Storage Technologies & Automation Ltd Auditor Reports

To the Members of STORAGE TECHNOLOGIES AND AUTOMATION LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

Opinion

We have audited the accompanying Standalone Financial statements of Storage Technologies and Automation Limited (“the Company”), which comprises the Balance Sheet as at March 31, 2025, the Statement of Pro t and Loss (including Other Comprehensive Income), and statement of cash ows for the year then ended, and a summary of signi cant accounting policies and other explanatory information (herein after referred to as “the Standalone Financial statements”). 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 (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its pro t, total comprehensive income, and its cash ows 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 Auditing (SAs) speci ed 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 Standalone Financial statements under the provisions of the Act and the Rules there under, and we have ful lled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is su cient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most signi cance in our audit of the Standalone Financial statements for the Standalone Financial year ended March2025.

We have determined that there are no further key audit matters to communicate in our report.

Emphasis of Matter

In forming our opinion on the Standalone nancial statement, we have considered the adequacy of disclosure with regards to Gratuity provision under disclosure of AS -15 Employee bene t made to the accompanying nancial statements. But our opinion is not modi ed in respect of the above matters.

Responsibility of Management for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the Standalone Financial position, Standalone Financial performance including other comprehensive income, and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards speci ed under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 implementation and maintenance of accounting policies; making judgments and estimates. That is 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 Standalone Financial statement 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 is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are responsible for overseeing the companys nancial reporting process.

Auditors Responsibility 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 in uence 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 scepticism throughout the audit.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

- The Companys Board of Directors are responsible for the other information. The other information comprises the Boards Report and the Corporate Governance Report, but does not include the Standalone Financial statements and our auditors report hereon.

- 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 the 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.

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

Report on Other Legal and Regulatory Requirements

1) As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Pro t and Loss, and the Cash Flow Statement 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 Accounting Standards speci ed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors is disquali ed as on 31st March, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f) 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, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its Standalone Financial position in its Standalone Financial statements;

ii. The Company does not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses]

iii. The Company was not under the obligation to transfer any amount to the Investor Education and Protection Fund during the year. iv. (a) The Management has represented that, to the best of its knowledge and belief, no Funds (which are material either individually or in aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kinds of funds) by the Company to or in any other person or entity, including foreign entity (“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 identi ed in any manner whatsoever by or on behalf of the Company (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries;

(b)

The Management has represented, that, to the best of its knowledge and beliefs, no funds (which are material either individually or in aggregate) have been received by the Company from any person or entity, including foreign whether, directly or indirectly, lend or invest in other person or entities identi ed in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries.

(c) Based on the audit procedure that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. The company has neither declared nor paid any dividend during the nancial year.

2) As required by the Companies (Auditors Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure A” statement on the matters speci ed in paragraphs 3 and 4 of the Order.

3) With respect to the adequacy of the internal nancial controls with reference to standalone nancial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of accounts and records examined by us in the normal course of audit, we state this Report on Companies (Auditors Report) Order, 2020 (‘the Order) issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013 (‘the Act) of Storage Technologies and Automation Limited (‘the Company)

1. In respect of tangible and intangible assets:

(a) The Company has maintained proper records showing full particulars including quantitative details Property, Plant & Equipment (“PPE”). (b) Management during the year has physically veri ed PPE during the year. However, the Company is planning to do such veri cation in the ensuing year. (c) According to the information and explanation given to us by the Company, there is no material discrepancies, if any, noticed on physical veri cation have been accounted for in the books of accounts. (d) According to the information and explanation given to us by the Company, title deed of all immovable properties (except properties which are leased by the company with duly executed lease agreements in the companys favour) disclosed in the Standalone Financial statements are held in the name of the company. (e) Based on the information and explanation given to us by the Company, a revaluation has not been done by the company of its property, plant and equipment (including the right of use assets) or intangible assets or both during the year and, if so, then the revaluation will be based on the valuation by a Registered Valuer. (f) Based on the information and explanation given to us by the Company, there are no proceedings initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

