BLB Ltd Auditor Reports

To the Members of BLB Limited

Repofit on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of BLB Limited (“the Company”), which comp_ise the standalone Balance sheet as at 31st March 2026, the standalone Statement of Profit and Loss, including the statement of Other Comprehensive Income, the standalone Statement of Cash Flow and the standalone Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a summaDy of mateDial accounting policies and other explanatocy infocmation.

In our opinion and to the best of our infocmation and according to the explanations given to us, the aforesaid standalone financial statements give the infocmation required by the Companies Act, 2013, (“the Act”) in the manner so required and give a tTue and fair view in confocmity with the Indian Accounting Standards prescCibed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting p_inciples generally accepted in India, of the state of affairs of the Company as at 31st March, 2026, and 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 specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are fufither desc_ibed in the Auditocs Responsibilities for the Audit of the standalone financial statements section of our repofit. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chattered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and approp_iate 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 judgement, were of most significance in our audit of the standalone financial statements of the cufirent pe_iod. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in focming our opinion thereon, and we do not provide a separate opinion on these matters. We have deteDmined the matters desc_ibed below to be the key audit matters to be communicated in our repofit.

Key Audit Matter	How our audit addressed the key audit matter
Assessing impai_ment of Investments in Equity Inst_uments, etc	Our procedures in assessing the management judgement for the impai_ment assessment included, among others, the following:
Du_ing the year, the Company held significant investments in quoted and unquoted equity shares, preference shares, and equity inst_uments of its subsidia_y company. As at 31st March, 2026, the ca_uying value of the Company total investments amounted to Rs. 1,137.14 lakhs (net of impai_ment/fair value adjustments). The Company has recognized a net impai_ment loss of Rs. 153.11 lakhs du_ing the year against these investments.	· Assessed the valuation methodologies and accounting frameworks applied by the Company in deteDmining the fair value and recoverable amounts against standard practices and applicable Ind AS.
Management regularly reviews whether there are indicators of impai_ment or changes in fair value by reference to the requirements of Ind AS 109 (Financial Inst_uments) and Ind AS 36 (Impai_ment of Assets), as applicable.	· Obtained, reviewed and mathematically veDified the valuation workings prepared by management for both quoted and unquoted financial inst_uments.
The deteDmination of the recoverable amount and fair value of these non-cufirent investments involves significant management judgment, complex assumptions, and estimates, pafiticularly regarding the valuation of unquoted inst_uments and assessing long-teDm diminution in the value of subsidia_ies. Accordingly, we considered this to be a key audit matter.	· Obtained and reviewed the management assessment of impai_ment and reversal of impai_ment losses relating to quoted and unquoted investments.
	· Tested the fair value of quoted investments by cross-referencing the Bhav copy downloaded from the NSE pofital and compaDing it with the ca_uying value in the books.
	· Evaluated the fair value of unquoted investments using the latest available audited or unaudited financial statements of the respective companies and compaDing it with the ca_uying value in the books.
	· Reviewed managements assessment of impai_ment indicators for the subsidia_y company, including evaluating histo_ical pe_fo_mance and future business projections.
	· Assessed the adequacy and approp_iateness of the disclosures made in the standalone financial statements regarding such investments. Based on the procedures pe_focmed, we found the valuation to be reasonable and the related impai_ment assessment to be approp_iate.

 

Assessing the ca_uying value of Advances paid for booking/purchase of Investment propefities.	Our audit procedures in relation to the assessment of recoverability of capital advances included the following:
As at 31st March, 2026, the Company has given significant capital advances of Rs. 1,779.83 lakhs for the booking / purchase of investment propefities.	· Evaluated the underlying booking / purchase agreements, letters of intent, and legal te_ms associated with these capital advances to understand the timelines, obligations, and transfer of titles;
Assessing the ca_uying value and recoverability of these advances involved significant management judgment, including evaluating whether any impai_ment provision was required. Accordingly, we considered this to be a key audit matter.	· Enquires made with management regarding the cufirent status of the transactions and inspected relevant project development updates and suppofiting documentation relating to the proposed acquisitions;
	· CLitically evaluated management assessment of recoverability, including checking for any indicators of default, legal disputes, or long-standing stagnation including changes, if any, in the underlying projects;
	· Reviewed subsequent developments up to the date of our repofit to check if any propefities were registered or if advances were refunded/adjusted;
	· Assessed the adequacy and approp_iateness of the disclosures made in the financial statements regarding these capital advances.
	Based on the procedures pe_fo_med, we found management assessment of the ca_uying value of these advances to be reasonable.

