We have audited the accompanying standalone financial statements of Unimech Aerospace and
Manufacturing Limited (formerly known as Unimech Aerospace and Manufacturing Private Limited)
("the Company”), which comprise the Balance Sheet as at March 31, 2024, and the Statement of
Profit and Loss, including Other Comprehensive Income, Statement of Changes in Equity and
Statement of Cash Flows for the year then ended, and notes to the standalone financial statements,
including material accounting policy information 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
(“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 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, 2024, and profit, other comprehensive
income, 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 (SAs) 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 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
obtained by us is sufficient and appropriate to provide a basis for our opinion.

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

The Company's Board of Directors is responsible for the other information. The other information
comprises the Director’s 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 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 in the 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 Board of Directors for the Standalone 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 financial statements that give a true and fair
view of the financial position, financial performance, changes in equity 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
standalone financial statement 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, Board of Directors are 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 the Board of Directors 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 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.

We give in “Annexure A’’ a detailed description of Auditor’s responsibilities for Audit of the
Standalone Financial Statements.

Other Matters

(a) The Standalone financial statements of the Company for the year ended March 31, 2023,
were audited by another auditor whose report dated September 29, 2023 expressed an
unmodified opinion on those statements.

(b) The comparative standalone financial information of the Company for the year ended March
31, 2023 and the transition date opening Balance Sheet as at April 1, 2022 included in these
standalone financial statements, are based on the previously issued standalone financial
statements prepared in accordance with the Companies (Accounting Standards) Rules, 2021,
specified under Section 133 and other relevant provisions of the Act audited by the
predecessor auditor whose report for the year ended March 31, 2023 and March 31, 2022
dated September 29, 2023 and September 29, 2022 respectively expressed an unmodified
audit opinion on those standalone financial statements, as adjusted for the differences in the
accounting principles adopted by the Company on transition to the Ind AS, which have been
audited by us.

Our opinion is not modified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 /"tho fwvwv ; ^ .

Central Government of India In terms of sub’sectta m’l ^{by the}

in “Annexure B" a statement on the matte™ Ý ^secu°^{n 143 of the Act}> we give

the extent applicable. specified m paragraphs 3 and 4 of the Order, to

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

^,a) 7=——oor

^,b| »"'SSSSSSEShave been kept by the Company

^,cl ssisssi *»Ý*

are in agreement with the books of account ^Rowdealt ^ ^{by this Re}P^ort

Standards specified ^sta,ements comply with the Accounting

^,e, £^££d * Srr₍r«tT n^e^e^h^fT “* ^direC'^arS «*»"" 3,, 2024

3t. 2024 from being appointed as a ES&EX? °"

^wi,h to standalone

to our separate Report in “Annexure C”. °P^erat,n8 effectiveness of such controls, refer

our information and according to the tvplanato^^ to Z '°^thebestof

'Ý |^,£r^{an> d}°^{eSrK>thaVeanVpend}"*« ""Scions which would impact its financial

"• saMMswaais-jsss;

* ssassars; Ý •—«—

S-S^jffiiSK&SS

TOiSSSS

{2) The Management has represented that, to the best of it’s knowledge and belief, no
funds have been received by the Company from any person(s) / entity(ies), including
foreign entities (Funding Parties), with the understanding, whether recorded in
writing or otherwise, as on the date of this audit report, 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 Party (“Ultimate Beneficiaries”)
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(3) Based on our audit procedures performed that have been considered reasonable and
appropriate in the circumstances, and according to the information and explanations
provided to us by the Management in this regard 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 (1) and (2) above, contain any material misstatement.

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

vi. Based on our examination, 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 audit trail feature has been operated throughout the year for all
transactions recorded in the accounting software. Further, during the course of our
audit, we did not come across any instance of the audit trail feature being tampered
with.

3. In our opinion, according to information, explanations given to us, the provisions of Section
197 read with Schedule V of the Act and the rules thereunder are not applicable to the
Company as it is a private Company as at March 31,2024 (Also refer Note 51 to the standalone
financial statements).

For M S K A ft Associates

Chartered Accountants

ICAI Firm Registration No. 105047W

v

\y iif

Pankaj S Bhauwala , o.\ JJs

Partner iWf

Membership No. 233552 x^a'Acq^x
UDIN: 24233552BKBKKN2074

Place: Bengaluru
Date: July 3, 2024