Clear Secured Services Ltd Auditor Reports

2024, March 31, 2024, March 31, 2023 and March 31, 2022 and Profit and Losses and Cash Flows for the nine-month period ended December 31, 2024, each of the years ended March 31, 2024, 2023 and 2022 of CLEAR SECURED SERVICES LIMITED (Collectively, the "Restated Standalone Summary Statements")

To,

The Board of Directors,

CLEAR SECURED SERVICES LIMITED

14 B / 4, Ground floor , Plot -14/A/14B, New Sion CHS , Swami Vallanbhdas Marg , Road no : 24 , Sindhi Colony , Sion , Mumbai -400022 Dear Sirs,

1. We, Karia & Shah, Chartered Accountants, have examined the Restated Standalone Summary Statements of CLEAR SECURED SERVICES LIMITED (‘Company) as at and for the nine month period ended December 31 2024, for each of years ended March 31 2024, March 31 2023 and March 31 2022 annexed to this report and prepared by the company for the purpose of inclusion in Draft Prospectus/Prospectus ("Draft Prospectus/Prospectus") in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") prepared in terms of the requirements of; a. Section 26 of Part 1 of Chapter III of the Companies Act, 2013 (the "Act"); b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

2. We have examined the accompanied ‘Restated Statement of Profit and Loss (Annexure II) for the period ended December 31, 2024 and for the financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022, the ‘Restated Statement of Assets and Liabilities (Annexure-I) as on above dates and ‘Restated Financial Statement of Cash Flows (Annexure-III) as on above dates, forming part of the ‘Financial Information dealt with by this Report, detailed below. Both read together with the Significant Accounting Policies and Notes to Accounts (Annexure IV) thereon. The Restated Financial Information has been prepared by Companys management. The information has been extracted from the financial statements for the period ended December 31, 2024 and financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022. The Financial Statements for the period ended on December 31, 2024, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 is audited by us, Karia & Shah Chartered Accountants being the Statutory Auditor for the respective period, which was approved by the Board of Directors and upon which we have placed our reliance while reporting

3. In accordance with the requirements of Act, ICDR Regulations, Guidance Note on the reports in Company Prospectus (Revised) issued by ICAI and the terms of our Engagement Letter, we further report that: a) The "Restated Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at 31^st December 2024, 31st March 2024, 31st March 2023, 31st March 2022 are prepared by the Company and approved by the Board of Directors. This Statement of Assets and Liabilities, as restated have been arrived at after making such adjustments and regroupings to the individual Financial Statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes b) The "Restated Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for the nine month period ended 31^st December 2024, and years ended 31st March 2024, 31st March 2023 and year ended 31st March 2022, are prepared by the Company, and approved by the Board of Directors. This Statement of Profit and Loss, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Summary Statements as set out in Annexure IV to this Report. c) The "Restated Statement of Cash Flow "as set out in Annexure III to this report, of the Company for the nine month period ended on 31st December 2024, and years ended 31st March 2024, 31st March 2023 and 31st March 2022 are prepared by the Company and approved by the Board of Directors. This Statement of Cash flow, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Summary Statements as set out in Annexure IV to this Report. d) In terms of Schedule VI (Part A) (11) (II) (i) of the SEBI (ICDR) Regulations, 2018 and other provisions relating to accounts of CLEAR SECURED SERVICES LIMITED, we, Karia & Shah, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

4. Based on the above and as per the reliance placed by us on the audited financial statements of the Company and Auditors Report thereon which have been prepared by the Statutory Auditor of the Company for the period ended 31st March 2024, 31st March 2023 and year ended 31st March 2022, we are of the opinion that "Restated Financial Statements" or "Restated Summary Statements" have been made after incorporating: a) Adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per changed accounting policy for all reporting periods. b) Adjustments for any prior period material amounts in the respective financial years have been made to which they relate; and c) Adjustments on account of the statutory audit qualifications, if any, have been adjusted and regrouped to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Summary Statements as set out in Annexure IV to this Report. d) Adjustments in Financial Statements have been made in accordance with the correct accounting policies. e) There are no change in accounting policies, which needs to be adjusted in the "Restated Financial Statements". There is no revaluation reserve, which needed to be disclosed separately in the Restated Financial Statement in the respective financial years. f) The Company has made provisions for Gratuity to be payable to employees from 31st March 2022 onwards in restated financials

5. Other Financial Information:

(i) We have also examined the following standalone financial information as set out in annexure prepared by the Management and as approved by the Board of directors of the Company for six month period ended 31st December 2024 and year ended 31st March 2024, 31st March 2023 and year ended 31st March 2022.

