ఆడిటర్ నివేదిక Gaja Alternative Asset Management Ltd.

1. We have audited the accompanying standalone
financial statements of Gaja Alternative Asset
Management Limited (formerly known as Gaja
Alternative Asset Management Private Limited)
(‘the Company’) which comprise the Balance
Sheet as at March 31, 2026, the Statement of
Profit and Loss including Other Comprehensive
Income, Statement of changes in equity and the
Statement of cash flows for the year then ended
and notes to standalone financial statements,
including material accounting policies and other
explanatory information.

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
(financial position) of the Company as at March
31, 2026, and its profit (financial performance) 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 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 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.

EMPHASIS OF MATTER

4. We draw your attention to Note 10 to the
standalone financial statements which describes
that the Company has filed UDRHP with SEBI and
is progressing toward listing. As of March 31,

2026, I 1,170.41 lakhs of IPO-related expenses
have been capitalised under “Other Current
Assets”. These will be adjusted against securities
premium upon successful completion of the IPO,
as permitted under Section 52 of the Companies
Act, 2013.

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

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR’S REPORT THEREON

5. The Company’s Board of Directors is responsible
for the other information. The other information
comprises the information included in the
Director’s 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
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 CHARGED WITH
GOVERNANCE FOR THE STANDALONE
FINANCIAL STATEMENTS

6. The Company’s Board of Directors is 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 state of affairs (financial
position), profit & loss (financial performance
including other comprehensive income), statement
of changes in equity and cash flows of the
Company in accordance with the Indian accounting
standards specified 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 and application of appropriate
accounting policies; making judgements 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.

7. In preparing the standalone financial statements,
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 Board of Directors either
intends to liquidate the Company or to cease
operations, or has no realistic alternative but to
do so.

8. Those Board of Directors and Those Charged with
Governance are also responsible for overseeing
the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

9. 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
Standards of Auditing 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.

10. As part of an audit in accordance with SAs
specified under section 143(10) of the Act, we
exercise professional judgement 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 the Management.

• Conclude on the appropriateness of
Management’s use of the going concern basis of
accounting in preparation of standalone financial
statements 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.

• 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

11. In our opinion and according to the information
and explanations given to us, the remuneration
paid by the Company to its directors during the
year is in excess of the limits prescribed under
Section 197 of the Act read with Schedule V
thereto. However, the same has been approved by
the members of the Company through a special
resolution passed in the general meeting, in
compliance with the requirements of Section 197
of the Act. Accordingly, 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 to the Act.

12. 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.

13. As required by section 143(3) of the Act, based on
our audit, we report, to the extent applicable, 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 of the accompanying standalone
financial statements;

b) In our opinion, proper books of accounts
as required by law have been kept by the
Company so far as it appears from our
examination of those books except for the
matters stated in the paragraph 16(h)(vi)
below, on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

c) The standalone financial statements dealt
with by this Report are in agreement with the
books of accounts;

d) In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards specified under Section
133 of the Act, read with the Companies
(Indian Accounting Standards) Rules, 2015

as amended;

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 March 31, 2026
from being appointed as a director in terms of
Section 164(2) of the Act;

f) The modifications relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph 16(b)
above on reporting under Section 143(3)(b)

of the Act and paragraph 16(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

g) With respect to the adequacy of the internal
financial controls with reference to financial
statement of the Company as on March 31,
2026 and operating effectiveness of such
controls, refer to our separate Report in

of the Funding Party (“Ultimate
Beneficiaries”) or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures
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. During the year, the Company has
paid final dividend amounting to
I 564.43 lakhs for the financial year
2024-25, in compliance with Section
123 of the Act.

vi. Based on our examination, which included
test checks and as explained in note 41 to
the Standalone Financial Statements, the
Company has used accounting software
for maintaining their books of account
which has a feature of recording audit trail
(edit log) facility. The facility has operated
throughout the year for all the relevant
transactions recorded in the software
except for the period from April 01, 2025
to August 27, 2025 where the feature was
not enabled. Further, during the course
of our audit we did not come across
any instance of audit trail feature being
tampered with, in respect of accounting
software where the audit trail has been
enabled. Additionally, the audit trail has
been preserved by the Company as per
statutory requirements for record retention
from the date of enablement of audit trail
for the accounting software except for the
period where the audit trail feature was
not enabled as described in note 41 to the
Standalone Financial Statements.

For Nangia & Co LLP

Chartered Accountants

ICAI Firm Registration Number 002391C/N500069

Shalu Kedia

Partner

Membership # 068782

Signed at Noida on June 04, 2026

UDIN: 26068782ZNCEDD5336