Avio Smart Market Stack Limited Auditor Reports

To

The Members of

M/s AVIO SMART MARKET STACK LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of M/s AVIO SMART MARKET STACK LIMITED (the Company), which comprise the Balance Sheet as at 31 st March, 2026, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and Notes to the standalone financial statements, including material accounting policy information and other explanatory information. (herein 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, and the profit(Including other comprehensive income), changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit 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 Auditors 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 obtained by us is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Attention is invited to: a. Balances with certain debtors, Balances with banks and others, and amount receivable from Government authorities are reflected in the books of accounts. In line with the implementation of the Resolution Plan, some of these balances have been impaired. The management is currently in the process of identifying and engaging with the respective counterparties and regulatory authorities to reconcile any discrepancies. Furthermore, the Company has filed a writ petition before the Honble High Court of Telangana seeking to quash certain demands pertaining to previous financial years. b. Implementation of the Resolution Plan and impairment assessment of certain financial assets and liabilities. As part of the implementation of the Resolution Plan, the Management has written off and written back certain foreign currency assets and liabilities in the books of accounts, which would require relevant approval from the Reserve Bank of India (RBI). As represented to us, the Management is in the process of making suitable representations and filings with the Regulatory Authority.

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial Statements of the financial st March 2026. These matters were addressed in yearended 31 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 following matters as Key Audit Matters to be communicated in our report:

Emphasis of Matter:

Sr. No. Key Audit Matter	How our audit addressed the Key Audit Matter
1 Contingent Liabilities and Pending Litigations	- Our audit approach includes:
Reliance on NCLT Resolution Plan for Pre CIRP Tax Demands	Obtaining the NCLT order dated 10th March 2022 approving the Resolution Plan, and evaluating managements interpretation of its effect on pre-CIRP liabilities.
The Company has disclosed claims made by Income tax department were not acknowledged as debt of Rs.10,926.40 lakhs relating to pre CIRP period and \u30fb Rs.55.50 lakhs relating to the post CIRP period and Claims made by GST department Rs.2.56 lakhs are not acknowledged as debt.
	Obtaining and reviewing the writ petition filed before the Honble High Court of Telangana.
	Evaluating & Enquiring managements assessment, in consultation with legal counsel, of whether a provision is required under Ind AS 37 or whether contingent liability disclosure is appropriate.
The Companys has the Resolution Plan approved by the Honble NCLT vide order dated 10th March 2022, stating that all pre-CIRP debts, claims, and contingent liabilities stand extinguished. Based on the said resolution plan the company has filed a writ petition before the Honble High Court of Telangana for quashing the said demands.
	Assessing the adequacy and accuracy of the disclosures made in the financial statements regarding the nature, amount, and basis of these contingent liabilities.
Given the significant magnitude of the amounts involved we identified this as a key audit matter.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Holding Companys Management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Companys Annual Report, but does not include the standalone financial statements and our auditors 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 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.

Managements Responsibilities for the Standalone Financial Statements

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the statement, the Board of Directors are 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 are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 the Statement. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the statement, 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 financial 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 Board of Directors.

? Conclude on the appropriateness of the Board of Directors 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 statement 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 statement, including the disclosures, and whether the statement represent the underlying transactions and events in a manner that achieves fair presentation.

? Obtain sufficient appropriate audit evidence regarding the Statement of the Company to express an opinion on the Statement We communicate with those charged with governance regarding, among other matters, the planned scope and control that we timingof the significant audit findings, and 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.

Other Matters branch . held by the company, located in Singapore, which was incorporated on 27th The financial March 2025, whose financial information has been considered in the preparation of the standalone annual financial. The financial information relating to such branch has been provided to us by the Management in the form not audited by us. We of provisional financial have also obtained a Management Representation Letter with respect to such financial information. Accordingly, we have relied upon the provisional statements and representations provided by the Management for the purpose of our audit procedures. financial Consequently, our opinion on the Standalone annual financial statements, in so far as it relates to the amounts and disclosures included in respect of such branch, is based solely on the financial information and representations provided by the Management.

