AAA Technologies Ltd Auditor Reports

To

The Members of

AAA Technologies Limited

Report on the audit of the Financial Statements

Qualified Opinion

We have audited the Financial Statements of AAA Technologies Limited (the Company), which comprise the Balance Sheet as at 31st March 2026 and the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and Statement of Cash Flows for the Year ended, and Notes to the Financial Statements, including a summary of Material Accounting Policies and other Explanatory Information (the Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us, excepts for the effects of the matter described in Basis for Qualified Opinion section of our report, the aforesaid Financial Statement gives the information required by Companies Act 2013 in the manner so required and give the 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^st 2026 and its Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and Statement of Cash Flows for the Year ended.

Basis for Qualified opinion

(i) As detailed in Note 36.2 to the Financial Statements, the Company has not made any provision for Gratuity Expenses for the year ended March 31, 2026. Under Ind AS 19 "Employee Benefits", the Company is required to recognize a liability and expense for defined benefit obligations including gratuity using the projected unit credit method. Prior to the new labour laws effective November 21, 2025, in managements view, the Company had no gratuity liability in terms of Section 4(5) of the Payment of Gratuity Act, 1972, read with employee agreements. As of 31 March 2026, management is in process of evaluating the applicability of gratuity provisions under the new labour codes and the quantum of provision, if any, required.

The non-recognition of gratuity provision constitutes a departure from Ind AS 19. We are unable to quantify the financial effects as the management is still evaluating the applicability and quantum of gratuity liability under the new labour codes. Had the provision been recognized, profit before tax, profit after tax, and employee benefits expense would have been adjusted accordingly, and liabilities would have increased.

(ii) As detailed in Notes 2(iv); 17 and 21 to the Financial Statements, the Company has recognised revenue inclusive of GST (Amount of GST for year 31 March 2026 is INR 321.09 lakhs), with a corresponding equivalent amount debited under other expenses. The aforesaid accounting policy has been consistently followed by the Company since past years / periods. Had the revenue been recognised excluding GST, figures of Revenue from operations and Other expenses be downward adjusted by aforesaid amounts, with Nil impact on Profit before tax and Profit after tax.

We conducted our audit in accordance with the Standards on Auditing ("SAs") issued by Institute of Chartered Accountants of India ("ICAI"), specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by ICAI together with the ethical requirements that are relevant to our audit of the Financial Statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our qualified audit opinion on the Statement.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements for the year ended 31 March 2026. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion there on, and we do not provide a separate opinion on those matters. We have determined the matters described below to be the key audit matter to be communicated in our report.

Key Audit Matters	How our audit addressed the key audit matter
Unbilled Revenue
The Company has recognised unbilled revenue (contract assets) for services rendered but not yet billed as at March 31, 2026. The determination of unbilled revenue involves significant management judgement in assessing the extent of performance obligations satisfied, stage of completion of assignment- based engagements and services rendered under time- based arrangements. Given the significance of the amount and the judgement involved in its estimation, we considered this to be a key audit matter	Our audit procedures included, amongst others, obtaining an understanding of the Companys process for identification and measurement of unbilled revenue and evaluating the relevant controls. We examined, on a sample basis, the underlying contracts, project records, work performed and deliverables achieved to assess the appropriateness of the basis used for determining the stage of completion. For time-based and resource deployment arrangements, we assessed on sample basis the contractual terms and tested the services rendered up to the reporting date.
	We relied on managements project-wise estimates of unbilled revenue, including the assessment of work completed and balance work remaining, and tested the mathematical accuracy of the computations based on such estimates.
	Further, we compared the unbilled revenue recognised at the reporting date with subsequent invoices raised and other subsequent billings, where applicable, to assess the reasonableness of the estimates made by management. We evaluated the recoverability of the recognised unbilled revenue and assessed the adequacy of the related disclosures in the financial statements.

Information other than the Financial Statements and Auditors Report thereon

The Companys Board of Directors are responsible for the other information. The other information does not include the Financial Statements and our auditors report thereon.

Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained 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 Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act, with respect to the preparation of these Financial Statements that give a true and fair view of the State of Affairs, Profit and Cash Flows of the Company in accordance with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021, 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 of the appropriate accounting software for ensuring compliance with applicable laws and regulations including those related to retention of audit logs; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Board of Directors is responsible for assessing the Companys 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 intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud

or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

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

a) Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013 ("the Act") we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place with reference to Financial Statements and the operating effectiveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

d) Conclude on the appropriateness of the Managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

e) Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 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 Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors 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 (Auditors Report) Order, 2020 (the Order), 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, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid 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.

