Nutech Global Ltd Auditor Reports

Toths Members of NUTECH GLOBAL LIMITED

Bhilwara

Report on the Audit of the Financial Statements Opinion

We have audited the accompany Ingflnandal statements of NUTECH GLOBAL LIMITED (“the Company”), which comprise the Balance Sheet as at March 31,2024, the Statement of Profit and Loss(including othercomprshensive income), Statement of Cash Flow and theStatement of Changes In Equity for the year then ended and a summary of significant accounting policiesand other explanatory Information, (hereinafter refemedto as “Financial statements’).

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 ft he Act”) ;_n 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, (”lnd AS”) and other accounting principles generally accepted In India, of the state of affairs of the Company as at March31,2024, the profit and total comprehensive income, changes in equity and its cash flows for the yearended on that data.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 independence requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibilities In accordance with these requirements and the ICAIs Code of Ethics. We bel ieve that the aud it evidence we have obtainedissufficierTtand 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 financial statements of the current period. These matters were addressed In the context of our audit of the financial statements as a whole, and In forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to communicate In our report

Information Other than the Financial Statements and Auditors Report Theraon

The Companys management and Board of Directors are responsible for the preparation of other Information. The other informationcomprises the information included in the Companys annual report, but does not include the financialstatements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express anyform of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, consider whether the other Information Is materially Inconsistent with the flnandalstalements or our knowledge obtained In the audit or otherwise appears to ba materially misstated, if, based orrthe work we have performed, we conclude that there is a material misstatement of this other Information, we arerequlredtoreport that fact to those charged with governance. We have nothing to report In this regard.

Responsibility of Management and Those charged with governance forthe Financial Statements

The Companys management and Board of d i rectors areresponeibleforthe matters in se eti o n 134(5) of the Com panies Act, 2013 (“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, cash flows and changes in equity of the Company in accordance with

accounting principles generally accepted In India Including the I ndlan Accounting Standards <lnd AS) referred to In section 133 of the Act.

This responsibility also Includes maintenance of adequate accounting records In accordance with the provisions of the Act for safeguarding 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 Ind AS 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 intsndsto liquidate the Company orto cease operations, or has no realistic alternative but to do so.

The Company’s Management and 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 tolrrfluencetheeconomlcdeclslonsofuserstakenonthe basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skeptidsmthroughoutthe audit We also:

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

• Obtain an understanding of Internal financial controls relevant to the audit In orderto design audit procedures that are appropriate In the circumstances. Under section 143(3)(l) 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 Ina manner that achieves fair presentation.

Materiality Is the magnitude of misstatements In the financial statements that, Individually or In aggregate, makes It probable that the economic decisions of a reasonably knowledgeable user of the 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 ouraudit.

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 subsection (11) of section 143 of the Ad, wb give In the AnnexureA, a statement on the matters spedfled In the paragraph 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) ln 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), the cash flow statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) ln our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under Sedlon 133 of the Ad except in lrtdAS-19 “Employee Benefits* where in the Company has not provided liability for Gratuity on actuarial valuation basis;

(e) on the basis of the written representations received from the directors as on 31 March 2024 taken on record by the Board of Directors, none of the diredors is disqualified as on 31 March 2024 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) with resped to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of Buch controls, refer to our separate report In An nexu re B’.Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls overfinancial reporting.

(g) With resped to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, In ouroplnlon and to the best of our Information and according to the explanations given to us:

(I) the company has disclosed thelmpad, If any, of pending litigations on Its INDAS financial position In Its Ind AS financial statements

(II) as per the Information provided to us by the management, the company has not entered In to long term corrtrad Including derivative contracts forwhich provisioning is required;

(iii) (a) The management has represented that to the best of its knowledge and belief, other than those disclosed in the notes to the accounts, no funds have been advanced or loaned or Invested (Eitherfrom borrowed funds, share capital or any other source or kind of funds) by the company to or in any other person(s) or entity(s), including foreign entities (“Intermediaries’), with the understanding that the intermediary shall whether directly or indirectly lend or invest in other persons or entities identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, securttyorthellkeon behalf of ultimate beneficiaries.

(b) The management has represented thatto the best of its knowledge and belief, other than those disclosed In the notes to the accounts, no funds have been received by the company from any person(s) or entities including foreign entities (“Funding Parties) with the understanding that such oompany shall whether, directly or Indirectly, lend or Invest In other persons or entitles Identified In any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or provide guarantee, security ortho like on behalf of the Ultimate beneficiaries.

(c) Based on the audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the above representations given by the management under paragraph (2) (g) (III) (a) and (b) above contain any material misstatement.

(hr) There is no requ irement of transfer of amount i n Investor Education & Protection fund. (I EPF).

(h) the company has used such 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 the audit trail feature has not been tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retentions.

(3) With respecttothematterto be Included In the Auditors Report under section 197(16):

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

For RHDA& ASSOCIATES CHARTERED ACCOUNTANTS Sdf-

[DINESH A6AL]

PARTNER

UDIN 24417439BKEKWK4492 M. NO.: 417439 FRN: - 014438C

PLACE: BHILWARA

DATE: 29.5.2024

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to In paragraph 1 under the heading of “Report on Other Legal and Regulatory Requirements” of our report of even date)

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

(I) (a) (A) The Company has maintained proper records showing full particulars Including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showlngfullpartlcularsoflntanglble assets.

(b) Property, Plant and Equipment have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification and appropriately dealt with In the books of accounts

(c) The tide deeds of all the immovable properties (Other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the Company.

(d) The Company has not revalued Its Property, Plant and Equipment (Including Right of Use assets) and Intangible assets during the year.