Restated Statement of Share Capital, Reserves and surplus	Schedule 2 & 3
Restated statement of Long term and Short term Borrowings	Schedule 4 & 7
Restated statement of Other Long Term liabilities	Schedule 5
Restated Statement of Deferred Tax (Assets)/Liabilities	Schedule 13
Restated Statement of Long Term Provisions	Schedule 6
Restated Statement of Trade Payables	Schedule 8
Restated Statement of Other Current Liabilities and Short Term Provisions	Schedule 9 & 10
Restated Statement of Fixed Assets	Schedule 11
Restated Statement of Non- Current Investments	Schedule 12
Restated Statement of Long term Loans and Advances	Schedule 14
Restated Statement of Non- Current Assets	Schedule 15
Restated Statement of Inventory	Schedule 16
Restated Statement of Trade Receivables	Schedule 17
Restated Statement of Cash & Cash Equivalents	Schedule 18
Restated Statement of Short-Term Loans and Advances	Schedule 19
Restated Statement of Other Current Assets	Schedule 20
Restated Statement of Turnover	Schedule 21
Restated Statement of Other Income	Schedule 22
Restated Statement of Cost of Raw Materials Consumed	Schedule 23
Restated Statement of Purchase of stock in trade	Schedule 24
Restated Statement of Purchase of changes in inventory	Schedule 25
Restated Statement of Employee Benefit Expenses	Schedule 26
Restatement Statement of Finance Costs	Schedule 27
Restated Statement of Other Expenses	Schedule 28
Restated Statement of Mandatory Accounting Ratios	Note-31.1
Restated Statement of Related party transaction	Note-29.4
Restated Statement of Tax shelter	Note-29.5
Restated Statement of Contingent liabilities	Note-29.1
Restated Statement of Revenue	Note-21
Restated Statement of Ratio Analysis	Note-31.1

(ii) The Restated Financial Information contains all the disclosures required by the Accounting Standards notified under the Companies Act, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Act.

(iii) The preparation and presentation of the financial statements referred to above are based on the Audited financial statements of the Company in accordance with the provisions of the Act and the Financial Information referred to above is the responsibility of the management of the Company.

(iv) In our opinion, the above financial information contained in Annexure I to III and Annexure IV to Note 31.1 of this report read along with the restated statement of Significant Accounting Policies and Notes as set out in Annexure IV are prepared 232 after making adjustments and regrouping as considered appropriate and have been prepared in accordance with paragraph B, Part II of Schedule II of the Act, the SEBI Regulations, The Revised Guidance Note on Reports in Company Prospectus and Guidance Note on Audit Reports/Certificates on Financial Information in Offer Documents issued by the Institute of Chartered Accountants of India ("ICAI") to the extent applicable, as amended from time to time, and in terms of our engagement as agree with you.

(v) Consequently the financial information has been prepared after making such regroupings and adjustments as were, in our opinion considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the information may not necessarily be same as those appearing in the respective audited financial statements for the relevant years.

(vi) The report should not in any way be construed as a re-issuance or re-drafting of any of the previous audit report, nor should this constructed as a new opinion on any of the financial statements referred to herein.

(vii) We have no responsibility to update our report for events and circumstances occurring after the date of the report.

(viii) Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the IPO-SME for proposed Issue of Equity Shares of the Company and our report should not be used, referred to or adjusted for any other purpose without our written consent.

(ix) The originally incorporated CLEAR SECURED SERVICES PRIVATE LIMITED company converted in Public Limited company under section 18 of the Companies Act, 2013 and approval of Central Government signified in writing having been accorded thereto by the ROC on 01.03.2025 vide SRN AB2846119 dated 6.03.2025.

6. Auditors Responsibility

Our responsibility is to express an opinion on these restated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor‘s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company‘s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

7. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the restated financial statements read together with the notes thereon, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable;

a) In the case of Restated Statement of Assets and Liabilities of the Company as at 31st December 2024, 31st March 2024, 31st March 2023 and year ended 31st March 2022; b) In the case of the Restated Statement of Profit and Loss, of the profit of the Company for the Years/Period ended on that date; and c) In the case of the Restated Cash Flow Statement, of the cash flows of the Company for the Years/Period ended on that date.

For Karia & Shah Chartered Accountants (Firms Registration No. 112203W)

Sd/-

Sanjay H. Shah Partner Mem. No: 042529

UDIN: 25042529BMNVBD8543 Place: Mumbai

Date: May 30, 2025