NSVM & ASSOCIATES

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITORS’ REPORT

To the Members of Aero Treatments Private Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Aero Treatments Private Limited (“the Company”), which
comprise the Balance Sheet as at 31st March 2023, the Statement of Profit and Loss (including other
comprehensive income), the 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 significant 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 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 and the accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2023, and profit, total comprehensive income, changes
in equity, and its cash flows for the year 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 Companies Act, 2013. Our responsibilities under those Standards are further described
in 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 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.

63/1, 1st Floor, Above Canara Bank, Railway Parallel Road, Kumara Park West, Bangalore – 560020.
Tel - +9180-41506054/55/56
Other Information

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Board’s Report 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 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 charges 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 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 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, 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 are also responsible for overseeing the company’s financial reporting
procedures.

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 scepticism 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.
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 Companies Act, 2013, 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.
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 other comprehensive income)
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 financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31st March 2023
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2023 from being appointed as a director in terms of Section 164 (2) of the Act
f. With respect to the adequacy of 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 report on the adequacy and operating
effectiveness of the company’s internal financial controls over financial reporting.
g. 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 would impact its financial
position.
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. (i) The management has represented that, to the best of it’s knowledge and belief, other than
as disclosed in the notes to the accounts, 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 or entity, including foreign entities , 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 or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented, that, to the best of it’s knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been received by the company
from any person or entity , including foreign entities , 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; and
(iii) Based on such audit procedures that the auditor has considered reasonable and
appropriate in the circumstances, nothing has come to their notice that has caused them to
believe that the representations under sub-clause (i) and (ii) contain any material
misstatement.

v. The Company has not declared any dividend during the current year.

3. With respect to the matter to be included in the Auditor’s Report under Section 197(16):
In our opinion and according to the information and explanation given to us, the remuneration
paid by the Company to its Directors during the year is in accordance with section 197 of the
Act.

for NSVM & Associates

Chartered Accountants
Firm registration number: 010072S
Digitally signed
D N SREE by D N SREE
HARI
HARI Date: 2023.05.19
21:01:02 +05'30'

D.N. Sree Hari

Partner
Membership No: 027388

UDIN: 23027388BGYQMJ3463

Place: Bengaluru
Date: 19th May, 2023