Kaynes Technology India Ltd Auditor Reports

To

the Members of

Kaynes Technology India Limited

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying Standalone Financial statements of Kaynes Technology India Limited ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and Notes to the Standalone Financial Statements, including a summary of 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 Standalone 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended, ("Ind AS") and other accounting principles generally accepted in India, of the Standalone state of affairs of the Company as at March 31,2026, its profit and the total comprehensive income, the 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 Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules there-under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, 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 the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
1. Revenue Recognition
Revenue from the sale of manufactured electronic assemblies is recognised at the point in time when control of the goods transfers to the customer, generally on delivery, in accordance with Ind AS 115 (refer Note 19 to the financial statements).	Our audit procedures included, among others:
We considered revenue recognition to be a key audit matter because of the following:	• Evaluating the design and testing the operating effectiveness of controls over revenue recognition, including controls over the capture of dispatch data, authorisation of pricing and discounts, and the recording of sales cut-off.
(i) the high volume of dispatches, a significant proportion of which occur close to the reporting date, gives rise to a cutoff risk;	• Assessing the appropriateness of the Companys revenue recognition policy against the requirements of Ind AS 115, including the identification of performance obligations and the conclusion that they are satisfied at a point in time.
(ii) the transaction price is net of variable consideration arising from volume discounts, rebates and customer schemes, the estimation of which involves management judgement;	• Testing a sample of revenue transactions to underlying contracts and purchase orders, dispatch documentation, proof of delivery and customer acceptance, to verify that control had transferred and revenue was recorded in the correct period.
(iii) several contracts involve customer-supplied (free- issue) components and tooling, requiring judgement on whether the Company acts as principal or agent and on the appropriate gross-versus-net presentation; and the materiality of revenue to the financial statements as a whole and the presumed fraud risk in revenue recognition under SA 240.	• Performing cut-off testing on sales recorded for a period before and after the reporting date by agreeing them to shipping documents and delivery evidence.
	• Evaluating managements estimate of variable consideration (discounts, rebates and schemes) by examining scheme terms, recomputing accruals, and assessing the historical accuracy of estimates against actual settlements.
	• Assessing the principal-versus-agent conclusion for arrangements involving free-issue material and tooling, by evaluating which party controls the goods before transfer and corroborating the accounting treatment and presentation.
	• Examining credit notes and sales reversals recorded after the reporting date to identify whether revenue had been overstated.
	Evaluating the adequacy and accuracy of the related disclosures in the financial statements.
2. Information Technology controls in a customised ERP environment
The Companys financial reporting process is significantly dependent on its Information Technology systems, in particular a customised Enterprise Resource Planning (ERP) package that processes a large volume of transactions and automatically generates accounting entries and reports relied upon in the preparation of the financial statements.	Our audit procedures included, among others:
We considered this a key audit matter because:	• Obtaining an understanding of the IT environment relevant to financial reporting and identifying the ERP applications, databases and interfaces on which significant financial processes depend.
(i) extensive customisation of the standard ERP increases the risk that automated controls and configured business rules do not operate as intended;	• Testing the design and operating effectiveness of general IT controls over user access management, including the granting, removal and periodic review of access rights and the appropriateness of privileged and administrator access.
(ii) the integrity of financial records depends on the effectiveness of general IT controls over access security, programme change management and segregation of duties; and	• Testing change management controls over the customised modules to assess whether programme changes were appropriately requested, authorised, tested and migrated to the production environment.
(iii) we placed reliance on automated controls and on information produced by the entity — reports, exception listings and reconciliations generated by the system — the reliability of which depends on the underlying IT control environment.	• Evaluating segregation of duties within the ERF; including incompatible access combinations, and the controls operating where segregation was not feasible.
	• Testing key automated controls and system- configured business rules (for example, three-way matching, pricing and approval limits) relevant to the financial statement assertions.
	• Assessing the reliability of information produced by the entity (IPE) used in our audit procedures, by testing the completeness and accuracy of the underlying data and the report logic of systemgenerated reports.
	• Where control deficiencies were identified, evaluating compensating manual controls and extending our substantive procedures as appropriate.

