Auditor Report of Rushabh Precision Bearings Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of M/S Rushabh
Precision Bearings Ltd., with its registered office at Vijay Industrial Gala No. 214, 2nd Floor,
Chincholi Bunder, Link Road, Malad, Mumbai, Maharashtra, India, 400064, which comprise
the standalone Balance Sheet as at 31st March 2025, and the standalone Statement of Profit
and Loss (including Other Comprehensive Income), the standalone Statement of Cash Flows,
and the standalone Statement of Changes in Equity for the year ended on that date, and notes
to the standalone financial statements, including a summary of significant accounting policies
and other explanatory information.

In our opinion, and to the best of our knowledge and based on the explanations provided to
us, the standalone financial statements referred to above comply with the requirements of
the Companies Act, 2013 ("the Act") and present a true and fair view, in accordance with the
accounting standards generally accepted in India (including IND AS), of the state of affairs of
the Company as of 31st March 2025. They reflect its profit, total comprehensive income, cash
flows, and changes in equity for the year then ended.

1. BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor''s Responsibility 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 audit opinion on the financial
statements.

2. MANAGEMENT''S RESPONSIBILITY 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, and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards prescribed under Section 133
of the Act.

This responsibility includes maintaining adequate accounting records in accordance with the
Act, safeguarding the Company''s assets, preventing and detecting fraud, selecting and
applying appropriate accounting policies, making reasonable judgments and estimates, and
implementing effective internal financial controls to ensure the accuracy and completeness
of the accounting records relevant to the preparation and presentation of the financial
statements.

3. OTHER INFORMATION

The Company''s Management and Board of Directors are responsible for the other
information. The other information comprises the information included in the annual report,
but does not include the standalone financial statements and auditor''s report thereon. The
annual report is expected to be made available to us after the date of this auditor''s report.

Our opinion on the standalone financial statements does not cover the other information and
we will 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
identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the standalone financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.

4. AUDITOR''S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalone financial
statements 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 does not guarantee that an audit will always detect a material misstatement
when it exists.

An audit involves performing procedures to obtain evidence about the amounts and
disclosures in the financial statements. The procedures depend on the auditor''s judgment
including assessing the risks of material misstatement.

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 Act, we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.

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

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 in a manner that achieves fair presentation.

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

4. Opinion

In our opinion and to the best of our information and according to the explanations given to
us, the 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:

• (a) In the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2025; and

• (b) In the case of the Profit and Loss Account, of the loss for the year ended on that
date.

5. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements for 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.

Reporting of key audit matters as per SA 701 is not applicable to the Company as it is unlisted.

6. Information Other than the Standalone financial statements and Auditor''s Report
Thereon

The Company''s board of directors is responsible for the preparation of the other information.

The other information comprises the information included in the Board''s Report, including
annexures to the Board''s Report and the Business Responsibility Report, 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 financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is
inconsistent with the standalone financial statements or our knowledge obtained
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.

7. 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 Section 143(11) of the Act, we give in the
"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

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

o (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 of the aforesaid financial statements,
o (b) In our opinion, proper books of account as required by law have been kept
by the Company, so far as appears from our examination of those books of
accounts.

o (c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement
dealt with by this Report are in agreement with the books of account
maintained for the purpose of preparation of the financial statements,
o (d) In our opinion, the aforesaid standalone financial statements comply with
the Accounting Standards specified under Section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended,
o (e) There is no indication of material uncertainty regarding the Company''s
ability to continue as a going concern.

o (f) 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 A" to this report,
o (g) On the basis of written representations received from the directors as on
March 31, 2025, taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2025, from being appointed as a
director in terms of Section 164(2) of the Act.
o (h) With respect to the other matters included in the Auditor''s Report and to
the best of our information and according to the explanation given to us:

¦ (i) The standalone financial statements disclose the impact of pending

litigations on 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) The clause of offering an opinion on delay in transferring amounts
to the Investor Education and Protection Fund is not applicable to the
company.

3. Based on our audit procedures, nothing has come to our notice that would cause us

or the other auditors to believe that the representations under sub-clauses (a) and (b)
contain any material misstatement. ____

4. Based on our examination, which included test checks, we found that the Company is
using accounting software with an audit trail (edit log) feature for maintaining their
books of account. This feature has operated effectively throughout the year for all
relevant transactions. Furthermore, during our audit, we did not identify any
discrepancies or areas where audit trails or security measures were inadequate.

For Rajesh Laxmi & Associates
Chartered Accountants
FRN:012203N .

(Rajesh (Gupta)

Partner

Mem. No.090427
UDIN: 25090427BMLIMX3186
Date :30.05.2025
Place: Mumbai