ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Msafe Equipments Ltd.

We have audited the standalone financial statements of MSAFE
EQUIPMENTS LIMITED [Formerly Msafe Equipments Private
Limited](“the Company”), which comprise the Standalone Balance Sheet
as at 31st March 2026, the Standalone Statement of Profit and Loss for
the year then ended and Standalone Statement of Cash Flows and Notes
to the Standalone Financial Statements, i ncluding a summary of
significant accounting policies and other explanatory information.

In our opinion, and to the best of our i nformation and according to the
explanation given to us, the aforesaid Standalone Financial Statements
give the i nformation required by the Act i n the manner so required and
give a true and fair view i n conformity with the accounting principles
generally accepted in India:

• i n the case of the Balance Sheet, of the state of affairs of
the Company as at March 31^st, 2026;

• i n the case of Statement of Profit and Loss, of the Profit for
the year ended on that date.

• i ts cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit i n accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act., 2013 ("the
Act."). Our responsibilities under those standards are further described i n
the Auditor’s Responsibilities for the Audit of the standalone Financial
Statements section of our report. We are i ndependent of the Company i n
accordance with the Code of Ethics i ssued by the Institute of Chartered
Accountants of India (“ICAI”) together with ethical requirements that are
relevant to our audit of the standalone financial statements under the
provisions of the Companies Act, 2013 and the rules thereunder, and we
have fulfilled our other ethical responsibilities i n accordance with these
requirements and the code of Ethics. We believe that the audit evidence
we have obtained i s sufficient and appropriate to provide a basis for our
opinion.

Information other than the standalone financial statements and
auditors’ report thereon

The Company’s board of directors are responsible for the preparation of
the other i nformation. The other i nformation comprises the i nformation
i ncluded i n the Board’s Report i ncluding Annexures to Board’s Report but
does not i nclude the standalone financial statements and our auditor’s
report thereon. Our opinion on the standalone financial statements does
not cover the other i nformation and we do not express any form of
assurance conclusion thereon. In connection with our audit of the
standalone financial statements, our responsibility i s to read the other
i nformation and, i n doing so, consider whether the other i nformation i s
materially i nconsistent 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 i s a material misstatement of this other i nformation,
we are required to report that fact. We have nothing to report i n this
regard.

Responsibility of Management for Standalone Financial Statements:

The Company''s Board of Directors are responsible for the matters stated
i n section 134(5) of the Companies Act, 2013 ("the Act.") with respect to
the preparation of these standalone financial statements that give a true
and fair view of the financial position, financial performance and cash
flows of the Company i n accordance with the accounting principles
generally accepted i n India, i ncluding the Accounting Standards specified
under section 133 of the Act. This responsibility also i ncludes
maintenance of adequate accounting records i n accordance with the
provisions of the Act for safeguarding of the assets of the Company and

for preventing and detecting frauds and other i rregularities; selection and
application of appropriate accounting policies; making j udgments and
estimates that are reasonable and prudent; and design, i mplementation
and maintenance of adequate i nternal 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.

In preparing the standalone financial statements, management i s
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
i ntends to i iquidate 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 Standalone Financial
Statements:

Our objectives are to obtain reasonable assurance about whether the
standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to i ssue an auditor’s
report that i ncludes our opinion. Reasonable assurance i s a high l evel of
assurance, but i s not a guarantee that an audit conducted i n accordance
with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material
if, i ndividually or i n the aggregate, they could reasonably be expected to
i nfluence the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit i n accordance with SAs, we exercise professional
j udgment 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 i s
sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud i s higher
than for one resulting from error, as fraud may i nvolve collusion,
forgery, i ntentional omissions, misrepresentations, or the override of
i nternal control.

• 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 attentions i n our auditor’s report to the
related disclosures i n the standalone financial statements or, i f such
disclosures are i nadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained upto the date of our auditor’s
report. However, future events or conditions may cause the Company
to cease to continue as a going concern.

• Obtain an understanding of i nternal control relevant to the audit i n
order to design audit procedures that are appropriate i n 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 i nternal financial controls system i n place and
the operating effectiveness of such controls.

• Evaluate the overall presentation, structure and content of the
standalone financial statements, i ncluding the disclosures, and

whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

Materiality :

Materiality i s the magnitude of misstatements i n the standalone financial
statements that, i ndividually or i n aggregate, makes i t probable that the
economic decisions of a reasonably knowledgeable user of the
standalone financial statements may be i nfluenced. We consider
quantitative materiality and quantitative factors i n (i) planning the scope of
our audit work and i n evaluating the results of our work; and (ii) to
evaluate the effect of any i dentified misstatements i n the standalone
financial statements.

Communication with those charged with governance :

We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant
audit findings, i ncluding any significant deficiencies i n i nternal 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
i ndependence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our i ndependence,
and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements:

1. In our opinion and to the best of our i nformation and according to
the explanations given to us, Requirements of the Companies
(Auditor’s Report) Order, 2020 ("the Order”) i ssued by the Central
Government of India i n terms of sub-section (11) of section 143 of
the Act, are applicable. We give i n “Annexure A”, a statement
on the matters specified i n the paragraphs 3 and 4 of the Order, to
the extent applicable.

