TIPCO Engineering India Ltd Auditor Reports

To The Members

TIPCO ENGINEERING INDIA PRIVATE LIMITED

New Delhi

1. Report on the Financial Statements

We have audited the accompanying standalone financial statements of TIPCO ENGINEERING INDIA PRIVATE LIMITED, [the Company], which comprise the balance sheet as at 31 March 2024, the statement of profit and loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Managements Responsibility for the Financial Statements

[A] 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 and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounting Standards] Rules, 2021. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

(B] 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

C.O:- 901, INDRAPRAKASH BUILDING, 21, BARAKHAMBA ROAD, NEW DELHI-110001, MOB:98110302Q8 H.O:- M2, USHA KIRAN BUILDING, AZADPUR, DELHI-110033, PH.NO.27672805,27682805, FAX-27672805 8.0:-2167,TILAK BAZAR, KHARI BAOLI, DELHI-110006, PH. NO. 23934322,23958606, MOB:9811030Z08 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 responsible for overseeing the Companys financial reporting process.

3. Auditors Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. 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. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

4. Since the paid up capital and reserves of the company are more than Rs. 1 Crore and its has not accepted public deposits and it does not have loan Outstanding of Rs.1 Crore or more in aggregate from any bank or financial institutions and it does have a turnover exceeding Rs. 10 Crore, the provision of the Companies (Auditors Report) Order, 2022 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 are applicable to the Company.

5. Opinion

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 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 31 March 2024 and its profit for the year ended on that date.

6. As required by Section 143 (3] of the Act, we report that:

[i) 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

(ii) In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books :

(iii) The Balance Sheet and the Profit and Loss, dealt with by this Report are in agreement with the books of account Confirmation / reconciliation of certain balances being as per Books of Accounts

(iv) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies [Accounting Standards) Rules, 2021.

(v) On the basis written representation received from the Directors, as on 31^st March, 2024 and taken on records by the Board of Directors, we report that none of the Directors is disqualified as on 31^st March, 2024 from being appointed as a director in terms of Section 164[2) of the Act

(vi) The accounts are continued to be prepared on a going concern basis.

(vii) Subject to foregoing, in our opinion and to the best of our information and according to the explanations given, The said accounts give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

i. In the cases of the Balance sheet, of the state of Affairs of the Company As at 31^st March 2024

ii. In the case of Profit and Loss Account of the Losses for the year ended on That date

(viii) In our opinion, the provisions of Section 143(3) (i) with regard to opinion on internal financial controls with reference to financial statements and operating effectiveness of such controls is not applicable to the Company.

(ix) 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 that has operated during the year for all relevant C.O:- 901,1NDRAPRAKASH BUILDING, 21, BARAKHAMBA ROAD, NEW DELHI-110001, MOB:9811030208 H.O:- 1-12, USHA KIRAN BUILDING, AZADPUR, DELHI-110033, PH.NO.27672805,27682805, FAX-27672805 B.O:-2167,TILAK BAZAR, KHARI BAOLI, DELHI-110006 , PH. NO. 23934322,23958606, MOB:9811030208 transactions recorded in the software except for certain information or data recorded in the software and that the audit trail feature has not been enabled at the database level to log any direct data changes. During the course of performing our procedures, other than the aforesaid instances where the question of our commenting on the audit trail feature being tampered with does not arise, we did not notice any instance of audit trail feature being tampered with.

7. Other Information- Board of Directors Report

(i] The Companys Board of Directors is responsible for the preparation and presentation of its report (herein after called as "Board Report"] which comprises various information required under section 134(3) of the Companies Act 2013 but does not include the financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.

(ii) In connection with our audit of the financial statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

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

Annexure 1 referred to In Paragraph 14 of the Independent Auditors Report of even date to the members of TIPCO ENGINEERING INDIA PRIVATE LIMITED on the standalone financial i statements for the year ended 31 March 2024

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 report that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment and right of use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a regular program of physical verification of its property, plant and equipment and right of use assets under which the assets are physically verified in a phased manner over a period of two years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain property, plant and equipment and right of use assets were verified during the year and no material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties disclosed in the financial statements are not held in the name of the Company.

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

(e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under. Accordingly, reporting under clause 3(i)(e) of the Order is not applicable to the Company.

(ii) (a) Company has a business of manufacturing of machines and number of stock items are more, as per the information provided by the management that physical verification is conducted by management itself at reasonable intervals. .

