1. We have audited the accompanying Standalone Financial
Statements of Taneja Aerospace and Aviation Limited (‘the
Company’), which comprise the Standalone Balance Sheet as
at 31 March 2025, and the Standalone Statement of Profit And
Loss (including Other Comprehensive Income), Standalone
Statement of Changes in Equity and Standalone Statement
of Cash Flows for the year ended on that date, and notes to
the Standalone Financial Statements, including a summary of
material accounting policy information and other explanatory
information (‘the Standalone Financial Statements’).

2. In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone
Financial Statements give the information required by the
Companies Act, 2013 (‘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 read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, (‘Ind AS’) and other accounting
principles generally accepted in India, of the State of Affairs
of the Company as at 31 March 2025, and its Profit and Other
Comprehensive Income, Changes in Equity and its Cash Flows
for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on
Auditing (‘SAs’) specified under section 143(10) of the Act.
Our responsibilities under those SAs 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 (‘ICAI’)
together with the ethical requirements that are relevant to
our audit of the Standalone 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 on the Standalone Financial
Statements.

Key Audit Matters

4. A Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current year. These
matters were addressed in the context of our audit of the
Standalone 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
communicate in our report.

Other Information

5. The Company’s 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 Standalone Financial Statements and our
auditors’ report thereon. The Other Information is expected to
be made available to us after the date of this auditor’s report.

6. Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.

7. In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the Standalone 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.

8. When we read the Annual Report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and
take appropriate action as applicable under the relevant laws
and regulations.

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements

9. 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 Standalone Financial Statements
that give a true and fair view of the State of Affairs, profit
and Other Comprehensive Income, Changes in Equity and
Cash Flows of the Company in) conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended and other accounting principles
generally accepted in India. 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 of the appropriate accounting software
for ensuring compliance with applicable laws and regulations
including those related to retention of audit logs; 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.

10. In preparing the Standalone Financial Statements, the 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.

11. The Board of Directors is also responsible for overseeing the
Company’s financial reporting process.

Auditor’s responsibilities for the audit of the Standalone

Financial Statements

12. 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.

13. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:

13.1. Identify and assess the risks of material misstatement
of the Standalone 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.

13.2. 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) the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal
financial controls with reference to Standalone Financial
Statements in place and the operating effectiveness of
such controls.

13.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates and
related disclosures made by the Management.

13.4. Conclude on the appropriateness of the 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 material
uncertainty exists, we are required to draw attention
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 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.

13.5. 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.

14. 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.

15. 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.

16. From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements
of the current year 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

17. 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’ a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

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

18.1. 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.

18.2. 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.

18.3. The standalone balance sheet, the standalone statement of
profit and loss including Other Comprehensive Income,
the Statement of Changes in Equity and the Standalone
Cash Flow Statement dealt with by this Report are in

agreement with the books of account.

18.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

18.5. On the basis of the written representations received from
the directors as on 31 March 2025 taken on record by the
Board of Directors, none of the directors is disqualified
as on 31 March 2025 from being appointed as a director
in terms of Section 164(2) of the Act.

18.6. With respect to the adequacy of the internal financial
controls with reference to Standalone Financial Statements
of the Company and the operating effectiveness of such
controls, refer to our separate Report in ‘Annexure B’.

18.7. In our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.
The remuneration paid to any director is not in excess of
the limit laid down under Section 197 of the Act.

19. 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:

19.1. The Company has disclosed the impact of pending
litigations as at 31 March 2025 on its financial position
in its Standalone Financial Statements - Refer Note 43 to
the Standalone Financial Statements.

19.2. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.

19.3. There has been no delay in transferring amounts, required
to be transferred, to the Investor Education and Protection
Fund by the Company

19.4. The Management has represented, to best of their
knowledge and belief, that 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.

19.5. The Management has represented, to best of their
knowledge and belief, that 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.

19.6. Based on such audit procedures, that have been considered

reasonable and appropriate in the circumstances,
performed by us, nothing has come to our notice that
has caused us to believe that the representation under
para 19.4 and 19.5 contain any material misstatement.

19.7. In our opinion and according to the information and

explanations given to us, the dividend declared and paid
during the year by the Company is in compliance with
Section 123 of the Act.

19.8. Based on our examination which included test checks,

the company has used an 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, during
the course of our audit we did not come across any
instance of audit trail feature being tampered with.

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

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Praveen Kumar Daga

Partner

Place: Bengaluru ICAI Membership No: 143762

Date: 13 May, 2025 UDIN: 25143762BMKVLB6959