(e) There are no proceedings have been Initiated and are pending against the Company for holding any benaml property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) Inventories have been physically verified during the year by the Management at reasonable intervals. In our opinion the coverage and the procedure of such verification by the management Is appropriate. Discrepancies of 10% or more In aggregate for each class of inventory were not noticed on such physical verification.

(b) During the year, The Company has been sanctioned working capital limits In excess of five crate rupees, In aggregate, from banks or financial institutions on the basis of security of current assets. The management has informed that the Quarterly statements submitted to the bank are provisional in nature. According to the information & explanations given to us and on the basis of our examination of the books of account, the Quarterly returns or Statement furnished to the bank are broadly In reconciliation with books of accounts subject to few differences on account of valuation methodology, Wastages, dead stock, reconciliation differences on account of multiple stages of production, stock kept at third party premises, as per explanation of management in the schedule ‘borrowings’ under financial liabilities which Is part of current liabilities In the financial statementhas.

(Hi) According to the information & explanations given to us and on the basis of our examination of the books of account, the Company has not made any Investment, not provided any guarantee and has not granted any loans, secured or unsecured, to companies, Arms, LLP orany other parties during the year. Hence, point B,C,D,E and F of this clause are not applicable.

(lv)Accordlng to the Information & explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loan todirectors and complied with the provisions of section 185 and 186 of the companies act.

(v)The closing balance of Unsecured deposits accepted by the company from Shareholders/relattves Is Rs.37.54Lacs and provisions of section 73 to section 76 have been complied with respect to such deposits.

(vl) The Central Government has prescribed maintenance of the cost records under 148(1) of the Companies Act, 2013 In respect to the companys products. However the prescribed limits for maintenance of records have not been exceeded, accordingly paragraph 3(vi) of the Order is not applicable.

(vii) A) According to the records of the Company, undisputed statutory dues including GST, Provident Fund, Employees State Insurance, Income Tax, Sales tax, Service tax, Custom Duty, Cess and other statutory dues have been regularly deposited with the appropriate authorities. Accordingly to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as on last day of the financial yearfora period of more than six months from the date they have become payable.

B) According to the information & explanations given to us and the records examined by us, there is no amount which have not been deposited on account of any disputed amount payable in respect of income tax, service tax, customs duty, GST and cess.

(viii) According to the information and explanations given to us, the Company has not surrendered or disclosed any transaction, previously unrecorded In the books of account, In the tax assessments under the Income Tax Act, 1961 as Income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) a. The Company has not defaulted in repayment of loans and other borrowings and interest due thereon to any lender.

b. TheCompanylsanot declared wl Ifol defaulter by any bank or financial I nstltutton or govern ment or any govern ment authority.

c. Termloansraisedduringtheyear have been applied forthe purpose for which those loans were raised,

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

e. On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on acoount of or to meet the obligations of its subsidiaries, associates or joint ventures.

f. 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 (lx) [f] of the Order Is not applicable to the Company.

(x) (A) According to the information and explanations given to us and based on our examination of the records of the Company, the

Company has not raised money by way of initial public offer or further public offer (including debt instruments) during the yea r under review and hence, reporting requirements under clause (a) (x) of paragraph 3 of the Order a re notap pi i cable 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. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and

according to the information and explanations given by the management, no fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

b. Du ring the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by us in FormADT- 4as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014with the Central Government.

c. In our opinion, to the best of our knowledge and according to the information and explanations given to us, the Company has not received any whistle blower complaints during the year.

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

(xlli) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable andthedetalls have been disclosed inthe notes to the financial statements,as required by the applicable accounting standards.

(xlv)The company has appropriate Internal Audit system in accordance with Its size and business activities.

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

(xvl) a. The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report onclause3[xvi)(a)of the Order is not applicable to the Company.

b. The Company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certificate of Registration (CoR)framthe Reserve Bankof India as per the Reserve Bankof India Act, 1934.

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

d. As represented by the management, the Group does not have any Core Investment Company (Cl C] as part of the Group as per the definition of Group contained in the Core Investment Companies (Reserve Bank) Directions, 2016.

(xvii) The company has not incurred cash losses in the financial year and in the immediately precedingfinancial year.

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

(xix) On the basis of the financial ratios to the financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this Is not an assurance as to the future viability of the Company. We further state that our reporting Is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of oneyearfrom the balance sheet date, will get discharged by the Company as and when theyfall due.

(xx) CSR provisions as per section 135 are not applicable to companies, so provisions of paragraph 3(xx) are not applicable to company.

(xxi) The company is not required to prepare consolidated financial statements. Hence, clause 3(xxi) is not applicable.

For: RHDA & ASSOCIATES CHARTERED ACCOUNTANTS Sd/-

[DINESH AGAL]

PARTNER

UDIN 24417439BKEKWK4492 M. NO.: 417439 FRN: -014438C

PLACE: BHILWARA

DATE: 29.5.2024

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF NUTECH GLOBAL UMITED

Report on the Internal Financial Control* under Clauae (I) of Subjection 3 of Section 143 of the Companies Act, 2013 {“the Act")

We have audited the Internal financial controls over financial reporting of NUTECH GLOBAL LIMITED (the Company”) as of March 31, 2024 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Company’s 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 Company’s 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 judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whetherduetofiraudorerror.

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 overt)nancial 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 Ind AS 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 Ind AS 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 Ind AS 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 tothe risk that the Internal financial control overfinanclal reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedu res may deteriorate.

Opinion

In our opinion, 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 31,2024, 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 RHDA&ASSOCIATES CHARTERED ACCOUNTANTS

SOI-

[DINESHAGAL]

PARTNER

UDIN 24417439BKEKWK4492 M. NO.: 417439 FRN:-014438C

PLACE: BHILWARA

DATE: 29.5.2024