2. In respect of its inventory:

a) As explained to us, the inventories of nished goods, semi- nished goods, stores, spare parts and raw materials were physically veri ed at regular intervals/ (at the end of the year) by the Management.

b) In our opinion, the frequency of veri cation is reasonable, and according to the information and explanation given to us, the procedures of physical veri cation of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies of 10% or more in the aggregate for each class of inventory were noticed on physical veri cation of stocks with the books of accounts and if any, they have been properly dealt with in the books of accounts.

3. In respect of investments, any guarantee or security or advances or loans given:

Based on the information and explanation furnished to us by the Company,

The Company has not made any investments and during the current year. The Company has granted loans to below parties during the current nancial year, in respect of which:

Particulars	Loans	Advances in Nature of Loan	Guarantee	Securities
Aggregate amount granted/- provided during the year:		-	-	-
Subsidiaries	-	15,00,000	-	-
DI & P Services Pvt Ltd
Others	-	-	-	-
Balance outstanding as at balance sheet date in respect of above cases:	-	-	-	-
Subsidiaries	-	- 15,00,000	-	-
DI & P Services Pvt	Ltd	20,00,000
Glaukoustech Solutions Pvt Ltd
Others	-	-	-	-

4.Compliance in respect of a loan to directors:

Based on the information and explanations given to us, the Company has not given any loans to directors for FY 24-25 Hence no compliance with the provisions of Sections 185 and 186 of the Companies Act, 2013 is applicable.

5.Compliance in respect of deposits accepted:

Based on the information and explanations given to us, the Company has not accepted any deposits as applicable under the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other provisions of the Act and rules framed under. Accordingly, provisions of clause 3 (v) of the Order is not applicable.

6.Maintenance of costing records:

To the best of our knowledge and explanations given to us, the Central Government has prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 148 of the Act, for the products of the Company and the Company is not liable to maintain such records.

7.Deposit of statutory liabilities outstanding due or any disputes:

According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including goods and service tax, customs duty, cess, and any other statutory dues as applicable to the Company to the appropriate authorities as at March 31, 2025, barring certain delays in certain months.

Barring the above there are no undisputed statutory dues exceeding six months from the due date of payment as at March 31, 2025.

8.Unrecorded income:

On an overall examination of the Standalone Financial statements of the Company, there no such transactions which are not recorded in the accounts have been disclosed or surrendered before the tax authorities as income during the year. The details of such income tax assessments should be disclosed. According to the information and explanation given to us there no such undisclosed income has been recorded in the accounts during the year.

9.Default in repayment of borrowings:

Based on the information and explanations given to us by the Company, The Company has taken loan from Bank or any other Financial institutions. The Company has not defaulted in repayment of any loans or other borrowings or in the payment of interest thereon to the lender and used for the object for which they were obtained.

10.Funds raised and utilization:

In our opinion based on the information and explanation given to us, the Company has raised moneys by way of initial public offer during the nancial year 2024-25 and the company had issued 38,40,000 equity shares of Rs 10 each at a premium of Rs 78 per share aggregating 29.95 crores and the issue was fully subscribed and the shares were listed in BSE, SME platform on 8.5.2024. And con rmed that no further public offer during the year (including debt instruments) other than the issue dated 08.05.2024. Further, a part of the term loan from bank and loan taken from director hence reporting under clause 3 (ix) of the Order is not applicable.

11.Fraud and whistle-blower complaints:

To the best of our knowledge and according to the information and explanations given to us, there are no frauds reported by the Company or any fraud on the Company by its o cers or employees has been noticed or reported during the year. Accordingly, the provisions of clause 3(x) of the said Order are not applicable.

According to the information and explanation given to us, no report under sub-section (12) of section 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.

