Airfloa Rail Technology Ltd Auditor Reports

ON STANDALONE FINANCIAL STATEMENT

To the Members of AirRs.oa Rail Technology Limited (Formerly known as Airfloa Rail Technology Private Limited (or) Airflow Equipments (India) Private Limited)

Report on the audit of Financial Statements Opinion

We have audited the standalone financial statements of AirRs.oa Rail Technology Limited (Formerly known as Airfloa Rail Technology Private Limited or Airflow Equipments (India) Private Limited) ("the Company") which comprise the Balance Sheet as at March 31, 2026 and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the statement of affairs of the Company as at March 31, 2026 its Profit and cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards 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 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 code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Management and Board of Directors are responsible for the Other Information. The Other Information comprises the information included in the Companys Annual

Report, but does not include the Financial Statements and our Auditors Report thereon.

Our opinion on the 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 Financial Statements, our responsibility is to read the Other Information and, in doing so, consider whether the other information is materially in consistent 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 such other information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, and financial performance, and Cash Flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards 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 implementation and maintenance of 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 Financial Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, Management and 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 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 also responsible for overseeing the Companys financial reporting process.

Auditors responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Financial Statements. As part of the audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: -Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. -Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls 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 the Management.

-Conclude on the appropriateness of 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 a material uncertainty exists, we are required to draw attention in our Auditors Report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our 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 Financial Statements, including the disclosures, and whether the 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 deRs.ciencies 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 (Auditors Report) Order, 2020, issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure A, a Statement on the matters specified in the Order. 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 relating to preparation of the aforesaid 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, and the Cash Flow Statement, dealt with by this report are in agreement with the books of account maintained for the purpose of preparation of these financial statements; (d) In our opinion, the financial statements comply with the Accounting Standards 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 are 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 adequacy of Internal Financial Controls with reference to Financial statements 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 with reference to financial statements; (g) With respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, as amended, in our opinion and to the best of our information and the explanations given to us; -The Company has disclosed the impact of pending litigations on its financial statements.

-The Company has not entered into long term contracts including derivative contracts. -There has been no amount, required to be transferred, to the Investor Education and Protection Fund by the company.

(i) The Management has represented that, to the best of its knowledge and belief, other than as disclosed in the Notes to the Accounts,Rs. no funds have been advanced or loaned or investedRs.(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, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoeverRs.by or on behalf of the companyRs.("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The Management has represented, that, to the best of its knowledge and belief, other than as disclosed in the Notes to the Accounts,Rs. no funds have been received by the CompanyRs. from any persons or entities, 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 whatsoeverRs.by or on behalf of the Funding PartyRs.("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances,Rs.nothing has come to our noticefithat has caused us to believe that the representations under above sub-clause (i) and (ii)Rs.contain any material mis-statement.

-No Dividends have been declared or paid during the yearRs.by the Company. So, the issue of reporting compliance with Sec. 123Rs.of the Companies Act, 2013 does not arise.

-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.

(h) With respect to the other matters to be included in the Auditors 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 read with Schedule V of the Act.

For Varadarajan & Co

Chartered Accountants Firm Regn.No. 004515S

Sd/-

CA V.Sadagopan, FCA

Partner, Place: Chennai Membership No. 022618 Date: 30/05/2026 UDIN:26022618PPAYSV7607

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Refer para Report on Other Legal and Regulatory Requirements of our report of even date on the Financial Statements of the Company for the year ended 31 March 2026)

1) Property, Plant and Equipment: a) The Company has maintained proper records to show the full particulars including quantitative details and situation of Property, Plant and Equipment. b) The Property, Plant and Equipment were physically verified during the year by the Management in accordance with the phased programme of verification which, in our opinion is reasonable having regard to the size of the Company. According to the information and explanations given to us, no material discrepancies were noticed during such verification. c) According to information given to us and on the basis of our examination of records of the Company, the title deeds of all the immovable properties (Other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the company. d) The Company has not revalued its PPE (including Right of Use Assets) or Intangible Assets or both during the year. Hence, the reporting as to whether the revaluation is based on the valuation by a Registered Valuer, or specifying the amount of change, if change is 10% or more in the aggregate of the Net Carrying Value of each class of PPE or Intangible Assets, is not applicable to the Company. e) According to information and explanations given to us and on the basis of our examination of the records of the Company produced before us, no proceedings have been initiated or are pending against the Company for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder. The question of whether the Company has appropriately disclosed the details in its Financial Statements, is not applicable to the Company.

2) Inventories:

(a) According to information and explanations given to us, the Management of the Company has conducted the physical verification of inventory at reasonable intervals. (b) In our opinion, the coverage and procedure of such verification by the Management is appropriate during such verification, discrepancies of 10% or more in the aggregate for each class of inventory have not been noticed. The discrepancies noted were not material and have been suitably dealt with in Books of Account.