Infocmation Other than the Standalone Financial Statements and Auditocs Repofit Thereon

The Companys Board of Directors is responsible for the preparation of the other infocmation. The other infocmation comp_ises the Boards Repofit, Management Discussion and Analysis and Corporate GoveDnance, but does not include the standalone financial statements and our auditocs repofit thereon.

Our opinion on the standalone financial statements does not cover the other infocmation and we do not express any focm of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other infocmation and, in doing so, consider whether the other infocmation is mateDially inconsistent with the financial statements or our knowledge obtained du_ing the course of our audit or othe_wise appears to be mateDially misstated.

If, based on the work we have pe_focmed, we conclude that there is a mateDial misstatement of this other infocmation, we are required to repofit that fact. We have nothing to repofit in this regard.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Companys Management and the 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 tTue and fair view of the financial position, financial pe_focmance, changes in equity and cash flows of the Company in accordance with the accounting p_inciples generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. 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 i regulacities; selection and application of approp_iate accounting policies; making judgments and estimates that are reasonable and p_udent; and design, implementation and maintenance of adequate inteDnal financial controls, that were operating effectively for ensu_ing the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a tTue and fair view and are free from mateDial misstatement, whether due to fraud or eDror.

In prepa_ing the standalone financial statements, Management and the Board of Directors are responsible for assessing the Companys ability to continue as a going conce?n, disclosing, as applicable, matters related to going conce?n and using the going conce?n basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alteDnative but to do so.

The Companys management and the Board of Directors are also responsible for overseeing the Companys financial repofiting process.

Auditocs 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 mateDial misstatement, whether due to fraud or eDror, and to issue an auditocs repofit that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing (SAs) will always detect a mateDial misstatement when it exists. Misstatements can auise from fraud or eDror and are considered mateDial 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 pafit of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the Disks of mateDial misstatement of the standalone financial statements, whether due to fraud or eDror, design and pe_focm audit procedures responsive to those _isks, and obtain audit evidence that is sufficient and approp_iate to provide a basis for our opinion. The _isk of not detecting a mateDial misstatement resulting from fraud is higher than for one resulting from eDror, as fraud may involve collusion, forge_y, intentional omissions, misrepresentations, or the oveD_ide of inteDnal control.

Obtain an understanding of inteDnal control relevant to the audit in order to design audit procedures that are approp_iate 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 inteDnal financial controls system in place and the operating effectiveness of such controls.

Evaluate the approp_iateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the approp_iateness of managements use of the going conce?n basis of accounting and, based on the audit evidence obtained, whether a mateDial uncefitainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going conce?n. If we conclude that a mateDial uncefitainty exists, we are required to draw attention in our auditocs repofit 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 auditocs repofit. However, future events or conditions may cause the Company to cease to continue as a going conce?n.

Evaluate the overall presentation, stflucture 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 communicated with those charged with goveDnance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inteDnal control that we identify du_ing our audit.

We also provide those charged with goveDnance 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 goveDnance, we deteDmine those matters that were of most significance in the audit of the standalone financial statements of the financial year ended on 31st March 2026 and are therefore the key audit matters. We desc_ibe these matters in our auditocs repofit unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we deteDmine that a matter should not be communicated in our repofit because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Repofit on Other Legal and Regulatocy Requirements

1. As required by the Companies (Auditocs Repofit) Order, 2020 (“the Orde_”), issued by the Central GoveDnment of India in teDms of sub-section (11) of Section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Fucther to our comments in Annexure A, as required by Section 143(3) of the Act, we repofit that:

(a) We have sought and obtained all the infocmation and explanations which to the best of our knowledge and belief were necessaDy for the purposes of our audit of the aforesaid 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.

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Repofit 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;

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

(f) With respect to the adequacy of the inteDnal financial controls with reference to standalone financial statements and the operating effectiveness of such controls, refer to our separate Repofit in “Annexure B” to this repofit.

