Ajax Engineering Ltd Auditor Reports

To the Members of Ajax Engineering Limited (formerly
Ajax Engineering Private Limited)

Report on the Audit of the Financial Statements
OPINION

We have audited the financial statements of Ajax
Engineering Limited (formerly Ajax Engineering
Private Limited) ("the Company"), which comprise the
Balance sheet as at March 31, 2026, the Statement
of Profit and Loss, including the statement of Other
Comprehensive Income, the Cash Flow Statement
and the Statement of Changes in Equity for the year
then ended, and notes to the 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 financial statements give the information
required by the Companies Act, 2013, as amended
("the Act") in the manner so required and give a
true and fair view in conformity with the accounting
principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2026, its profit
including other comprehensive income, its cash
flows and the changes in equity for the year ended
on that date.

BASIS FOR OPINION

We conducted our audit of the financial statements
in accordance with the Standards on Auditing (SAs),
as 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 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 audit 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 financial statements for the financial
year ended March 31, 2026. These matters were
addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description
of how our audit addressed the matter is provided in
that context.

We have determined the 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 the risks of material
misstatement of the financial statements. The results
of our audit procedures, including the procedures
performed to address the matters below, provide
the basis for our audit opinion on the accompanying
financial statements.

Key audit matters	How our audit addressed the key audit matter
Revenue recognition (as described in Notes 2.2(c) and 20 of the financial statements)
The Company recognizes revenue as per Ind AS 115-Revenue from Contracts with Customers. The Company identifies the performance obligation and assesses the satisfaction of the performance obligation for the purpose of recognizing revenue. Sale of products (machines) forms a significant component of the total revenue where the revenue is recognized on transfer of control of the products to the end customer. The transfer of control is assessed based on the Incoterms agreed with the end customer.	Our audit procedures included the following amongst others:
	Evaluated the Companys revenue recognition policy and assessed compliance with the Indian Accounting Standard (Ind AS).
	Performed a walkthrough of the revenue business cycle to obtain an understanding ofthe relevant risks and controls around the timing of revenue recognition.
Key audit matters	How our audit addressed the key audit matter
We consider cut-off assertion of revenue recognition to be a key area of focus for our audit due to: the terms and conditions applicable to sales differ across customers the value of sales transactions at the end of the period and managements determination of the point of transfer of control for sales reversal revenue recognition being subject to the manual exercise of tracking delivery for determining transfer of control	Tested the design, implementation and operating effectiveness of the relevant controls. Basis sales recorded during the year and before to the period end, reviewed the lead time analysis to arrive at the average time taken for transfer of control to the customers from the date of dispatch.
	On statistically selected samples of transactions, tested the underlying documents including sale invoices, shipping documents and lead time/ proof of delivery to test evidence for transfer of control both during the period and at period end.
	We also assessed the disclosures in the consolidated financial statements in this regard for compliance with disclosure requirements under the accounting standards.

OTHER INFORMATION

The Companys Board of Directors is responsible
for the other information. The other information
comprises the information included in the Annual
report, but does not include the 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 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 such
other information is materially inconsistent with the
financial statements or our knowledge obtained
in the audit or otherwise appears to be materially
misstated.

RESPONSIBILITIES OF MANAGEMENT FOR THE
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 financial
statements that give a true and fair view of the
financial position, financial performance including
other comprehensive income/(loss), cash flows and
changes in equity of the Company in accordance
with the accounting principles generally accepted
in India, including the Indian Accounting Standards
(Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. This responsibility also
includes maintenance of adequate accounting

records in accordance with the provisions of the
Act for safeguarding 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 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 financial
statements 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
is 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.
Those Charged with Governance 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 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 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 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 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 financial
statements for the financial year ended March 31,2026
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
1" 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,
to the extent applicable, 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 as stated in Note
42 to the financial statements, except that
the Company does not have server physically

located in India for the daily backup of the
books of account and other books and
papers maintained in electronic mode in
respect of dealer/customer management
software and for the matters stated in the
paragraph (i)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014, as amended;

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

(d) In our opinion, the aforesaid financial
statements comply with the Accounting
Standards specified under Section 133
of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as
amended;

(e) On the basis of the written representations
received from the directors as on March
31, 2026 taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 2026 from being appointed
as a director in terms of Section 164 (2) of the
Act;

(f) With respect to the adequacy of the internal
financial controls with reference to financial
statements and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure 2" to this report;

(g) In our opinion, the managerial remuneration
for the year ended March 31, 2026 has
been paid/provided by the Company to its
directors in accordance with the provisions
of section 197 read with Schedule V to the
Act;

