ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್SKF India (Industrial) Ltd.

Mar 31, 2026

We have audited the accompanying financial statements
of SKF India (Industrial) Limited (the “Company”), which
comprise the Balance Sheet as at 31 March 2026,
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and
the Statement of Changes in Equity for the year ended on
that date, and notes to the financial statements, including
a summary of material accounting policies and other
explanatory information.

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 Indian
Accounting Standards prescribed under section 133 of the
Act, (“Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31 March 2026, its profit and other comprehensive
income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (“SA”s) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor''s
Responsibility 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 made thereunder, 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 obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on the
financial statements.

Key Audit Matters

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. 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 Board of Directors is responsible
for the other information. The other information
comprises information included in the Board''s
Report including annexures to Board''s Report, the
Management''s Discussions & Analysis and the Report
on Corporate Governance 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 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 is a material misstatement of this other
information, we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and Board of Directors
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 including other comprehensive income, cash
flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India,
including 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 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.

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 the
Board of Directors either intend to liquidate the Company
or to cease operations, or has no realistic alternative but
to do so.

The Company''s Board of Directors is 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 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 with reference
to financial statements 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 the 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.

Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality
and qualitative 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
financial statements.

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 financial controls
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.

Other Matter

The financial statements include the financial information
of the Transferred Industrial Businesses of SKF India
Limited (Refer Note 35 of the financial statements) for
the period 17 December 2024 to 31 March 2025 and
1 April 2025 to 30 September 2025. This financial
information of the Transferred Industrial Businesses
for the period 17 December 2024 to 31 March 2025 and
1 April 2025 to 30 September 2025 have been extracted
by the Management from the financial information of
SKF India Limited for the period ended and financial year
ended 31 March 2025 and 31 March 2026 respectively,
which were audited by us.

Our opinion on the financial statements and our report
on Other Legal and Regulatory Requirements below is not
modified in respect of these matter.

Report on Other Legal and Regulatory Requirements

1. 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 not keeping backup on a
daily basis of such books of account maintained
in electronic mode in a server physically located
in India and not complying with the requirement
of audit trail for the period from 1 April 2025 to 30
September 2025 as stated in (i)(vi) below. (Refer
Note 44 to the financial statements).

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 Ind AS specified under Section
133 of the Act.

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

f) The modification''s relating to the maintenance of
accounts and other matters connected therewith,
are as stated in paragraph (b) above.

g) 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 A". Our report
expresses an unmodified opinion on the
adequacy and operating effectiveness of the
Company''s internal financial controls with
reference to financial statements.

h) 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 by the
Company to its directors during the year is in
accordance with the provisions of section 197 of
the Act.

i) 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:

i. The Company has disclosed the impact of
pending litigations on its financial position
in its financial statements (Refer note 34 to
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 the note 43 to
the financial statements 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, 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 the note 43 to the
financial statements, 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, 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
performed 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. As stated in note 40 to the financial
statements, the Board of Directors of the
Company has proposed final dividend for
the year which is subject to the approval of
the members at the ensuing Annual General
Meeting. Such dividend proposed is in
accordance with section 123 of the Act, as
applicable.

vi. Based on our examination, which included
test checks, the Company has used
accounting softwares for maintaining
its books of account for the period from
1 October 2025 to 31 March 2026 which

have a feature of recording audit trail (edit
log) facility and the same was enabled and
operated throughout the aforesaid period
for all relevant transactions recorded in
the softwares except that the Company
has not used any accounting software for
maintaining its books of account for the
period from 1 April 2025 to 30 September
2025; accordingly reporting under Rule
11 (g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable to the
Company for the period from 1 April 2025 to
30 September 2025.

Further, during the course of our audit, we
did not come across any instance of the
audit trail feature being tampered with, in
respect of said accounting softwares for the
period for which the audit trail feature was
enabled and operating.

The Company has not used any accounting
software for maintaining its books of account
for period from 17 December 2024 (Date of
Incorporation) to 31 March 2025, 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.

. As required by the Companies (Auditor''s Report) Order,
2020 (“the Order") issued by the Central Government
in terms of Section 143(11) of the Act, we give in
“Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants
(Firm''s Registration No. 117366W/W-100018)

Kedar Raje

Place: Pune Partner

Date: May 12, 2026 (Membership No. 102637)

ROIN: KRX-2026-78129 UDIN: 26102637SBMEDM5440