We have audited the accompanying Standalone financial
statements of GNA AXLES 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 ended on that
date, and a summary of 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 March 31, 2025, the
profit and total 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
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 together with the ethical requirements
that are relevant to our audit of the financial statements
under the provisions of the Act and the rules there under,
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 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
financial statements of the current period. These matters
were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon.
And we do not provide a separate opinion on these matters.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS
AND AUDITORS' 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 Annexures to Board's Report Corporate
Governance and share holder information, but does not
include the 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 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.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE
FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the
matters stated in Section 134(5) of the Companies Act,
2013 ("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
in accordance with the accounting principles generally
accepted in India, including the Accounting Standards Ind.
AS specified under Section 133 of the Act, read with Rule 7
of the Companies (Indian accounting standard) Rules, 2015
as amended. 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 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 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 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
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 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 standalone financial statements,
including the disclosures, and whether the financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

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 safeguard. From the matters
communicated with those charged with governance, 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 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”), 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 “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, 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, Statement of Profit and loss
(including other comprehensive income), the
statement of change in equity, the statement of
cash flow and notes to the standalone financial
statements 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, read with Rule 7 of the Companies (Indian
Accounting Standards) Rule 2014 as amended.

e. As per the management representation we report.
no funds have been advanced or loaned or
invested by the company to or in any other
person(s) or entities, including foreign entities
("Intermediaries”) with the understanding that the
intermediary shall whether directly or indirectly
lend or invest in other persons or entities
identified in any manner by or on behalf of the
company (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf of
ultimate beneficiaries.

no funds have been received by the company from
any person(s) or entities including foreign entities
("Funding Parties”) with the understanding that
such 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
guarantee, security or the like on behalf of the
Ultimate beneficiaries.

Based on the audit procedures performed,
we report that nothing has come to our
notice that has caused us to believe that the
representations given under sub-clause (i) and (ii)
by the management contains any material mis¬
statement.

f. In our opinion Company has complied with
section 123 of the Companies Act, 2013 with
respect to dividend declared/paid during the year.

g. Based on our examination, which included test
checks, performed by us on the company, has
used accounting soft wares for maintaining its
books of account for the financial year ended

March 31,2025 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 soft wares. Further,
during the course of our audit we did not come
across any instance of the audit trail feature
being tampered with.

h. 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.

i. 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". Our report expresses an unmodified
opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls over financial reporting.

j. 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. In our opinion and to the best of our
information and according to the explanations given
to us, the remuneration paid by company to it's
directors during the year is in accordance with the
provisions of Section 197 of the Act.

k. With respect to the other matters to be included
in the auditor's Report in accordance with rule II
of the Companies (Audit and auditors) Rule, 2014,
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
its standalone Ind. AS financial Statements-
Refer notes to 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.

For G.S. SYAL & CO.

Chartered Accountants (FRN: 000457N)

(GURCHARAN SINGH)

Partner

Place: Jalandhar M. No. 080075

Dated: April 21, 2025 UDIN: 25080075BMGYMP2384