Auditor Report of Jasch Gauging Technologies Ltd.

Mar 31, 2025

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS Opinion

We have audited the accompanying standalone financial statements of Jasch Gauging Technologies Limited (hereinafter referred to as the “Company”) , which comprise the Balance Sheet as at March 31, 2025 and the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter 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 afore said 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 Indian Accounting Standard prescribed under section 133 of the Act , (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025 and its profit , total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (“SA”s), 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 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 made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters (“KAM”) are those matters that, in our professional judgment, 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.

Description of Key Audit Matters
Key audit matters	How our audit addressed the key audit matter
1. Revenue recognition as per Ind AS 115 Note - 22, (Revenue from operations) of the standalone financial statements. The Company’s revenue is principally derived from sale of Industrial Gauging Systems. In accordance with Ind AS 115, revenue from sale of goods is recognized when control of the products being sold is transferred to the customer and when there are no unfulfilled obligations. The performance obligations in the contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on terms of contract with the customer. Revenue is measured at fair value of the consideration received or receivable after deduction of any trade/volume discounts and taxes or duties collected. We identified revenue recognition as a key audit matter since revenue is significant to the standalone financial statements and is required to be recognized as per the requirements of applicable accounting framework.	Our Audit procedures included the following : . The Company derives revenues from sales of Gauges as per the requirements of the clients and related services, maintenance thereof. The Company assesses the manufacturing and services promised in a contract and identifies the performance obligations in the contract. We evaluated the design and tested operating effectiveness of the relevant controls with respect to revenue recognition including those relating to cut off at year end; . We assessed the appropriateness of the revenue recognition accounting policies in line with Ind AS 115 “Revenue from Contracts with Customers”. . We performed substantive testing of revenue transactions, recorded during the year by testing the underlying documents which included goods dispatch notes, shipping documents and customer acknowledgments, as applicable; . We tested manual journal entries posted to revenue to identify unusual items; We tested, on a sample basis, specific revenue transactions recorded before and after the financial year end date including examination of credit notes issued after the year end to determine whether the revenue has been recognized int the appropriate financial period. Based on the above stated procedures, no significant exceptions were noted in revenue recognition.

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussions and Analysis, Board’s Report including Annexures to Board’s Report, Corporate Governance, and Shareholder’s Information, but does not include the Standalone Financial Statements and our Auditor’s 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 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.

Responsibilities of Management and those charged with Governance for Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements in terms of the requirements of the Companies Act, 2013 (herein after referred to as ‘the Act’) that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India. This responsibilities 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; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the respective Management and board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors is also responsible for overseeing the Company’s financial reporting processes.

The amendments require every company that uses an accounting software to use such software that has a feature of audit trail which cannot be disabled. The management has a responsibility for effective implementation of the requirements prescribed by account rules i.e., every company which uses an accounting software for maintaining its books of account, should use only such accounting software which has the following features.

a. Records an audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made; and

b. Ensuring that audit trail is not disabled. The management is primarily responsible for ensuring selection of the appropriate accounting software for ensuring compliance with applicable laws and regulations (including those related to retention of audit logs).

The management is primarily responsible for ensuring selection of the appropriate accounting software for ensuring compliance with applicable laws and regulations (including those related to retention of audit logs).

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 not a guarantee that an audit conducted in accordance with SAs will always deduct 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 the users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintained 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 of those risks, and obtained 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 on resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of the internal control.

• Obtained and 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 whether the Company has adequate internal financial controls with reference to the Standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparation of Standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s 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 Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions make cause the Company to ceases to continue as going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosure, and whether the Standalone Financial Statements represent the underlying transaction 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 knowledge 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 Standalone 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 controls 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 auditor’s report unless law or regulation precludes public disclosures 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 (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central Government of India in term of Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comments in “Annexure A”, as required by Section 143(3) of the Act, based on our audit 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 accounts 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, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Standalone financial statements comply with the Ind AS specified 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 March 31,2025 taken on record by the Board of Directors, none of the directors of the Company is disqualified as on March 31, 2025 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 Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”. Our report express an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial control with reference to the Standalone Financial Statements.

(g) With respect to the matter to be included in the Auditor’s report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid to its directors by the Company during the year is in accordance with the provisions of Section 197 of the Act.

