ఆడిటర్ నివేదిక Unicommerce eSolutions Ltd.

Mar 31, 2025

We have audited the standalone financial statements
of Unicommerce eSolutions Limited (formerly known
as Unicommerce eSolutions Private Limited) (“the
Company”), which comprise the Balance sheet as at
March 31 2025, the Statement of Profit and Loss, including
the statement of Other Comprehensive Income, the Cash
Flow Statement and the Statement of Changes in Equity
for the year then ended, and notes to the standalone
financial statements, including a summary of material
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, as amended (“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 March 31, 2025, 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 (SAs), as 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 together with

of the 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 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 for the
financial year ended March 31, 2025. 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. For each matter below, our
description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the standalone financial statements. The results of our
audit procedures, including the procedures performed
to address the matters below, provide the basis for
our audit opinion on the accompanying standalone
financial statements.

Key audit matters	How our audit addressed the key audit matter
Revenue Recognition (as described in Note 2(d) and Note 20 of the standalone financial statements)
The Company provides e-commerce enablement Software-as-a-Service (“SaaS”) platform in the transaction processing that enables end-to- end management of e-commerce operations for brands, sellers and logistics service provider firms. The Company mainly generates revenue	Our audit procedures included the following: • We obtained an understanding, evaluated the design and tested the operating effectiveness of (i) the general IT controls, automated controls and control over system generated reports relevant for revenue recognition by involving our IT specialist; (ii) controls over recording of revenue relating to SaaS business; (iii) control over determination of number of
through SaaS income based on the number of transactions processed through platform.	transaction to be billed;

Key audit matters

How our audit addressed the key audit matter

The Company’s revenue process is largely automated for transaction processing and relies significantly on its IT systems. We considered accuracy of revenue relating to SaaS income as a key audit matter because of the complexity of the IT systems and significance of volumes of data processed by the IT systems.

• We tested inter se reconciliations between reports generated from relevant IT systems for the transactions processed with the revenue computed by the Company and recorded in general ledger; • We tested, on a sample basis, underlying contracts, identifying the key terms and attributes from the contracts and checking them against the underlying data from the system used in the transaction processes and then recalculating the revenue amount. • Assessed appropriateness of disclosures made in the standalone financial statements in accordance with the requirements of applicable Indian Accounting Standards.

We have determined that there are no other key audit
matters to communicate in our report.

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. The Annual report 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 will 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 such other information
is materially inconsistent with the standalone financial
statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

Responsibilities of Management for the
Standalone 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 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 accounting principles generally
accepted in India, including the Indian Accounting
Standards (ind AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. 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 the 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 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.

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 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 with
reference to financial statements 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 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.

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 for the financial year ended March
31, 2025 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”), issued by the Central
Government of India in terms of sub-section (ll) of
section 143 of the Act, we give in the “Annexure 1” a
statement on the matters specified in paragraphs 3
and 4 of the Order.

2. As required by Section 143(3) of the Act, 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;

(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 except for the matters stated
in the paragraph 2(i)(vi) below on reporting
under Rule 11(g);

(c) The Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with
the books of account;

(d) In our opinion, the aforesaid standalone financial
statements comply with the 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) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph (b) above on reporting
under section 143(3)(b) and paragraph 2(i)(vi)
below on reporting under Rule 11(g).

(g) With respect to the adequacy of the internal
financial controls with reference to these
standalone financial statements and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure 2” to this report;

(h) In our opinion, the managerial remuneration for
the year ended March 31, 2025 has been paid/
provided by the Company to its directors in
accordance with the provisions of section 197
read with Schedule V to the Act;

(i) 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 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. a) The management has represented

that, to the best of its knowledge and
belief, as disclosed in the note 45 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) The management has represented
that, to the best of its knowledge and
belief, as disclosed in the note 45 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 such 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 (a) and (b) contain
any material misstatement.

v. No dividend has been declared or paid
during the year by the Company.

vi. Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account which has a feature
of recording audit trail (edit log) facility
except that as explained in Note 44 to the
financial statements:

- Audit trail at database level for one
accounting software was not enabled
during the period April 01, 2024 to July 11,
2024. From the date of enablement, the
audit trail feature of the said software
operated throughout the period 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 where the audit trail
feature has been enabled.

- The independent auditors service
organisation controls 1 type 2 report
does not cover the assessment
of audit trail of an accounting
software maintained by a third
party. Accordingly, we are unable
to comment on whether audit
trail feature of such third party
accounting software was enabled
and operated throughout the year for
all relevant transactions recorded in
the software or whether there were
any instances of the audit trail feature
being tampered with.