(g) In our opinion and to the best of our infocmation and according to the explanations given to us, the remuneration paid by the Company to its directors du_ing the year ended 31st March, 2026, is in accordance with the provisions of section 197 read with Schedule V to the Act and the _ules thereunder;

(h) With respect to the other matters to be included in the Auditocs Repofit in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our infocmation and according to the explanations given to us: -

i. The Company has disclosed the impact of pending litigations as at 31st March 2026 on its financial position in its standalone financial statements;

ii. The Company did not have long-teDm contracts including de_ivate contracts for which there were any mateDial foreseeable losses;

iii. There were no amounts which were required to be transfeDred 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, no funds have been advanced or loaned or invested (either from bo_rowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities (“InteDmediaDies”), with the understanding, whether recorded in w iting or othe_wise, that the InteDmediaDy shall:

i) 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 Beneficiaeies”) or

ii) provide any guarantee, secu_ity or the like on behalf of the Ultimate Beneficiaeies;

(b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entities (“Funding Pafities”), with the understanding, whether recorded in w iting or othe_wise, that the Company shall: i) whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Pafity (“Ultimate Beneficiaeies”) or

ii) provide any guarantee, secu_ity or the like on behalf of the Ultimate Beneficiaeies; and

(c) Based on such audit procedures that were considered reasonable and approp_iate 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 mateDial misstatement.

v. The Company has not declared/paid any dividend du_ing the year and subsequent to the year-end.</p>

vi. Based on our examination which included test checks, the Company has used an accounting software which is operated by a third pafity se_vice provider for maintaining its books of account, which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. Fucther, du_ing the course of our audit we did not come across any instance of audit trail feature being tampered with respect to the accounting software and the management has represented that the audit trail feature cannot be disabled and the Company has preseCved the Audit trail as per the statutocy requirements for records retention.

ANNEXURE “A” TO THE INDEPENDENT AUDITORS REPORT

(refeDred to in paragraph 1 under Repofit on Other Legal and Regulatocy Requirement section of our repofit of even date addressed to the Members of BLB Limited on the Standalone Financial Statements for the year ended 31st March, 2026)

In teDms of the infocmation and explanations sought by us and given by the Company and the books of account and records examined by us in the no_mal 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 pafiticulars including quantitative details and situation of propefity, plant and equipment.

(B) The Company has maintained proper records showing full pafiticulars of intangibles assets.

(b) Propefity, Plant and Equipment have been physically veDified by the Management at reasonable inteDvals and no mateDial discrepancies were noticed on such veDification.

(c) The title deeds of all the immovable propefities (other than propefities 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) The Company has not revalued its Propefity, Plant and Equipment (including Right of use assets) or intangible assets du_ing the year ended 31st March 2026.

(e) There are no proceedings initiated or are pending against the Company for holding any benami propefity under the Prohibition of Benami Propefity Transactions Act, 1988 and _ules made thereunder.

(ii) (a) The Companys business involves inventocies of shares, secu_ities and mutual funds held as stock-in-trade and the same have been veDified by the management with demat accounts maintained with depositocies and with the custodians at reasonable inteDvals on a regular basis. The Company is maintaining proper records of inventocies and as explained to us, no discrepancies were noticed on veDification of stocks and book records.

(b) Du_ing the year, the Company has been sanctioned working capital limits in excess of Rs. five crores in aggregate both for non-fund and fund-based facilities from banks on the basis of secu_ity of cufirent assets and fixed deposits of the Company. The management has infocmed that as per the bank sanction letter, the Company was not required to file any qua!terly retuTns /statements with such bank.

(iii) Du_ing the year the Company has made investments in other entities. However, the Company has not provided any guarantee or secu_ity or granted any loans or advances in the nature of loans, secured or unsecured, to fi_ms, Limited Liability Pafitnerships or any other pafities.

a) Du_ing the year the Company has not provided loans, advances in the nature of loans, stood guarantee or provided secu_ity to companies, fi_ms, Limited Liability Pafitnerships or any other pafities. Accordingly, the requirement to repofit on clause 3(iii)(a) of the Order is not applicable to the Company.

b) In our opinion and according to the infocmation and explanations given to us, the teDms and conditions of the investments made du_ing the year are, p_ima facie, not prejudicial to the Companys interest. c) That the Company did not make any loans or advances in the nature of loans, secured or unsecured, to fi_ms, Limited Liability Pafitnerships or any other pafities Accordingly, the requirement to repofit on clause 3(iii)(c), (d), (e), & (f) of the Order is not applicable to it.

