Emiac Technologies Ltd Auditor Reports

We have audited the financial statements of EMIAC TECHNOLOGIES LIMITED ("the Company"),
which comprise the balance sheet as at 31st March 2026, 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 "standalone financial statements").

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 financial statements under the provisions of
the Companies Act, 2013 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.

The Companys Management and board of directors is 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. The aforesaid report is expected to be made available to us after the date of this
auditors report.

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

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("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 financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting
process.

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 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 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 management.

- Conclude on the appropriateness of managements use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Companys ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditors report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 financial statements of the current
period. We describe these matters in our auditors report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such
communication.

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 Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the 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, the statement of changes in
equity and the Cash Flow Statement dealt with by this Report are in agreement with
the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act and rules made thereunder.

e) On the basis of the written 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 terms of
Section 164 (2) of the Act.

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

g) With respect to the matter to be included in the Auditors Report under section
197(16), In our opinion and according to the information and explanations given to
us, the remuneration paid by the Company to its directors during the current year is
in accordance with the provisions of section 197 of the Act.

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, in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its
financial position.

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

iii. There were no amounts which were required to be transferred 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,
other than as disclosed in the notes to the accounts, no funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity(ies), including foreign
entities ("Funding Parties"), with the understanding, whether recorded in writing
or otherwise, that the company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such 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 mis-statement.

v. The Company has not declared or paid any dividend during the year and has not
proposed a final dividend for the year.

vi. Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of accounts for the financial year
ended 31^st March, 2026, 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. Further, during the course of our audit we
did not come across any instance of audit trail feature being tampered with and
the audit trail has been preserved by the Company as per the statutory
requirements for record retention.

For N A V P & Associates

Chartered Accountants

Firms Registration No. 025043C

Nitin Bansal

Partner

Membership No.: 430412

Place: Jaipur

Date: 27^th May, 2026

UDIN: 26430412SIYSFR2864

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

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

(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 a regular programme
of physical verification of its Property, Plant and Equipment by which all property,
plant and equipment are verified in a phased manner over a period of three years. In
accordance with this programme, certain property, plant, and equipment were
verified during the year. In our opinion, this periodicity of physical verification 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) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, we report that, the Company does not
own any immovable property as on 31st March 2026 in the name of 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
during the year. Accordingly, the reporting under Clause 3(i)(d) of the Order is not
applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings have been
initiated or are pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder.

(a) As explained to us & on the basis of the records examined by us, the company is in
service industry wholly and does not have any physical inventory hence reporting
under clause 3(ii)(a) of the Order is not applicable.

The Company has made investments in various listed companies and mutual funds and
has not provided any loans or advances and guarantees or security during the year to
subsidiaries, joint ventures, and associates. The Company has also not provided any loans
or advances in the nature of loans, any guarantee or security to any other entity during
the year in respect of which:

a. 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 made
investments in equity shares of various listed companies and in mutual funds
through its demat account during the year. The aggregate (Gross) amount of
such investments made during the year is ^ 12.97 lakhs, and the balance
outstanding as at the balance sheet date is ^ 28.36 lakhs (Cost of Investment).
Further Company has also invested in unquoted equity shares of a company
and the aggregate (Gross) amount of such investments made during the year
is ^ 425.00 lakhs. The investments are not in subsidiaries, associates, or joint
ventures. Further, during the year the investments made are not prejudicial to
the Companys interest.

According to the information and explanation given to us, Company has not granted any
loans, secured or unsecured, to companies, firms or other parties covered in registers
maintained under section 185 and 186 of the Act 2013, Consequently clause 3(iv) the
order is not applicable.

According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in our opinion the Company has complied
with the provisions of Sections 73 to 76 or other relevant provisions of the Act and the
rules framed thereunder where applicable and the directives issued by the Reserve Bank
of India as applicable, with regard to deposits or amounts which are deemed to be
deposits. As informed to us, there have been no proceedings before the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any court or any
other tribunal in this matter and no order has been passed by any of the aforesaid
authorities in this regard.

According to the information and explanation given to us, for the activities carried out by
the company Central govt has not prescribed the maintenance of cost records, under
section 148(1) of the Act as per the companies (cost records and audit) Rules, 2014.
Consequently, clause 3(vi) of the order is not applicable.

(a) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company is regular in depositing
undisputed statutory dues including Goods and Services Tax, Employees Provident
Fund, Employees state insurance, income-tax, duty of customs, cess and any other
statutory dues as applicable to the appropriate authorities.

(b) According to the information and explanation given to us there were no outstanding
statutory dues as on 31st of March, 2026 for a period of more than six months from
the date they became payable.

