1. We have audited the accompanying financial
statements of Rasandik Engineering Industries India
Limited ("the Company”), which comprise the Balance
Sheet as at 31 March 2025, and 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 then ended, and notes to
the financial statements, including a summary of the
material accounting policies and other explanatory
information (hereinafter referred as "the financial
statements”).

2. 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 Companies Act, 2013, as amended
("the Act”) in the manner so required and give a
true and fair view in conformity with the accounting
principles generally accepted in India, of the state of
affairs of the Company as at 31 March 2025, its loss
including other comprehensive income, its cash flows
and the changes in equity for the year ended on that
date.

Basis for Opinion

3. We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those SAs
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 ("ICAI”)
together with the ethical requirements that are
relevant to our audit of the 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 we have
obtained is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.

Going concern assessment

4. We draw attention to note no. 1.4(f) of the
accompanying financial statement regarding
preparation of the financial statement on going
concern basis for the reasons stated therein. The
accompanying financial statement indicate that
the Company's total current liabilities exceeds total
current assets by Rs. 1,458.08 lakhs. However, based
upon the measures as set forth in the note no. 1.4(f)
of the accompanying Statement, including necessary
financial support from promoter shareholders, the
management and the Board of Directors of the
Company have a reasonable expectation that the
Company will continue to operate as a going concern.
Accordingly, management has prepared the financial
results on a going concern basis.

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

Emphasis of Matter

5. (i) We draw attention to note no. 37 of the

accompanying Statement regarding the
evaluation of inventory lying unconsumed (either
due to ageing or utility or obsolescence). As
described in the note, based on such evaluation,
inventories of Rs. 925.80 lakhs had been provided
for and shown as an exceptional item. However,
the above evaluation process was not observed
by us and we have relied on the management's
evaluation.

(ii) We draw attention to note no. 2.1 & 35 (c) of the
accompanying financial statement regarding
certain plant and equipment classified as "capital
work in progress” as explained therein and
possible interest liability on non-fulfilment of
export, obligations.

Our opinion is not modified in respect of the above
matters

Key Audit Matters

6. 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. We have determined the matters described below to be the key audit matters to
be communicated in our report.

Other Information

7. The Company's management and Board of Directors
are responsible for the other information. The other
information comprises the information included in
Annual Report, but does not include the financial
statements and our auditors' report thereon. The
annual report is expected to be made available to us
after the date of this auditor's report.

8. Our opinion on the financial statements does not
cover the other information and we do not express any
form of assurance conclusion thereon.

9. 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 in the audit or otherwise
appears to be materially misstated.

10. When we read the annual report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance and take appropriate actions as
applicable under the relevant laws and regulations.

Managements and Board of Directors' Responsibility
for the Financial Statements

11. The Company's Management and Board of Directors
are responsible for the matters stated in section 134(5)
of the Act with respect to the preparation of these
financial statements that give a true and fair view of the
state of affairs, profit 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
Standards (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 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 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.

12. In preparing the financial statements, the
Management and 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.

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

Auditor's Responsibilities for the Audit of the Financial

Statements

14. 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.

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

(i) 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.

(ii) 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
Act, we are also responsible for expressing our
opinion on whether the company has adequate
internal financial controls with reference to
financial statements in place and the operating
effectiveness of such controls.

(iii) Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
in the financial statements made by the
Management and Board of Directors.

(iv) Conclude on the appropriateness of the
Management and Board of Directors 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.

(v) 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.

16. 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.

17. 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.

18. 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
auditors' 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

19. As required by the Companies (Auditors' Report)
Order, 2020 ("the Order”) issued by the Central
Government in terms of section 143 (11) of the
Act, we give in the "Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

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

(i) 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.

(ii) 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 except for the matters stated in
paragraph 21 (vi) below on reporting under
Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).

(iii) The Balance Sheet, the Statement of Profit
and Loss (including other comprehensive
income), the Statement of Changes in Equity
and the Statement of Cash Flows dealt with
by this Report are in agreement with the books

4 of account.

(iv) In our opinion, the aforesaid financial
statements comply with the Ind AS specified
under Section 133 of the Act read with the
Companies (Indian Accounting Standards)
Rules, 2015, as amended.

(v) On the basis of the written representations
received from the directors as on 31 March
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on
31 March 2025 from being appointed as a
director in terms of Section 164(2) of the Act.

(vi) With respect to the maintenance of accounts
and other matters connected therewith,
reference is made to our remarks in paragraph
21 (vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules,
2014 (as amended).

(vii) 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”.

(viii) 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/ provided by the Company to its directors
during the year is in accordance with the
provisions of section 197 of the Act.

21 With respect to the other matters to be included in
the Auditors' 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 has disclosed the impact, if any,
of pending litigations which would impact its
financial position - Refer Note No. 35 of the
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, as
disclosed in Note No. 51 (a) to the financial
statement, 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, as
disclosed in Note No. 51(b) to the financial
statement, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from 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;

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 neither declared nor paid
any dividend during the year.

(vi) The Company has used an accounting
software for maintaining its books of accounts.
Based on our examination and explanations
give to us, we are unable to comment whether
audit trail feature of the said software (both
at an application and database level) was
enabled and operated throughout the year
for all relevant transactions recorded in the
software or whether there were any instances
of the audit trail feature been tampered with.

Additionally, in the absence of information,
we are unable to assess whether the audit
trail has been preserved as per the statutory
requirements for record retention.

For V. Sankar Aiyar & Co.

Chartered Accountants
ICAI FRN: 109208W

Place: New Delhi Karthik Srinivasan

Date: 23 May 2025 Partner (M. No. 514998)

UDIN: 25514998BMLGLG1911