Further, as represented by the Management, the audit of the aforesaid branch located outside India is under process and is being conducted by branch auditors in accordance with the applicable laws and regulations of Singapore. Our opinion is not modified in respect of this matter.

b. The audit of financial statements for the year ended 31st March 2025, were audited by Other Chartered Accountants, who have issued an unmodified opinion vide report dated 27th May 2025. These reports have been furnished to us by the management, which have been relied upon by us for the purpose of audit of this Statement.

Our report on the Statement is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

2. 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.

3. 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 account as required by law have been kept by the Company so far as it appears from our examination of those books including the manner prescribed under Rule 3(1) of the Companies (Accounts) Rules, 2014, except that the audit trail feature was not enabled as reported under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

c. The standalone financial statements dealt with by this report are in agreement with the books of account; d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, 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 maintenance of accounts and other matters connected therewith refer to our comments in paragraph 3(b) above on reporting under Section 143(3)(b) of the Act and paragraph 3(h)(viii) below on reporting under rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 March 2026 and the operating effectiveness of such controls, refer to our separate report in Annexure B to this report. h. 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. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 37 to the Standalone Financial Statements

ii. The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 st March 2026.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2026. However, The Company had not transferred INR 4.91 Lakhs pertaining to the dividend for the financial year 2010-11 to the Investor Education and Protection Fund in the year in which it was payable. Refer Note 42 to the Standalone Financial Statements.

iv. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to accounts, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (the 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 (the Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

v. The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (the 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 identifiedin 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 such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.

vii. The company has not declared, paid interim dividend or proposed final dividend for the year. viii. Based on our examination, which included test checks and information and explanations given to us, the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility; however, the said feature was not enabled during the year. Consequently, the audit trail was not operational throughout the year for all relevant transactions recorded in the accounting software.

Additionally, audit trail feature was not enabled in the accounting software during the previous year also.

For SVRL & Co
Chartered Accountants
Firms Regn.No:016182S

Sd/-
G Ramakrishna
Partner
M No: 213487
UDIN: 26213487BGUSQU9053

Place: Hyderabad
Date: 29-05-2026

Annexure A to the Auditors Report

To the Independent Auditors Report

The Annexure A referred to in clause 2 of Report on Other Legal and Regulatory Requirements paragraph of the Independent Auditors Report of even date to the members of AVIO Smart Market Stack Limited (the company) on the Financial Statements as on and for the year ended 31 st 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 and Capital work-in-progress, Investment property and relevant details of right-of-use assets.

(B) The Company does not hold any intangible assets as on 31 st March 2026.

(b) All Property, Plant and Equipment have been physically verified by the management during the year. The company has a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The title deeds 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) 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 (including Right of Use assets) or intangible assets or both during the year.

(e) According to information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made there under.

ii) (a) The management has conducted physical verification of inventory at reasonable interval during the year. In our opinion the coverage and the procedure of such verification by the management is appropriate.

Inventories are stated at the lower of cost or net realizable value. There were no discrepancies of 10% or more in aggregate for each class of inventory were noticed as per book record.

(b) The Company has not been sanctioned working capital limits in excess of five crores in aggregate from banks or financial institutions during any point of time of the year on the basis of security of current assets.

Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.

iii) (a) According to the information and explanations given to us and based on our examination of the records of the Company. The company has made investments into companies. The Company has provided loans and advances in the nature of loans during the year, details of which are as follows: (INR in Lakhs)

Particulars of Loans	Loans
Aggregate amount of loans and advances granted
A. Staff Advance	0.47
Balance Outstanding as at balance sheet date 31 st March 2026
A. Staff Advance	1.01

(b) In our opinion and according to the information and explanations given to us, the investments made and the terms and conditions of grant of loans and advances in the nature of loans during the year are, prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us, in our opinion, the company has given staff advances to its employees during the year as per the companys policy and receipts are generally regular.