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 Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholders Information, 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 information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the Standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

Based on the work we have performed, we conclude that if 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 STANDALONE FINANCIAL STATEMENTS

The Companys Management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, 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. 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 judgements 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 Standalone financial statements, management and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

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

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(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 management and Board of Directors 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current 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 said 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of cash flows and Standalone Statement of Changes in Equity dealt with by this Report, are in agreement with the books of account.

d. In our opinion, the aforesaid Standalone financial statements comply with the Indian 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 are disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" to this report.

g. 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.

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 has disclosed the impact of pending litigations as at March 31, 2026 on its financial position in its Standalone financial statements- Refer Note 27 to the Standalone financial statements.

ii. The Company did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended 31 March 2026.

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 Note 44 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 or entity, 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 Note 44 to the financial statements, no funds have been received by the Company from any person or entity, 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;

(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 (iv) (a) and (iv) (b) contain any material misstatement.

v. The Company has neither declared nor paid interim dividend or final dividend during the year. Therefore, reporting under Rule 11(f) of Companies (Audit and Auditors) Rules, 2014 is not applicable.

vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded in the software and during the course of our audit and on the basis of test checking of selected samples, we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.

Annexure A to the Independent Auditors Report

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 a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable 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) In respect of Companys property, plant and equipment, right-of-use assets and intangible assets :

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and its intangible assets

(B) The Company is maintaining proper records showing full particulars of intangible assets

(b) The Company has a policy to physically verify all the Property, Plant and Equipment at a reasonable interval. The Company has conducted physical verification during the year and according to the information and explanation given to us, there were no material discrepancies noticed on such verification.

(c) According to the information and explanations given to us and based on the examination of records of the Company and the registered sale deeds/transfer deeds/conveyance deeds provided to us, we report that the title deeds of all the immovable properties, comprising of land

and building, are in the name of the company as at the Balance Sheet date except for the below :

Description	Gross Carrying Value	Held in the name of	Whether promoter/ director or their relative or employee	Period held	Reason for not being in the name of the company
No. 41, Sector 5, Parwanoo PO, Himachal Pradesh-173220	1.183 Million	P K Bansal	No	April 12, 2012	There is delay from the sellers side in registering the property for transfer of title deeds. The company is actively engaging with the seller to get the registration done in its name.

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

(e) Based on the information and explanation furnished to us, no proceedings have been initiated on the Company under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) and Rules made there under.

(ii) (a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals

and in our opinion, the coverage and procedure of such verification is appropriate. Based on the information and explanation furnished to us, no material discrepancies in excess of 10% or more in the aggregate for each class of inventory were noticed on physical verification.

(b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of current assets. There are differences that are immaterial between the quarterly returns /statements filed by the Company with such banks and the books of account of the Company.

(iii) (a) During the year the Company has provided loans or advances in the nature of loans, stood guarantee to Companies.

(A) Details of aggregate amount during the year, and balance outstanding at the Balance Sheet date with respect to such loans or advances and guarantees to subsidiaries

Particulars	Loan given in current year	Balance as on 31st March 2026
Loans and Advances
Kaynes Electronics Manufacturing Private Limited	7,556.71	9,810.35
Kaynes International Design & Manufacturing Private Limited	556.92	126.90
Kaynes Semicon Private Limited	5,581.86	5,438.37
Kaynes Circuits India Private Limited	3,245.71	3,449.19
Kaynes Mechatronics Private Limited	151.76	674.28
Kemsys Technologies Private Limited	24.35	36.04
Digicom Electronics Inc.	-	38.71
Cryo Precision Technologies Private Limited	36.00	36.00
Aerocaliph Components Private Limited	20.00	20.00
Gridcrest Technologies Private Limited (Formerly known as Iskraemeco India Private Limited)	3,834.36	3,834.36
Kaynes Holding Pte. Limited	250.21	250.21
Sensonic IN India Private Limited	116.00	116.00
Kaynes Space Technology Private Limited	0.60	0.60
Guarantee
Kaynes International Design & Manufacturing Private Limited	-	180.80
Kaynes Electronics Manufacturing Private Limited	-	1,225
Gridcrest Technologies Private Limited (Formerly known as Iskraemeco India Private Limited)	550.00	1,250.00
Kaynes Circuits India Private Limited	755.00	755.00
Kaynes Semicon Private Limited	18,300.00	18,300.00
August Electronics Inc.	2,192.80	2,192.80

