Integra Engineering India Ltd Auditor Reports

TO

THE MEMBERS OF

INTEGRA ENGINEERING INDIA LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Integra Engineering India Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and notes to the Standalone Financial Statements, including a summary of Material accounng policies and other explanatory informaon.

In our opinion and to the best of our informaon and according to the explanaons given to us, the aforesaid standalone financial statements give the informaon required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounng Standards prescribed under secon 133 of the Act read with the Companies (Indian Accounng Standards) Rules, 2015, as amended, ("Ind AS") and other accounng principles generally accepted in India, of the state of a airs of the Company as at 31st March, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auding (SAs) specified under secon 143(10) of the Companies Act, 2013. Our responsibilies under those Standards are further described in the Auditors Responsibilies for the Audit of the Standalone Financial Statements secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instut e of Chartered Accountants of India together with the independence requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilies 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 on the Standalone Financial Statements.

Key Audit Ma ers

Key audit ma ers are those ma ers that, in our professional judgment, were of most significance in our audit of the standalone Financial Statements of the current period. These ma ers 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.

We have determined that there are no key audit ma ers to communicate in our report.

Informaon other than the Standalone Financial Statement and Auditors Report thereon

The Companys Management and the Board of Directors are responsible for the other informaon. The other informaon comprises the informaon included in Boards Report including Annexures to that Boards Report, Corporate Governance and Shareholders Informaon, but does not include the Standalone Financial Statements and our auditors report thereon.

Our opinion on the Standalone Financial Statements does not cover the other informaon and we do not express any form of assurance conclusion thereon.

In connecon with our audit of the Standalone Financial Statements, our responsibility is to read the other informaon iden ed above and in doing so, consider whether the other informaon is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other informaon, we are required to report that fact. We have nothing to report in this regard.

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

The Companys Management and Board of Directors is responsible for the ma ers stated in Secon 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparaon of these Standalone Financial Statements that give a true and fair view of the financial posion, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounng principles generally accepted in India, including the accounng Standards specified under Secon 133 of the Act. This responsibility also includes maintenance of adequate accounng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenng and detecng frauds and other irregularies; selecon and applicaon of appropriate accounng policies; making judgments and esma tes that are reasonable and prudent; and design, implementaon and maintenance of adequate internal financial controls, that were operang e ecv ely for ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error;

In preparing the Standalone Financial Statements, the management and board of directors are responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable, ma ers related to going concern and using the going concern basis of accounng unless management either intends to liquidate the Company or to cease operaons, or has no realisc alternav e but to do so;

The Board of Directors are also responsible for overseeing the companys financial reporng pr ocess.

Auditors Responsibilies for the Audit of Standalone Financial Statements

Our objecv es are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepcism throughout the audit. We also:

Idenfy and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, or the override of internal control;

Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under secon 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operang e ecv eness of such controls;

Evaluate the appropriateness of accounng policies used and the reasonableness of accounng esma tes and related disclosures made by management and board of directors;

Conclude on the appropriateness of management and board of directors use of the going concern basis of accounng in preparaon of standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a enon in our audit ors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or condions may cause the Company to cease to connue as a going concern;

Evaluate the overall presentaon, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transacons and events in a manner that achieves fair presentaon.

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 in uenced. We consider quant av e materiality and qualitav e factors in (i) planning the scope of our audit work and in evaluang the results of our work; and (ii) to evaluate the effect of any

iden ed miss tatements in the standalone financial statements.

We communicate with those charged with governance of the Company regarding, among other ma ers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenfy 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 relaonships and other ma ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the ma ers communicated with those charged with governance, we determine those ma ers that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit ma ers. We describe these ma ers in our auditors report unless law or regulaon precludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er 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 communicaon.

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-secon (11) of secon 143 of the Companies Act, 2013, we give in the "Annexure A", a statement on the ma ers specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Secon 143(3) of the Act, w e report that:

(a) We have sought and obtained all the informaon and explanaons 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 examinaon of those book s;

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account;

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounng Standards specified under Secon 133 of the Act;

(e) On the basis of the wri en representaons received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Secon 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporng of the Company and the operang e ecv eness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodi ed opinion on the adequacy and operang e ecv eness of the companys internal financial controls with reference to standalone financial statements;

(g) With respect to the other ma ers to be included in the Auditors Report in accordance with the requirements of secon 197(16) of the Act, as amended:

In our opinion and to the best of our informaon and according to the explanaons given to us, the remuneraon paid/payable by the Company to its directors during the year is in accordance with the provisions of secon 197 of the Act; and

(h) With respect to the other ma ers 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 informaon and according to the explanaons giv en to us:

i. The Company has disclosed the impact of pending lig aons on its financial posion in its standalone financial statements - Refer Note 39 to the Standalone Financial Statements;

ii. The Company did not have any long-term contracts including derivav es contracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Educaon and Protecon Fund by the Compan y.

