1. We have audited the accompanying standalone Ind AS financial statements of M/s. Austin Engineering Company Limited, Junagadh
(CIN:L27259GJ1978PLC003179) (the "Company"), which comprise the Balance Sheet as at 31 March, 2025, the Statement of Profit
and Loss, the Statement of 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 the significant accounting policies and other explanatory information (hereinafter referred to
as "the standalone Ind AS financial statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 31 March, 2025, the Profit ,total comprehensive income, changes in equity and its cash flows for the year ended on
that date.

Basis for Opinion

1. We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under
section 143(10) of the Act (the "SAs"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities
for the Audit of the Standalone Ind AS 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 (the "ICAI") together with the independence requirements
that are relevant to our audit of the standalone Ind AS financial statements under the provisions of the Act and the Rules made there
under 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 we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone
Ind AS financial statements.

Key Audit Matters

1. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements
for the financial year ended 31 March, 2025. 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. For each matter below, our
description of how our audit addressed the matter is provided in that context.

2. We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the
responsibilities described in the Auditor's responsibilities for the audit of the financial statements section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the
risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

a) Completeness of revenue

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

1. The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board's Report including Annexure to Board's Report, Business
Responsibility Report, Corporate Governance and Shareholder's Information, but does not include the standalone Ind AS financial
statements and our auditor's report thereon.

2. 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.

3. 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 Ind AS financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.

4. 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 Ind AS Financial Statements

1. 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, total
comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under Section 133 of
the act and other accounting principles generally accepted in India. 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
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

2. 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.

3. The Board of Directors are responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

1. 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.

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

• Identify and assess the risks of material misstatement of the standalone Ind AS 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 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 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 financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

3. 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.

4. 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.

5. 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 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-B, a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

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 except for the matters stated in sub-paragraph (k)(h) below on reporting under clause (g) of Rule 11.

(c) The Company has no branch, and therefore reporting under this Clause is not applicable.

(d) The standalone balance sheet, the standalone statement of profit and loss statement and other comprehensive income, the
standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement
with the books of account.

(e) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.

(f) In our opinion, there are no observations or comments on financial transactions or matters which have any adverse effect on the
functioning of the Company.

(g) 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.

(h) The qualifications relating to the maintenance of accounts and other matters connected therewith are as stated in sub-paragraph
(B) above on reporting under clause (b) of sub-section (3) of section 143 and sub-paragraph (k)(h) below on reporting under clause
(g) of Rule 11.

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

(j) 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 197of the Act read with schedule V of the
act.

(k) 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:

(a) The Company has disclosed the impact of 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund
by the Company.

(d) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No. 60 of the
financial statements attached herewith, 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 person/s or entity/ies including
foreign entity/ies ("Intermediaries"), with the understanding, whether recoded in writing or otherwise, that the Intermediaries
shall, 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 the behalf of the Ultimate Beneficiaries.

(e) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No. 61 of the
financial statements attached herewith, no funds have been received by the Company from any person/s or entity/ies including
foreign entity/ies ("Funding Party/ies"), with the understanding, whether recoded in writing or otherwise, 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/ies ("Ultimate Beneficiaries") or provide any guarantee, security or the like on the behalf of the Ultimate
Beneficiaries.

(f) Based on the audits procedures performed that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that representations under sub-clauses (i) and (ii) of clause (e)
of Rule 11 contain any material misstatement.

(g) No dividend has been declared or paid during the year by the Company.

(h) 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 and the same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit, we did not come across any instance of audit trail feature
being tampered with.

Further, as the proviso to sub-rule (1) of Rule 3 of the Companies (Accounts) Rules, 2014 became applicable from April 1,
2023, the reporting requirement under sub-rule (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014, regarding
the preservation of audit trails as a statutory requirement for record retention, is now in effect. Accordingly, the Company has
preserved the audit trail records for the period during which they have been maintained.

For J C RANPURA & Co.

Chartered Accountants
FRN: 108647W

Place: Rajkot (Ketan Y. Sheth)

Date:29 May, 2025 Partner

Membership No. 118411
UDIN: 25118411BMHVGL8228