We have audited the accompanying standalone financial statements of GHUSHINE
FINTRRADE OCEAN LIMITED ("the Company*], which comprise the Balance Sheet as
at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the
year ended on that date and notes to the standalone financial statements including a
summary of the significant 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 aforesaid standalone 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 March 31, 2024 and its profit (including other
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 standalone financial statements in accordance with the
Standards on Auditing (“SA"s| 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 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 (“1CAI") together with the
ethical requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the 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 obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the standalone
financial statements. .

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Key Audit Matters ,

Key audit matters are those matters that, in our professional judgih

significance in our audit of the standalone financial statements of i i JiYi
These matters were addressed in the context of our audit of the stanljfl IjfiPkrijPjt
statements as a whole, and in forming our opinion thereon, and ^

* •„ ™ on these matters We have determined the matters described below to

be the key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditor’s Report

4

Thereon

The Company’s management and Board of Directors are 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 Annexure to Board’s Report, Business Responsibility Report, Corporate
Governance and Shareholder's Information, 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 Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the
preparation of these standalone 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 Indian
Accounting Standards find AS) prescribed under section 133 of the Act read with the . ,,
Companies (Indian Accounting Standards) Rules, 2015, as amended
accounting principles generally accepted in India. This responsibility jffiyfrV

PI \/K

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 the
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 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 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 ot 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. Ý _t -^s.

i

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• 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.

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 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 liming 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 Section 143(3) of the Act, based on our audit we

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 including Other
Comprehensive Income, Statement of Changes in Equity and the Statement
of Cash Flow dealt with by this Report are in agreement with the books of
account maintained for the purpose of preparation of these standalone
financial statements.

d) In our opinion, the aforesaid standalone financial statement complies with
the Indian 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 of the
Company as on March 31, 2024 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 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 A¹. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company's internal financial controls over financial reporting.

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.

ii, The Company has made provision, as required under the applicable law

or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contract^. - . • ^

^;

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 or entity,
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 have been received by the Company from any
person or entity, 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 Funded party ("Ultimate Beneficiaries') or provide
any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and

c. Based on such 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 subclause (a) and (b) contain any
material misstatement,

v. The company has not declared or paid any dividend during the year in
accordance with section 123 of the Companies Act, 2013. Hence this
clause is not applicable.

vi. As the proviso to rule 3(1) of the Companies (Accounts) Rules. 2014 is
applicable for the company w.e.f. April 1, 2024, reporting on
maintaining of audit trail under Rulell i(g) of Companies (Audit and
Auditors) Rules, 2014 under this clause ts not applicable.

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2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”)
issued by the Central Government of India in terms of section 143(11) of the
Act, we give in the “Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

For N. C. RUPAWALA & CO.

Chartered Accountants
Firm Reg. No.; 125757W

Nehal C. Rupawala

Partner ; «#.“/ t /V Yrt\l

M. No.; 118029 xKl

UDIN; ^ 4 11 E 0 3 ^ S WfMWR*^JJP y

Date: 13/05/2024 , ---

Place; Surat