(B) During the year, the Company has not given any loans or advances and guarantees or security to parties other than subsidiaries.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the investments made, and the terms and conditions of all loans, and advances in the nature of loans and guarantees provided are not prejudicial to the companys interest.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in respect of loans and advances in the nature of loans, since the loans are repayable on demand, there is no schedule of repayment of principal and payment of interest.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, as there are no amounts overdue for more than ninety days, the requirement to report on clause 3(iii)(d) of the Order is not applicable to the Company.

(e) On the basis of our examination of the records of the Company, no loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or has been settled by granting fresh loans to the same parties.

(f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has granted loans or advances in the nature of loans repayable on demand.

Particulars	Balance as on 31st March 2026
Kaynes International Design & Manufacturing Private Limited	126.90
Kaynes Electronics Manufacturing Private Limited	9,810.35
Kaynes Semicon Private Limited	5,438.37
Kaynes Circuits India Private Limited	3,449.19
Kaynes Mechatronics Private Limited	674.28
Kemsys Technologies Private Limited	36.04
Digicom Electronics Inc.	38.71
Cryo Precision Technologies Private Limited	36.00
Aerocaliph Components Private Limited	20.00
Gridcrest Technologies Private Limited (Formerly known as Iskraemeco India Private Limited)	3,834.36
Kaynes Holding Pte. Limited	250.21
Sensonic IN India Private Limited	116
Kaynes Space Technology Private Limited	0.6

(iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees, and security, provisions of sections 185 and 186 of the Companies Act have been complied with.

(v) The Company has not accepted any deposit, within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended) during the year hence, the reporting under clause 3(v) of the order is 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 we 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 information and explanations given to us and according to the books and records as produced

and examined by us, in respect of statutory dues, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Goods & Service Tax, Cess and other material statutory dues as applicable with the appropriate authorities. As at last day of financial year, there were no amounts payable in respect of the aforesaid statutory dues outstanding for a period of more than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) which have not been deposited on account of any dispute are mentioned below:

Name of the statute	Nature of dues	Amount (in millions)	Period to which the amount relates	Forum where dispute is pending
The Income Tax Act 1961	Income- tax	34.58	AY 2018-19	Office of the Joint Commissioner of Income Tax, Mysuru
The Income Tax Act 1961	Income- tax	32.20	AY 2021-22	Income Tax Officer (TDS), Mysuru
The Income Tax Act 1961	Income- tax	26.20	AY 2021-22	Office of the Joint Commissioner of Income Tax, Mysuru
The Income Tax Act 1961	Income- tax	13.60	AY 2020-21	Income Tax Officer (TDS), Mysuru
The Income Tax Act 1961	Income- tax	10.10	AY 2020-21	Office of the Joint Commissioner of Income Tax, Mysuru
The Income Tax Act 1961	Income- tax	6.05	AY 2017-18	Commissioner of Income Tax (Appeals), Mysuru
The Income Tax Act 1961	TDS	1.62	Various Years	Commissioner of Income Tax (TDS)
The Income Tax Act 1961	Income- tax	0.20	AY 2019-20	Office of the Joint Commissioner of Income Tax, Mysuru
CGST Act, 2017	GST	39.47	FY 2021-22	Excise & Taxation Officer (VAT & CST), Manesar
CGST Act, 2017	GST	18.80	FY 2018-19	Excise & Taxation Officer (VAT & CST), Manesar
CGST Act, 2017	GST	12.60	FY 2019-20	Excise & Taxation Officer (VAT & CST), Manesar
CGST Act, 2017	GST	8.27	FY 2021-22	Office of the Joint Commissioner (State) Intelligence, Chennai
CGST Act, 2017	GST	3.50	FY 2021-22	Office of the Joint Commissioner (State) Intelligence, Chennai
CGST Act, 2017	GST	2.30	FY 2023-24	Office of the Joint Commissioner (State) Intelligence, Chennai
CGST Act, 2017	GST	1.40	FY 2022-23	Office of the Joint Commissioner (State) Intelligence, Chennai
CGST Act, 2017	GST	1.23	FY 2020-21	Deputy Commissioner of Commercial Taxes (Appeals), Chennai
CGST Act, 2017	GST	0.90	FY 2018-19	Deputy Commissioner of Commercial Taxes (Appeals), Chennai
CGST Act, 2017	GST	0.66	FY 2019-20	Deputy Commissioner of Commercial Taxes (Appeals), Chennai
CGST Act, 2017	GST	0.50	FY 2020-21	Office of the Joint Commissioner (State) Intelligence, Chennai