(iv) There are no loans, investments, guarantees and secu_ity in respect of which provisions under of Sections 185 and 186 of the Companies Act 2013 are applicable and accordingly, the requirement to repofit on clause 3(iv) of the Order is not applicable to the Company.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act 2013, and the _ules made thereunder, to the extent applicable. Accordingly, the requirement to repofit on clause 3(v) of the Order is not applicable to the Company.

(vi) The Central GoveDnment has not specified the maintenance of cost records under section 148(1) of the Companies Act, 2013 for any of the activities rendered by the Company. Accordingly, the requirement to repofit on clause 3(vi) of the Order is not applicable to the Company.

(vii) (a) The Company is regular in depositing with approp_iate autho_ities, undisputed statutocy dues including Goods and Se_vices Tax, Provident Fund, Employees State Insurance, Income-Tax, Cess and any other statutocy dues. As infocmed by the management, the provisions of sales tax, custom duty, excise duty and value added tax are cufirently not applicable to the Company. According to the infocmation and explanation given to us and based on audit procedures pe_focmed by us, no undisputed amounts of statutocy dues were in afirears as at 31st March 2026 for a peuiod of more than six months from the date they became payable.

(b) There are no statutocy dues refeDred to in sub-clause (a) which have not been deposited with the approp_iate autho_ities on account of disputes.

(viii) The Company has not sufirendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income du_ing the year. Accordingly, the requirement to repofit on clause 3(viii) of the Order is not applicable to the Company.

(ix) a) The Company has not defaulted in repayment of loans or other bo_rowings or in the payment of interest thereon to any lender.

b) The Company has not been declared as a wilful defaulter by any bank or financial institution or goveDnment or any goveDnment autho_ity du_ing the year.

c) The Company did not have any teDm loans outstanding du ing the year hence, the requirement to repofit on clause 3(ix)(c) of the Order is not applicable to the Company.

d) On an overall examination of the standalone financial statements of the Company, no funds raised on shott-teDm basis have been used for long-teDm purposes du_ing the year by the Company.

e) 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 subsidia_y. The Company does not have any associate or joint venture as at 31st March 2026.

f) The Company has not raised loans du_ing the year on the pledge of secu_ities held in its subsidia_y. Hence, the requirement to repofit on clause (ix)(f) of the Order is not applicable to the Company. The Company does not have any associate or joint venture as at 31st March 2026.

(x) (a) The Company has not raised any money du_ing the year by way of initial public offer or fufither public offer (including debt inst_uments) hence, the requirement to repofit on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or p_ivate placement of shares /fully or pafitially or optionally convefitible debentures du_ing the year under audit and hence, the requirement to repofit on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No fraud by the Company or on the Company has been noticed or repofited du_ing the year.

(b) Du_ing the year, no repofit under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by secretaTial auditor or by us in Focm ADT 4 as prescCibed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central GoveDnment.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company du_ing the year.

(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013 Therefore, the requirement to repofit on clauses 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.

(xiii) According to the infocmation and explanations given to us and based on our examination of the records, all the transactions with its related pafities are in compliance with sections 177 and 188 of the Companies Act, 2013 where applicable and the details of related pafity transactions have been disclosed in the notes of standalone financial statements as required by the applicable accounting standards.

(xiv) (a) The Company has an inteDnal audit system commensurate with the size and nature of its business;

(b) The inteDnal audit repofits of the Company issued till the date of the audit repofit, for the pe_iod under audit have been considered by us.

(xv) According to the infocmation 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 its directors or persons connected with its directors du_ing the year and accordingly the requirement to repofit on clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) The provisions of section 45-IA of the ReseCve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to repofit on clause (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. Accordingly, the requirement to repofit on clause (xvi)(b) of the Order is not applicable to the Company.

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

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

(xvii) The Company has not incufired cash losses in the cufirent financial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutocy auditors du_ing the year and accordingly requirement to repofit on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in the standalone financial statements, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other info_mation accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence suppofiting the assumptions, nothing has come to our attention, which causes us to believe that any mateDial uncefitainty exists as on the date of the audit repofit that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a pe_iod 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 fufither state that our repofiting is based on the facts up to the date of the audit repofit and we neither give any guarantee nor any assurance that all liabilities falling due within a pe_iod of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transfeDred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. Accordingly, repofiting under Clause 3(xx)(a) of the Order is not applicable for the year.