iv. i. The Management has represented that, to the best of its knowledge and belief, as disclosed in Note 53(v) 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 enty(ies), including foreign enes ("Intermediaries"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the company ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries;

ii. The Management has represented, that, to the best of its knowledge and belief, as disclosed in Note 53(vi) to the accounts, no funds have been received by the company from any person(s) or enty(ies), including foreign enes ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries; and

iii. Based on such audit procedures performed that has been considered reasonable and appropriate in the circumstances, nothing has come to our noce that has caused us to believe that the representaons under sub-clause (i) and (ii) of Rule 11(e) contain any material mis-statement.

v. There is no dividend declared or paid during the year by the Company and hence provisions of Secon 123 of the companies Act, 2013 are not applicable.

vi. Based on our examinaon, which includes test checks, the company has used accounng sow are for maintaining its books of accounts for the financial year ended 31st March, 2024 which has a feature of recording audit trails (edit log) facility and the same has been operated throughout the year for all the relevant transacons recorded in the sow are. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with.

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

Referred to in Para 1 Report on Other Legal and Regulatory Requirements in our Independent Auditors Report to the members of the Company on the Standalone Financial Statements for the year ended 31st March, 2024

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

I. (a) (A) The Company has maintained proper records showing full parcular s, including quant av e details and situaon of Pr operty, Plant and Equipment;

(B) The Company has maintained proper records showing full parcular s of Intangible Assets;

(b) The company has a phased programme of physical veri caon of its Property, Plant and Equipment so as to cover all assets once in three years. In accordance with this programme, certain Property, Plant and Equipment were veri ed during the year and no material discrepancies were noced on such veri caon. In our opinion, this periodicity of physical veri caon is reasonable having regard to the size of the Company and the nature of its assets;</p>

(c) Based on our veri caon of the documents provided to us and according to the informaon and explanaons given by the management, the tle deeds of all the immovable properes (other than properes where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements are held in the name of the Company as at the 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) No proceedings have been inia ted or are pending against the company for holding any benami property under the Benami Transacons (Prohibion) Act, 1988 (45 of 1988) and rules made thereunder;

II. (A) As per the informaon and explanaons given to us, the inventories held by the Company have been physically veri ed by the management. In our opinion, having regard to the nature and the locaon of the stock, the frequency of the physical veri caon is reasonable no discrepancies of 10% or more in aggregate for each class of inventory were noced on ph ysical veri caon;

(B) Based on our examinaon of the records provided by the management, the company has bank overdra facilies which are secured against xed deposits. The company is not required to submit any quarterly returns or statements to the banks and hence reporng under this clause is not applicable to the Company;

III. During the year, the Company has not made investments, provided any guarantee or security, secured or unsecured, to companies, rms or Limited Liability Partnerships. The company has provided unsecured loans to its employees during the year;

(a) The details of unsecured loans provided by the company to its employees, during the year, are as follows:

Unsecured loans	Aggregate amount granted/Provided during the year	Balance outstanding as at balance sheet date in respect of loans
	(Rs. in lakhs)	(Rs. in lakhs)
3 Employees	3.50	2.75

(b) In our opinion, the terms and condions of the grant of loans are prima facie, not prejudicial to the Companys interest;

(c) The repayment of principal and payment of interest is been spula ted and the same are regular;

(d) In respect of the aforesaid loan, there is no amount which is overdue for more than ninety days;

(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to sele the ov erdues of exisng loans giv en to the same pares;

(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 during the year. Hence, reporng under clause 3(iii)(f) is not applicable;

IV. In our opinion and according to the informaon and explanaons given to us, provisions of Secons 185 and 186 of the Act in respect of loans, investments, guarantees and securies ha ve been complied with;

V. The Company has not accepted any deposits or amounts which are deemed to be deposits during the year and therefore, the provisions of secons 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder are not applicable to the Company;

VI. We have broadly reviewed the cost records maintained by the Company as prescribed by the Central Government under sub secon (1) of Secon 148 of the Companies Act and are of the opinion that prima facie the prescribed cost records have been made and maintained by the Company. We have, however, not made a detailed examinaon of the cost records with a view to determine whether they are accurate or complete;

VII. (a) In our opinion, the Company is regular in deposing with appropriate authories undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Goods and Service Tax (GST), Custom Duty,

Cess and other statutory dues as applicable. There were no undisputed amounts payable with respect to above statutory dues in arrears as at 31st March, 2024 for a period of more than six months from the date they became payable;

(b) The parcular s of statutory dues as at 31st March, 2024 which have not been deposited on account of disputes are as follows:

Name of the Statute	Nature of Dues	Amount (in lakhs)	Period to which the amount relates	Forum where the dispute is pending
The Income Tax Act, 1961	Income Tax	0.81	A.Y. 2014-15	Commissioner of Income Tax Appeal
		98.49	A.Y. 2007-08	Commissioner of Income Tax Appeal

VIII. There were no transacons which were not recorded in the books of account 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) 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 is not declared as wilful defaulter by any

bank or financial instuon or other lender;

(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporng under clause 3(ix)(c) of the Order is not applicable;

(d) We report that no funds raised on short-term basis have

been used for long-term purposes by the Company;

