Aerpace Indus

Aerpace Industries Ltd Auditor Reports

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Aerpace Industries Ltd Share Price Auditors Report

To the Members of Aerpace Industries Limited (formerly known as Supremex Shine & Steels Limited)

Report on the Audit of the Ind AS Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Aerpace Industries Limited (the
"Company"), which comprise the standalone balance sheet as at March 31, 2026, and the standalone
statement of Profit and Loss (including other comprehensive income), and the standalone statement of
changes in equity and the standalone statement of cash flows for the year then ended, and notes to the
standalone financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as the " Standalone Financials 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 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, 2026, and its loss 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 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 Auditors 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
("ICAI") 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 ICAIs 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 standalone financial statements of the current year. Those matters were addressed in the context of
our audit of the standalone financial statements as a whole, and in forming opinion thereon, and we do not
provide a separate opinion on these matters.

We have determined the matters described below to be the Key audit matters to be communicated in our
report. We have fulfilled the responsibilities described in the Auditors Responsibilities for the audit of the
financial statements section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of risk of material
misstatement of the financial statements.

The results of our audit procedures, including the procedures performed to address the matter below,
provide the basis of our audit opinion on the accompanying financial statements.

Key Audit Matters	107 How our audit addressed the key audit matter
Intangible assets under development	Intangible assets under development
The company has various internally generated intangible assets under development. Initial recognition of the expenditure under these projects are based on assessing each project in relation to specific recognition criteria that needs to be met for capitalization. In addition, the management also assess indication of impairment of the carrying value of assets which requires management judgement and assumptions as affected by future market or economic developments. Due to the materiality of the assets under development recognized and the level of management judgement involved, initial recognition and measurement of internally generated intangible assets has been considered as a key audit matter.	Our audit procedures included the following:
	-We read the companys research and development expenditure accounting policies to assess compliance with Ind AS 38 "Intangible Assets".
	-We performed test of control over management process of identifying and capitalizing the development expenditure in accordance with the accounting principles of capitalization of expenditure on internally generated intangible assets as per Ind AS 38 such as technical feasibility of the project, the intention and ability to complete the intangible asset, ability to use or sell the asset, generation of future economic benefits and the ability to measure cost reliably.
	-We performed test of details of development expenditure capitalized by reviewing the key assumptions including authorization of the stage of the project in the development phase, the accuracy of costs included and assessing the useful economic life attributed to the asset. In addition, we considered whether any indicators of impairment were present by understanding the business rationale for the projects.
Investment in Foreign Subsidiary	Investment in Foreign Subsidiary
The Company has invested in a foreign subsidiary incorporated in UAE, representing a significant strategic investment. The investment is carried at cost in the standalone financial statements. Considering that the subsidiary has not commenced operations and there is limited financial information available, significant judgement is involved in assessing whether there are any indicators of impairment under Ind AS 36 - Impairment of Assets.	Our audit procedures included, among others:
	-Obtained an understanding of managements process for identification of impairment indicators.
	-Verified shareholding documents, incorporation records, and investment agreements to confirm existence and ownership.
	-Reviewed the financial position of the subsidiary to assess whether any adverse indicators exist.
	-Evaluated managements assessment that the subsidiary has not commenced operations and there are no external or internal indicators of impairment.
	-Assessed the adequacy of disclosures made in the standalone financial statements. Based on the procedures performed, we did not identify any material exceptions.

Other Information

The Companys Board of Directors are responsible for the other information. The other information comprises
the information included in the Management Discussion and Analysis, Boards Report including Annexures to
Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information but
does not include the Ind AS standalone financial statements and our auditors report thereon. The annual
report is expected to be made available to us after the date of this auditors report.

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.

When we read the annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance and take appropriate action as required under
the applicable laws and regulations. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act, with
respect to the preparation of these Standalone Financial Statements that give a true and fair view of the State
of Affairs, loss and Other Comprehensive Income, Changes in Equity and Cash Flows of the Company 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 and other accounting principles
generally accepted in India. 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 of the appropriate accounting software for ensuring
compliance with applicable laws and regulations including those related to retention of audit logs, 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, the management and the Board of Directors are
responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern the 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 are also responsible for overseeing the companys financial reporting process.

Auditors 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 control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)0) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls with reference to standalone
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 and Board of Directors.

-Conclude on the appropriateness of the managements 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 Companys ability to continue as a going concern. If we conclude that
material uncertainty exists, we are required to draw attention in our auditors 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 auditors 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 misstatement 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 misstatement 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 standalone financial statements of the current year and are therefore
the key audit matters. We describe these matters in our auditors 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 (Auditors 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, to the extent applicable.

2.(A) 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), the standalone statement of changes in equity and the standalone statement of
cash flows 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 Ind AS specified under
Section 133 of the Act.

(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 with
reference to Standalone Financial Statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

(B) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us:

i. The Company did not have any pending litigations to be disclosed on 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 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
persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall 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 the aggregate) have been received by the Company from any persons or
entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the company shall, 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 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 sub-clause (a)
and (b) contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used accounting software
systems for maintaining its books of account for the financial year ended March 31, 2026 which have the
feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software systems. 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.

