We have audited the accompanying Ind AS financial statements of M/s PAE Limited (IN CIRP)
(“the Company”), which comprise the Balance Sheet as at March 31, 2025, and the Statement
of Profit and loss (including Other Comprehensive Income), the Statement of Changes in Equity
and the Statement of the Cash Flows for the year ended on that date and notes to the financial
statements, including a summary of material accounting policies and other explanatory
information (hereinafter referred to as “Ind AS Financial Statements”).

We do not express an opinion on the accompanying financial statements of the entity, because
of the significance of the matters described in the Basis for Disclaimer of Opinion section of our
report, we have not been able to obtain sufficient appropriate audit evidence to provide a
basis for an audit opinion on these financial statements.

Basis for Disclaimer of Opinion:

1. We are unable to comment on necessary adjustments / disclosures made in the financial
statements in relation to following items in view of non-availability of necessary
information/documentations/satisfactory explanations relevant to the audit for the current
year: -

A. Non-availability of confirmation/reconciliation of account balances of Trade Receivables,
Long & Short - Term Loans & Advances and Non-Current Investment.

B. Non-availability of confirmation/reconciliation and unable to verify physically the Fixed
Assets balances.

C. Non-availability of confirmation/reconciliation of account balances of Trade Payables, Other
Current Liabilities.

D. Non-availability of confirmation/reconciliation of account balances of non-current
borrowings, other financial liabilities, non-current provisions, current borrowings, other
financial liabilities-current, other current liabilities and current provisions.

E. Non-availability of confirmation/reconciliation of account balances of Balance with revenue
authorities, Sales Tax deposits and Gratuity Fund with LIC, Sundry deposits, Margin money
deposits with bank and Fixed deposit & Investment deposit scheme.

F. Non-availability of confirmation/reconciliation of account balances of cash in hand and
other bank balances.

G. Non-availability of details of other balances, not mentioned above, for verification of the
auditor.

2. We draw attention to Note 2 of the Financial statement which relates to Property, Plant and
Equipment of the company, the management has not performed a complete physical
verification of all the Fixed Assets. Further, we have not been able to verify the assets
physically. Hence, we are not able to comment on possible adjustments, if any, to the value of
fixed assets shown in the balance sheet.

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. 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. The matters
described under the Basis for Disclaimer Opinion section were determined to be key audit
matters to be communicated in our audit report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

The Company’s Board of Directors / Chairperson of Monitoring Committee and Erstwhile
Resolution Professional is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board’s Report
including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance
Report, and Shareholder’s Information, 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.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE
FINANCIAL STATEMENTS

The Corporate Insolvency Resolution Process (“CIRP”) had been initiated in respect of M/s PAE
Limited having L99999MH1950PLC008152 (“Corporate Debtor”) under the provisions of the
Code by order of National Company Law Tribunal (‘NCLT”) with effect from 22nd April, 2024

Vide the same order the Hon'ble NCLT had appointed Mr. Karthik Natarajan Interim Resolution
Professional (IRP).

Subsequently, during the 1st meeting of the Committee of Creditors (COC) held on 14th May
2024, the IRP was confirmed as the Resolution Professional (RP) of the corporate debtor.

Thereafter, in the seventh meeting of CoC, members unanimously resolved to replace the RP
and hence, Hon’ble NCLT, Mumbai Bench has vide order no. IA 4393/2024 In C.P.
(IB)/1074(MB)2023 dated 23th September, 2024 (NCLT order received on 26th September 2024)
appointed Mr. Umesh Balaram Sonkar as Resolution Professional of the Corporate Debtor. The
copy of the said order is attached herewith for your ready reference. Hence from now on the
Corporate Debtors is under complete custody, control & management of Mr. Umesh Balaram
Sonkar, Resolution Professional.

The powers of Board of Directors of the Company stand suspended effective from the CIRP
commencement date and such powers along with the management of affairs of the Company
are vested with the Resolution professional ("RP"). The RP has relied on the certifications,
representations and statements made by the erstwhile management for such period and is
signing the Financial Statements solely for the purpose of discharging the powers of the Board
of directors which have been conferred upon him by virtue of section 17 of the Code.

Pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016 ("the Code"), the
Hon’ble National Company Law Tribunal, Mumbai Bench ("NCLT"), vide its order dated
27.11.2024, approved the resolution plan submitted by Shri Jatinbhai Ramanbhai Patel in
respect of PAE Limited ("Corporate Debtor"). The said resolution plan had earlier been
unanimously approved by the Committee of Creditors ("CoC") in accordance with Section 30(4)
of the Code.

In accordance with the terms of the approved resolution plan, a Monitoring Committee was
duly constituted to supervise the implementation of the plan. Upon completion of all requisite
actions and fulfilment of all conditions precedent as stipulated under the resolution plan, the
Monitoring Committee held its 8th meeting on 02.05.2025.

In the said meeting, it was unanimously resolved that all the obligations under the resolution
plan having been duly complied with, the Monitoring Committee stands dissolved with
immediate effect. Consequently, the management and control of the Corporate Debtor, PAE
Limited, was formally handed over to the successful Resolution Applicant, Shri Jatinbhai
Ramanbhai Patel, in accordance with the terms of the approved resolution plan and the
applicable provisions of the Code.

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,
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed 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 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 the
Board of Directors either intends 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 RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our responsibility is to conduct an audit of the entity’s financial statements in accordance with
Standards on Auditing and to issue an auditor’s report. However, because of the matters
described in the Basis for Disclaimer of Opinion section of our report, we were not able to
obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these
financial statements. We are independent of the entity in accordance with the ethical
requirements in accordance with the requirements of the Code of Ethics issued by ICAI and the
ethical requirements as prescribed under the laws and regulations applicable to the entity.

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 Act, we give in
the “Annexure 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, we report that:

(a) As described in the Basis for Disclaimer of Opinion paragraph above, we are unable
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) Due to the possible effects in the matters described in the Basis for Disclaimer of
Opinion paragraph above, in our opinion, proper books of account as required by law
are not available and provided by the Company so far as it appears from our
examination of those books.

(c) Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion
paragraph, we are unable to state whether the Balance Sheet, Statement of Profit and
Loss and Cash Flow Statement dealt with by this Report are in agreement with the
books of account.

(d) Due to the possible effects in the matters described in the Basis for Disclaimer of
Opinion paragraph above, 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 except Ind AS 19, Ind AS 36 and Ind As
116.

(e) On the basis of the written representations received from the directors as on March 31,
2025 taken on record by the board of directors, none of the directors is disqualified as
on March 31, 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”.

(g) 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:

In our opinion and to the best of our information and according to the explanations
given to us, no remuneration paid by the Company to its directors during the year
attracting provisions Section of 197 of the Act.

(h) The reservation relating to the maintenance of accounts and other matters connected
therewith are as stated in the Basis for Disclaimer of Opinion paragraph above.

(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. Due to the possible effects of the matter described in the Basis for Disclaimer of
Opinion paragraph, we are unable to state whether the Company has disclosed
the impact of pending litigations on its financial position in its financial
statements

ii. Due to the possible effects of the matter described in the Basis for Disclaimer of
Opinion paragraph, we are unable to state whether the Company has made
provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative
contracts

iii. Due to the possible effects of the matter described in the Basis for Disclaimer of
Opinion paragraph, we are unable to state whether there were any amounts
which were required to be transferred to the Investor Education and Protection
Fund by the Company.

iv. No dividend declared or paid during the year by the company in compliance with
Section 123 of the Act.

v. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 2025 which did not had the feature of recording audit trail (edit
log) facility and the same has not been operated throughout the year for all
relevant transactions recorded in the software.

For, G.P.Kapadia & Co.

Chartered Accountants

FRN No. 104768W

sd/-

Priyang Pandit

Partner

Mem. No. 153595

UDIN : 251 53595BMKQEO2745

Place: Ahmedabad

Date: 29.05.2025