Auditor Report of Chiraharit Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of M/s CHiRAHARIT LIMITED ("the

Company"), which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss, the

Cash Flow Statement and the statement of changes in equity for the year then ended, and a summary of the

significant accounting policies and other explanatory information.

1. 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 accounting principles generally accepted in India
including the Accounting standards specified under section 133 of the Act, of the state
of affairs of the Company as at 31 March 2025 and its To fit (financial performance),
its cash flows and for the changes in equity for the year ended on that date.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on Auditing (SAs) 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
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 Companies Act, 2013 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 opinion.

Key Audit Matters

3. 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 also addressed the risk of management override of internal
controls. This includes consideration of whether there was evidence of management
bias that represented a risk of material misstatement due to fraud.

	SI. No	Key Audit Matter	Procedure adopted
	a.	Revenue Recognition "We have identified the recognition of revenue, particularly unbilled revenue, as a key audit matter due to the inherent complexity in identifying performance obligations and determining the transaction price in long-term contracts common in the industry. These contracts often involve multiple performance obligations, such as the sale of product, commissioning of the project and site engineer inspection, making the allocation of the transaction price to each performance obligation a subjective process	Our audit procedures included the following: We evaluated the company''s process for identifying performance obligations within contracts, ensuring that all obligations were appropriately identified and documented. We assessed the methodologies used by the company to determine the transaction price, including any variable consideration, discounts, or rebates. We reviewed the engineers certificate placed before us for commissioning of the project. We are unable to verify the accuracy of the engineer''s certificate nor carry out physical verification of the project commissioned. We reviewed the company''s allocation of the transaction price to the identified performance obligations, ensuring that the allocation was consistent with the guidance in accounting standards. We tested the timing of revenue recognition to ensure that revenue was recognized only when performance obligations were satisfied, either at a point in time or over time, in accordance with the relevant accounting standards. We reviewed supporting documentation, including purchase orders, invoices, and other relevant records, to verify the accuracy and completeness of the unbilled revenue balance.

			We evaluated the effectiveness of the company''s internal controls over revenue recognition, including controls over contract review, pricing, and revenue allocation
	B	Valuation of closing stock The valuation of closing stock is a key audit matter due to the significant judgment involved in determining the net realizable value (NRV) and cost, particularly for items that are slow- moving, obsolete, or potentially subject to reduced selling prices. Inventories are measured at the lower of cost or net realizable value, as disclosed in Note 16 to the financial statements.	We evaluated the operating effectiveness of controls over the inventory valuation process. We evaluated reasonableness of management’s assumptions regarding NRV, including estimated selling prices, costs to complete, and disposal costs. We tested the cost components of inventory, including direct materials, direct labor, and overhead. We reviewed the aging of inventory to identify slow-moving or obsolete items. We performed procedures to assess the adequacy of any write¬ downs to NRV.

Information other Than Financial statements and Auditors report thereon

4. The company''s Board of Directors are responsible for other information. The other
information comprises the information included in the Annual report, but does not
included in the financial statements and our auditor’s report there on.

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

6. 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. 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.

Responsibility of Management and Those Charged with Governance for the

Standalone Financial statements for the Financial Statements

7. The Company’s Board of Directors are responsible for the matters stated in Section
134(5) of the (the Act”) with respect to the preparation of these standalone financial
statements that give a true and fair view of the state of affairs (financial position), profit
or loss (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, read with Rule 7 of the
Companies (Accounts) Rules, 2014. 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 financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

8. 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.

9. Those Board of Directors are also responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

10.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 Standards on Auditing 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.

1 l.As part of an audit in accordance with Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:

• 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.

• 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 explaining 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, futureyvents or conditions may cause the Company
to cease to continue as a goin^t^^a^^^

• 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.

12. 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.

13. 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.

14. 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

15. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in the Annexure A
statement on the matters specified in paragraph 3 and 4 of the order.

16. Further to our comments in Annexure A, as required by Section 143(3) of the Act, we
report that:

• 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.

• 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.