(b)Company has not been sanctioned any working capital limits from banks or financial institution on the basis of security of current assets during the financial.

(iii) a) The Company has not provided loans to Subsidiary and others during the year.

(b) The Company has not provided any guarantee or given any security during the year, but advances for purchase of immovable property and advances in the nature of loans to employees during the year are given.

In our opinion, and according to the information and explanations given to us, the investments made, and terms and conditions of the grant of all loans are. prima facie, not prejudicial to the Companys interest.

(c) In respect of loans and advances in the nature of loans granted by the Company, the schedule of repayment of principal has not been stipulated and accordingly, we are unable to comment as to whether the repayments of principal are regular. Further, no interest is receivable on such loans and advances in the nature of loans.

(d) In the absence of stipulated schedule of repayment of principal and payment of interest, we are unable to comment as to whether there is any amount which is overdue for more than 90 days. Reasonable steps have been taken by the Company for recovery of such principal amounts and interest.

(e) The Company has not granted any loan or advance in the nature of loan v/hich has fallen due during the year. Further, no fresh loans were granted to any party to settle the overdue loans/advances in nature of loan.

(f) The Company has not granted any loan or advance in the nature of loan during the year, which is repayable on demand or without specifying any terms or period of repayment.

(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Act in respect of loans, investments, guarantees and security, as applicable. Further, the Company has not entered into any transaction covered under section 185.

(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there is no amount which has been considered as deemed deposit within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)

Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.

(vi) The Central Government has specified maintenance of cost records under sub-section (1) of section 148 of the Act only in respect of specified products of the Company.This clause is not applicable to the company as explained by the management to us with the declaration.

(vii) (a) In our opinion, and according to the information and explanations given to us, undisputed statutory dues including goods and services tax, provident fund, employees state insurance, professional tax, income-tax, duty of customs, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities by the Company, though there have been slight delays in depositing TDS every month.Also company did not pay any Advance Income tax for this year. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authorities on account of any dispute except for the following:

(viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been recorded in the books of accounts.

(ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of its loans or borrowings or in the payment of interest thereon to any lender.

(b) The company has not declared willful defaulter by any bank or financial institution or other lender, hence this clause is not applicable;

(c) According to the information, explanations and disclosures given by the management, the company has obtained various term loans and term loans were applied for the purpose for which the loans were obtained.

(d) The company has not raised any short term fund; hence this clause is not applicable;

(e) The company has not taken any any funds from any entity or person on account or or to meet the obligations of Its subsidiaries, associates or joint ventures; hence this clause is ^f not applicable;

(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 this dause Is not applicable,

(x) (a) The Company Has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under duse 3(x)(a) of the Order is not applicable to the Company. j

(b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, reporting under dause 3(x)(b) of the Order Is not applicable to the Company.

(id) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the period covered by our audit. \

(b) No report under section 143(12) of the Act has been filed with the Central Government for the period covered by our audit

(c) According to the information and explanations given to us indudirvg the representation made to us by the management of the Company, there are no whistle-blower complaints received by the Company during the year.

(xB) The Company Is not a Nidhl Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting under clause 3(xil) of the Order is not applicable to the Company.

(xtii) In our opinion and according to the information and explanations given to us, all transactions entered into by the Company with the related parties are in compliance 186 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the standalone financial statements, as required under Indian Accounting Standard (ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act. Also, sections 177 is not applicable on the company.

(xfv) (a) The Central Government has not prescribed to appoint internal auditor under section 38 of the Act, for any of the services rendered by the Company;

(b)This clause is not applicable to the company.

(xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with them and accordingly, provisions of section 192 of the Act are not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clauses 3(xvi)(a), (b) and (c) of the Order are not applicable to the Company.

(xvii) 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. Accordingly, reporting under clause 3(xviU) of the Order is not applicable to the Company.

(xix) According to the information and explanations given to us and based on our examination the records of the Company and financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, we were in the opinion that no material uncertainty exists as on the date of the audit report. There was no any liability in the books of the company for those payable within one year from the date of balance sheet date.

(xx) According to the information and explanations given to us, the Company does not have any unspent amount in respect of any ongoing or other than ongoing project as at the expiry of the financial year. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.

(xxi) There are no any qualifications or adverse remarks given by the respective auditors in the Companies (Auditors Report) Order (CARO) reports, hence this clause is not applicable to the company.