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

d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards (Ind-AS) prescribed under Section 133 of the Act.

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

f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph b above on reporting under Section 143(3)(b) and paragraph i(viii) below on reporting under Rule 11(g) of the Rules.

g) With respect to the adequacy of the Internal Financial Controls with reference to Financial Statements of the Company and the operative effectiveness of such controls, please refer our report in the Annexure B.

h) In our opinion and to the best of our information and according to the explanation given to us, the managerial remuneration for the year ended 31 March 2026 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 of the Act read with Schedule V of the Act and the rules thereunder.

i) With respect to the other matters to be included in the Auditors 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. Based on written representation received from the Management, except matters disclosed at Note 26 to the Financial Statements the Company does not have any pending litigations as at 31 March 2026 which would have an impact on its financial position in its Financial Statements;

ii. The Company does not have any long-term contracts including long term derivatives contracts for which there were any material foreseeable losses;

iii. As per written representation received from the Management, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company;

iv. The Management has represented that, to the best of its knowledge and belief, 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;

v. The management has represented, that, to the best of its knowledge and belief, 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 audit procedures which we 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 (iv) and (v) contain any material mis-statement.

vii. In our opinion and according to information and explanation given to us, the final dividend proposed in the previous year, declared and paid by the Company during the current year is in accordance with Section 123 of the Companies Act, 2013, as applicable. Further, for current year, the management has deferred decision on dividend and no dividend has been proposed as on date of this report.

viii. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial 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 S P M L & Associates Chartered Accountants FRN - 136549W

CA Govind Mandhania (Partner)

M No-183098

Date: 30 May 2026 Place: Mumbai

UDIN: 26183098GDVJHC4117

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our Independent Auditors report to the Members of AAA Technologies Limited on the Financial Statements for the year ended 31 March 2026)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) a. (A) The company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The company has maintained proper records showing full particulars of intangible assets held.

b. According to the information and explanations given to us, the Property, Plant and Equipment have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us and based on the examination of records of the company, the title deed of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements are held in the name of the company.

d. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment or intangible assets during the year.

e. Based on the information and explanation furnished to us, no proceedings have been initiated on the Company under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) and Rules made there under.

(ii) a. The Company does not hold inventory as on 31 March 2026 and thus, physical verification of the inventories is not applicable during the year ended 31 March 2026. Therefore, reporting under clause 3(ii)(a) of the Order is not applicable.

b. According to information and explanation given to us, The Company has not availed any working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. Therefore, reporting under clause 3(ii)(b) of the Order is not applicable.

(iii) a. According to the information and explanations provided to us, the Company has provided loans and advances to other entities, the detail of which is as follows

(INR in Lakhs

Particulars of loans and advances	Aggregate amount during year (Net)	Balance outstanding as at 31 March 2026 (including interest due, if any)
To subsidiaries, joint ventures and associates	NA	NA
To others	INR 1885.27 Lakhs	INR 1843.89 Lakhs

b. Based on explanation and information provided to us, the terms and conditions of the grant of loans, if any, during the year are, prima facie, not prejudicial to the Companys interest. However, such loans are unsecured in nature and the Loan (other than loans to employees) has been issued based on Email Communication and confirmation. The Company has not made any investments during the year.

c. Based on the explanation and information provided to us, in respect of loans granted by the Company, repayment terms of loans (except for loans to employees, which are generally given interest-free based on their employment with the Company) has been stipulated in the Email Communicated Loan term Sheet with the counter-party, however, no loan agreement copy(s) is not available for our review. Further, as per the email Loan Term Sheet, no repayment of loan or interest has become due to the Company as on 31 March 2026.

d. In respect of loans granted by the Company, there is no overdue amount remaining outstanding for more than 90 days as at the Balance Sheet date.

e. No loan granted by the Company, which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

f. Except for loans granted to Employees no loans are repayable on demand and the terms of loan repayment has been stipulated in the Email Loan Term Sheet, however, no loan agreement copy(s) is available for our review. Further, based on records examined by us, the Company has not granted any loans or advances to its promoters or related parties.