Based on the information and explanation given to us, there are no whistle blower complaints received by the Company during the year and accordingly, provisions of the clause 3 (xi)(c) of the Order is not applicable

12.Compliance by a Nidhi:

The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the order is not applicable.

13.Compliance on transactions with related parties:

In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Standalone Financial statements as required by the applicable accounting standards.

14.Internal audit system:

To the best of our knowledge and according to the information and explanations given to us, the company has an adequate internal audit system commensurate with the size and nature of business as applicable and as per the limits speci ed under companies Act,2013.

15.Non-cash transactions:

As represented to us by the management and according to the information and explanation given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them as per provisions of section 192 of companies Act 2013.

16.Registration under Section 45-IA of RBI Act, 1934:

According to the information and explanation given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi) of the Order is not applicable to the Company. The Company has not conducted any non-banking nancial or housing nance activities during the year. The Company is not a core investment company (hereinafter referred to as “CIC”) as de ned in the Core Investment Companies (Direction), 2016 as amended from time to time, issued by the Reserve Bank of India. Accordingly, clause 3(xvi) (c) of the Order is not applicable. (b) In our opinion, there is no core investment company within the Group (as de ned in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi) (d) of the Order is not applicable

17.Cash losses:

According to the information and explanation given to us, the company has not incurred cash losses in the Financial year and in the immediately preceding Financial year.

18.Resignation of statutory auditors:

According to the information, no auditor has been resigned. If any we will take the issues, objections or concerns raised by the outgoing auditors into consideration.

19.Material uncertainty:

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 Standalone Financial statements, the 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 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.

20.According to the information and explanations given to us and based on our examination of the books and records of the Company, Corporate Social Responsibility as required by the provisions of Section 135 of the Companies Act, 2013 is applicable to the Company and the company has spent Rs. 5,62,000/- as CSR for the FY 2023-24 as the pro ts for the respective nancial year increased by 5 crores and there has no unspent amount transferred to a fund . Therefore, reporting under clause 3(xx) is not applicable.

21.Quali cations or adverse auditor remarks in other group companies:

The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of standalone nancial statements. Accordingly, no comment in respect of the said clause has been included in 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 (‘the Act)

We have audited the internal nancial controls over Standalone Financial reporting of Storage Technologies and Automation Limited (‘the Company) as of 31 March 2025 in conjunction with our audit of the Standalone Financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal Financial controls based on the internal control over Standalone 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 Standalone Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal Financial controls that were operating effectively for ensuring the orderly and e cient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable Financial information, as required under the Companies Act, 2013

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal Financial controls over Standalone Financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Standalone 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 Standalone Financial reporting were 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 Standalone Financial reporting and their operating effectiveness. Our audit of internal nancial controls over Standalone Financial reporting included obtaining an understanding of internal nancial controls over Standalone 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 Standalone Financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our audit opinion on the Companys internal Financial controls system over Standalone Financial reporting.

Meaning of Internal Financial Controls over Standalone Financial Statements

A companys internal nancial control over Standalone Financial reporting is a process designed to provide reasonable assurance regarding the reliability of Standalone Financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal Financial control over Standalone Financial reporting includes those policies and procedures that (1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone 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 the 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 Standalone Financial statements. Inherent Limitations of Internal Financial Controls over Standalone Financial Reporting Because of the inherent limitations of internal Financial controls over Standalone 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 Standalone Financial reporting to future periods are subject to the risk that the internal Financial control over Standalone Financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal Financial controls system over Standalone Financial reporting and such internal Financial controls over Standalone Financial reporting were operating effectively as at 31 March 2025, based on the internal control over Standalone 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 Standalone Financial Reporting issued by the Institute of Chartered Accountants of India.

For CGSS & Associates LLP

Chartered Accountants FRN : S200053

CA. B. Chinnappa

Partner

M No.204458

UDIN: 25204458BMONUU9711

Place: Bangalore

Date: 30.05.2025