management''s
processes for inventory monitoring and tested
the implementation of these procedures. We
also evaluated the design, implementation
and operating effectiveness of key financial
controls related to inventory safeguarding and
physical verification, including assessment of the
Company''s standard operating procedures for
conducting, recording and reconciling physical
inventory verification.

b. We evaluated the design, implementation and
operating effectiveness of general IT controls
and key application controls over the Company''s
IT systems.

c. We reviewed internal audit reports to evaluate the
physical verification process carried out by the
control owners during the year on a sample basis.

d. For locations chosen using statistical sampling,
we conducted physical inventory verification
at or near year-end and tested management''s
roll-forward/roll-backward calculations where
applicable and agreed the inventory as per
physical verification with the book records.

e. We verified inventory quantity submissions
made by the Company to banks and obtained
reconciliation with book records on a sample basis.

f. For samples chosen using statistical sampling,
we obtained independent confirmations of
inventories held by third parties and third-party
job workers.

Other Information

The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Corporate Governance, Business Responsibility
and Sustainability Report, Director’s report, 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
identified above when it becomes available 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 the fact.

We have nothing to report in this regard.

Responsibilities of Management and Those
Charged with Governance for the Standalone
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 and presentation of these standalone financial
statements that give a true and fair view of the financial
position, financial performance, cash flows and changes
in equity of the Company in accordance with accounting
principles generally accepted in India, including the Indian
Accounting Standard (Ind AS) specified under section 133
of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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
standalone financial statements that give a true and fair
view and are free from material misstatement, whether due
to fraud or error.

In preparing the standalone 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 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 is also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone 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 standalone
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 standalone 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 standalone 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 standalone financial statements, including the
disclosures, and whether the standalone 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.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone 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 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, based on our
audit, 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 relating to preparation of the
financial statements have been kept so far as it
appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Loss),
the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account.

(d) I n our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under section 133 of the

Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

(e) On the basis of the written representations
received from the directors as on March 31, 2025
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 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’ to this report. Our report expresses
an unmodified opinion on the adequacy and
operating effectiveness of Company’s internal
financial controls with reference to standalone
financial statements.

(g) With respect to the other matters to be included
in the Auditor’s Report in accordance with the
requirements of section 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 by the Company
to its directors during the year is in accordance
with the provisions of section 197 of 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,
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 its standalone financial statements.
(Refer Note 32 to the standalone financial
statements).

ii. The Company did not have any long
term contracts including derivative
contract 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 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 or entity, including
foreign entity (“Intermediaries”), with
the understanding, whether recorded

sub-clause (i) and (ii) of Rule 11(e), as
provided under clause (iv) & (v) above,
contain any material misstatements.

v. According to the information and
explanations given to us and based on our
examination, which included appropriate
test checks, we report that the Company has
used accounting software 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
software. Further, during the course of our
audit we did not come across any instance
of the audit trail feature being tampered with
and the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For GDA & Associates

Chartered Accountants

Firm Registration Number 135780W

Akshay D. Maru

Partner

Membership No.: 150213

Place: Pune

Date: May 15, 2025

UDIN: 25150213BMSCBB3886