(h) The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph

(b) above on reporting under section 143(3)

(b) and paragraph (i)(vi) below on reporting
under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014, as amended;

(i) 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, 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 financial statements
- Refer Note 33 to the 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, as disclosed in the Note
41 to the financial statements,
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(s) or entity(ies), 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, as disclosed in the Note
41 to the financial statements,
no funds have been received by
the Company from any person(s)
or entity(ies), 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 Funding 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 sub-
clause (a) and (b) contain any
material misstatement.

v. No dividend has been declared or paid
during the year by the Company.

vi. Based on our examination which
included test checks, as described in
Note 43 to the financial statements, the
Company has used three accounting
software for maintaining its books
of account, which have a feature of
recording audit trail (edit log) facility,
one of which is operated by third-party
software service provider. In respect
of financial accounting software, such
audit trail feature was enabled at the
application level throughout the year
for all relevant transactions recorded
in the software except that, audit trail
feature is not enabled for direct changes
to data when using certain access
rights. In respect of dealer/customer

management software, the audit trail
feature was not enabled throughout the
year. In respect of people management
software, the audit trail feature was
enabled and operated throughout
the year for all relevant transactions
recorded in such software. Further,
during the course of our audit we did
not come across any instance of audit
trail feature being tampered with, in
respect of financial accounting software
and people management software
where the audit trail has been enabled
and in the absence of audit trail feature
in dealer/customer management
software, we are unable to comment
upon whether there were any instances
of audit trail feature being tampered
with. Additionally, the audit trail of the
prior years in respect of accounting
softwares have been preserved by
the Company as per the statutory
requirements for record retention to
the extent it was enabled and recorded
for respective years.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Rajeev Kumar

Partner

Membership Number: 213803
UDIN: 26213803BLQQFT4581

Place: Bengaluru
Date: May 18, 2026

ANNEXURE 1 referred to in paragraph under the heading "Report on Other Legal and Regulatory
Requirements" of our report of even date

RE: AJAX ENGINEERING LIMITED (FORMERLY
AJAX ENGINEERING PRIVATE LIMITED) ("THE
COMPANY")

In terms of the information and explanations sought
by us and given by the Company and the books of
account and records examined by us in the normal
course of audit and to the best of our knowledge and
belief, 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.

(B) The Company has maintained proper
records showing full particulars of
intangibles assets.

(b) All Property, Plant and Equipment
have not been physically verified by the
management during the year but there is
a regular programme of verification which,
in our opinion, is reasonable having regard
to the size of the Company and the nature
of its assets. No material discrepancies were
noticed on such verification.

(c) According to the information and
explanations given by the management,
the title deeds of immovable properties
included in Property, Plant and Equipment
(other than properties where the Company
is a lessee and the lease agreements are
duly executed in favour of the lessee) are
held in the name of the Company except
for land and building amounting to Rs
84.74 million included in Property, Plant and
Equipment and leasehold land amounting
to Rs 151.58 million included in Right of Use
assets are held in the erstwhile name of the
Company and the Company is in the process
of perfecting such title/lease deeds. Further,
the Property, Plant and Equipment include
land amounting to Rs 7.23 million, for which
the lease-cum-sale deed has expired, and
the management is in discussion with the
authorities for transfer of title in the name of
the Company. Also refer Note 4 and Note 31
to the financial statements.

(d) The Company has not revalued its Property,
Plant and Equipment (including Right of
Use assets) or intangible assets during the
year ended March 31, 2026.

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

(ii) (a) The management has conducted physical

verification of inventory including inventory
lying with third parties at reasonable intervals
during the year. In our opinion, the coverage
and the procedure of such verification by the
management is appropriate. There were no
discrepancies of 10% or more in aggregate
that were noted for each class of inventory
in respect of such physical verification.

(b) As disclosed in Note 15 to the financial
statements, the Company has been
sanctioned working capital limits in excess
of Rs. five crores in aggregate from banks
and financial institutions during the year on
the basis of security of current assets of the
Company. Based on the records examined
by us in the normal course of audit of the
financial statements, the revised quarterly
returns/statements filed by the Company
with such banks and financial institutions are
in agreement with the audited/unaudited
books of accounts of the Company.

(iii) (a) During the year, the Company has provided

interest free loans to other parties (i.e.,
employees) as follows:

(Rs million)
Particulars	Loans
Aggregate amount of loan granted during the year- Others (i.e., employees)	15.65
Balance outstanding as at the balance sheet date- Others (i.e., employees)	9.87

Other than the above the Company has
not made any investments, provided loans,
advances in the nature of loans, stood
guarantee or provided security to companies,
firms, Limited Liability Partnerships or any
other parties.