(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, statutory dues relating to Goods and
Service Tax which have not been deposited on account of any dispute are as follows:

(a) 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 defaulted in
repayment of loans or other borrowings or in the payment of interest thereon to any
lender.

(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 other lender;

(c) The Company has not taken any term loan during the period and there are no
outstanding term loans at the beginning of the period and hence, reporting under
clause 3(ix)(c) of the Order is not applicable.,

(d) According to the information and explanations given to us and on an overall

examination of the balance sheet of the Company, we report that no funds raised on
short term basis have been used for long term purposes by the company.

(e) The Company does not hold any investment in any subsidiary, associate or joint
venture (as defined under the Act) during the year ended 31 March 2026.
Accordingly, clause 3(ix)(e) is not applicable.

(f) The Company does not hold any investment in any subsidiary, associate or joint
venture (as defined under the Act) during the year ended 31 March 2026.
Accordingly, clause 3(ix)(f) is not applicable.

(a) During the year, the Company had received share application money in connection
with the Initial Public Offer (IPO) from anchor investors. The IPO process was
completed and shares were listed on 13 April 2026 subsequent to the year end.
According to the information and explanations given to us, the funds received upto
31 March 2026 were lying in designated escrow/anchor bank accounts and had not
been utilized as on the balance sheet date.

(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 convertible) during the year. Accordingly, clause 3(x)(b)
of the Order is not applicable.

(a) Based on examination of the books and records of the Company and according to the
information and explanations given to us, no fraud by the company or any fraud on
the company has been noticed or reported during the course of audit.

(b) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India and
according to the information and explanations given to us, no report under sub-
section (12) of section 143 of the Companies Act has been filed in Form ADT-4 (as
prescribed) under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the
Central Government, during the year and up to the date of this report. So accordingly,
the reporting under clause 3(xi)(b) of the order is not applicable to the company.

(c) As represented to us by the Management, there were no whistle blower complaints
received by the Company during the year. So accordingly, the reporting under clause
3(xi)(c) of the order is not applicable to the Company

The company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not
applicable.

In terms of the information and explanations sought by us and given by the company and
the books and records examined by us in the normal course of audit and to the best of
our knowledge and belief, we state that transactions with the related parties are in
compliance with sections 177 & 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.

In our opinion and based on the information and explanations provided to us, the
Company was not required to appoint an internal auditor pursuant to the provisions of
Section 138 of the Companies Act, 2013 during the year under audit. Accordingly,
reporting under clause 3(xiv) of the Order is not applicable.

In our opinion and according to the information and explanations given to us, the
company has not entered any non-cash transactions with directors or persons connected
with him and hence, provisions of Section 192 of the Companies Act, 2013 are not
applicable to the Company.

(a) In our Opinion and based on our examination, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).
Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) In our Opinion and based on our examination, the Company has not conducted any
Non-Banking Financial or Housing Finance activities without a valid Certificate of

Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India
Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

(c) Based on our examination, the Company is not a Core Investment Company (CIC) as
defined in the regulations made by the Reserve Bank of India. Accordingly, clause
3(xvi)(c) of the Order is not applicable.

(d) According to the information and explanations given by the management, the Group
does not have any CIC as part of the Group.

Based on our examination, the company has not incurred cash losses in the financial year
and in the immediately preceding financial year.

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

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
financial liabilities, 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 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.

(a) The Company has spent/transferred the amount required to be spent during the year
towards Corporate Social Responsibility (CSR) activities through a trust registered for
undertaking CSR activities. Accordingly, there were no unspent amounts required to be
transferred to a Fund specified in Schedule VII to the Companies Act, 2013 under clause
3(xx)(a) of the Order.

(b) There were no amounts remaining unspent under sub-section (5) of section 135 of the
Companies Act, 2013 pursuant to any ongoing project requiring transfer to a special
account in compliance with the provisions of sub-section (6) of section 135 of the said Act.
Accordingly, the reporting under clause 3(xx)(b) of this order is not applicable to the
Company.

The company is not required to prepare Consolidate financial statement hence the
reporting under 3(xxi) is not applicable.

Chartered Accountants
Firms Registration No. 025043C

Partner

Membership No.: 430412
Place: Jaipur
Date: 27th May, 2026
UDIN: 26430412SIYSFR2864

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

Our responsibility is to express an opinion on the Companys internal financial controls over
financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit of Internal
Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan

and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls operated
effectively in all material respects.

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

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

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

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 authorizations 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.

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

In our opinion, 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, 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 on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.

For N A V P & Associates

Chartered Accountants
Firms Registration No. 025043C

Sd/-

Nitin Bansal

Partner

Membership No.: 430412
Place: Jaipur
Date: 27th May, 2026
UDIN: 26430412SIYSFR2864