• The Balance Sheet, the Statement of Profit and Loss dealt with by this Report
are in agreement with the books„£xf account.

l/o I

• In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

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

* 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.

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

* The Company does not have any pending litigations which would impact its
financial position. (Subject to Annexure A to this report)

¦ The company did not have any long-term contracts including derivative
contracts for which they were any material foreseeable losses.

¦ There were no amounts which required to be transferred to the Investor
Education and Protection Fund by the company.

¦ The management has represented that, to the best of its knowledge and
belief, as disclosed in the notes to the accounts, 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 entities
("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

¦ The management has represented, that, to the best of its knowledge and
belief, as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, th^^ftC^^mpany shall, whether, directly or

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fetera

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; and

¦ Based on audit procedures which we 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) contain any material misstatement

• No dividend has been declared or paid during the year by the company.

• Based on our examination which included test checks, the company has
used an accounting software for maintaining its books of accounts 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 trial feature being tampered with and the audit trail
has been preserved by the company as per the statutory requirements for
record retention.

For G.P, ASSOCIATES
Chartered Accountants
Firm Reg. No. 00673£S^^

Place: Hyderabad . ^

Date: 08.09.2025 Jr^j JrifYlrrf

1/ {Ca/h ABHINAvk
^V PARTNER

M. No. 242972

UDIN: 25242972BMHYDA2858

---

Mar 31, 2024

1. We have audited the accompanying standalone financial statements of M/s Chiraharit Private
Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2024, the
Statement of Profit and Loss, the Cash Flow Statement and the statement of changes in equity
for the year then ended, and a summary of the significant accounting policies and other
explanatory information.

2. 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 accounting principles generally accepted in India including the
Accounting standards specified under section 133 of the Act, of the state of affairs of the
Company as at 31 March 2024 and its Profit (financial performance), its cash flows and for 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 Companies Act, 2013. Our responsibilities under those Standards 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 together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 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
opinion.

Information other Than Financial statements and Auditors report thereon

4. The company’s Board of Directors are responsible for other information. The other information
comprises the information included in the Annual report, but not included in the financial
statements and our auditor’s report there on.

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

6. 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. 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.

Responsibility of Management and Those Charged with Governance for the Standalone
Financial statements for the Financial Statements

7. The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of
the (the Act”) with respect to the preparation of these standalone financial statements that give
a true and fair view of the state of affairs (financial position), profit or loss (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, read with Rule 7 of the Companies (Accounts) Rules,
2014. 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 financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

8. 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.

9. Those Board of Directors are also responsible for overseeing the company’s financial reporting
process.

Auditor’s Responsibility for the Audit of the Financial Statements

10. 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 Standards on Auditing 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.

11. As part of an audit in accordance with Standards on Auditing, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:

• 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.

• 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) (l)
of the Act, we are also responsible for explaining 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 financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

12. 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.

13. 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.

14. 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

15. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in the Annexure A
statement on the matters specified in paragraph 3 and 4 of the order.

16. Further to our comments in Annexure A, as required by Section 143(3) of the Act, we report
that:

• 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.

• 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.

• The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.

• In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

• On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March, 2024 from being appointed as a director in terms of
Section 164 (2) of the Act.

• 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”; and

• 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, in our
opinion and to the best of our information and according to the explanations given to

US:

¦ The Company does not have any pending litigations which would impact its
financial position. (Subject to Annexure A to this report)

¦ The company did not have any long-term contracts including derivative
contracts for which they were any material foreseeable losses.

¦ There were no amounts which required to be transferred to the Investor
Education and Protection Fund by the company.

• Based on our examination which included test checks, the company has used
an accounting software for maintaining its books of accounts which has a
feature of recording audit trail (edit log) facility and the same has operated
through out 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 trial feature being tampered with.

• As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the financial year ended
March 31, 2024

For G.P. ASSOCIATES

Chartered Accountants

Firm Reg. No. 006734S

Place: Hyderabad _

* PARTNER
M. No. 242972

UDIN: 24242972BKAKOU4298