(d) According to the information and explanations given to us and based on our examination of records of the Company, there are no amounts overdue for more than ninety days in respect of loans and advances in the nature of loans granted by the Company.

(e) According to the information and explanations given to us, there are no loan or staff advances granted that has fallen due during the year, which has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to same parties.

(f) According to the information and explanations given to us, the company has not granted any loans or staff advances during the year either repayable on demand or without specifying any terms or period of repayment.

iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and section 186 of the Act to the extent applicable with respect to grant of loans, security, guarantee given, and investments made.

v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there are no amounts which have been deemed to be deposits within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.

vi) In our opinion, and according to the information and explanations given to us, the central government has not prescribed the maintenance of cost records under section 148(1) of the Companies Act, 2013, for any services rendered by the company. Therefore, the provisions of clause (vi) of paragraph 3 of the order are not applicable to the company.

vii) According to the information and explanations given to us, in respect of statutory dues:

a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Goods and Services Tax, Cess and other material statutory dues applicable to it with the appropriate authorities, except for certain instances of delays in depositing such dues as follows: (INR in Lakhs)

Name of the Statute	Nature of Dues	Amount	Period to which amount relates
Income Tax Act, 1961	Tax deducted at source	1.17	FY 2023-24
Goods and Service Tax Act , 2017	GST Demands	2.56	FY 2017-18

b) According to the information and explanations given to us and based on the records of the Company examined by us, the particulars of statutory dues which have not been deposited on account of disputes as at 31 March 2026 are as under: (INR in Lakhs)

Name of the Statute	Nature of Dues	Period to which due relates	Amount	Forum where Dispute is pending
Income Tax Act, 1961	Tax Deducted at Source	FY 2007-08	5.35	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2008-09	8.45	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2009-10	6.30	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2010-11	26.49	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2011-12	6.43	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2012-13	34.86	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2013-14	8.11	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2014-15	2.15	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2015-16	3.98	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2016-17	18.02	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2017-18	2.56	Honble High Court for the State of Telangana
Income Tax Act, 1961	Tax Deducted at Source	FY 2018-19	0.21	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2008-09	2599.63	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2009-10	1176.56	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2010-11	326.97	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2012-13	2868.09	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2015-16	3513.91	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2018-19	161.95	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2021-22	97.17	Honble High Court for the State of Telangana
Income Tax Act, 1961	Income Tax Demands	AY 2023-24	55.50	Commissioner of Income Tax - Ap- peals

The disputed demands pertain to period prior to the approval of the Resolution Plan by Honble National Company Law Tribunal. These demands have been collated by the management from the Income Tax Portal and the management has filed the writ petition with the Honble High Court for the State of Telangana for quashing of all the demands pursuant to the approval of the Resolution Plan. Refer Note No 37(C) to the Financial Statements.

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) (a) Based on our audit procedures and according to the information and explanations given to us, the company has not defaulted in repayment of dues to various banks and financial institutions as at 31st March 2026.

(b) 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 been declared a willful defaulter by any bank or financial institution or government or government authority or other lender.

(c) In our opinion and based on the information and explanations provided to us, the Company has applied the term loans obtained during the year for the purposes for which such loans were raised.

(d) In our opinion and according to the information and explanations given to us, and based on an overall examination of the financial statements of the Company, no funds raised on short term basis have been utilized for long term purposes.

(e) In our opinion and according to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its associate company. Accordingly, paragraph 3(ix)(e) of the Order is not applicable to the company.

(f) According to the information and explanations given to us and procedures performed by us, we report that the company has not raised loans during the year on the pledge of securities held in its associate company. Hence, the requirement to report on clause (ix)(f) of the Order is not applicable to the Company.

x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) 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 made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally) during the year. Accordingly, reporting under clause 3(x) (b) of the Order is not applicable to the Company.

xi) (a) Based on examination of the books and records of the company and according to the information and explanations given to us, we have not come across any instance of fraud by the company. We have neither come across any instance of fraud on the company, noticed or reported during the year, nor have we been informed of any such cases by the management during the course of our audit.