(C) With respect to the matter to be included in the Auditors Report under Section197(16) of the Act: In our
opinion, according to the information and explanation given to us, remuneration paid by the Company to its
directors during the current year is in accordance with the provisions of section 197 of the Act. The
remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act.

Place: Mumbai

For Ramanand & Associates

Chartered Accountants
Firms Registration No. 117776W

CA Ramanand Gupta

Partner

Membership No. 103975

UDIN: 26103975LFGOWD6055
Place: Mumbai
Date: 11th May, 2026

Annexure A

TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of our report to the
members of Aerpace Industries Limited of even date)

To the best of our information and according to the explanations provided to us by the company and the
books of accounts and records examined by us in the normal course of audit, we state that:

(i) (a) (A.) The Company has maintained proper records showing full particulars, including quantitative details
and situation of Property, Plant and Equipment, Capital work-in-progress and relevant details of right-of-use
assets.

(B.) The Company does not have any intangible assets during the year and accordingly, the reporting
requirements under clause 3(i) (a) (B) are not applicable.

(b) All the property, plant and equipment were physically verified during the year by the management in
accordance with a regular programme of verification at reasonable intervals. According to the information
and explanations given to us, the frequency of verification is reasonable having regard to the size of company
and nature of assets and no material discrepancies were noticed on such verification.

c) The Company does not have immovable properties (other than properties where the company is the
lessee and the lease agreements are duly executed in favor of the lessee). Accordingly, reporting under
clause 3(i) (c) of the Order is not applicable.

d) The Company has not revalued its Property and Plant and Equipment (including Right of Use assets)
during the year.

(e) No proceedings initiated or are pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The inventories were physically verified during the year by management at reasonable intervals. In our
opinion and according to the information and explanations given to us, the frequency of such verification was
reasonable and the coverage and procedure of such verification by the management is appropriate having
regard to the size of the Company and the nature of its operations. No material discrepancies were noticed on
such physical verification.

(b) The Company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate,
from banks or financial institutions on the basis of security of current assets. Accordingly, this clause is not
applicable to the Company.

(iii) The Company has granted unsecured loans to its subsidiary and other entities and has also made
investments in its subsidiary during the year.

(a) Based on the audit procedures carried out by us and as per the information and explanations given to
us, the Company has provided loans to subsidiaries and other entities and has also made investments in
subsidiaries during the year, details of which are as below:

Particulars	Investment	Loans
A. Aggregate amount during the year
-Subsidiary	28.58	604.91
-Associate of a subsidiary	-	-
-Others	-	8.75
B. Balance Outstanding as at Balance sheet Date
-Subsidiary	28.58	2376.20
-Associate of a subsidiary	-	-
-Others

(b) According to the information and explanations given to us and based on our examination of the records of
the Company, the terms and conditions of the loans granted, and investments made by the Company are,
prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and based on our examination of the records of
the Company, in respect of the loans granted by the Company, the terms of repayment of principal and
payment of interest have been stipulated and the repayment of principal and receipt of interest have
generally been regular in accordance with such terms.

(d) According to the information and explanations given to us and based on the audit procedures performed,
in respect of the loans granted by the Company, no amount of principal or interest was overdue for more than
90 days as at the balance sheet date. Further, the parties have generally been regular in repayment of
principal and payment of interest in accordance with the stipulated terms and conditions.

(e) According to the information and explanations given to us and based on our examination of the records of
the Company, no loan or advance in the nature of loan granted by the Company which fell due during the year
has been renewed or extended, nor have any fresh loans been granted to settle the overdues of existing loans
given to the same parties. Further, the Company has not granted any advance in the nature of loan to any
party during the year.

(f) According to the information and explanations given to us and based on our examination of the records of
the Company, the Company has not granted any loans repayable on demand or without specifying any terms
or period of repayment.

(iv) The Company has complied with the provisions of section 185 and 186 of the Act, in respect of the loan
granted, investments made and guarantees and securities provided, as applicable.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the
public. Accordingly, reporting under clause 3(v) of the Order is not applicable.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the
Companies Act, 2013 for the business activities carried out by the company. Accordingly, reporting under
clause 3(vi) of the Order is not applicable.

(vii) (a) In our opinion and according to the information and explanations given to us, undisputed statutory
dues including goods and services tax, provident fund, employees state insurance, income-tax, sales-tax,
service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as
applicable, have generally been regularly deposited by the company with the appropriate authorities though
there has been a slight delay in few cases.

There was no undisputed amount payable in respect of Goods and Services Tax, provident fund, employees
state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and
other material statutory dues in arrears as at March 31, 2026 for a period of more than six months from the
date they become payable.

(b) According to the information and explanations given to us, there are no statutory dues including Goods
and Services Tax, provident fund, employees state insurance, income tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess and other material statutory dues which have not been
deposited on account of any dispute with appropriate authorities.

