Cadsys (India) Ltd Auditor Reports

Fc- the yean ended March 3d, 3035

To

The Members of Cadsys (India) Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone financial statements of Cadsys (India) Limited ("the Company"), which
comprise the Balance sheet as at March 31, 2025, and the Statement of Profit and Loss and statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter 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 (‘Act) in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, its profit and cash flows 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 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 together with
the ethical requirements that are relevant to our audit of the Standalone financial statements under the provisions of the
Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone financial statements for the current period. These matters were addressed in the context of our audit of the
Standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. There were no key Audit Matters to communicate during the Present Financial Year.

Information Other than the Financial Statements and Auditors Report
Thereon

The Companys Board of Directors are responsible for the preparation of other information. The other information
comprises the information included in the Management Discussion and Analysis Boards Report including Annexures to
Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include
the 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 with our knowledge obtained during the course of our 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 Companys Board of directors are responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these Standalone financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the accounting standards 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 irregularities; 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 Standalone financial
statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, Management and 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 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 Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an 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 standalone financial statements.

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

• Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal 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 Companies Act, 2013, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls system in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Management and Board of Directors.

• Conclude on the appropriateness of managements and 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. Standalone 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 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.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 standalone 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 standalone 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 head verse 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 Companies Act, 2013, 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 Section143(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 purposes of our audit.

B. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.

C. The Balance sheet, the Statement of profit and loss, and the Cash flow statement dealt with by this report are in agreement
with the books of account.

D. In our opinion, the aforesaid Standalone financial statements comply with the accounting standards specified under section
133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014;

E. There are no adverse observations or comments of the auditors on financial transactions or matters which have any adverse
effect on the functioning of the company.

F. On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of
Section164(2) of the Act.

G. With respect to the adequacy of the internal financial controls with reference to the financial reporting of the Company and
the operating effectiveness of such controls, refer to our separate Report in "Annexure B."

H. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal
financial controls with reference to the financial statements.

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:

a. The Company does not have any pending litigations which would impact its financial position as at 31st March 2025.

b. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.

c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.

d. The management has represented that, to the best of its knowledge and belief, that

i. No funds (which are material either individually or in the aggregate) 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
or entity, including foreign entity ("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 what so ever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;

ii. No funds (which are material either individually or in the aggregate) have been received by the Company from
any person 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;

iii. Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.

e. In our opinion and according to the information and explanations given to us, no dividends have been proposed during
year or paid during the year by the company.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023;

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, 2025 which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of the audit trail feature being tampered with.

3. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section
197(16) of the Act, as amended, in respect of whether the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of section 197 of the Act

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT ISSUED TO
THE MEMBERS OF CADSYS (INDIA) LIMITED OF EVEN DATE

(Referred to ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of
account and records examined by us in the normal course of audit, we state that:

i) In respect of the Companys Property, Plant and Equipment and Intangible Assets:

(a) (i) The Company has maintained proper records showing full particulars, including quantitative details and situation
of Property, Plant and Equipment and relevant details of right-of-use assets.

(ii) The Company has maintained proper records showing full particulars of intangible assets

(b) The Company has a program of physical verification to cover all items of Property, Plant and Equipment in a phased
manner over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. Pursuant to the program, certain property, plant and equipment were physically verified
by the management during the year. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.

(c) Based on our examination of lease agreement for land/ Registered sale deed/ transfer deed/conveyance deed
provided to us, we report that, the title in respect of all other immovable properties (other than properties where the
company is the lessee and the lease agreements are duly executed in favor of the lessee), disclosed in the financial
statements included under Property, Plant and Equipment are held in the name of the Company as at the balance
sheet date.

(d) Based on our examination of the records of the Company, the Company has not revalued any of its Property, Plant
and Equipment (including right-of-use assets) or intangible assets or both during the year.

(e) Based on our examination of the records of the company, there are no proceedings initiated during the year or are
pending against the Company as at March 31, 2025 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made there under.

ii) (a) The company does not have inventory. Hence clause (ii) (a) does not applicable.

(b) The Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks or
financial institutions on the basis of security of current assets during the year. According to the information and
explanations given to us, and based on our verification of the books of account and other relevant records, the
quarterly returns or statements filed by the Company with such banks or financial institutions are in agreement with
the books of account of the Company.

iii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, during the year, the Company has not made any investments in, provided any guarantee or security, or
granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability
Partnerships or any other parties. Accordingly, the reporting under sub-clauses (a) to (e) of clause 3(iii) of the Order is not
applicable.

iv) According to the information and explanations given to us and based on our examination of the records of
the Company, the Company has not made any loans, provided any guarantees, given any securities or made
any investments as specified under the provisions of Sections 185 and 186 of the Companies Act, 2013.
Accordingly, the provisions of clause 3(iv) of the Order are not applicable.

v) According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public
within the meaning of Sections 73 to 76 of the Companies Act, 2013 and the rules made thereunder.

