We have audited the accompanying standalone financial
statements of “CALIBER MINING AND LOGISTICS
LIMITED” (Formerly Known as CALIBER MERCANTILE
PRIVATE LIMITED) (“the Company”) having its CIN No.
U74999MH2014PLC255811, which comprise the Standalone
Balance sheet as on March 31, 2026, and the Standalone
Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Changes in Equity and
Standalone Cash Flows Statement, for the year ended on
that date and notes to the standalone 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 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 Standard)
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, 2026 its Profit and 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 statement in accordance
with the Standards on Auditing (SAs) specified under Section
143(10) of the Act. Our responsibilities under those SAs are
further described in the Auditors'' 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 standalone 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 audit opinion. We
believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion on the
standalone financial statements.

Information other than the Standalone Financial Statement
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 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 standalone 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 communicate the
matter to those charged with governance.

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 Companies Act, 2013(“the Act”)
with respect to the preparation of these standalone financial
statements that give a true and fair view of the state of affairs
(financial position), net profit (financial performance including
Other Comprehensive Income), Changes In Equity and Cash
Flows of the company in accordance with the accounting
principles generally accepted in India including the Ind AS
specified under section 133 of the Act. 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 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, Board of
directors 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.

Board of Directors are 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 auditors'' 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 with reference to financial
statements 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.

• Obtain sufficient appropriate audit evidence regarding
the Standalone Financial Statements of the company
to express an opinion on the Standalone Financial
Statements.

Materiality is the magnitude of misstatements in the
standalone financial results that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial results 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 standalone
financial results.

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 paragraphs 3 and 4 of the Order

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 standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income) and the standalone cash
flow statement dealt with by this report are in
agreement with the books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act;

e) On the basis of the written representations received
from the directors as on 31st March 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31st March 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 with reference to the standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure B”.

g) 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, 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 does not have any pending
litigations which would impact financial
position in its standalone financial statements
except as disclosed in Note 34 of the
Standalone 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 the
aggregate) have been advanced or loaned or
invested by the company to or in any other
person(s) or entities, including foreign entities
(“Intermediaries”), with the understanding
that the intermediary shall whether directly
or indirectly lend or invest in other persons
or entities identified in any manner by or on
behalf of the company (Ultimate Beneficiaries)
or provide any guarantee, security or the like
on behalf of 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 entities including foreign entities
(“Funding Parties”) with the understanding
that such 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 guarantee, security or
the like on behalf of the Ultimate beneficiaries.

(c) Based on such audit procedures as
considered reasonable and appropriate in

the circumstances, nothing has come to our
notice that has caused us to believe that the
representation under sub-clause (d) (i) and (ii)
contain any material mis-statement.

v. The company has neither declared nor paid any
dividend during the financial year accordingly
the provisions of section 123 is not applicable.

vi. As required by Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014, we report
that, based on our examination which
included test checks, 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. Further,
during the course of our audit we did not come
across any instance of 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 Kailash Chand Jain & Co.

Chartered Accountants

Firm Registration No.: 112318W

Saurabh Chouhan

Partner

Membership No.: 167453

Place: Nagpur

Date: May 19, 2026

UDIN: 26167453SUAESQ5223