Alfa Ica India Ltd Auditor Reports

To

The Members of
Alfa lea (India) Limited

Report on the Audit of Financial Statements
Opinion

We have audited the accompanying financial statements of Alfa
lea (India) Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2026, the Statement of Profit and Loss and
Statement of Cash Flows for the year then ended, and notes to the
financial statements, including 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 ("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, the changes in
equity and its cash flows 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 made 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 obtained by
us 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 period. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. We have
determined that there are no key audit matters to communicate in
our report.

Information other than the Financial Statements and Auditors
report thereon

The Companys Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Boards Report

including Annexures to Boards 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 inconsistent
with the financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this
regard.

Responsibilities of Management and Those Charged with
Governance 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, changes in equity and cash flows 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. This responsibility also
includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and
presentation of the 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.

The Board of Directors is 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 tofraud or error, design
and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.

- Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal
financial controls system in place and the operating
effectiveness of such controls.

- 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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it

probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may
be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the standalone 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 financial statements of the current
period 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 Companies
Act, 2013, 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. 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 Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of
Changes in Equity and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account;

d. In our opinion, the aforesaid financial statements comply
with the Ind AS specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014;

e. On the basis of the written representations received from
the directors 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 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
overfinancial reporting;

g. With respect to the matter to be included in the auditors
report under section 197(16) of the Act, as amended, In our
opinion and according to the information and explanations
given to us, the 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. The Ministry of Corporate Affairs has
not prescribed other details under section 197(16) which are
required to be commented upon by us.

h. 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 does not have any pending litigations
which would impact its financial position;

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, other than as
disclosed in the notes to the accounts, 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 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 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, other than as
disclosed in the notes to the accounts, 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 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 (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above,
contain any material mis-statement.

v. No dividend have been declared or paid during the year
by the company.

vi. Based on our examination, which included test checks,
the Company has used accounting software for
maintaining its books of account for the financial year
ended March 31,2026 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 the
audit trail feature being tampered with.

For O. P. Bhandarift Co.

Chartered Accountants
Firm Registration No. 112633W

0. P. Bhandari

Partner

Place: Ahmedabad Membership No. 34409

Date: May 19, 2026 UDIN: 26034409DOGSEJ1539

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements
section of our report to the Members of Alfa lea (India) Limited of even date)

Report on the matters specified in paragraph 3 of the Companies
(Auditors Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of section 143(11) of the
Companies Act, 2013 ("the Act")

I. In respect of Companys Property, Plant and Equipment and
Intangible Assets:*

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 intangible assets.

b. roperty, Plant and Equipment have been physically
verified by the management at reasonable intervals
during the year. According to the information and
explanation given to us, no material discrepancies
were noticed on such verification.

c. Based on our examination, 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 as at balance sheet date.

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

e. As explained to us, no proceedings have been
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) As explained to us, physical verification of
inventory has been conducted at reasonable
intervals by the Management and, in our opinion,
the coverage and procedure of such verification by
the Management is appropriate. The discrepancies
noticed on physical verification of inventory as
compared to book records were not 10% or more in
aggregate for each class of inventory and have been
properly dealt with in the books of accounts

(b) During the year, the Company has 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. The Company has filed quarterly returns
or statements with such banks or financial institutions
which are in agreement with the books of account of the
Company.

iii. During the year the company has not made investments in,
nor 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.

According to the information and explanations given to us,
the Company has not granted any loans, secured or
unsecured to companies, firms. Limited Liability
Partnerships or other parties. Accordingly, the provisions of
clause (iii) (b), (c), (d), (e) and (f) of the Order are not
applicable to the Company and hence not commented
upon.

iv. As informed to us, the company has not given any loan,
made investments, given guarantees and securities to any
person or party covered under Section 185 and 186 of the
Companies Act, 2013.

v. According to the information and explanation given to us,
the company has not accepted any deposits or amounts
which are deemed to be deposits covered under sections 73
to 76 of the Act and the Companies (Acceptance of
Deposits) Rules, 2014 (as amended). Accordingly, reporting
under Clause 3(v) of the Order are not applicable.

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, 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) According to the records made available to us,

company is regular in depositing undisputed
statutory dues including Goods and Services Tax,
provident fund, employees state insurance,
incometax, sales-tax, service tax, duty of customs,
duty of excise, value added tax, cess and any other
statutory dues to the appropriate authorities.
According to the information and explanation given
to us there were no outstanding statutory dues as on
31st of March, 2026 for a period of more than six
months from the date they became payable.

(b) According to the information and explanations given
to us, there is no statutory dues referred to in sub-
clause (a) that have not been deposited on account
ofanydispute.

