We have audited the Financial Statements of HERCULES HOISTS LIMITED ("the
Company”), which comprise the Balance Sheet as at March 31, 2025, and the Statement of
Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity
and Statement of Cash flows for the year then ended, and notes to the Financial Statements,
including a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "the Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to
us, read together with the matters described in the Emphasis of Matters paragraph, 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
March 31, 2025, and its net profit including other comprehensive income, changes in equity
and its cash flows for the period ended on that date.

Basis for 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 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 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.

Emphasis of Matter

1. In accordance with Note No. 25 of Financial Statement for the year ended 31st March
2025, the Scheme of Arrangement between Hercules Hoists Limited ("Demerged
entity") and Indef Manufacturing Limited ("Resulting entity") and their respective
shareholders ("Scheme") became effective after regulatory approvals and conditions
precedent. Accordingly, as per the Scheme, the Demerger of Demerged Undertaking
into Resulting Entity has been accounted under the pooling of interest method
retrospectively as prescribed in Appendix C Para 9 (iii) to IND AS 103 Business
Combinations of entities under common control. Thus, the previous year
corresponding numbers have been accordingly restated. The Restated Financial
Statements for the year ended 31 March 2024 has been prepared by the management
as per the approved scheme.

Our opinion is not modified in respect of this matter.

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. We have
determined that there are no key audit matters to be communicated in our report.

Other Information

The Company’s Management and the Board of Directors are responsible for the other
information. The other information comprises the information included in the Company’s
annual report, but does not include the Financial Statements and our auditors’ 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 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 Those charged with Governance for the Financial
Statements

The Company’s management and the 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, the financial performance, the changes in
equity and the 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 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, the Management and the 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 is also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities 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 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 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.

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 (Auditors’ Report) Order, 2020 (“the Order”) issued by
the Central Government of India in terms of Section 143 (11) of the Act, we give in the
"Annexure A” 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) 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 of the
aforesaid Financial Statements.

b) In our opinion, proper books of account as required by law relating to preparation of
the aforesaid Financial Statements 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 Statement of Changes in Equity and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account maintained for the
purpose of preparation of the Financial Statements.

d) 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
(Account) Rules, 2014.

e) On the basis of the written representations received from the directors as on March
31, 2025 and 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) The provisions of Section 197 read with schedule V of the Act are not applicable to
the Company for the year ended March 31, 2025.

h) 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 which have an impact on its
financial position.

ii. The Company did not have any material foreseeable losses on long-term
contracts including derivatives contracts.

iii. There were no amounts required to be transferred to the Investor Education and
Protection Fund by the company during the year ended March 31,2025.

iv. a. The management has represented that, to the 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 persons or entities, 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 ("Ultimate Beneficiaries”) by or on behalf of
the Company or

• provide any guarantee, security or the like to or 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 persons or
entities, 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 (“Ultimate Beneficiaries”) by or on behalf of
the Funding Party or

• provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries; and

c. Based on such audit procedures as 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 (d) (i) and (d) (ii) contain any material
mis-statement.

V. The dividend declared or paid during the year by the Company is in compliance
with Section 123 of the Act.

VI. Based on our examination which included test checks, the Company has used
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, we did not
come across any instance of the audit trail feature being tampered with.

For Kanu Doshi Associates LLP
Chartered Accountants
FRN. No. 104746W/W100096

Kunal Vakharia
Partner

Membership no. 148916
UDIN: 25148916BM KN LO6350

Place: Mumbai
Date: 27^th May 2025