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with the Rule 11 of the Companies (Audit and Auditor’s) 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 on its financial position in its Standalone Financial

Statements as at March 31,2025.

ii) The Company did not have any material foreseeable losses on long-term contracts including derivative

contracts during the year ended March 31,2025

iii) There has been no amounts to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31,2025.

iv) (a) The Management has represented that, to the best of its knowledge an 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 kind of funds) by the Company to or in any other persons or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall :

• Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) 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 received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall :

• Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or

• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures 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 Rule11(e), as provided under (a) and (b) above, contain any material misstatement.

v) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

The interim dividend declared and paid by the Company during the year and until the date of this report is in accordance with section 123 of the Companies Act 2013.

As stated in note 44 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with section 123 of the Act, as applicable.

vi) Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended March 31, 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For Mittal & Mittal Associates

Chartered Accountants

(Firm Registration No. 014511N)

CA. Mukesh Mittal

(Partner)

Membership No. 092534

Place: Sonepat

Date:20^thMay, 2025

UDIN : 25092534BMNWDT5473.

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Mar 31, 2024

We have audited the accompanying standalone financial statements of Jasch Gauging Technologies Limited (hereinafter referred to as the “Company”), which comprise the Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to thefinancial statements, includinga summary of significant accounting policies and other explanatory information (hereinafter 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 afore said Standalone Financial Statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standard prescribed under section 133 of the Act, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the Sta ndalone Fi nancial Statements in accordance with the Standards on Auditi ng (“SA”s), 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 Standalone Financial Statements’ section of our report. We a re 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 made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics . We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters (“KAM”) are those matters that, inourprofessionaljudgment.wereof most significance in our audit of the Sta ndalone 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.

np<;rrintinn nf Kpv Audit

Key audit matters

How our audit addressed the key audit matter

1. Revenue recognition as per Ind AS 115 Note - 22, (Revenue from operations) of the standalone financial statements. The Company’s revenue is principally derived from sale of Industrial Gauging Systems. In accordance with Ind AS 115, revenue from sale of goods is recognized when control of the products being sold is transferred to the customer and when there are no unfulfilled obligations. The performance obligations in the contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on terms of contract with the customer. Revenue is measured at fair value of the consideration received or receivable after deduction of any trade/volume discounts and taxes or duties collected.

Our Audit procedures included the following: . The Company derives revenues from sales of Gauges as per the requirements of the clients and related services, maintenance thereof. The Company assesses the manufacturing and services promised in a contract and identifies the performance obligations in the contract. We evaluated the design and tested operating effectiveness of the relevant controls with respect to revenue recognition includingthose relating to cut off at year end; . We assessed the appropriateness of the revenue recognition accounting policies in line with Ind AS 115 “Revenue from Contracts with Customers”. . We performed substantive testing of revenue transactions, recorded during the year by testingthe underlying documents which included goods dispatch notes, shipping documents and customeracknowledgments, as applicable; . We tested manual journal entries posted to revenue to identify unusual items; We tested, on a sample basis, specific revenue transactions recorded before and after the financial year end date including examination of credit