(iv) According to information and explanation given to us and based on written representation from the management, the company has complied with the provisions of section 185 and 186 of the Act, in respect of the loans given by the Company.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public as per the provisions of section 73 to 76 of the Act and rules framed thereunder, and accordingly, the provisions of Clause 3(v) of the Order are not applicable to the Company.

(vi) According to the information and explanations given to us and based on written representation received from the management, the maintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules, 2014 has not been specified by the Central Government under Section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause 3(vi) of the order is not applicable to the Company.

(vii) a. According to the information and explanations given to us and according to the books and records as produced and examined by us, in respect of statutory dues, the Company has been generally regular in depositing undisputed statutory dues including Income Tax / withholding taxes and other material statutory dues as applicable with the appropriate authorities. As at last day of financial year, there were no amounts payable in respect of the aforesaid statutory dues outstanding for a period of more than six months from the date they became payable.

However, on certain occasion, there have been delays in depositing of statutory dues in respect Income-tax; dues to GST Authorities & Profession Tax authorities and the Company has deposited such dues along with the due interest / late (or additional) fees to the respective authorities.

b. According to the information and explanations given to us and the records of the Company examined by us, as on 31 March 2026, there are no statutory dues referred to in sub-clause (a) which have not been deposited on account of any dispute, except as disclosed at Note 26 to the Financial Statements, if any.

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) According to the information and explanations given to us and based on records examined by us, the Company has not obtained / utilized / received any loans or credit facilities during the year and therefore, reporting under Clause 3(ix) is not applicable.

(x) a. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

b. The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) a. Based upon the audit procedures performed and the information and explanations given by the management, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.

b. No report under sub-section (12) of section 143 of the Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

c. According to the information and explanations given to us, the Company has not received any whistle blower complaints during the year (and up to the date of this report), while determining the nature, timing and extent of our audit procedures.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, the provisions of Clause 3(xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us and based on representation received from the Management of the Company, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been duly disclosed at Note 35 to the Financial Statements.

(xiv) In our opinion and based on our examination the Company is required to appoint an internal auditor in accordance with the provisions of Section 138 of the Companies Act, 2013. Accordingly, the Company has appointed an Internal Auditor during the year. The internal audit function is commensurate with the size and nature of its business. The internal audit reports issued during the year have been considered by us in determining the nature, timing and extent of our audit procedures.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with the directors, requiring compliance with Section 192 of the Companies Act.

(xvi) a. The Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934) and accordingly, the requirements to report under clause 3(xvi)(a) of the Order is not applicable to the Company.

b. The Company is not engaged in any Non-Banking Financial or Housing Finance activities during the year and accordingly, the provisions stated under clause 3 (xvi)(b) of the Order are not applicable to the Company.

c. The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

d. There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) In our opinion and according to the information and explanations given to us, the Company has not incurred cash losses during the current or preceding financial year.

(xviii) The outgoing auditors have not raised any issues, objections or concerns and therefore, we have nothing to report in this regard under clause 3(xviii) of the Order.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Financial Statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In our opinion and according to the information and explanations given to us, the company has not fall under the categories to spent amount under sub-section (5) of section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order as it is not applicable.

(xxi) In our opinion and according to the information and explanations given to us, the company does not have any subsidiary, joint venture, associate companies or other entities for applicability of consolidated Financial Statements for the year ended 31 March 2026 and therefore, reporting under clause 3(xxi) of the Order is not applicable.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT (Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirements section of our report to the Members of AAA Technologies Limited)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AAA Technologies Limited ("the Company") as of 31^st March, 2026 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that

(A) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(B) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has an internal financial controls system over financial reporting and such internal financial control system was operating reasonably as at March 31, 2026, however, there is a need to strengthen the said system from documentary standpoint, considering the size of the business activities of the Company, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Certain areas for further strengthening have been observed and suggested to the Company in respect of certain controls at entity level and key operational level, the documentation and evidence of performance require strengthening and further enhancement to ensure adequate coverage and consistency. In some instances, certain controls are being exercised through informal procedures, and formalization and documenting of such controls would further strengthen the overall control environment, so as to commensurate with the size and nature of business operations of the Company.

For S P M L & Associates Chartered Accountants FRN - 136549W

CAGovind Mandhania (Partner)

M No-183098

Date: 30 May 2026

Place: Mumbai

UDIN: 26183098GDVJHC4117

AAA Technologies Limited

CIN: L72100MH2000PLC128949