1. We have audited the accompanying Standalone Financial Statements of GALAXY BEARINGS
LIMITED (“the Company") which comprise the Balance Sheet as at 31^st March 2026, the
Statement of Profit and Loss (including other Comprehensive Income), the Statement of Changes
in Equity, the Statement of Cash Flow for the year then ended and notes to the financial
statements, including a summary of material accounting policies and other explanatory
information (hereinafter referred to as “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 (“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 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
March 31, 2026, its Profit, Other Comprehensive Income, its Cash Flows and Changes in Equity
for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SA's) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further, described in
the Auditor's Responsibility 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 the ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Act and the Rules made there
under and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our opinion on the Standalone Financial
Statement.

4. Emphasis of Matters

We draw attention to the following matters in the Notes to statement of Unaudited Standalone
Financial Statements:

As described in Note 46 & 47 to Financial Statements, with respect to Company’s name features
in the sanctions list of the United States Department of Treasury published on 30^thOctober,2024
for providing Russia with the technologies and tools that it needs to carry out its military
operation. Due to this the company was unable to access USD & EURO through the official market.
The Company through its legal counsel based in the United States, has submitted an application
to the Office of Foreign Assets Control (OFAC], U.S. Department of the Treasury, requesting an
expedited removal of the Company’s designation on the Specially Designated Nationals and
Blocked Persons (SDN] List.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

5. 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 period. 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.

Key audit matter identified in our audit in respect of Capital Work-in-Progress (CWIP) -Delays
in Completion of Expansion Projects as follow:

[Refer Para 2.4 (b] for the accounting policy and Note 3 for the related disclosures]

Information other than the Financial Statements and Auditor's Report thereon

6. The Company’s management and Board of Directors are responsible for 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, Business Responsibility Report,
Corporate Governance and Shareholder’s Information and other information in the Company’s
annual report, but does not include the standalone financial statements and our auditor’s report
thereon. The other information is expected to be made available to us after the date of this
auditor’s report.

Our opinion on the standalone 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 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 financial statements or our
knowledge obtained during the course of our audit, or otherwise appears to be materially
misstated.

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 as may be
legally advised.

Responsibilities of Management and Those Charged with Governance for the Standalone

Financial Statements

7. 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 statement that give a true and
fair view of the financial position, financial performance including other Comprehensive Income,
cash flows and changes in equity of the Company in accordance with the Ind AS 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 the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of the 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.

8. In preparing the standalone 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.

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

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

10. 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.

11. 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 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.

• 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 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 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 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.

• 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.

12. 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.

13. 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.

14. 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

15. As required by the Companies (Auditor’s 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.

16. Further to our comments in Annexure A, as required by Section 143(3] of the Act, based on our
audit, 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 standalone financial statements dealt with by this Report are in agreement with the
books of account.

d] In our opinion, the aforesaid standalone financial statements comply with accounting
standards as specified under Section 133 of the Act.

e] On the basis of the written representations received from the directors and taken on record
by the Board of Directors, none of the directors is disqualified as on 31^st 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 with reference to Standalone
Financial Statements 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 with
reference to Standalone Financial Statement.

g] 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 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 (as amended), 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
the standalone financial statements; (Refer Note 40 to the Standalone 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. (i) 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 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 Intermediaries shall, whether, directly or indirectly lend or invest in the 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.

(ii) 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, whether directly or indirectly lend or invest in the
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Parties (“Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

iii) 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 (i) and (ii) of Rule 11(e) of the Companies (Audit and
Auditors) Rules, 2014, as mentioned at para (iv)(i) and (iv) (ii) above, contain any
material mis-statement.

v. The company has not declared or paid any dividend during the year as prescribed under
Section 123 of the Act.

vi. 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 from the date of implementation of edit log feature.

For, J. T. Shah & Co.

Chartered Accountants
[Firm Regd. No. 109616W]

Place: Ahmedabad

Date: 02/05/2026 SD/-

(N. C. Shah)

Partner

[M. No. 035159]

UDIN: 26035159IZLDWM3621