We identified revenue recognition as a key a udit matter since revenue is significant to the standalone financial statements and is required to be recognized as per the requirements of applicable accountingframework.	notes issued after the year end to determine whether the revenue has been recognized int the appropriate financial period. Based on the above stated procedures, no significant exceptions were noted in revenue recognition.
2. Demerger of Jasch Industries Limited (JIL) pursuant to the Scheme of Arrangement	Our principal audit procedures included the following:
Members of JIL at their meeting held on July 24, 2021 have	We draw attention to Note No. 35 to the Standalone Financial Statements,
approved restructuring / demerging of JIL''s wholly owned	which describes the approval of application under section 230 to 237 filed by
subsidiary, Jasch Gauging Technologies Limited (JGTL).	JIL with Hon''ble NCLT, Delhi Bench, the scheme of arrangement for transfer
Pursuant to the Scheme, has been approved by NCLT Delhi	of Gauging Business to New wholly owned Subsidiary Company namely
with effect from 30 September 2023, JIL, has identified	Jasch Gauging Technologies Limited (JGTL). Final order by the Hon''ble
moveable and immovable assets and liabilities to be	NationalCompanyLawTribunal(NCLT),dated 12September2023 has made
transferred to and vested in the wholly owned subsidiary	the scheme effective from closing hours of 30”’ September 2023.
(upto March 31, 2023) of JIL, namely, Jasch Gauging Technologies Limited (JGTL) as a going concern.	Our principal audit procedures included the following:
The Company has prepared these Financial Statements to	- We read and examined the scheme of amalgamation and arrangement
give effect to the Scheme of Arra ngement of demerger of the	pursuant to which demerger was carried out along with regulatory approvals
specified business of the Company, with an appointed date of April 01,2022 per the NCLT order: In accordance with the	required for the scheme to take effect.
requirements of IND AS 105 - Non-current Assets Held for	- We have assessed the adequacy and appropriateness of the disclosures
Sale and Discontinued: Operations, the comparative,	around selection of method of accounting for this transaction in accordance
reported figures for the year ended March 31,2023 and as at April 1, 2022, have been restated as if the business combination had occurred from the beginning of the preceding period i.e. April 1,2022, to incorporate the impact of the demerger in accordance with the Scheme of Arrangement. As a result of the above, with possible effects on financial performance including revenue and profit, along with asset distribution and restatement of previous year numbers, we identified Demerger as a Key Audit Matter.	with the Indian accounting standards.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussions and Analysis, Board’s Report including Annexures to Board’s Report, Corporate Governance, and Shareholder’s Information , but does not include the Standalone Financial Statements and our Auditor’s 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 i s 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.

Responsibilities of Management and those charged with Governance for Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements in terms of the requirements of the Companies Act, 2013 (herein after referred to as ‘the Act’) that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India. This responsibilities also includes maintenance of adequate accounting records in accordance withtheprovisionsoftheActforsafeguardingthe assets of the Company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that a re reasonable and prudent; and the 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the respective Management and board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors is also responsible for overseeing the Company’s financial reporting processes .

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 not a guarantee that an audit conducted in accordance with SAs will always deduct a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, i ndi vidua lly or in the aggregate, they could reasonably be expected to influence the economic decisions of the users taken on the basis of these Standalone Financial Statements.

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

• Identify and assess the risks of material misstatement of the Sta ndalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive of those risks, and obtained 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 on resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of the internal control.

• Obtained and 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 whether the Company has adequate internal financial controls with reference to the Standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of Management’s use of thegoing concern basis of accounting in preparation of Standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s 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 Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions make cause the Company to ceases to continue as going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosure, and whether the Standalone Financial Statements represent the underlying transaction and events in a mannerthat 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 knowledge 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 Standalone 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 controls 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 auditor’s report unless law or regulation precludes public disclosures 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 (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central Government of India in term of Section 143(11) of the Act, we give in the “AnnexureA” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comments in “AnnexureA”, as required by Section 143(3) of the Act, based on our audit 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 ouraudit.

(b) In our opinion, proper books of accounts 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, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Standalone financial statements comply with the Ind AS specified Under Section 133 of the Act.

(e) On the basis of the written representations received from the Directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors of the Company is disqualified as on March 31, 2024 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 Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”. Our report express an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial control with reference to the Standalone Financial Statements.

(g) With respect to the matter to be included in the Auditor’s report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid to its directors by the Company during the year is in accordance with the provisions of Section 197 of the Act

(h) With respecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewiththeRulell 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 on its financial position in its Standalone Financial Statements as at March 31,2024.

ii) The Company did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended March 31,2024

iii) There has been no amounts to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31,2024.

iv) a) The Management has represented that, to the best of its knowledge an 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 kind of funds) by the Company to or in any other persons or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• Directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) 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 received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall:

• Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or

• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures 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.

v) The Board of Directors of the Company have proposed final dividend for the year, which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section 123 of the Act, as applicable.

vi) Based on our examination, which included test checks, the Company has used accounting software’s for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares. Further, duringthe course of our audit we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3( 1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,2023 reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For Mittal & Mittal Associates

Chartered Accountants (Firm Registration No. 014511N)

CA. Mukesh Mittal

(Partner)

