Auditor Report of Tejas Cargo India Ltd.

Mar 31, 2025

We have audited the accompanying financial statements
of M/s Tejas Cargo India Limited (Formerly Known As
Tejas Cargo India Private Limited) (“the Company”), which
comprise the balance sheet as at 31st March 2025, and
the statement of Profit and Loss and statement of cash
flows for the year then ended, 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
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, except Accounting Standard 15,
Employee Benefits, of the state of affairs of the Company
as at 31st March, 2025, its profit/loss and its 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.

Information other than the financial statements and
auditors’ 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 Board''s Report but does not include
the financial statements and our auditor''s report thereon.

Our opinion on the 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
materially inconsistent with the financial statements or
our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that
there is a material misstatement 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 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
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. 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 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 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

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 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

SAs 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 part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
scepticism 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 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.

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 knowledgeable 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 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
Companies Act, 2013, we give in the ‘ANNEXURE A'', 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:

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 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 in agreement with the books of account.

d) 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, except for
Accounting Standard 15, Employee Benefits, wherein
the Company has not provisioned for the gratuity
as required by the Accounting Standard. Based on
the professional advice and the assessment of the
liability in accordance with the materiality policy of
the Company, and of our professional judgement, the
said deviation may have financial impact which may
not be very significant. Our opinion is not modified in
respect of this matter.

e) On the basis of the written representations received
from the directors as on 31st March 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31st March 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 financial statements of the
Company and the operating effectiveness of such
controls, refer to our separate Report in ‘ANNEXURE B’.

g) With respect to the matter to be included in the
Auditor''s Report under section 197(16):

In our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of section 197 of the
Act and remuneration paid to any director is in excess
of the limit laid down under section 197 of the Act and
the Company has duly passed the special resolution
from members of the Company vide resolution dated
22nd October 2024 The Ministry of Corporate Affairs
has not prescribed other details under section 197(16)
which are required to be commented upon by us.

h) 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 material 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.

3. (a) The management has represented that, to the best

of its knowledge and belief, other than as disclosed
in 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 in any other person(s) or
entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons
or entities identified in 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
its knowledge and belief, other than as disclosed in 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 in writing or
otherwise, that the company shall, whether, directly
or indirectly, lend or invest in other persons or entities
identified in 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; and

(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.

4. The Company has not declared or paid dividend during
the year in contravention of the provisions of Section 123
of the Companies Act, 2013.

5. The reporting under Rule 11(g) of the companies (Audit
and Auditors) Rules, 2014 is applicable from April 1, 2023.
Based on our examination which included test checks,
except for the instance mentioned below, the company
has used an accounting software for maintaining its
books of account 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 software. Further for the periods where
audit trail (edit log) facility was enabled and operated
throughout the year for the accounting software, we did
not come across any instance of the audit trail feature
being tampered with.

For and on behalf of
Pramod Banwari Lal Agrawal & Co
Chartered Accountants
FRN: 003631C

Peer Review Certificate: 018235

SD/-

Authorized Signatory
Abhishek Lunia
Partner

Membership No.: 308584
UDIN: 25308584BMOEPG8818

Place: Delhi
Date: May 28, 2025

---

Mar 31, 2024

We have audited the accompanying Standalone Financial Statements of M/s Tejas Cargo India
Limited (“the Company”), (formerly known as Tejas Cargo India Private Limited, converted to Public
Limited Company on 05^th September 2024), which comprise the Balance Sheet as at March 31,2024,
the Statement of Profit & Loss, & the Statement of Cash Flow for the year ended on that date, & notes
to the Standalone Financial Statements, including a summary of significant accounting policies &
other explanatory information.

In our opinion & to the best of our information & 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 & give a True & 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, its
Profit/Loss, & its cash flows for the year ended on that date.

BASJSFO RQP INION

We conducted our audit of the Standalone Financial Statements 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
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 Companies Act, 2013 & the Rules thereunder, & we have
fulfilled our other ethical responsibilities in accordance with these requirements & the ICAI’s Code
of Ethics. We believe that the audit evidence we have obtained is sufficient & appropriate to provide
a basis for our opinion on the Standalone Financial Statements.

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 of the current period. These matters were addressed
in the context of our audit of the Standalone Financial Statements as a whole, & in forming our opinion
thereon, & we do not provide a separate opinion on these matters.

Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable to the Company as
it is an unlisted company.