Additionally, the audit trail of prior year
has been preserved by the Company
as per the statutory requirements
for record retention to the extent it
was enabled and recorded in the
respective years.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Yogesh Midha

Partner

Membership Number: 094041
UDIN: 25094941BMKRSY9054

Place of Signature: New Delhi
Date: May 05, 2025

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Mar 31, 2024

We audited the aeeonqvtnying financialslaiementsof l nienmnwtweSotaioiis Limited ifbmjwrly
kncvrt ii us i mcoftiincrtc eSolutions Private I imiicdl (“*the Company”!. which comprise the Balance
Tied ns ill Match ''I 202*1. die Siateincnt nt" Profit and Loss, including ihe statement olOihcr
Compreftc naive Income the Cash Flow SiaiofitCrtt and the Statement oi Changes in Equity far the year
then ended, and nplts to the financial statements, including ;i summary of nuiieriul accounting policies
and other explu muon in lorn 1 al io(t

In our opinion ;iml Ip the best ul onr iril''iuniatioii and according lo ifoe explanations given to us. the
aforesaid financial statem^nis give ilk- minima lion required by the Com panics Act, 2013, as amended
(¦‘the Vi "I in the manner so required and ghe a true and fair view in con form it} with the accounting
principles generally accepted rn India. ofthe stele of affairs of''the Company us at March M 2024, Its
profit Including other eomprrhensiv e income, its cash Hows and the changes in equity fbr the year ended
on dial date.

Basis for Opinion

e condLcled our audit of the financial statcmciUs in accordance with ttiL- Standards mi A milling (S \sj.
ns specified under action I I3( of die Act, Our responsibilities under those Standards Lire further
described in the "Auditor''s Responsibilities Ibr the Audit ol the I inane in I Statements section of onr
report. We are independent of the Company in accordance v\ ith ihe ''Code ol Ethics'' issued by llic
[nslidile of Cluirlem! Accountants ofltidta togcilier whh the ethical requlremenls Lltui arc relevant our audit or ihe fihanci.nl *. intern cuts under flic provisions of the Act and die Rules thereunder, tiod we
have fulfilled our ptlivr ethical responsibilities in accordance widi ilicsc requirements and ihe Lode ol
t tliik. We believe dial tlie audit evidence we have obtained i-. sufficient and appropriine to provide a
luisiv for mit audii opinion on the financial statements.

Other I it for nation

The t ompany a Board ol Directors is responsible for the other in formation, Ilie othei information
Comprises 111 v." jnlbmiatkm included in the Director''s Report, hut does not include ihe si and a lone
financial sUitemems and our auditor''s report thereon.

Our opinion on the financial statements does not cot ec the other inhumation and we do not express am
1 o rm of ass u n i nee cone I u s ion I ti e re on.

In conned ton witii our audii of the (inane iu I slataftcnls, pur responsibility i> to read the other
information and. in doing so, consider whether such other information is materially inconsistent wilh
die financial staicmcnts oj our knowledge obtained in ihe audit or otherwise appear U'' In- nuitefinliy
missiutcd. If, based on the work have performed. w# conclude that there is a material miuautcment
of this other Informal ion. we are required lo report iluii fad- We haw nothing lo report in (his regard.

Hie Company''s Hoard of Directors is responsible lor the tnalters ^I:iLi_-lE in see lion I VJ(5| of thi_^- Ad
with ropeci to the preparation of these fiducial statements that giv c a true and fairy iew ol the financial
position, financial performance i no hiding other comprehensive income, cash flows and changes in
equity of the Company in accordance wiih the accounting principles generalllv accepted in India,
ted tiding the Indian Accounting Standards (Ibd AS) specified under section 133 of the Act read wiih
die Cumpaniw (Indian Accounting Standards) Rules. 2015 . as amended, specilled under section I Cl
i>r 1 he Act „ ftes responsi hi I ity al so i rrc [tides lira i ntenilncc o f adequate account i n g records in accordance
with the provisions of the Act Idr safeguarding uftlie assets of the Company and for preventing and
deleting frauds, fibd other irregularities: selection and application ol appropriate accounting policies;
making judgments and estii''milo that are reasonable and prudent: and the design, implementation and
maintenance of adequate internal financial controls, that w ere opera) ing efiectivdy lor ensuring the
accuracy and completeness of die account in g records, roles ant to the preparation and presentation of
the financial statements that cite a true and lair view amt arc live from material nimaaiemeiit. whether
due io fraud or error.

In preparing the linuncial statements, management is responsible fur assessing the Company''s ability
to continue as a going concern, disclosing, as applicable, matters related io going concern and using the
going concern basis of accounting unless management cither intends to liquidate the t ompnn^ or to
cease operations, oi has no realistic ultemnliv e hut to do so.

