ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್GNG Electronics Ltd.

We have audited the accompanying financial
statements of GNG Electronics Limited (Formerly
Known as GNG Electronics Private Limited) ("the
Company”), which comprise the Balance Sheet as
at 31st March, 2026, the Statement of Profit and Loss
(including Other Comprehensive Income), 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 (herein referred to as "the financial
statements”)

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 ("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 31st March 2026, and profit (including
other comprehensive income), changes in equity and
its cash flows for the year ended on that date.

Basis of Opinion

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 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
opinion.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in

our audit of the standalone financial statements of the
current period. We have determined that there are no
key audit matters to communicate in our report.

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

The Company’s management and Board of Directors
are responsible for the other information. The other
information comprises of the information included in
the Company’s annual report, but does not include
the financial statements and our auditor’s report
thereon.

Our opinion on the 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
financial statements or our knowledge obtained in
the audit or appears to be material misstatement.

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 for the
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 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 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
implementation and maintenance of 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 statement 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
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 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 Responsibility 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 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
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 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 ability of the Company
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.

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
safeguards.

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”), 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 A, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

A. 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 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.

c) The Balance Sheet, the Statement
of Profit and Loss including Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes
in Equity dealt with by this Report are in
agreement with the books of account.

d) In our opinion, the aforesaid Financial
Statements comply with the Indian
Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.

e) On the basis of the written
representations received from the
directors as on 31st March, 2026 taken on
record by the Board of Directors, none
of the directors is disqualified as on 31st
March, 2026 from being appointed as a
director in terms of Section 164 (2) of the
Act.

f) 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;

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) Management has represented
that, to the best of its
knowledge and belief, no funds
(which are material either
individually or in the aggregate)
have been received by the
Company from any person
or entity, including foreign
entities (‘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;

(c) 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¬
clauses (i) and (ii) of rule 11(e),
as provided under (a) and (b)
above, contain any material
misstatement.

v. The company has not declared or
paid any dividend during the year
and has not proposed final dividend
for the year.

vi. Based on our examination which
included test checks, 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 and the audit trail has been
preserved by the company as per
the statutory requirements for
record retention.

For Shankarlal Jain & Associates LLP

Chartered Accountants

Firm Registration No. 109901W/W100082

Sd/-
Satish Jain

Partner

Place: Mumbai Membership No. 048874

Date: 05th May, 2026 UDIN: 26048874WLKCVS5932