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

a) We have sought and obtained all the i nformation 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 i aw
have been kept by the Company so far as i t appears from our
examination of those books.

c) The standalone Balance Sheet,the standalone Statement of
Profit and Loss & Cash Flow Statement 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
(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 i s disqualified as on
31^st March, 2026, from being appointed as a director i n terms
of Section 164(2) of the Act.

f) With respect to the adequacy of the i nternal financial controls
over financial reporting of the company and the operating
effectiveness of such controls, refer to our separate report i n
Annexure B; and

g) With respect to the other matters to be i ncluded i n the
Auditor’s Report i n accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, i n our opinion
and to the best of our i nformation and according to the
explanations given to us.

i ) The Company does not have any pending i itigations as at 31st
March 2026, which would impact its financial position:

i i) The Company did not have any l ong-term contracts i ncluding
derivative contracts for which there were any material foreseeable
l osses.

i ii) There were no amounts which were required to be transfer 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, no funds have been advanced or l oaned or
i nvested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or i n any other
person(s) or entity(ies), i ncluding foreign entities

(“Intermediaries”), with the understanding, whether recorded i n
writing or otherwise, that the Intermediary shall, whether, directly
or i ndirectly i end or i nvest i n other persons or entities i dentified i n
any manner whatsoever by or on behalf of the company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the i ike on
behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of its
knowledge and belief, no funds have been received by the
company from any person(s) or entity(ies), i ncluding foreign
entities (“Funding Parties”), with the understanding, whether
recorded i n writing or otherwise, that the company shall, whether,
directly or i ndirectly, i end or i nvest i n other persons or entities
i dentified i n 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

(c) Based on such audit procedures that have been considered
reasonable and appropriate i n 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
mis-statement.

v) No dividend have been declared or paid during the year by the
company.

vi) Based on our examination which i ncluded test checks. The
company has used accounting software for maintaining i ts books
of accounts which has a feature of recording audit trail (edit l og)
facility and the same has operated throughout the year for all
relevant transactions recorded i n the software. Further during the
course of our audit we did not come across any i nstance of audit
trail feature being tempered with.

Additionally, the audit trail has been preserved by the Company
as per statutory requirements for record retention.

For V.K. Kila & Co.

Chartered Accountants
Firm Registration No. 007772C

Vikas Kumar Gogasaria

(Partner)
M. No.: 503474

Date: 11.05.2026

Place: Noida

UDIN : 26503474BDNNAT8956

MSAFE EQUIPMENTS LIMITED

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the standalone financial statements of MSAFE EQUIPMENTS LIMITED (“the Company”), which comprise the standalone Balance Sheet as at 31st March 2025, the standalone Statement of Profit and Loss for the year then ended and standalone statement of cash flows and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion, and to the best of our information and according to the explanation given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

• in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2025;

• in the case of Statement of Profit and Loss, of the Profit for the year ended on that date.

• 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 Companies Act., 2013 ("the Act."). 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 ethical requirements that are relevant to our audit of the standalone 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 the standalone financial statements and auditors’ report thereon

The Company’s board of directors is 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 but does not include the standalone 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 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 standalongsJae^icial statements or our knowledge obtained during the course of our audit or otherwise materially misstated. If, based on the work we have performed, we conclude that thw&WtrJfcd misstatement of this other information we are required to report that fact. We have rlbtlin^m^p®rt| in this regard.

Responsibility of Management for Standalone Financial Statements:

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act.") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance 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. 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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 Standalone Financial Statements:

Our objectives are to obtain reasonable assurance about whether the standalone 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 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.

• Evaluate the appropriateness of accounting policies used and the reaptjal ^^s ^f |

accounting estimates and related disclosures made by management. « ^Vfrn:odWc/?))

• 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 attentions 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 upto the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• 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 overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality:

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and quantitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

Communication with those charges with governance :

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.

Report on Other Legal and Regulatory Requirements:

1. In our opinion and to the best of our information and according to the explanations given to us,

Requirements of 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 Act, are applicable. We give

in “Annexure A”, a statement on the matters specified in the paragraphs 3 and 4 of the Order,

to the extent applicable.

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 standalone Balance Sheet,the standalone Statement of Profit and Loss & Cash Flow Statement 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 (Accounts) Rules, 2014.

e) 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 is disqualified as on 31^st March, 2025, 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; and

g) 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:

i) The Company does not have any pending litigations as at 31st March 2025, which would impact its financial position.

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 transfer to the Investor Education and Protection Fund by the Company.

iv) (a) The management has represented that, to tire best of its knowledge and belief, 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; ''

(b) The management has represented, that, to the best of its knowledge and belief, 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, 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; and

(c) Based on such 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 mis-statement.

v) No dividend have been declared or paid during the year by the company.

vi) Based on our examination which included test checks. The company has used 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 trail feature being tempered with.

Additionally, the audit trail has been preserved by the Company as per statutory requirements for record retention.

FOR V.K. KILA & CO.CHARTERED ACCOUNTANTS (FIRM Rp^IjmTION NO.:007772C)VIKAS kTSvUAR GO G A S A RIA (PARTNER)

M. NO.: 503474