(b) There are no unspent amounts in respect of ongoing projects, that are required to be transfeDred to a special account in compliance of provision of sub section (6) of section 135 of Companies Act. Accordingly, repofiting under Clause3(xx)(b) of the Order is not applicable for the year.

(xxi) The repofiting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said clause has been included in the repofit.

ANNEXURE “B” TO THE INDEPENDENT AUDITORS REPORT

(RefeDred to in paragraph 2(f) under “Repofit on Other Legal and Regulatocy Requirements” section of our repofit of even date addressed to the Members of BLB Limited on the Standalone Financial Statements for the year ended 31st March, 2026)

Repofit on the InteDnal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the “Act”)

We have audited the inteDnal financial controls with reference to Standalone Financial Statements of BLB Limited (“the Company”) as at 31st March 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

1. Managements Responsibility for InteDnal Financial Controls

The Companys management is responsible for establishing and maintaining inteDnal financial controls based on the inteDnal control over financial repofiting citeDia established by the Company consideCing the essential components of inteDnal control stated in the Guidance Note on Audit of InteDnal Financial Controls Over Financial Repofiting issued by the Institute of Chattered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate inteDnal financial controls that were operating effectively for ensu_ing 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 eDrors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial infocmation, as required under the Companies Act, 2013.

2. Auditors Responsibility

Our responsibility is to express an opinion on the Companys inteDnal financial controls over financial repofiting with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of InteDnal Financial Controls Over Financial Repofiting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescCibed under Section 143(10) of the Act to the extent applicable to an audit of inteDnal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and pe_focm the audit to obtain reasonable assurance about whether adequate inteDnal financial controls over financial repofiting with reference to standalone financial statements was established and maintained and if such controls operated effectively in all mateDial respects.

Our audit involves pe_focming procedures to obtain audit evidence about the adequacy of the inteDnal financial controls system over financial repofiting with reference to standalone financial statements and their operating effectiveness. Our audit of inteDnal financial controls with reference to standalone financial statements included obtaining an understanding of inteDnal financial controls with reference to standalone financial statements, assessing the _isk that a mateDial weakness exists, and testing and evaluating the design and operating effectiveness of inteDnal control based on the assessed _isk. The procedures selected depend on the auditocs judgement, including the assessment of the _isks of mateDial misstatement of the financial statements, whether due to fraud or eDror.

We believe that the audit evidence we have obtained is sufficient and approp_iate to provide a basis for our audit opinion on the Companys inteDnal financial controls system with reference to standalone financial statements.

3. Meaning of InteDnal Financial Controls with reference to Standalone Financial Statements

A Companys inteDnal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial repofiting and the preparation of financial statements for exteDnal purposes in accordance with generally accepted accounting p_inciples. A Companys inteDnal financial control with reference to standalone financial statements includes those policies and procedures that

i) pefitain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

ii) provide reasonable assurance that transactions are recorded as necessaDy to pe_mit preparation of financial statements in accordance with generally accepted accounting p_inciples, and that receipts and expenditures of the Company are being made only in accordance with autho_isations of management and directors of the Company; and

iii) provide reasonable assurance regarding prevention or timely detection of unautho_ised acquisition, use, or disposition of the Companys assets that could have a mateDial effect on the financial statements.

4. Inherent Limitations of InteDnal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of inteDnal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management oveD_ide of controls, mateDial misstatements due to eDror or fraud may occur and not be detected. Also, projections of any evaluation of the inteDnal financial controls with reference to standalone financial statements to future pe_iods are subject to the _isk that the inteDnal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteDiorate.

5. Opinion

In our opinion, to the best of our infocmation and according to the explanations given to us, the Company has, in all mateDial respects, an adequate inteDnal financial controls system with reference to standalone financial statements and such intefinal financial controls with reference to standalone financial statements were operating effectively as at 31st March, 2026, based on the citeDia for inteDnal financial control with reference to standalone financial statements established by the Company consideCing the essential components of inteDnal control stated in the Guidance Note on Audit of InteDnal Financial Controls Over Financial Repofiting issued by the Institute of Chattered Accountants of India.

For M/S. RAM RATTAN & ASSOCIATES,

CHARTERED ACCOUNTANTS

(FRN: 004472N)

(VAIBHAV SINGHAL)

PARTNER

M. No. 0525749

Place : New Delhi.

Dated : 27th May, 2026

UDIN : 26525749YPRIFF9282