(b) The terms and conditions of the grant of all
loans to employees during the year are, in
our opinion, prima facie, not prejudicial to
the Companys interest. Other than above,
the Company has not made investments,
provided guarantees, provided security

and granted advances in the nature of
loans to companies, firms, Limited Liability
Partnerships or any other parties.

(c) The Company has granted loans during the
year to the employees where the schedule of
repayment of principal has been stipulated
and the repayment or receipts are regular.

(d) There were no amounts of loans or advances
in the nature of loans granted to other parties
(i.e., employees) which are overdue for more
than ninety days. Further, the Company has
not granted loans or advances in the nature
of loans to companies, firms, limited liability
partnerships.

(e) There were no amounts of loans or advances
in the nature of loans granted to other
parties (i.e., employees) which was fallen due
during the year, that have been renewed or
extended or fresh loans granted to settle
the overdues of existing loans given to the
same parties. Further, the Company has not
granted loans or advances in the nature of
loans to companies, firms, Limited Liability
Partnerships.

(f) The Company has not granted any
loans or advances in the nature of
loans, either repayable on demand or
without specifying any terms or period of
repayment to companies, firms, Limited
Liability Partnerships or any other parties.
Accordingly, the requirement to report on
clause 3(iii)(f) of the Order is not applicable
to the Company.

(iv) There are no loans, investments, guarantees,
and security in respect of which provisions of
sections 185 and 186 of the Companies Act, 2013

are applicable and accordingly, the requirement
to report on clause 3(iv) of the Order is not
applicable to the Company.

(v) The Company has neither accepted any deposits
from the public nor accepted any amounts which
are deemed to be deposits within the meaning
of sections 73 to 76 of the Act and the rules made
thereunder, to the extent applicable. Accordingly,
the requirement to report on clause 3(v) of the
Order is not applicable to the Company.

(vi) We have broadly reviewed the books of account
maintained by the Company pursuant to the
rules made by the Central Government for the
maintenance of cost records under section
148(1) of the Companies Act, 2013, related to the
manufacturing machine and other equipment,
and are of the opinion that prima facie, the
specified accounts and records have been made
and maintained. We have not, however, made a
detailed examination of the same.

(vii) (a) Undisputed statutory dues including goods

and services tax, provident fund, employees
state insurance, income-tax, duty of
custom, cess and other statutory dues have
generally been regularly deposited with the
appropriate authorities. According to the
information and explanations given to us
and based on audit procedures performed
by us, no undisputed amounts payable
in respect of these statutory dues were
outstanding, at the year end, for a period of
more than six months from the date they
became payable.

(b) There are no dues of goods and services tax, provident fund, employees state insurance, income tax,
sales-tax, service tax, customs duty, excise duty, value added tax, cess, and other statutory dues which
have not been deposited on account of any dispute except the following:

Name of the statute	Nature of the dues	Amount (Rs in millions)	Amount paid under protest (Rs in millions)	Period to which the amount relates	Forum where the dispute is pending
Income Tax Act, 1961	Tax disallowance	0.03	-	AY 2016-17	Assessing Officer
		0.26	0.05	AY 2018-19	Commissioner of Income Tax (Appeals)
		0.36	-	AY 2007-08 to 2014-15 & AY 2022-23	Assessing Officer
		19.39	-	AY 2024-25	Assessing Officer
The Central excise Act, 1944	Excise duty	0.08	0.08	FY 2011-12 to FY 2013-14	Customs, Excise and Service Tax Appellate Tribunal (CESTAT)
The Customs Act, 1962	Special Additional Duty	188.17	142.54	FY 2011-12 to FY 2025-26
The Customs Act, 1962	Customs duty	0.59	-	FY 2025-26	Commissioner customs (Chennai Exports)
The Goods and Services Tax, 2017	GST	0.36	-	FY 2025-26	Superintendent of Central Taxes
The Employees Provident Fund Act, 1952	Employee Deposit linked insurance scheme	3.33		FY 2011-12 to FY 2020-21	Assistant Commissioner

(viii) The Company has not surrendered or disclosed
any transaction, previously unrecorded in the
books of account, in the tax assessments under
the Income Tax Act, 1961 as income during the
year. Accordingly, the requirement to report on
clause 3(viii) of the Order is not applicable to the
Company.

(ix) (a) The Company has not defaulted in

repayment of loans or other borrowings or
in the payment of interest thereon to any
lender.