Membership No. 092534 Place: Delhi Date: May 30,2024 UDIN: 24092534BKBFRI5263

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Mar 31, 2023

JASCH GAUGING TECHNOLOGIES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Jasch Gauging Technologies Limited! the Company ), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss and the Statement of Cash Flows foi the year then ended, and a notes to the financial statement, including a summary of significant accounting policies and other explanatoiy information (heieinafitei 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”) m the manner so required and give a true and fair view m conformity with the accounting principles generally accepted m India, of the state of affairs of the Company as at March 31,2023, itsloss for the year ended on that date

Basis for Opinion

We conducted our audit m accordance with the Standards on Auditmg specified undei section 143(10) of the Companies Act,2013 Our responsibilities under those Standaids are further described m the Auditor’s Responsibilities for the Audit of the Financial Statements section of our leport We are independent of the Company m accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirement that aie relevant to our audit of the financial statements undei the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities m accordance with these requirements and the Code of Ethics We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Management’s Responsibility for the Standalone Financial Statements

The Company’s Boaid of Directois is lesponsible foi the matteis stated m section 134(5) of the Act with lespect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, change m equity of the Company m accordance with the accounting principles generally acc^teBi^lhdia, including the accounting standards specified under section 133 of the Act

Itest

This responsibility also includes maintenance of adequate accounting records m 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

In preparing the financial statements, management is responsible for assessmg the Company’s ability to continue as a gomg concern, disclosing, as applicable, matters related to going concern and usmg the gomg concern basis of accounting unless Board of Directors 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 Company’s financial reporting process

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtam 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 auditor’s report that mcludes our opimon 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 matenal misstatement when it exists Misstatements can arise from fraud or error and are considered material if, individually or m the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements

As part of an audit m accordance with SAs, we exercise professional judgment and maintain piofessional scepticism throughout the audit We also

• Identify and assess the risks of matenal misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those nsks, and obtam audit evidence that is sufficient and appropnate to provide a basis for our opmion The nsk of not detectmg a matenal misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the ovemde of internal control

• Evaluate the appropnateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management

• Conclude on the appropnateness of management’s use of the gomg concern basis of

accounting and, based on the audit evidence obtamed, whether a matenal uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern If we conclude that a matenal uncertainty exists, we are required to draw attention m our auditor’s report to the related disclosures m the financial statements or, if such disclosures are inadequate, to modify our opimon Our conclusions are based on the audit evidence obtamed up to the date of our auditor’s report However, future events or conditions may cause the cease to continue

as a gomg concern /vV''^

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• 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 m a manner that achieves fair presentation

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, mcludmg any significant deficiencies m mtemal 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

Report on Other Legal and Regulatory Requirements

1 Report as required by the Companies (Auditor’s Report) Order, 2020 (“the Order”)

issued by the Central Government m terms of Section 143(11) of the Acton the

matters specified m paragraphs 3 and 4 of the Order is not applicable to the Company

2 As required by Section 143(3) of the Act, based on our audit we report that

a We have sought and obtamed 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 Profit and Loss and the Cash Flow Statement dealt with by this Report are m agreement with the books of account

d In our opimon, the aforesaid standalone financial statements comply with the Accounting Standards specified 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 March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from bemg appomted as a director m terms of Section 164 (2) of the Act

f. With respect to the other matters to be mcluded m the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended m our opimon and to the best of our information and according to the explanations given to us

l The Company does not have any pendmg litigations which would impact its financial position

u The Company did not have any long-tenn cpntracts mcludmg derivative contracts for which there were any matenal''ra^&^bple losses

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in There has been no delay m transferring amounts, 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 it’s knowledge and belief, other than as disclosed m the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or m any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded m writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or mvest m other persons or entities identified m 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 it’s knowledge and belief, other than as disclosed m the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded m wntmg or otherwise, that die company shall, whether, directly or indirectly, lend or mvest m other persons or entities identified m 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) Nothing has come to our notice that has caused us to believe that the representations under sub-clause (1) and (11) contam any material misstatement

v No dividend has been declared or paid by the company during the year

For Mittal & Mittal Associates

Chartered Apcoujitants

Partner ---

M No 092534

Place. New Delhi

Date 12 05 2023 .

UDIN^- 230*72-^ 6i£Ate/''l Il3-i