(e) The company has not taken any funds from any enty or person on account of or to meet the obligaons of its subsidiaries, associates or joint ventures;

(f) The company has not raised loans during the year on the pledge of securies held in its subsidiaries, joint ventures or associate companies;

X. (a) No moneys were raised by way of inial public offer or further public offer (including debt instruments) during the year hence reporng under this clause is not applicable to the Company;

(b) The company has not made any preferenal allotment or private placement of shares or converble debentures (fully, parally or operaonally converble) during the year;

XI. (a) During the course of our examinaon of the books of account and records of the Company, carried out in accordance with the generally accepted auding pracces in India and according to the informaon and e xplanaons given to us, we have neither come across any incidence of material fraud by the Company or on the Company, noced or reported during the year, nor we have been informed of any such case by the management;

(b) No report under sub-secon (12) of secon 143 of the Companies Act has been led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report;

(c) According to the informaon and explanaons given to us, Company has not received any whistle blower complaints during the year;

XII. The company is not a Nidhi Company and hence reporng

under clause (xii) of the order is not applicable;

XIII. In our opinion, the Company is in compliance with Secon 177 and 188 of the Companies Act, 2013 (where applicable) for all transacons with the related pares and the details of related party transacons have been disclosed in the Standalone Financial Statements as required by the applicable accounng standards;

XIV. (a) In our opinion and the records examined by us, the company has an internal audit system commensurate with the size and nature of its business;

(b) We have considered report of the internal auditors for the

period under audit;

XV. According to the informaon and explanaon given to us and based on our examinaon of the records, the Company has not entered into non-cash transacons with the directors or persons connected with them. Hence, the provisions of Secon 192 of the Act are not applicable;

XVI. (a) In our opinion, the Company is not required to be registered under secon 45-IA of the R eserve Bank of India Act, 1934. Hence, reporng under clause 3(xvi)(a), (b) and (c) of the Order is not applicable;

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Direcons, 2016) and accordingly reporng under clause 3(xvi)(d) of the Order is not applicable;

XVII.The company has not incurred any cash losses in the nancial

year and in the immediately preceding financial year;

XVIII. There has been no resignaon of the s tatutory auditors during the year and accordingly the reporng under clause 3(xviii) is not applicable;

XIX. Based on our examinaon financial raos, ageing and expected dates of realisaon of financial assets and payment of financial liabilies, other informaon accompanying the standalone financial statements, knowledge of the Board of Directors and management plans, no material uncertainty exists as on the date of the audit report that company is not capable of meeng its liabilies exisng 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 reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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) There are no unspent amounts of Corporate Social Responsibility (CSR) towards other than ongoing projects, requiring transfer to a Fund specified in Schedule VII to the Companies Act. Accordingly, reporng under clause 3(xx)(a) of the order is not applicable for the year;

(b) The company does not have any amount remaining unspent, pursuant to any ongoing projects, requiring transfer to special account. Accordingly, reporng under clause 3(xx)(b) of the Order is not applicable for the year.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls Over Financial Reporng under Clause (i) of Sub-secon 3 of Secon 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporng of Integra Engineering India Limited ("the Company") as of 31st March, 2024 in conjuncon with our audit of the St andalone Financial Statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibilies f or Internal

Financial Controls

The Companys Management and the Board of Directors of the company are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporng issued by the Instut e of Chartered Accountants of India. These responsibilies include the design, implementaon and maintenance of adequate internal financial controls with reference to standalone financial statements of the Company that were operang e ecv ely for ensuring the orderly and efficient conduct of its business, including adherence to respecv e companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records, and the mely preparaon of reliable financial informaon, as r equired under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporng based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporng (the "Guidance Note") and the Standards on Auding prescribed under secon 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. 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 standalone financial statements of the company were established and maintained and if such controls operated e ecv ely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements of the company and their operang e ecv eness. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng , assessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecv eness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporng.

Meaning of Internal Financial Controls over Financial Reporng

A companys internal financial control over financial reporng is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of standalone financial statements for external purposes in accordance with generally accepted accounng principles. A companys internal financial control over financial reporng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the Company; (2) provide reasonable assurance that transacons are recorded as necessary to permit preparaon of standalone financial statements in accordance with generally accepted accounng principles, and that receipts and expenditures of the Company are being made only in accordance with authorisaons of management and directors of the Company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorised acquision, use, or disposion of the Companys assets that could have a material effect on the standalone financial statements.

Inherent Limitaons of Internal Financial Controls over Financial

Reporng

Because of the inherent limitaons of internal financial controls over financial reporng , 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, projecons of any evaluaon of the internal

financial controls over financial reporng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our informaon and according to the explanaons given to us, the Company has, in all material respects, an internal financial controls with reference to standalone financial statements of the Company and such internal financial controls over financial reporng were operang e ecv ely as at 31st March, 2024, based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instut e of Chartered Accountants of India.

Sd/-

Rachit Sheth

Partner

Membership No.158289

Place: Halol

Date: 30th May, 2024

UDIN:24158289BKAQIJ7072