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

(c) The Company did not have any term loans
outstanding during the year hence, the
requirement to report on clause (ix)(c) of the
Order is not applicable to the Company.

(d) On an overall examination of the financial
statements of the Company, no funds raised
on short-term basis have been used for
long-term purposes by the Company.

I

(e) The Company does not have any subsidiary,
associate or joint venture. Accordingly, the
requirement to report on clause 3(ix)(e) and (f) of
the Order is not applicable to the Company.

(x) (a) The Company has not raised any money

during the year by way of initial public
offer/further public offer (including debt
instruments) hence, the requirement to
report on clause 3(x)(a) of the Order is not
applicable to the Company.

(b) The Company has not made any preferential
allotment or private placement of shares/
fully or partially or optionally convertible
debentures during the year under audit and
hence, the requirement to report on clause
3(x)(b) of the Order is not applicable to the
Company.

(xi) (a) No fraud by the Company or no fraud on

the Company has been noticed or reported
during the year.

(b) During the year, no report under sub-section
(12) of section 143 of the Act has been filed
by cost auditor/secretarial auditor or by us in

Form ADT-4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014
with the Central Government.

(c) As represented to us by the management,
there are no whistle blower complaints
received by the Company during the year.

(xii) The Company is not a nidhi company as per the
provisions of the Companies Act, 2013. Therefore,
the requirement to report on clause 3(xii)(a) to (c)
of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are
in compliance with sections 177 and 188 of
Companies Act, 2013 where applicable and
the details have been disclosed in the notes to
the financial statements, as required by the
applicable accounting standards read with
Note 35 pertaining to transactions with a party
which was subsequently ratified by the audit
committee vide meeting dated May 18, 2026.

(xiv) (a) The Company has an internal audit system

commensurate with the size and nature of
its business.

(b) The internal audit reports of the Company
issued till the date of the audit report, for the
period under audit have been considered by us.

(xv) The Company has not entered into any non-
cash transactions with its directors or persons
connected with its directors and hence
requirement to report on clause 3(xv) of the
Order is not applicable to the Company.

(xvi) (a) The provisions of section 45-1A of the Reserve

Bank of India Act, 1934 (2 of 1934) are not
applicable to the Company. Accordingly, the
requirement to report on clause (xvi)(a) of
the Order is not applicable to the Company.
(b) The Company is not engaged in any Non-
Banking Financial or Housing Finance
activities. Accordingly, the requirement to
report on clause (xvi)(b) of the Order is not
applicable to the Company.

(c) The Company is not a Core Investment
Company as defined in the regulations
made by Reserve Bank of India. Accordingly,
the requirement to report on clause 3(xvi) of
the Order is not applicable to the Company.

(d) There are no other companies forming part
of the Group, hence, the requirement to
report on clause 3(xvi) of the Order is not
applicable to the Company.

(xvii) The Company has not incurred any cash losses in
the current and immediately preceding financial
year.

(xviii) There has been no resignation of the statutory
auditors during the year and accordingly
requirement to report on Clause 3(xviii) of the
Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in
Note 40 to the financial statements, 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 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.

(xx) (a) In respect of other than ongoing projects,

there are no unspent amounts that are
required to be transferred to a fund specified
in Schedule VII of the Companies Act (the
Act), in compliance with second proviso to
sub section 5 of Section 135 of the Act. This
matter has been disclosed in Note 28(b) to
the financial statements.

(b) In respect of ongoing projects, the Company
has transferred unspent amount to a
separate account, within a period of thirty
days from the end of the financial year in
compliance with sub section (6) of section
135 of the Act. This matter has been disclosed
in Note 28(b) to the financial statements.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Rajeev Kumar

Partner

Membership Number: 213803
UDIN: 26213803BLQQFT4581

Place: Bengaluru
Date: May 18, 2026

ANNEXURE 2 to the Independent Auditors Report of even date on the financial statements of
Ajax Engineering Limited

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 with
reference to financial statements of Ajax Engineering
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 the 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 these 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, as specified under section
143(10) of the Act, to the extent applicable to an audit
of internal financial controls, both issued by ICAI.
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 these financial statements was
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 these 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 these 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
judgement, 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 with reference to these financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS
WITH REFERENCE TO THESE FINANCIAL
STATEMENTS

A companys internal financial controls 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 controls 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 unauthorised 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 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 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, adequate internal financial controls with
reference to financial statements and such internal
financial controls with reference to financial statements
were operating effectively as at March 31, 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 issued by the ICAI.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Rajeev Kumar

Partner

Membership Number: 213803
UDIN: 26213803BLQQFT4581

Place: Bengaluru
Date: May 18, 2026