ఆడిటర్ నివేదిక Fabtech Technologies Ltd.

We have audited the accompanying Standalone Financial Statements of Fabtech Technologies Limited (Formerly known as
Fabtech Technologies Private Limited) (the ''Company¹''), which comprise the Standalone Balance Sheet as at March 31, 2026,
and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), Standalone Statement of Cash Flows
and the Standalone Statement of Changes in Equity for the year ended on that date and notes to the standalone financial
statements, including the summary of the material accounting policies and other explanatory information (hereinafter referred
to as the "Standalone Financial Statements").

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 including other comprehensive Income, Its
cash flows and the changes in equity for the year ended on that date

Basis for opinion

We conducted our audit of the Standalone Financial Statements 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 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 ("ICAl") 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 made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the iCAl''s Code of
Ethics. We believe that the audit evidence obtained by ue is sufficient and appropriate to provide a basis for our audit opinion on
the standalone Financial Statements.

Key Audit Matters

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.

We have determined the matters described below to be the key audit matters to be communicated in our report:

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s Management and 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 Consolidated Financial Statements,
Standalone Financial Statements and our auditor''s report thereon.

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 and, in
doing so, consider whether the other information is materially inconsistent with the Standalone 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, 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 Charged with Governance for the Standalone Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these Standalone Financial Statements 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 specified under section 133 of the Act 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 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.

In preparing the Standalone Financial Statements, management and the Board of Directors are 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 intend to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Company''s Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

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.

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 controls.

• Obtain an understanding of internal financial 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 the 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
auditors 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.

Materiality is the magnitude of misstatements in the standalone Financial Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be
influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

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 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 benefits of public interest 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 (ll) of section 143 of the Act, and on the basis of such checks of the books and records of the
company as we considered appropriate and according to the information and explanation given to us, 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, 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 Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, the
Standalone Statement of Cash Flow''s and Standalone Statement of Changes in Equity dealt with by this Report are in
agreement with the relevant books of account.

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under
Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on March 31,2026 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31,2026 from being appointed as a director in terms of Section
164 (2) of the Act.

(f) With respect to the adequocy of the internal financial controls over financial reporting 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 Statements.

(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 read with schedule v of 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 impact of pending litigation on its financial position in its Standalone Financial Statements.
(Refer Note No. 41 of Standalone Financial Statements);

ii) The Company did not have any long-term contracts including derivative contracts for which there are material
foreseeable losses as at March 31,2026;

iii) There has been no delay in transferring amounts, required to be transferred, to the investor Education and Protection
Fund by the Company during the period.

iv) (o) Management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to
the Standalone Financial Statements, 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.

(b) Management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to
the Standalone Financial Statements, 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, directly or indirectly, lend or invest in other persons or entities identified in any mariner whatsoever by
or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the
Ultimate 8eneficiaries; and

(c) Based on the audit procedures performed that have been 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). as provided under (a) and (b) above, contain any material misstatement;

v) As stated in Note 54 to the standalone Financial statements, the 8oard of Directors of the company has proposed final
dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such
dividend proposed is in accordance with section 123 of the Act. as applicable.

vi) Based on our examination, which included test checks, the Company has used accounting software systems for
maintaining Its books of account for the year ended March 31,2026 which have the feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded in the software
systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being
tampered with, and the audit trail has been preserved by the Company as per the statutory requirements for record
retention.

For Ajmcra & Ajmcra

Chartered Accountants

Firm''s Registration No. 018796C

Sd/-

Omprakash Ajmera

Partner

Membership No. 157420

UDIN: 26157420WFDPJM5637

Date: April 27,2026

Place: Mumbai

Basis for opinion

We conducted our audit of the Standalone
Financial Statements in accordance with the
Standards on Auditing (SAs)
specified under section 143(10) of the Act.
Our responsibilities under those Standards
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 made
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 audit opinion on the
Standalone Financial Statements.

Key Audit Matters

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.

We have determined the matters described
below to be the key audit matters to be
communicated in our report.

Information Other than the Financial
Statements and Auditor''s Report Thereon
(''other information'')

The Company''s Board of Directors is
responsible for the other information. The
other information comprises the information
included in the Report of the Board of Directors.