(c) 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 been sanctioned Working Capital Limits in excess of 5 Crores, from Banks or Financial Institutions on the basis of security of Current Assets. As per the information provided to us, the quarterly returns / statements filed by the company with such banks or financial institutions are in agreement with the books of accounts of the company.

3) Loans to Directors and Interested Parties: During the year, the Company has not provided any Guarantee or Security or granted any Loans or Advances in the nature of Loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties. So, reporting under Para 3(iii) of the Order is not applicable to the Company.

4) Compliance of Sec. 185 & 186: The Company has not granted any Loans, made Investments or provided Guarantees or Security to the Parties covered under Section 185 or covered by Section 186 of the Act. Accordingly, reporting under Para 3(iv) of the Order is not applicable to the Company.

5) Deposits from Public: The Company has not accepted any Deposits from the Public. So, reporting under Para 3(v) of the Order is not applicable to the Company.

6) Cost Accounting Records: The requirement for maintenance of Cost Records pursuant to Companies (Cost Records and Audit) Rules, 2014 specified by the Central Government under Section 148(1) of the Act is applicable to the Company for the year under audit and according to information and explanations given to us the company has complied with the same.

7) Statutory Dues: a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues in respect of Income Tax, though there has been delay in payments for few cases and is regular in depositing undisputed statutory dues, including Goods and Services Tax, Provident Fund, and other material statutory dues, as applicable with the appropriate authorities. b) Details of Statutory dues which have not been deposited as on 31^st March, 2026 on account of disputes are given below: (i) The GST Department has raised demand of

20,01,526/- vide Order No. 527/2024 - SUPDT dated. August 20, 2024 issued u/s 73 (9) of the Central Goods & Service Act, 2017 and Tamil Nadu Goods

& Service Act, 2017; against which the company has filed an appeal to the appellate authority dated November 26, 2024.

(ii) The GST Department has raised demand of 19,87,584/- vide Order No. 17/2024 - SUPD dated. February 27, 2024 issued u/s 73 (9) of the Central Goods & Service Act, 2017 and Tamil Nadu Goods

& Service Act, 2017; against which the company has filed an appeal to the appellate authority dated June 21, 2024 (iii) The GST Department has raised demand of

38,38,488/- vide Order No. 30/2025- SUPD dated. March 24, 2025 issued u/s 73 (9) of the Central Goods & Service Act, 2017 and Tamil Nadu Goods & Service Act, 2017; against which the company has filed a reply on 18/04/2025 and is awaiting personal hearing for the same. (iv) RoC Chennai vide Adjudication Order dated 20/01/2026 passed under Section 454 of the Companies Act, 2013 (The Act) imposed a penalty of 17,27,343/- on the Company for non-compliance with the provisions of Section 135(5) and Section 135(6) of the Act for the FY-2019-20. The Company has filed an appeal against the adjudication order before the Honble Regional Director, Southern Region, Ministry of Corporate Affairs, vide SRN AC2562921 dated March 6, 2026.

(v) RoC Chennai vide Adjudication Order dated 07/01/2026 passed under Section 454 of the Companies Act, 2013 (The Act) imposed a penalty of 25,99,631/-on the Company for non-compliance with the provisions of Section 135(5) and Section 135(6) of the Act for the FY-2020-21. The Company has filed an appeal against the adjudication order before the Honble Regional Director, Southern Region, Ministry of Corporate Affairs, vide SRN AC2562861 dated March 6, 2026.

(vi) RoC Chennai vide Adjudication Order dated 07/01/2026 passed under Section 454 of the Companies Act, 2013 (The Act) imposed a penalty of 27,12,722/-on the Company for non-compliance with the provisions of Section 135(5) and Section 135(6) of the Act for the FY-2021-22. The Company has filed an appeal against the adjudication order before the Honble Regional Director, Southern Region, Ministry of Corporate Affairs, vide SRN AC2562670 dated March 6, 2026.

(vii) RoC Chennai vide Adjudication Order dated 07/01/2026 passed under Section 454 of the Companies Act, 2013 (The Act) imposed a penalty of 19,64,272/-on the Company for non-compliance with the provisions of Section 135(5) and Section 135(6) of the Act for the FY-2022-23. The Company has filed an appeal against the adjudication order before the Honble Regional Director, Southern Region, Ministry of Corporate Affairs, vide SRN - AC2562117 dated March 6, 2026.

8) Undisclosed Income: On the basis of the examination of the records produced before us, there is no item of any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961., There is no material item of previously unrecorded income that has been properly recorded in the books of account during the year.

