We have audited the accompanying standalone financial
statements of M & B Engineering Limited ("the Company"), which
comprise the Balance Sheet as at March 31^st, 2026, the
Statement of Profit and Loss (including other comprehensive
income), statement of changes in equity and the Statement of
Cash Flows for the year then ended, and notes to standalone
financial statements, including a summary of the 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 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 Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended
("Ind AS") and other accounting principles generally accepted in
India, of the state of affairs of the company as at March 31, 2026,
Profit and other comprehensive income, changes in equity and it
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 specified under
section 143(10) of the Act (SAs). 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 Act and the Rules made
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.

Key Audit Matter

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, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters. We have determined the matters described below
to be the key audit matters to be communicated in our report.

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

The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Board’s
Report including Annexures to Board’s Report, Business
Responsibility and Sustainability Report, Corporate Governance
and Shareholder’s Information, but does not include the
consolidated financial statements, 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 Board of Directors
for the Standalone Financial Statements

The Company’s management and 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 that give a true and fair view of the state of
affairs, profit/loss and other comprehensive income, changes in
equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Indian Accounting Standard (IND AS) 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 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 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 responsible for overseeing the
Company’s financial reporting process.

Auditor’s Responsibilities 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 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
standalone 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 financial controls 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 respect 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 management & Board of Directors.

• Conclude on the appropriateness of management’s and Board
of Directors’ use of the going concern basis of accounting in
preparation of 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 material uncertainty exists, we are required to
draw attention in our auditor’s 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 may
cause the Company to cease to continue as a going concern.

• 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.

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 financial 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 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 (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 paragraph 3 and 4 of the order.

2. (A) 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 Balance Sheet, the Statement of Profit and Loss
(including other comprehensive income), statement of
changes in equity and the Cash Flow 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 Ind AS specified under
Section 133 of the Act,

e. On the basis of written representations received from the
directors as on 31st March, 2026 taken on record by the

Board of Directors, none of the directors is disqualified as
on 31^st March, 2026 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 over financial reporting of the Company and the
operating effectiveness of such controls, refer to our
separate Report in "Annexure B".

g. With respect to 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:

(a) The Company has no pending litigations on its financial
position in its standalone financial statements;

(b) The Company did not have any long-term contracts,
including derivative contracts for which there were any
material foreseeable losses;

(c) There were no amounts which were required to be
transferred to the Investor Education and Protection Fund
by the Company.

(d) (i) The management has represented that, to the best of its
knowledge and belief, 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 persons or entities, including
foreign entities ("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.

(ii) The management has represented, that, to the best of its
knowledge and belief, no funds have been received by
the Company from any persons or entities, including
foreign entities ("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 Party or

• provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as considered
reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that
the representations under subclause (d) (i) and (d) (ii)
contain any material misstatement.

h. 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.

i. Based on our examination, which included test checks, the
Company has used accounting softwares for maintaining
its books of accounts for the financial year ended March
31, 2026 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, during the course of our audit we did not come
across any instance of the audit trail feature being
tampered with or audit trail not preserved by the company
as per the statutory requirements for record retention.

j. With respect to the matter to be included in the Auditor’s
Report under Section 197(16) of the Act:

- 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.
The remuneration paid to any director is not in excess of
the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other
details under Section 197(16) of the Act which are
required to be commented upon by us.

3. As required by the Companies (Auditor’s Report) Order, 2020
(the "Order") issued by the Central Government in terms of
Section 143(11) of the Act, we give in "Annexure B" a statement
on the matters specified in paragraphs 3 and 4 of the Order

For TALATI & TALATI LLP

Chartered Accountants
(Firm Reg. No.: 110758W/W100377)

(Umesh Talati)

Partner

Place: Ahmedabad Membership No.: 034834

Date:12^th May, 2026 UDIN: 26034834TAC0UQ9902