We have audited the standalone Ind AS financial statements of India Motor Parts &
Accessories 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 standalone Ind AS 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 standalone Ind AS 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 accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2025, and Profit and Other Comprehensive
income, changes in Equity and its Cash Flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the Standalone Ind AS financial Statements in accordance
with the Standards on Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are further described in the
Auditor’s Responsibilities for the Audit of the standalone Ind AS 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 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 on the standalone Ind AS financial statements.

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone Ind AS financial statements of the current
period. These matters were addressed in the context of our audit of the standalone Ind
AS 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.

4. Information Other than the Financial Statements and Auditor’s 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 Management
Discussion and Analysis, Board’s Report including Annexures to Board’s Report,
Corporate Governance Report and Shareholder’s Information, but does not include the
standalone Ind AS financial statements and our auditor’s report thereon.

Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone Ind AS 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.

5. Responsibility of Management for Standalone Ind AS Financial Statements

The Company’s Board of Directors are responsible for the matters stated in section
134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these
standalone Ind AS 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 the Indian 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 financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the standalone Ind AS 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.

Those Board of Directors are also responsible for overseeing the company’s financial
reporting process.

6. Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial
Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS
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 Ind AS financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:

a) Identify and assess the risks of material misstatement of the standalone Ind AS
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.

b) 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.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

d) 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.

e) Evaluate the overall presentation, structure and content of the standalone Ind AS
financial statements, including the disclosures, and whether the standalone Ind AS
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 standalone Ind AS
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.

7. Report on Other Legal and Regulatory Requirements

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

ii) 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 the statement of
Other Comprehensive Income, Statement of Changes in Equity and the Cash
Flow Statement dealt with by this Report are in agreement with the books of
account.

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with
the Accounting Standards specified under Section 133 of the Act, read with Rule
7 of the Companies (Indian Accounting Standards) Rules, 2015, as amended.

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
are 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” to this report.

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, 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 read with
schedule V to the Act.

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 has disclosed the impact of pending litigations on its financial
position in Note No 27.6a of 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 has been no delay in transferring amounts, 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, no funds (which are material either individually or in the
aggregate) 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 or entity, including
foreign entity (“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 (which are material either individually or in the
aggregate) have been received by the Company from any person
or entity, including foreign entity (“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 we have considered reasonable
and appropriate in the circumstances, nothing has come to our notice
that has caused us to believe that the representations as provided
under (a) and (b) above, contain any material misstatement.

(v) (a) The final dividend declared and paid by the company during the year

in respect of the previous financial year is in accordance with section
123 of the Companies Act, 2013 to the extent it applies to payment of
dividend.

(b) The interim dividend declared and paid by the company during the
current year is in accordance with section 123 of the Companies Act,
2013 to the extent it applies to payment of dividend.

(c) The Board of Directors of the company have proposed a final
dividend for the year which is subject to the approval of the members
at the ensuing Annual General Meeting. The dividend declared is in
accordance with Section 123 of the Act, to the extent it applies to
declaration of dividend.

(vi) Based on our examination, which includes test checks, the Company
has used accounting software for maintaining its books of account for the
financial year ended March 31,2025 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 the audit trail feature
being tampered with. Additionally, the audit trail has been preserved as per
the statutory requirements for record retention.

For Brahmayya & Co.,
Chartered Accountants

Firm Regn. No. 000511S

P. Babu

Partner

Place : Chennai Membership No. 203358

Date : May 16, 2025 UDIN: 25203358BMINQO2114