Auditor Report of LAPL Automotive Ltd.

We have audited the accompanying financial statements of LAPL Automotive Limited ("the
Company") which comprise the Balance Sheet as on March 31, 2026, the Statement of Profit and
Loss for the period ended March 31, 2026, Cash Flow Statement for the said period and notes to the
financial statements including a summary of significant accounting policies and other explanatory
information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013
("the Act") in the manner so required and give a true and fair view in conformity with the
Accounting Standards specified under section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2021 ("AS”) and other accounting principles generally accepted in india, of the
state of affairs of the Company as at March 31, 2026,

a) In the case of the Balance Sheet, of the "State of Affairs" of the Company as on March 31,

2026;

b) _: In the case of the Statement of Profit and Loss, of the "Profit" for the year ended on that

date and

c) In the case of the Cash Flow Statement, of the "Cash flows" for the year ended on that date.

¦ Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in 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.

¦ Responsibilities of Management and Those Charged with Governance for the Standalone Financial

Statements

The Company''s 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 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
(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 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 statement that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the 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 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 also responsible for overseeing the Company''s financial reporting process.

¦ Auditor''s Responsibilities for the Audit of the Financial Statements

The objectives of our audit are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor''s 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 Standards on Auditing (SAs) wiii
always detect a materia! misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in 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 in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

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

- Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating

effectiveness of such contr ols.

- Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

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

- Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying

transactions and events in 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, including any significant deficiencies in
internal control that we identify during our audit.

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

¦ 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 terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls with reference to Financial Statement. .

3. As required by section 143 (3) of the Act, we report to the extent applicable that: -

a) We have sought and except for the matter described in the Emphasis of matter paragraph,
obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit;

b) Except for the possible effects of the matter described in the Emphasis of matter paragraph

above, 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 and the Statement of Profit and Loss dealt with by this Report are in
agreement with the books of account;

d) Except for the possible effects of the matter described in the Emphasis of matter paragraph,

in our opinion, the Balance Sheet and Statement of Profit and Loss comply with the

Accounting Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Ruies, 2015, as amended;.

e) On the basis of written representations received from the directors as on March 31, 2026
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2026 from being appointed as a director in terms of Section 164(2) of the Act.

f) In our opinion, the managerial remuneration for the year ended March 31, 2026 has been
paid / provided by the Company to its directors in accordance with the provisions of section
197 read with Schedule V to the Act;

g) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

i. The company does not have any pending litigations which would impact its financial

position.

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education

and Protection Fund by the Company.

a) The management of the company, has represented that, to the best of its knowledge and belief

other than as disclosed in the notes to accounts, no funds have been

advanced or loaned or invested (either from borrowed fund or share premium or any other
sources or kind of funds) by the company to or in any other person (s) or entity (i.e.) including
foreign entities (intermediaries) with the understanding, whether recorded in writing or
otherwise that the intermediary shall, whether directly or indirectly lend or invest or in other
persons or entities identified in any manner what so ever by or on behalf of the company
(ultimate beneficiaries) or provide any guarantee, security or the iike on behalf of the ultimate
beneficiaries.

b) The management of the company has represented that, to the best of its knowledge and
belief other than as disclosed in the notes to accounts, no funds have been received by
the company from any person(s) or entity(i.e.), including foreign entities (funding
parties), with the understanding, whether recorded in writing or otherwise that the
company shall, whether directly or indirectly lend or invest in other persons or entities
identified in any manner what so ever by or on behalf of the funding party (ultimate
beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate
beneficiaries.

c) Based on such audit procedures as considered reasonable & appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub. Clause (a) & (b) contain any material misstatement.

v. The Company has not declared or paid any dividends during the year.