Accordingly, the provisions of clause 3(v) of the Order are not applicable.

vi) According to the information and explanations given to us and based on our examination of the records of the
Company, the maintenance of cost records has not been prescribed by the Central Government under sub-section (1)
of section 148 of the Companies Act, 2013 for the activities carried out by the Company.

Accordingly, the provisions of clause 3(vi) of the Order are not applicable.

vii) In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods
and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom,
duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate
authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees
State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and
other material statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date
they became payable.

(b) There are no dues of Income Tax or Sales Tax or Service Tax or Duty of customs or duty of Excise or Value added
tax or GST, which have not been deposited on account of any dispute.

viii) According to the information and explanations given to us and based on our examination of the records of the
Company, there were no transactions that were not recorded in the books of account. Accordingly, no unrecorded
income has arisen which needs to be recorded during the year under the Income Tax Act, 1961. Therefore, the
provisions of clause 3(viii) of the Order are not applicable.

iX) (a) Based on our examination of the records of the company, the Company has not defaulted in repayment of loans
or other borrowings to financial institutions, banks, government, and dues to debenture holders or in the payment
of interest thereon to any lender.

(b) Based on our examination of the records of the company, the Company has not been declared willful defaulter by
any bank or financial institution or other lender.

(c) The Company has not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not
applicable.

(d) Based on our examination of the records of the company, we report that no funds raised on short term
basis have been utilized for long term purposes.

(e) On an overall examination of the 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 subsidiaries.

(f) The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries. Joint
ventures and associates and hence reporting on clause 3(ix)(f) of the Order is not applicable.

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

(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 / private placement of shares or fully or
partly or optionally convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not
applicable.

Xi) (a) Based on our examination of the records of the company, we report that no fraud by the Company or on the
Company has been noticed or reported during the year.

(b) 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.

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

during the year.

Xii) The Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph 3(xii) of the Order is not
applicable.

Xiii) Based on our examination of the records of the Company, the transactions with the related parties are in compliance
with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the
financial statements as required by the applicable accounting standards.

Xiv) (a) In our opinion the Company has an adequate Internal audit system commensurate with the size and the nature of
its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year
and till date, in determining the nature, timing and extent of our audit procedures.

Xv) In our opinion and according to the information and explanations given to us, the Company has not entered into non-
cash transactions with directors or persons connected with them. Hence provisions of section 192 of the Act, 2013 are
not applicable to the Company.

Xvi) (a) In our opinion and according to the information and explanations given to us, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, clause 3(xvi)(a) of the Order is
not applicable.

(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(b) of the Order is not applicable.

(c) In our opinion and according to the information and explanations given to us, the Company is not a Core
Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly,
paragraph 3 (xvi) (c) of the Order is not applicable.

(d) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of
India. Accordingly, paragraph 3 (xvi) (d) of the Order is not applicable.

Xvii) The Company has not incurred cash losses in the financial year and in the immediately Preceding financial year.

Xviii) There has been no resignation of statutory auditors during the year, Accordingly, Paragraph 3(xviii) of the order is not
applicable.

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) (a) In our opinion and according to the information and explanations given to us, provisions of section 135 relating to
Corporate Social Responsibility are not applicable to the company.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT of on the
standalone IND AS Financial Statements of M/s CADSYS (INDIA) LIMITED
for the year ended March 31, 2025.

(Referred to in paragraph 2(f) under ‘Report on other legal and regulatory requirements section of our report to the
Members of CADSYS (INDIA) LIMITED of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of sub-section 3 of
Section143 of the Companies Act,2013 (the "Act")

We have audited the internal financial controls over financial reporting of M/s CADSYS (INDIA) LIMITED (the "Company")
as of March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the
year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial
statements and such internal financial controls were operating effectively as at 31 March 2025, based on the internal
financial controls with reference to financial statements 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 (the "Guidance Note").

Managements Responsibility for Internal Financial Controls

The Companys management and Board of Directors are responsible for establishing and maintaining internal financial
controls based on the internal controls with reference to financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note. 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 the 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

Our responsibility is to express an opinion on the Companys internal financial controls with reference to the standalone
Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the
Standards on Auditing ("SA"), prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal
financial controls with reference to the standalone Financial Statements.

Those SAs and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether adequate internal financial controls with reference to the standalone
Financial Statements were established and maintained and whether 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 with reference to the Standalone Financial Statements and their operating effectiveness. Our audit of internal
financial controls with reference to the Standalone Financial Statements included obtaining an understanding of internal
financial controls with reference to the Standalone Financial Statements, 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 judgement, including the assessment of the risks of material
misstatement of the Standalone 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 control with reference to financial statements.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial control with reference to 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 (i) pertain 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 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 (iii) 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 be come inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2025, based on the criteria for internal financial
control over financial reporting 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 ICAI.

For DARAPANENI & Co.

Chartered Accountants,

Firm Registration Number: 000685S

 

Sd/-

Sree Rama Chandra Murthy .Ch

Partner

Membership No. 233010

UDIN: 25233010BMIABI4486

 

Place : Hyderabad

Date : May 30, 2025