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 and, in doing so,
consider whether the other information is
materially inconsistent with the Standalone
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,
we conclude that there is no material
misstatement of this other information, we are
required to report that fact. We have nothing
to report in this regard.

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

The Company''s Board of Directors are
responsible for the matters stated in
section 134(5) of the Act with respect to
the preparation and presentation of these
Standalone Financial Statements 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 specified under
section 133 of the Act 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 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 Standalone Financial
Statements, management and the Board of
Directors are 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 intend 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.

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

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.

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 controls.

• Obtain an understanding of internal
financial 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 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.

Materiality is the magnitude of misstatements
in the Standalone Financial Statements
that, individually or in aggregate, makes it
probable that the economic decisions of
a reasonably knowledgeable user of the
financial statements may be influenced.
We consider quantitative materiality and
qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any
identified misstatements in the Standalone
Financial Statements.

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 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.

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.

2. 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 Balance Sheet, the Statement
of Profit and Loss including Other
Comprehensive Income, the Statement
of Cash Flows and Statement of
changes in Equity dealt with by this
Report are in agreement with the
relevant books of account.

(d) In our opinion, the aforesaid Standalone
Financial Statements comply with the
Indian Accounting Standards specified
under Section 133 of the Act read
with 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 is 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". Our report expresses an
unmodified opinion on the adequacy
and operating effectiveness of the
Company''s internal financial controls
with reference to Standalone Financial
Statements.

(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.

(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) There Company has disclosed impact

of pending litigation on its financial
position in its Standalone Financial
Statements. (Refer note no. 41 of
Standalone Financial Statements);

ii) The Company did not have on long¬

term contracts including derivative
contracts for which there are material
foreseeable losses as at March 31,
2025;

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) Management has represented
that, to the best of its knowledge and
belief, as disclosed in the note no
54 (iv) to the Standalone Financial
Statements, 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(is), 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) Management has represented that,
to the best of its knowledge and belief,
as disclosed in the note no 54 (iv) to
the Standalone Financial Statements,
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; and

(c) Based on the audit procedures
adopted by us, nothing has come
to our notice that has caused us
to believe that the representations
made by the Management under sub
clause (a) and (b) above, contain any
material misstatement;

v) The interim special dividend was
declared and paid by the Company
during the year and until the date of
this audit report is in accordance with
section 123 of the Companies Act 2013.

vi) Based on our examination, which
included test checks, the Company
has used accounting software
systems for maintaining its books of
account for the financial year ended
March 31, 2025 which have the feature
of recording audit trail (edit log)
facility and the same has operated
throughout the year for all relevant

transactions recorded in the software
systems. Further, during the course of
our audit we did not come across any
instance of the audit trail feature being
tampered with and the audit trail has
been preserved by the Company as
per the statutory requirements for
record retention

For Ajmera & Ajmera
Chartered Accountants
(Firm''s Registration No. 018796C)

Sourabh Ajmera
Partner

(Membership No. 166931)

UDIN: 25166931BMNPUX8849
Date: August 02, 2025
Place: Mumbai

We have audited the accompanying
Standalone Financial Statements of Fabtech
Technologies Limited (Formerly known
as Fabtech Technologies Private Limited)
("the Company"), which comprise the
Balance Sheet as at March 31, 2024, and the
Statement of Profit and Loss (including Other
Comprehensive Income), Statement of Cash
Flows and the Statement of Changes in
Equity for the year ended on that date. and
notes to the financial statements, including
the summary of the material 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
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, 2024, its profit including other
comprehensive Income and its cash flows
and the changes in equity for the year ended
on that date.

Basis for opinion

We conducted our audit of the Standalone
Financial Statements in accordance with the
Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities
under those Standards 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
made 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 audit opinion on the
Standalone Financial Statements.

Key Audit Matters

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.

We have determined the matters described
below to be the key audit matters to be
communicated in our report.

Information Other than the Financial
Statements and Auditor''s Report Thereon
(''other information'')

The Company''s Board of Directors is
responsible for the other information. The
other information comprises the information
included in the annual report but does not
include the Standalone Financial Statements
and our auditor''s report thereon.