Note: Amount shown is net of pre-deposit made wherever applicable

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, the Company has not 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.

(ix) (a) According to the books and records of the Company examined by us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanation given to us and on the basis of our audit procedure, we report that the company has not been declared wilful defaulter by any bank or financial institution or other lenders.

(c) In our opinion, and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the Financial Statements of the company, we report that no

funds raised on short-term basis have been used for long-term purposes by the company.

(e) On an overall examination of the financial statements of the company, we report that 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. Hence, the requirement to report on clause 3(ix)(e) of the Order is not applicable to the Company.

(f) On an overall examination of the financial statements of the company, we report that the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Hence, the requirement to report on clause 3(ix)(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, reporting under clause 3(x)(a) of the Order is not applicable to the Company.

b. The Company has made a private placement of equity shares during the year. For such allotment of shares, the Company has complied with the requirement of Section 42 of the Companies Act, 2013 and the funds raised have been applied by the Company during the year for the purpose for which the funds were raised.

(xi) (a) To the best of our knowledge and according to

the information and explanations given to us and on the basis of examination of the books and records of the Company, carried out in accordance with generally accepted auditing practices in India, no fraud by the Company or on the Company was noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government

(c) According to the information and explanations given to us including the representation made to us by the management of the Company, no whistle-blower complaints were received by the Company during the year and hence, reporting under clause 3(xi)(c) of the Order is not applicable to the Company.

(xii) The company is not a Nidhi company and hence, reporting under clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.

(xiii) According to the information and explanations given by the management, transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details thereof have been disclosed in the financial statements, as required by the applicable Accounting Standards.

(xiv) (a) In our opinion and based on our examination, the

company has an internal audit system which is commensurate with the size and nature of its business.

(b) We have considered the reports of Internal Auditor of the company issued for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, during the year, Company

has not entered into any non-cash transactions with its directors or persons connected with him and accordingly, the reporting under clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) The Company is not required to be registered

under section 45-IA of the Reserve Bank of India Act, 1934.

(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, there is no Core Investment Company (CIC as part of the Group. Accordingly, the reporting under Clause 3(xvi)(d) is not applicable to the Company.

(xvii) Based on our examination of books of accounts, the Company has not incurred any cash loss in the current as well as the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the plans of the Board of Directors and management 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) According to the information and explanations given to us and based on our examination of the records of the Company, the Company is not required to transfer any unspent amount to a fund specified in Schedule VII to the companies act in compliance with second proviso to sub section 5 of section 135 of the said Act.

Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

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

Annexure B to the Independent Auditors Report

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013

Opinion

We have audited the internal financial controls with reference to Standalone financial statements of the Company as of March 31,2026 in conjunction with our audit of the Standalone financial statements of the Company as at and for the year ended on that date.

In our opinion, the Company has maintained, in all material respects, an adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls were operating effectively as at March 31,2026, based on the internal control with reference to Standalone Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. However, the existing policies, systems, procedures and internal controls followed by the Company have to be completely and appropriately documented and reconciled.

Management and Board of Directors Responsibility for Internal Financial Controls

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

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing (the Standards), issued by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial

controls, both issued by the 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 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 Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial control with reference to Standalone 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. This includes those policies and procedures that:

i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

ii) 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

iii) 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 Over Financial Reporting

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