Auditor Report of TechEra Engineering (India) Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of TechEra
Engineering (India) Limited formerly known as TechEra Engineering (India) Private
Limited (âthe companyâ) which comprise the Standalone Balance Sheet as at March
31, 2025, the Standalone Statement of Profit and Loss, Standalone Cash Flow
Statement for the year then ended, and notes to the standalone financial statements
including material 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 (âthe actâ) in the manner so required and give
a true and fair view in conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2025, and its Profit
and its Cash Flow for the year ended on that date.

? Basis of 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 Auditorâs 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 together with the ethical requirements
that are relevant to our audit of the Standalone 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 on the financial statements.

* Key Audit Matters

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

* Information Other than the Standalone Financial Statements and Auditorâs
report thereon

The Companyâs Board of Directors is responsible for the Other Information. The
Other Information comprises the information included in the Annual Report, but
does not include the Standalone Financial Statement and our auditorâs report
thereon. The Annual Report is expected to be made available to us after the date of
this Auditorâs 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.

When we read the Annual Report, if we conclude that there is material
misstatement therein, we are required to communicate the matter to those charged
with governance under SA 720 âThe Auditorâs responsibilities Relating to Other
Informationâ.

* Responsibility of the Management & Those Charged with Governance for the
Standalone Financial Statements: -

The Companyâs Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (âthe Actâ) 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 and cash flows 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 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 Standalone financial statements, management is responsible for
assessing the Companyâs 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.

The Board of Directors is also responsible for overseeing the companyâs financial
reporting process.

? Auditorâs 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 auditorâs 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 (SA) will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the
basis of these Standalone 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.

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 controls.

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

Conclude on the appropriateness of managementâs 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 Companyâs ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditorâs 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 auditorâs 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 standalone financial
statement, including the disclosure and whether the standalone financial
statements represent the underlying transactions and event in a manner that
achieves this presentation.

Materiality is the magnitude of the misstatements in the statement that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone financial statement may be
influenced.

We communicate with the those charge with governance, 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 with 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 management, we determine those matters
that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our
auditorâs report unless law or regulation precludes public disclosure 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.

â¦â¦â¦ Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), as
amended, issued by the Central Government of India in terms of sub-section (11)
of section 143 of the Act, we give in the âAnnexure Aâ a statement on the
matters specified in paragraphs 3 and 4 of the Order.

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

a) We have sought and obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purpose 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 company is not having any branch offices.

d) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of account.

e) In our opinion, 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.

f) There are no points which will have material adverse impact on the
functioning of the company.

g) 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 âAnnexure Bâ.

h) 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.

i) With respect to the other matters to be included in the Auditorâs 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.

iv. (a) The management has represented that, to the best of its
knowledge and belief, as disclosed in the Note-6 of Statutory
Information of notes to the financial statements, 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 in any other person(s) or entity(ies), including foreign
entities (âIntermediariesâ), 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 by or on behalf of the Company (âUltimate
Beneficiariesâ) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(b) The management has represented that, to the best of its
knowledge and belief, as disclosed in the Note-7 of Statutory
Information of notes to the financial statements, no funds have been
received by the Company from any person(s) or entity(ies), including
foreign entities (âFunding Partiesâ), 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 by or on behalf of the Funding Parties
(âUltimate Beneficiariesâ) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

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 (a) and (b) contain any
material misstatement.

v. The company has neither declared nor paid any dividend during the
year.

vi. Based on our examination which includes test checks, the company
has used an accounting software for maintaining its books of
account which has feature of recording Audit Trail (Edit Log) facility
and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of
our audit we did not came across any instances of audit trail
feature being tampered with. The audit trail has been preserved by
the company as per the Statutory requirements for record retention.

3. In our opinion, according to the information and explanations given to us, the
remuneration paid/provided by the company to its directors is in compliance
with the provisions prescribed under section 197 read with Schedule V of the Act
and the rules, thereunder.

FOR D A S K & ASSOCIATES

CHARTERED ACCOUNTANTS

Sd/-

CA SANTOSH DEVKAR

PARTNER

M NO :- 133174

FRN :- 130493W Date:- 28/05/2025

UDIN:- 25133174BMIHQY4772 Place:- Pune

Mar 31, 2024

We have audited the accompanying financial statements of TechEra Engineering
(India) Limited formerly known as TechEra Engineering (India) Private Limited which
comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss,
Cash Flow Statement for the year then ended, and notes to the financial statements
including material 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 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 March 31, 2024, and its Profit and its Cash Flow for the year ended on
that date.

? BASIS OF OPINION: -

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 on the
financial statements.

? RESPONSIBILITY OF MANAGEMENT FOR THE FINANCIAL STATEMENT

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.

In preparing the financial statements, management is responsible for assessing the
Companyâs 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.

The Board of Directors is also responsible for overseeing the companyâs financial
reporting process.

? Auditorâs Responsibility for the Audit of the Financial Statements

Our objectives 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 auditorâs 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 (SA) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these
financial statements. As a part of an Audit in accordance with SAs, we exercise
Professional judgement and maintain professional skepticism throughout the audit.

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.

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

â¢ 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.

â¢ 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 controls.

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

â¢ Conclude on the appropriateness of managementâs 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 Companyâs ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditorâs 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 auditorâs report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

We also provide management 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 management, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditorâs report
unless law or regulation precludes public disclosure 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 (Auditorâs Report) Order, 2020 (âthe Orderâ), as
amended, issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters
specified in paragraphs 3 and 4 of the Order.

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

a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose 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 company is not having any branch offices.

d) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.

e) 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
(Accounts) Rules, 2014.

f) There are no points which will have material adverse impact on the functioning of
the company.

h) On the basis of written representations received from the directors as on March 31,
2024 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of
the Act.

i) With respect to the other matters to be included in the Auditorâs 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.

j) Based on our examination which includes test checks, the company has used an
accounting software for maintaining its books of account which has feature of
recording Audit Trail (Edit Log) facility and the same has operated throughout the year
for all relevant transactions recorded in the software. Further, during the course of
our audit we did not came across any instances of audit trail feature being tampered
with. (Additionally, the audit trail has been preserved by the company as per the
Statutory requirements for record retention.)

FOR D A S K & ASSOCIATES
CHARTERED ACCOUNTANTS

CA SANTOSH DEVKAR
PARTNER
M NO :- 133174

FRN :- 130493W Date:-

UDIN:- Place:- Pune.

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