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 and, in doing so,
consider whether the other information is
materially inconsistent with the Standalone
Financial Statements or our knowledge
obtained during our audit or otherwise
appears to be materially misstated.

If based on the work we have performed, we
conclude that there is material misstatement
of this other information, we are required to
report that fact. We have nothing to report in
this regard.

Responsibility of Management''s and those
charged with governance for the Standalone
Financial Statements

The Company''s Board of Directors are
responsible for the matters stated in section
134(5) of the Act with respect to the preparation
and presentation of these Standalone
Financial Statements that give a true and
fair view of the financial position, financial
performance including other comprehensive
income, changes in equity of the Company in
accordance with the Ind AS specified under
section 133 of the Act 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 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 Standalone Financial
Statements, management and the Board of
Directors are 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 intend 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.

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

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.

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 controls.

• Obtain an understanding of internal
financial 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 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.

Materiality is the magnitude of misstatements

in the Standalone Financial Statements that,

individually or in aggregate, makes it

probable that the economic decisions of
a reasonably knowledgeable user of the
financial statements may be influenced.
We consider quantitative materiality and
qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any
identified misstatements in the Standalone
Financial Statements.

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 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.

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.

2. 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 Balance Sheet, the Statement
of Profit and Loss including Other
Comprehensive Income, the Statement
of Cash Flows and Statement of
changes in Equity dealt with by this
Report are in agreement with the
relevant books of account.

(d) In our opinion, the aforesaid Standalone
Financial Statements comply with the
Indian Accounting Standards specified
under Section 133 of the Act read
with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

(e) On the basis of the written
representations received from the
directors as on March 31, 2024 taken on
record by the Board of Directors, none
of the directors is disqualified as on
March 31 2024 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
with reference to Standalone Financial
Statements.

(g) Being the Private limited company in
the whole financial year 2023-2024
and subsequently converted to Limited
company in the FY 2024-2025 and
hence provisions of section 197(16) of
the Act read with Schedule V to the Act
are not applicable.

(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

(i) Their Company has disclosed impact of

pending litigation on its financial position
in its Standalone Financial Statements.
(Refer note no. 41 of Standalone Financial
Statements);

(ii) The Company did not have on long-term
contracts including derivative contracts
for which there are material foreseeable
losses as at March 31, 2024;

(iii) There have been no amounts required to
be transferred, to the Investor Education
and Protection Fund by the company;
There have been no amounts required to
be transferred, to the Investor Education
and Protection Fund by the company;

(iv) Management has represented that, to
the best of its knowledge and belief, other
than as disclosed in the note no 55(iv) to
the Standalone Financial Statements, 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(is), 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

(v) Management has represented that, to
the best of its knowledge and belief, other
than as disclosed in the note no 55 (iv) to

the Standalone Financial Statements, 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; and.

(vi) Based on the audit procedures adopted
by us, nothing has come to our notice
that has caused us to believe that the
representations made by the Management
under sub clause (a) and (b) above,
contain any material misstatement;

(vi) The company has not declared any
dividend during the year ended March 31,
2024. Hence the provisions of Section 123
of the Act is not applicable for the financial
year 2023-24.

(vii) Based on our examination which included
test checks, the Company have used an
accounting software for maintaining its
books of accounts 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 in compliance to
the Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 (or maintaining
books of account using accounting
software which has a feature of recording
audit trail (edit log) facility as applicable to
the company with effect from April, 2023).
Further, during the course of our audit we
did not come across any instance of audit
trail feature being tampered with.

As per proviso to Rule 3(l) of the Companies
(Accounts) Rules, 2014 is applicable from
April 0l, 2023, reporting under Rule ll(g) of
Companies (Audit and Auditors) Rules 2014

on preservation of audit trail as per statutory
requirements for record retention is not
applicable for the financial year ended March
31, 2024.

For Ajmera & Ajmera
Chartered Accountants
(Firm''s Registration No. 018796C)

Sourabh Ajmera
Partner

(Membership No. 166931)

UDIN: 24166931BKFCBD5198
Date: July 30, 2024
Place: Mumbai