I hose charged wiih gnvernan£i£arc also responsible for overseeing ilie Conqioiiy financial reporting
process,

Vudi tor''s kfsponsi bitiiti''s for the Audit of the Financial Statements

t Jijr ob jectives ore to obtain reasonable assurance about whether the financial statements as a whole are
free from material ntisstatettteiH. whether due io fraud nr error, and to issue on auditor’s report ilia;
include-, our opinion. Reasonable assurance is a high level of assurance, bin is not a gnamutlee Quit an
audit conducted in accordance with SAs will always delect a material missiutement when ii exists.
Miss tale munis can arise from fraud or error and arc considered material if. individually or in ihe
aggregate. they jtwtld reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.

As pan id'' an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout, the audit. We also:

¦ Idculify and assess, lilt risks of materia I misstatement ol the financial statements, whether due to
fraud or error design mid perform audit procedures responsive IO those risks, and obtain audit
evidence that is sufficient ami appropriate lo provide a basis lor our opinion. Ihe risk id I lot
detecting a material misstatement resulting Iforti ftaml is higher than formic resulting from erroi.
as fraud may involve collusion, forgery, intentional omissions, misrepresentation;;, or the override
tif internal control.

* Oblate an understanding o f internal control releva n t to the and ii i n under in des ign audit procedure s
that are appropriate in the circumstances. I¹ tider section I¦)''[.''«ij of the Act. we are also
responsible for expressing our opinion on wiietlier ilie Company has adequate inicmni financial
controls with reference io limmciat si at tin eats in place and the operating effectiveness of such
controls.

* Evaluate the appropriateness of accounting policies used and the reasonableness ol accounting
estimates and related disclosures made by management.

¦ Conclude on the appropriateness of management''''* use Of the going concern basis oi accounting
und. bused on lbs audit ev idtnce obtained. Aether a material uncertainly cxisis rcluicd to evens
or conditions dial may casi significant doubt on the C ompany''s ability to comitate us a going
concetti. If WO conclude that a material uncertainly csisi*. we ore required to draw attention inmir
auditor''s report (o the related disclosures in Utc financial statements or, if sul-H disclosures are
inadequate, to mod''tlk olir npfltkm. Our conclusions are based on the audit e\ idienec obtained up to

i lie dale of.....-auditor''s report. However, linure events or conditions may cause the tom party to

cease 1o continue os a going concern.

* I ugluate die overall pi esc n tot ion, strueimv and content of the fttancinl -intemeiu*. including the
disclosures, and whether the financial siaicmerns represent the underlying irunsutaions and events
in a manner that achieves fair present a Lion.

We communkiite with those charged with guvernuhec regarding, among other inmicrv the planned
Scope aiul liming of the audit and sigmfieuni audit ladings, Including any signillcaiu deliciencics in
internal control Mint we identify during our audit

\\ c also pros ide those charged w hh governance w hit a slate men 1 that we have complied vv iilt re lev ant
ethical requirement* regarding independence, and to coinimmicute With them all relationships and other
matters iltai may reasonably lie thought lo bear on our independence, and whore applicable, related
safeguards.

Kepurl un Other l.egal and Rcgututor} Requirements

I As required by the Companies I Auditor''s Repdri)i Jrdcr, >-()¦( "die < >rder t. issued by the C ciiiral
< iov eminent of India in terms of slili-sec.lipn (Lit ol section 143 ot the VeU vve give in the
" \iinexure 1"a statement on Ik matters specified in paragraphs 3 and 4 of the Holer,

y As required bv Section 143(3)ol lilt \et. vve report. It'' the extent applicable. that;

(:it We have sought mid obtained till the informal imi and explanations wliieh it'' the best ¦''( our
know ledge and be I id’ were necessary lor the purposes ol our audit:

(h) In our opinit''ll, proper hooks ol accouni as required hy law have been kept by the (.''utnpany so
far as it appears Iron otir examination of those books except for the matters stated iti the
paragraph y(t)jVl) Mow on reporting under Rule I l{g):

(ei I lie Balance Sheet, the Statement of Profit and Loss including ihe Smtciiietil ol Other
Comprehensive income. the ( ash 1 low Statement and Statement of Changes in 1 qniix dejill
w nil by this Report are in agreement vv iih the I Kinks ot account:

id) In our op In imt. i he aforesaid financial statements comply vviih the Accounting Standards
sped lied under Section 123 of the Act. read vviih Cotnpfiiiies (Indian Accounting Standards)
jpftjlex*15. us amended. specified under section 133 di Ihc Act:

ie) On the hixis of the written representations received from the directors as on March 31. 311-4
taken nn record by the Board of Directors, none of the directors is disqualified a-, on
March 31. Hoy t from being appointed asadtr^uic^ tonri>ofStviiiJti tb4 Tio! ihc An:

(f) \\ ith respect Ls> the adequacy of tin- internal linailciat controls with re lerente to these financial
statements and the operating elVcctivencSs ol such eonlrols, refer to our separate Report In
"Annex lire 2” lo ilns report:

(£) Jn our opin ion. the managerial renumertuinn for llhr year ended March .''I. 2provided by the (Vimpuny to its directors in accordance wiihllk provisions of station I¹)? read
with Schedule V m the Act;

(in I lie modi Ileal ion relating to the maintenance of accounts nnd miter matters connected thctvw till
.ire as staled in live puragmpb 2(b) above on reporting under Section [4 if >)|h) and paragraph
2ti)(\i| below nn reporting under Rule I He)

(i) With respect to the other matters to he included in the Auditor s Report in accordance w iih
Rule I I nT the Companies I Audit and Auditors) Knits. 2014, us amended in our opinion and in
the best of our information and according to the explanations given in ns:

i. I’lic Compaitj docs [mi hflvfe am pending It ligations which would Impact its financial
position

ii. Mie t omputiy lIul not have any long-term contracts including derivative contracts lor
which ttiere were any material foreseeable losses:

iii there were no amounts which were required in be tramdeired In the Jrwsiot 1 ducal ion
and I Yokel toil E unit In the CompEitiy.

}V. a) I''he management has represented dial, to the best of its know ledge and belief oilier thini
:re disclosed in the note -12 to live linaneiiil statements, no funds have been advanced or
burned nr invested (either from borrowed funds nr share premium or any other sources or
kind ol funds) h> thp Compfiny to or in any oilier person! sior entity i ies>. including foreign
entities (“Intermediaries"), with the understanding, whether retarded in a riling or
otherwise, that Ihefnlerim.''tliary shall, Whether. direelty or indirectty lend or invest in other
persons nr CHIiIics identified 111 any nraimer whatsoever hy or nn bcholfol (he Company
1"I It incite UcnclfcinffibTl or prew ide any guarantee. sccilrily nv (he like on behalf of the
I Inmate Beneficiaries:

to flic management has represented that. In (lie best of its knowledge and belief, other
than ai. disclosed in the nme 42 to ihe financial sUilcntciHs, no funds htiyjfe been received
hy tile Company from any pcrsotRi;) or entity lies). iiK I tiding Foreign emi tics {” fund mg
Panics"i, with the understanding. whether recorded in writing or otherwise, ilea the
Company shall), whether, directly or indirectly. lend or tpyest in other persons or entities
identified in any manner whatsoever by nr on hdliilfol llie funding faity (“t Itimatc
Beneficiaries") or provide any guarantee, security or the like on behalf of ihe l liimate
Beneficiaries: and

cl I hoed oil sudi audit procedures performed that have been considered reason aide ami
appropriate in the circumstances, nothing has come to our notice that lias caused us to
believe that die representations Under sub-clause (a I and (b) contain any material
iiitsslaleinenl-

\ . No div idend has been declared or paid during I Ik year by I he i umpnny.

(j) Bust''d pi i our examination which included test cltetks the Company has used aeeoi inline
software for maintaining it> bonk* of account which tins a loin lire of recording audit trail I edit
log> facility, except iTiat as explained in note it:

\.ulI it trail for out accounting software ns not enabled during trio period April 01.21123
to April Iff, 21)23. I-rout the dEitc of enablement,the audit trail featureol the said software
operated throughout the period lor all relevant transactions recorded Ni the software.
I art tier, during the course of our audit we ilid not come across any numu’ ofaudit trail
feature being tampered with whore the audit trail font me Has been enabled

In respect of another accounting software. il bus a feature of record in a audit trail (edit
log) facility and the same bjjts operated throughout Ihc year tor till relevant transactions
recorded in the Software except that audit frail for one software w:i?, not enabled datnbase Level to log any direct changes to the database for all s>sicm inputs, t utaher.
during the course df our audit we did not Como across any in Mu lire of audit trail feature
beingtampered with.

1 lie independent auditors sei \ ice organisation controls 1 ty pe 2 report thn> not cover I he
assessment of audit trail of an accounting software maintained by a third party.
A re nidi neb . we arc unable to eoiunieat on whether audit (rail feature of such third party
account rne software was enabled and operated throughout the year foi oil relevant
transactions recorded in the software or whether there were any instances of the audit
trail I can ire being tampered with,

1 in S,R. I in i li hi ii A Associates I I P
Chartered Accountants

It \l f''iniT keg i oral ion Number: 10IO4UW r.tftlKHM

^/^^^ngesli Miiltia

Partner yrtl

Membership Numher 094(MI li *{ KJj

i DEN: 24(j®^41BKCYKS8jf47

P luce of Si uniin ire: New Delhi Xi®*

Date‘July: I L 2024