We have audited the accompanying Standalone IND
AS Financial Statements of RATNAVEER PRECISION
ENGINEERING LIMITED (the "Company”), which comprise
the Balance Sheet as at March 31,2025, the Statement of
Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement
of Cash Flows for the year ended on that date and a
summary of material 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, 2025 and its profit, changes in
equity and its 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 ("SA”s) specified under section 143(10) of the
Act. 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 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 Standalone IND AS 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 IND AS Financial Statements of the current

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

Other matter

Dies and tools capitalized during the year are self generated
assets amounting to Rs.395.54 million and Rs.830.95
million as certified by MR. UPENDRA NATH MAHTO,
vide certificate no. UNM/GEN/019/2024-25 and UNM/
GEN/018/2024-25 dated 31/3/2025 respectively,(refer
note no.61A of notes forming parts of Standalone IND AS
Financial Statements.

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 Annual Report, but does not
include the Standalone IND AS Financial Statements and
our auditor's report thereon.

Our opinion on the Standalone IND AS 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 IND AS
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 Those
Charged with Governance for the Standalone
IND AS Financial Statements

The Company's Board of Directors is responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these Standalone IND AS
Financial Statements that give a true and fair view of
the Financial position, Financial performance, including
other comprehensive income, changes in equity and cash
flows of the Company in accordance with the IND AS and
other accounting principles generally accepted in India,

including 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 Standalone IND
AS 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 IND AS 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.

The Board of Directors is also responsible for overseeing
the Company's Financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone IND AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone IND AS 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 IND AS
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 Standalone 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 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 system with
reference to Standalone Financial Statement 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.

• 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 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 IND AS Financial
statements, including the disclosures, and whether
the Standalone IND AS Financial Statements
represent the underlying transactions and events in
a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in
the Standalone IND AS Financial Statements that,
individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user
of the Standalone IND AS 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 works; and (ii) to
evaluate the effect of any identified misstatements in the
Standalone IND AS 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.

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the Standalone
IND AS Financial Statements of the current period and
are therefore the key audit matters. We describe these
matters in our auditors' report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstance, we determine that a matter
should not be communicate 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 in terms of Section 143(11) of the Act,
we give in “Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, based on
our audit 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 Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, Standalone Statement
of Changes in Equity and the Standalone
Statement ofCash Flows 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 the 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.

f) With respect to the adequacy of the Internal
Financial Controls with reference to Standalone
Financial Statements 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 Standalone Financial Statements.

g) With respect to the other matters to be
included in the Auditor's Report in accordance
with the requirements of section 197(6) of the
Act, as amended:

In our opinion and to the best of our information
and according to the explanations given to us,
the remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of section 197 of the Act.

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, as amended, in our opinion and to the
best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position
in the Standalone IND AS Financial
Statements (Refer Note No 35 to the
Standalone IND AS Financial Statements.)

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, no funds (which are material
either individually or in the aggregate)
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 or entity, including
foreign entity ("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, no funds (which are
material either individually or in the
aggregate) have from been received
by the Company any person or entity,
including foreign entity ("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;

c) Based on the 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.

v. The company has not declared and paid
any Interim divided nor has proposed any
final dividend during the previous year
and hence the question of Compliance
and applicability of Section 123 of the
Companies Act does not arise.

vi. Based on our examination, which
included test checks, the Company has
used accounting software systems for
maintaining its books of account for the
financial year ended March 31,2025 which
have the feature of recording audit trail
(edit log) facility and the same has operated
throughout the year for all relevant
transactions recorded in the software
systems. Further, during the course of our
audit we did not come across any instance
of the audit trail feature being tampered
with and the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

For, M/s Pankaj R. Shah & Associates

Chartered Accountants
(Registration No. 107361W)

CA Nilesh Shah,

Partner,

Place : Ahmedabad Membership No. 107414,

Date : 14 -05- 2025 UDIN : 25107414BNGITU5209