(viii) There were no transactions relating to previously unrecorded income that have been surrendered or
disclosed as income during the year, in the tax assessment under the Income Tax Act, 1961(43 of 1961).

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the
payment of interest thereon to lender.

(b) The Company has not been declared a willful defaulter by any bank or financial institution or government
or any government authority.

(c) In our opinion and according to the information and explanations given to us by the management, term
loans were applied for the purpose for which the loans were obtained.

(d) On an overall examination of the financial statements of the Company, we report that,

prima-facie, no funds raised on a short-term basis have been used for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has taken funds from
following entities and persons on account of or to meet the obligations of its subsidiaries, as per details
below:

Nature of loan taken	Name of Lender	Rs. In Lakhs	Name of subsidiary	Nature of transaction for which loan utilized
Loan from Related party	Aerpace Robotics Private Limited	560.90	Aerpace Supercars Private Limited	Fund taken to grant a loan to the subsidiary to meet its obligations for working capital and capital projects (CWIP and Intangible Assets).

(f) According to the information and explanations given to us and procedures performed by us, we report that
the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint
ventures and associate companies (as defined under the act).

(x) (a) The Company has not raised any money by way of an initial public offer or further public offer (including
debt instruments) during the year. Accordingly, reporting under clause 3(x) (a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not made any preferential allotment or private placement of
shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not
applicable.

(xi) (a) In respect of frauds, as per the information and explanations given to us and procedures performed by
us, no fraud by the company or any fraud on the company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by the auditors
in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors)

Rules, 2014 with the Central Government during the year and up to the date of this report.

(c) As per the information and explanations given to us by the management, the company has not received
any whistle blower complaints during the year.

(xii) The Company is not a Nidhi Company. Accordingly, hence reporting under clause 3(xii) of the Order is not
applicable.

(xiii) In our opinion, the transactions entered with the related parties are in compliance with sections 177 and
188 of Companies Act, 2013 where applicable and details have been disclosed in the financial statements as
required by the applicable Indian Accounting Standards.

(xiv) (a) In our opinion, the Company has an internal audit system commensurate with the size and nature of
its business.

(b) We have considered the internal audit reports of the company issued till date for the period under audit.

(xv) In our opinion, the Company has not entered any non-cash transactions with its directors or persons
connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not
applicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence reporting under clause 3 (xvi)(a) (b) and (c) of the order is not applicable.

(b) In our opinion, the company is no core investment company within the Group (as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3 (xvi) (d) of
the order is not applicable.

(xvii) The Company has incurred cash losses of Rs. 582.73 lakhs in the current financial year and Rs. 382.04
lakhs in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of
the Order is not applicable.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements, our knowledge of
the Board of Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty
exists as on the date of the audit report that the Company is not capable of meeting its liabilities existing at
the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.
We, however, state that this is not an assurance as to the future viability of the Company. We further state that
our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor
any assurance that all liabilities falling due within a period of one year from the balance sheet date will get
discharged by the Company as and when they fall due.

Also refer to the other information paragraph of our main audit report which explains that the other
information comprising the information included in annual report is expected to be made available to us after
the date of the auditors report.

(xx) Company is not required to comply with the CSR provision as per section 135(5) of the Companies Act
2013. Accordingly, paragraph 3(xx) of the Companies (Auditors Report) Order (CARO) is not applicable.

(xxi) The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial
statements. Accordingly, no comment in respect of the said clause has been included in this report.

For Ramanand & Associates
Chartered Accountants
Firms Registration No. 117776W

CA Ramanand Gupta

Partner

Membership No. 103975

UDIN: 26103975LFGOWD6055
Place: Mumbai
Date: 11th May, 2026

Annexure B

TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 ("the Act")

(Referred to in paragraph 2 (A) (f) under Report on other Legal and Regulatory Requirements section of our
report on even date)

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to the
Standalone Financial Statements based on our audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing (SA), prescribed under section

143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to the
Standalone Financial Statements. Those SAs and the Guidance Note require that we comply with the ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls with reference to the Standalone Financial Statements were established and
maintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an understanding of internal financial controls
over financial reporting, assessing the risk that a material weakness exists and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgment, including the assessment of the risks of material misstatement of the
standalone financial statements, whether due to fraud or error. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal
financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A companys internal
financial control over financial reporting includes those policies and procedures that(1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with generally accepted

accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition , use, or disposition of the
companys assets that could have a material effect on financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

Opinion

We have audited the internal financial controls with reference to standalone financial statements of Aerpace
Industries Ltd ("the Company") as of March 31, 2026 in conjunction with our audit of the standalone financial
statements of the Company for the year ended on that date. In our opinion, the Company has, in all material
respects, adequate internal financial controls with reference to standalone financial statements and such
internal financial controls were operating effectively as at March 31, 2026, based on the internal financial
controls with reference to standalone financial statements criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "Guidance
Note").

For Ramanand & Associates
Chartered Accountants
Firms Registration No. 117776W

CA Ramanand Gupta

Partner

Membership No. 103975

UDIN: 26103975LFGOWD6055
Place: Mumbai
Date: 11th May, 2026

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