INFORMATIQN QTHERTHANTHE STANDALQNE FINANCIAL STATEMENTS & AUDITOR’S REPORT
THEREON

The Company s Board of Directors are responsible for the preparation of the other information. The
other information comprises the information included in the Board’s Report including Annexure(s) to
Board’s Report & report on Corporate Governance but does not include the Standalone Financial

Our opinion on the Standalone Financial Statements does not cover the other information & 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 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.

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 to give a True & fair view of the financial position, financial performance, changes in
equity & cash flows of the Company in accordance with 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 & Accounting Standard 30, Financial Instruments:
Recognition & Measurement issued by the Institute of Chartered Accountants of India to the extent it
does not contradict any other accounting standard referred to in Section 133 of the Act read with Rule
7 of 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 & for preventing & detecting frauds & other irregularities; selection & application of
appropriate accounting policies; making judgments & estimates that are reasonable & prudent; &the
design, implementation & maintenance of adequate internal financial control that were operating
effectively for ensuring the accuracy & completeness of the accounting records, relevant to the
preparation & presentation of the Standalone Financial Statements that give a true & fair view & are
free from material misstatement, whether due to fraud or error.

In preparing the Standalone 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 & 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 are also responsible for overseeingthe company’s financial reporting process.

AUDITOR’SRESPONSIBIUTIES FOR THE AUDIT OF FINANCIAL STATEMENT

Our objectives are to obtain reasonable assurance about whether the Standalone Financial
Statements are free from material misstatement, whether due to fraud or error, & 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 SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error & are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken based on these Standalone Financial Statements.

A further description of the auditor’s responsibilities for the audit of the Standalone Financial

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

a. Identify & assess the risks of material misstatement of the Standalone Financial Statements,
whether due to fraud or error, design & perform audit procedures responsive to those risks, &
obtain audit evidence that is sufficient & 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.

b. 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 & the operating
effectiveness of such controls.

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

d. 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 reportto 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 may cause the Company to cease to continue as a going concern.

e. Evaluate the overall presentation, structure & content of the Standalone Financial
Statements, including the disclosures, & whether the Standalone Financial Statements
represent the underlyingtransactions &events in a mannerthat achieves fair presentation.

f. 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
knowledgeable user of the Standalone Financial Statements may be influenced. We consider
quantitative materiality & qualitative factors in (i) planning the scope of our audit work & in
evaluating the results of our work; & (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 & timing of the audit & 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, & to communicate with them all relationships & other
matters that may reasonably be thought to bear on our independence, & where applicable, related
safeguards.

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 Companies Act,
2013, we give in the Annexure “A”, a statement on the matters specified in paragraphs 3 & 4 of
the Order, to the extent applicable.

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

a. We have sought & obtained all the information & explanations which to the best of our
knowledge & 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 & Loss, & the Cash Flows Statement dealt with
by this report are in agreement with the books of account;

d. In our opinion, the aforesaid Standalone Financial Statements comply with the accounting
standards specified under section 133 of the Act except AS 15 (Employee Benefits) as
detailed in notes to accounts, 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,
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;

f. Since the Company’s turnover as per audited Standalone Financial Statements exceeds
Rs.50 Crores & its borrowings from banks & financial institutions during the year is more
than Rs.25 Crores, the Company is required to report the adequacy of the internal
financial controls with reference to the Standalone Financial Statements of the Company
& the operating effectiveness of such controls, refer to our separate Report in “Annexure
B”;

g. With respect to the other matters to be included in the Auditor’s Report in accordance
with the requirements of section 197(16) of the Act, as amended, we report that section
197 is not applicable on private company. Hence reporting as per section 197(16) is not
required;

h. With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit & Auditors) Rules, 2014, in our opinion & to the best
of our information & 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 derivatives
contracts for which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Education
& Protection Fund by the Company.

iv. The management has represented that, to the best of its knowledge & belief, other
than as disclosed in 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 in any other person(s) or entity(ies),
including foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in 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;

v. The management has represented, that, to the best of its knowledge & belief,
other than as disclosed in 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 in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in 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; and

vi. Based on audit procedures which we considered reasonable & appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub- clause (i) & (ii) contain any material misstatement

vii. Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility & 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 come across any instance of audit trail feature being
tampered with.

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

i. The company has not declared or paid any dividend during the year in contravention of

the provisions of section 123 of the Companies Act, 2013.

ForPramod Banwari LalAgrawal&Co.

Chartered Accountants
Firm Registration No. 003631C
Peer Review Certificate: 018235

Name: AbhishekLunia loll Jpl

Designation: Partner

M. No.: 308584

UDIN: 24308584BKGUEJ3141

Date: 21.09.2024

Place: New Delhi.