We have audited the accompanying financial statements of CFF
FLUID CONTROL LIMITED (“the Company"), which comprise the
balance sheet as at 31^st March 2026. the statement of profit and
loss, and cash flow statement for the year ended and notes to the
financial statements, including a summary of significant accounting
policies and other explanatory information.

In our opinion and to the best of our information and 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 accounting principles generally
accepted in India of the state of affairs of the Company as at 31⁵* March.
2026. the net profit and of the cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Audit¬
ing (SAs) specified under section 143(10) of the Act. Our responsi¬
bilities 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 (ICAI) together with 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 ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have
obtained are sufficient and appropriate to provide a basis for our
opinion.

Information other than the financial statements and Auditor's Report
Thereon

The Company's Board of Directors is responsible for the prepara¬
tion of the other information. The other information comprises the
information included in the Management Discussion and Analysis.

Board's Report including Annexure to Board's Report. Business
Responsibility 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 in-

formation and we do not express any form of assurance conclusion
thereon.

In connection with our audit of the financial statements, our re¬
sponsibility is to read the other information and. in doing so. consid¬
er 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 on the other informa¬
tion obtained prior to the date of auditor's report, 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judg¬
ment. were of most significance in our audit of the financial state¬
ments 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 opin¬
ion on these matters. We have determined the matters described
hereunder to be key audit matters to be communicated in our report;

Responsibilities of Management and Those Charged with
Governance 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 finan¬
cial position, financial performance, and cash flows of the Company
in accordance with the applicable accounting standards and the
other accounting principles generally accepted in India. This respon¬
sibility 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 account¬
ing policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of
adequate internal financial controls, that are operating effective¬
ly for insuring 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
misstatements, whether due to fraud or error.

In preparing the 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.

The Board of Directors is also responsible for overseeing the Compa¬
ny's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain a reasonable assurance about whether
the financial statements as a whole are free from material misstate¬
ment. whether due to fraud or error, and to issue our report that
includes our opinion. Reasonable assurance is a high level of assur¬
ance. 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 due to fraud or error and are considered
material if. individually or in 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 the SAs. we exercise profes¬
sional judgment and maintain professional scepticism throughout
the audit. We also;

• Identify and assess the risks of material misstatement of the finan¬
cial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evi¬
dence 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 one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations
or the override of internal control.

• Obtain an understanding of the internal 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 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 go¬
ing 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 un¬
certainty 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 con¬
clusions are based on the audit evidence obtained up to the dote
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 controls that we identify during our audit. We also pro¬
vide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independ¬
ence. and to communicate with them all relationships and other
matters that may reasonable be thought to bear on our independ¬
ence. and where applicable, relevant safeguards.

From the matters communicated with those charged with govern¬
ance. 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, or when in extremely rare circumstanc¬
es. we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would rea¬
sonable be expected to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order. 2020
('the Order'), as amended, 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.

2. As required by Section 143(3) of the Act. we report that

a. We have sought and obtained all the information and expla¬
nations which to the best of our knowledge and belief were
necessary for the purpose 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 and
Cash flow statement dealt with by this Report are in agree¬
ment with the books of account;

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 (Accounts) Rules.
2014:

e. On the basis of the written representations received from the
directors as on 31^st March. 2026 taken on record by the Board
of Directors, none of the directors is disqualified as on 31st
March. 2026 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. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company's
internal financial controls over financial statements.

g. With respect to the other matters to be included in the Au¬
ditor'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, if any. of pend¬
ing litigations on its financial position, in its financial
statements (Refer Note 31 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: and

(iii) The Company is not required to transfer any amount to
the Investor Education and Protection Fund.

(iv)

(a) The management has represented that, to the best
of its knowledge and belief, other than as disclosed in
the notes to the accounts, no funds have been ad¬
vanced 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;

(b)The management has represented, that, to the best of
its knowledge and belief, other than as disclosed in the

notes to the accounts, no funds have been received by
the company from any person(s) or entity(ies). including
foreign entities ("Funding Parties"), with the under¬
standing. 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 guaran¬
tee. security or the like on behalf of the Ultimate Benefi¬
ciaries: and

(c) Based on audit procedures that we have considered
reasonable and appropriate in circumstances, nothing
has come to our notice that has caused us to believe
that the representations under sub-clause (i) and (ii)
above, contain any material misstatement.

(v) The dividend declared and paid during the year by the
Company is in compliance with the provisions of section
123 of the Companies Act. 2013

(vi) Based on examination, which includes test checks, the
Company has used accounting software for maintain¬
ing its books of account for the financial year ended on
31^5t March 2026 which has a feature of recording audit
trail (edit log) facility and the same has been operated
throughout the year for all relevant transactions record¬
ed in the software. Further, during the course of our
audit and the audit trail feature has not been tampered
with and the audit trail has been preserved as per stat¬
utory requirement for record retention.

h. In our opinion and according to information and explanations
given to us. the company has paid/ provided for manageri¬
al remuneration in accordance with the requisite approvals
mandated by the provisions of section 197 read with Sched¬
ule V of the Act.

FOR V.N. PUROHIT & CO.

Chartered Accountants

Firm Regn. No. 304040E

sot-

op. Pareek

Partner

Membership No. 014238

UDIN: 26014238EYZMXN4389

New Delhi, the 5^lh day of May. 2026