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

ix. (a) According to the records of the Company examined

by us and the information and explanation given to
us, the Company has not defaulted in repayment of
loans or other borrowings or in the payment of
interest to any lender as at the balance sheet date.

(b) According to the information and explanation given
to us and on the basis of our audit procedures, we
report that the Company has not been declared
wilful 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 by the management, the
Company has not raised any money by way of term
loans during the year.

(d) According to the information and explanation given
to us, and the procedures performed by us, funds
raised on short term basis have not been utilized for
longterm purposes.

(e) In our opinion and according to the information and
explanations given by the management, 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) In our opinion and according to the information and
explanations given by the management, the
company has not raised loans during the year on the
pledge of securities held in its subsidiaries, joint
ventures or associate companies.

x. (a) The Company has not raised any moneys by way of

initial public offer or further public offer (including
debt instruments) during the year. Accordingly, the
reporting under Clause 3(x)(a) of the Order are not
applicable to the Company.

(b) The Company has not made any preferential
allotment or private placement of shares or
convertible debentures (fully, partially or optionally
convertible) during the year.

xi. (a) Ouring the course of the examination of the books

and records of the Company, carried out in
accordance with the generally accepted auditing
practices in India, and according to the information
and explanations given to us, we have neither come
across any instance of material fraud by the
Company or on the Company noticed or reported
during the year, nor have been informed of any such
case by the Management.

(b) During the course of the examination of the books
and records of the Company, carried out in
accordance with the generally accepted auditing
practices in India, and according to the information
and explanations given to us, report under section
143(12) of the Act, in Form ADT-4 was not required

to be filed. Accordingly, the reporting under Clause
3(xi)(b) of the Order are not applicable to the
Company.

(c) During the course of the examination of the books
and records of the Company, carried out in
accordance with the generally accepted auditing
practices in India, and according to the information
and explanations given to us and as represented to
us by the management, no whistle blower
complaints have been received during the year by
the Company. Accordingly, the reporting under
Clause 3(xi)(c) of the Order are not applicable to the
Company.

xii. The Company is not a Nidhi Company. Accordingly, Clause
3(xii) is not applicable on the company.

xiii. According to the information and explanation and records
made available by the company, the Company has complied
with the provision of Section 177 and 188 of the Companies
Act, 2013 where applicable, for all transactions with the
related parties and the details of related party transactions
have been disclosed in the financial statements as required
by the applicable accounting standards.

xiv. (a) In our opinion the Company has an adequate internal

audit system commensurate with the size and nature
of its business.

(b) We have considered the internal audit reports for the

year under audit, issued to the Company during the
year and till date, in determining the nature, timing
and extent of our audit procedures.

xv. In our opinion and according to the information and
explanations given to us, during the year the Company has
not entered into any non-cash transactions with its
directors or persons connected with him. Accordingly,
reporting under Clause 3(xv) of the Order are not
applicable.

xvi. (a) In our Opinion and based on our examination, the

Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, reporting under Clause 3(xv) of the
Order is not applicable.

(b) In our Opinion and based on our examination, the
Company has not conducted any Non-Banking
Financial or Housing Finance activities without a
valid Certificate of Registration (CoR) from the
Reserve Bank of India as per the Reserve Bank of
India Act, 1934,

(c) In our Opinion and based on our examination, the
Company is not a Core Investment Company (CIC) as
defined in the regulations made by the Reserve Bank
of India.

(d) According to the information and explanations given

by the management, the Group does not have any
CIC as part of the Group.

xvii. Based on our examination, the company has not incurred
cash losses in the financial year and in the 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. According to the information obtained from the
management and audit procedures performed and 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, the auditors 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;

xx. Based on our examination, the provision of section 135 are
not applicable on the company. Hence this clause is not
applicable on the company.

For O. P. Bhandarift Co.

Chartered Accountants
Firm Registration No. 112633W

O. P. Bhandari

Partner

Place: Ahmedabad Membership No. 34409

Date: May 19, 2026 UDIN: 26034409DOGSEJ1539

Annexure "B" to the Independent Auditors Report

(Referred to in paragraph 2 (f) under Report on Other Legal and Regulatory Requirements
section of our report to the members of Alfa lea (India) Limited of even date)

Report on the Internal Financial Controls Over Financial
Reporting 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 Alfa lea (India) 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. 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 over financial reporting 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 Companies Act, 2013, 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 over financial reporting 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
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 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 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 the
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

In our opinion, to the best of our information and according to the
explanations given to us, the Company has, in all material
respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over
financial reporting 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 on
Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.

For O. P. Bhandari& Co.

Chartered Accountants
Firm Registration No. 112633W
O. P. Bhandari
Partner

Place: Ahmedabad Membership No. 34409

Date: May 19, 2026 UDIN: 26034409DOGSEJ1539