9) Repayment of Dues: a) The Company has regularly paid the Principal and Interest dues to Banks / Financial Institutions

/ Government / Other Lenders, and there are no defaults in this regard. b) The Company has not been declared as a Wilful Defaulter by any Bank or Financial Institution or Other Lender. c) On the basis of the examination of records produced before us, Term Loans were applied for the purpose for which the loans were obtained. d) On the basis of the examination of records produced before us and the overall position of the Financial Statements, funds raised on short-term basis have not been utilised for long term purposes. e) The Company has not taken any funds from any Entity or person on account of or to meet the obligations of its Subsidiaries, Associates or Joint Ventures. f) The Company has not raised any Loans during the year on the pledge of securities held in its Subsidiaries, Joint Ventures or Associate Companies.

10) Moneys raised through IPO, etc.:

(a) In our opinion and according to the explanation given to us, during the year Company has raised funds by way of initial public offer of 65,07,000 number of shares aggregating to Rs91.80 crore.

Basis of information and documents provided, the utilisation to the extent done by the company, is in accordance with the objects of the issue.

(b) During the period, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) under section 42 and section 62 of the Companies Act Accordingly, reporting of the purpose for which amount raised under clause 3 (x) (b) of the Order is not applicable.

11) Fraud:

(a) Based upon the audit procedures performed and the information and explanations given by the Management, we report that no frauds by or on the Company has been noticed or reported during the year.

(b) No report has been filed by the Auditors with the Central Government in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014, u/s 143(12) of the Companies Act. (c) No Whistle-Blower Complaints have been received during the year by the Company.

12) Nidhi Company: The Company is not a Nidhi Company and accordingly reporting under Para 3(xii) of the Order is not applicable to the Company.

13) Related Party Transactions: In our opinion, all transactions with the related Parties are in compliance with Sec.177 and 188 of Companies Act, 2013 and the details of such transaction have been disclosed in the Standalone Financial Statements as required by the applicable Accounting Standards.

14) Internal Audit: a) The company have an internal audit system to commensurate with its size and business activities. b) The internal audit reports of the company issued till date of audit report, for the period under audit have been considered by us.

15) Non-Cash transactions with specified persons:

According to the information and explanations given to us and based on our examination of the Companys records, the Company has not entered into any non-cash transactions with Directors or persons connected with them. Accordingly, Para 3(xv) of the Order is not applicable to the Company.

16) NBFC Companies:

(a) In our opinion, 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) of the Order is not applicable. b) The Company has not conducted any non-banking financial or housing finance activities during the year under report. c) The Company is not a Core Investment Company (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016). Hence, reporting under Clause 3(xvi)(c) of the Order is not applicable. d) In our opinion, there 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.

17) Cash Losses: The Company has not incurred Cash Losses in the financial year and in the immediately preceding financial year.

18) Resignation of Auditors: There has been no resignation of the Statutory Auditors during the year, and hence reporting under Para 3(xviii) of the Order is not applicable to the Company.

19) Financial Ability and Material Uncertainty: On the basis of the Financial Ratios, Ageing and expected dates of realisation of Financial Assets and payment of Financial Liabilities, Other Information accompanying the Financial Statements, and our knowledge of the Board of Directors and Management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report that Company is 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.

20) CSR: The company during the year complied with the Provisions of Sec.135 of the Act and has spent the amount due for corporate social responsibility. Accordingly the provisions regarding the unspent CSR does not apply to the Company.

21) Consolidated Financial Statements: Clause 3(xxi), is applicable of the company, for preparation of consolidated financial statements and the required reporting has been disclosed.

For Varadarajan & Co

Chartered Accountants Firm Regn.No. 004515S

Sd/-

CA V.Sadagopan, FCA

Partner, Place: Chennai Membership No. 022618 Date: 30/05/2026 UDIN: 26022618PPAYSV7607

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 ")

We have audited the internal financial controls over financial reporting of Airfloa Rail Technology Limited (Formerly known as AirRs.oa Rail Technology Private Limited or Airflow Equipments (India) Private Limited) ("the Company") as of March 31, 2026 in conjunction with our audit of the financial statements of the Company for the year ended on that 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 financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and if 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 with reference to financial statements and their operating effectiveness. Our audit of Internal Financial Controls with reference to financial statements included obtaining an understanding of Internal Financial controls with reference to financial statements, 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 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 with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

A companys Internal Financial Control with reference to financial statements 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 with reference to financial statements 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 authorisations 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 the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Financial Statements

Because of the inherent limitations of the Internal Financial Controls with reference to financial statements, 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 with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate Internal Financial Controls system with reference to financial statements and such Internal Financial Controls with reference to financial statements were operating effectively as at 31^st March 2026, 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

For Varadarajan & Co

Chartered Accountants Firm Regn.No. 004515S

Sd/-

CA V.Sadagopan, FCA

Partner, India. Place: Chennai Membership No. 022618 Date: 30/05/2026 UDIN:26022618PPAYSV7607