(b) According to the information and explanations given to us including the representation made to us by the management of the Company, no report under sub-section 12 of section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014, with the Central Government for the period covered by our audit.

(c) According to the information and explanations given to us, the company has not received any whistle blower complaints during the year. Therefore, the provisions of clause (xii)(a), (xii)b and (xii)(c) of paragraph 3 of the order are not applicable to the company.

xii) According to the information and explanations given to us, the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting under clause 3(xii) of the Order is not applicable to the Company.

xiii) In our opinion and according to the information and explanations given to us, all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the standalone financial statements, as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.

xiv) (a) According to the information and explanations provided to us, the company has appropriate internal audit system that commensurate with the size and nature of its business.

(b) We have considered the internal audit reports for the year under audit, issued to the company. xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and accordingly, reporting under clause 3(xv) of the Order with respect to compliance with the provisions of section 192 of the Act are not applicable to the Company.

xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clauses 3(xvi)(a) of the Order are not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is 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) of the Order is not applicable to the Company. (d) Based on the information and explanations given to us and as represented by the management of the Company, the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC.

xvii) The Company has not incurred cash losses in the current year and in the immediately preceding financial

xviii) During the year, there was resignation of the statutory auditors of the Company and based on the information and explanations provided to us, no issues, objections or concerns were raised by the outgoing auditors which require consideration by us while conducting our audit.

xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of the financial statements, our knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report that the Company is 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. The provisions of Clause 3(xix) of the Companies (Auditors Report) Order, 2020 are not applicable to the Company.

xx) The provisions of Clause 3(xx)(a) and Clause 3(xx)(b) of the Companies (Auditors Report) Order, 2020 are not applicable to the Company, as the provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the Company.

For SVRL & Co
Chartered Accountants
Firms Regn.No:016182S

Sd/-
G Ramakrishna
Partner
M No: 213487
UDIN: 26213487BGUSQU9053

Place: Hyderabad
Date: 29-05-2026

Annexure B to the Independent Auditors Report

The Annexure B, referred to in Clause 3(g) of Report on Other Legal and Regulatory Requirements paragraph of the Independent Auditors Report of even date to the members of AVIO Smart Market Stack Limited (the company) on the Financial Statements as of and for the year ended 31 st March 2026.

Independent Auditors Report on the internal financial controls with reference to the standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

In conjunction with our audit of the standalone financial statements of the Company as at and for the year ended 31 March 2026, we have audited the internal financial controls with reference to financial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance 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 (the Guidance Note) 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 Act

Auditors Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the

ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements and the Guidance Note issued by the ICAI. 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 with reference to financial statements were 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 risk 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 and the companys internal financial control system over financial reporting.

Meaning of Internal Financial Controls with Reference to Financial Statements

A Companys internal financial control over financial reporting is a process designed to provide reasonable assurance of regarding financial the statements for external purposes in reliability of accordance with generally accepted accounting principles. A companys internalfinancialcontrol over financial reporting includes these policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) 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 authorization of management and directors of the Company; and

(3) 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 Limitation of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to statements to future periods are subject to the risk that the internal financial controls with reference to financial financial statements 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 and to the best of our information and according to the explanations given to us, the company has, in all material aspects, an adequate internal financial controls with reference to Financial Statements and such internal financial controls with reference to Financial Statements were operating effectively as at 31 st March 2026, 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 issued by the ICAI.

For SVRL & Co
Chartered Accountants
Firms Regn.No:016182S

Sd/-
G Ramakrishna
Partner
M No: 213487
UDIN: 26213487BGUSQU9053

Place: Hyderabad
Date: 29-05-2026