Enfuse Solutions Ltd Auditor Reports

To the Members of Enfuse Solutions Limited

Report on the Audit of the Standalone financial Statements

Opinion

1 We have audited the accompanying Standalone Financial Statements of Enfuse Solutions
Limited ("the Company"), which comprise the Standalone Balance Sheet as at 31st
March,2026, the Standalone Statement of Profit and Loss and Standalone Statement on
Cash Flow Statement for the year then ended and Notes to the Standalone Financial
Statements including a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as the "Standalone Financial Statements").

2 In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid financial statements give the information required by the Companies Act,
2013 (the "Act") in the manner so required and give a true and fair view in conformity with
the Accounting Standards prescribed under section 133 of the Act read with Companies
(Accounting Standards) Rules,2014 as amended and other accounting pnnciples generally
accepted in India, of the state of affairs of the Company as at 31st March, 2026 and its
profit and its cash flows for the year ended on that date

Basis for Opinion

3. We conducted our audit of the financial statements in accordance with the Standards on
Auditing ("SA"s) 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 Financial Statements section of our report We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India ("ICAI") together with the ethical requirements that are relevant to our
audit of the 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 ICAIs 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 financial
statements

Key Audit Matters

4 Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Financial Statements of 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

Description of Key Audit Matters:*

Sr. The Key Audit Matters No.	How the matter was addressed in our audit
Revenue recognition - Fixed price contracts using the percentage of completion method	Principal Audit Procedures Our audit procedures included the following, among others:
Revenue from fixed price contracts including software development and system integration contracts is recognized using a percentage of completion method. Use of the percentage of- completion method	-We tested the effectiveness of controls relating to
	(1) recording of costs incurred and estimation of efforts or costs required to complete the remaining contract performance obligations and
requires the Company to determine the costs expended to date and the estimated total costs to be incurred in complete the project	(2) access and application controls pertaining to time recording, allocation and budgeting systems which prevents unauthorized changes to recording of efforts incurred.
Due to the various estimates required to derive the cost and completion in the percentage of completion method used for contracts periods this is considered as a Key audit matter	-We selected a sample of fixed pnce contracts with customers measured using the percentage-of-completion method and performed the following
	- Read the contract and based on the terms and conditions evaluated whether recognizing revenue over time using percentage of completion method was appropriate, and the contract was included in managements calculation of revenue over time.
	- Compared costs incurred with Company s estimate of efforts or costs incurred to date to identify significant variations and evaluate whether those vanations have been considered appropriately in estimating the remaining costs or efforts to complete the contract
	- Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off from customers to identify possible delays in achieving milestones, which /^eq^iipa
2
	changes in estimated costs or efforts to complete the remaining performance obligations.
Software Development Cost capitalized as internally generated The assessment of the capitalisation criteria as set out in AS 26 Intangible Assets is made at an early stage of software development It involves:	Principal Audit Procedures performed: Evaluated the design, implementation and operating effectiveness of internal controls system around the Companys assessment that the recorded costs meet the capitalisation criteria.
-Companys judgement to establish technical feasibility of the software;	-Evaluated initiation of capitalisation of the product development costs including Companys controls over estimation of the future economic benefit of the projects.
-Companys estimation of availability of committed technical and commercial resources; and
-Inherent challenges in predicting future economic benefits which must be assessed as probable for capitalisation to commence There is a risk of development cost getting capitalised where the relevant criteria have not been met Accordingly, we identified capitalisation of product development cost as a key audit matter.
	-Analysed and determined the costs which are capitalized are directly attributable towards software development activities; and we have evaluated the adequacy of disclosures in the financial statements in view of the requirements as specified in the standard.

Information Other than the Financial Statements and Auditors Report Thereon

5 The Companys Management and Board of Directors are responsible for the preparation
and presentation for other information. The other information compnses the information
included in the Companys annual report, but does not include the standalone financial
statements and our auditors report thereon The Companys annual 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

6. In connection with our audit of the financial statements, our responsibility is to read the
other information identified above when it becomes available and in doing so, consider
whether the other information is materially inconsistent with the financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially
misstated

7. If, based on the work we have performed, we conclude that there Is a material

misstatement in this Board Report, wo are required to report that fact We have nothing to
report in this regard v

Managements and Board of Directors Responsibility for the Standalone Financial

Statements

8 The Companys Board of Directors is responsible for the matters stated in section 134(5) of
the Companies Act, 2013 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 of 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

9 In preparing the standalone 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.

10 The Board of Directors is also responsible for overseeing the Companys financial reporting

process

Auditors Responsibilities for the Audit of the Standalone Financial Statements

11 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 auditor s 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 financial statements.

12 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 nsk of not detecting a matenal 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
Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to financial statements 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.

13. 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 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 financial statements

14 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,

15 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.

16 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 penod 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 the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

17 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

18 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 except for the
matters stated in the paragraph 19(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014

c The Standalone Balance Sheet, the Standalone Statement of Profit and Loss and the
Standalone 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, read with Rule 7 of the Companies
(Accounts) Rules. 2014

e On the basis of the written representations received from the directors as on
1^st Apnl 2025 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. The modifications relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph 18(b) above on reporting under
Section 143(3)(b) of the Act and paragraph 19(f) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014

g With respect to the adequacy of the internal financial controls with reference to these
financial statements and the operating effectiveness of such controls, refer to our
Separate Report in "Annexure B" to this report.

h With respect to the other matters to be included in the Auditors Report in accordance
with the requirements of section 197(16) of the Act, as amended, in our opinion and to
the best of our information ana according to the explanations given to us. the
remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

i / *"T I / V -

19. With respect to the other matters to be included in the Auditor s 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 as at 31st March, 2026 which would
impact its financial position

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 by the Company to the
Investor Education and Protection Fund

d (i) 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 (which are material either
individually or in the aggregate) have been advanced or loaned or invested by the
company to or in any other person(s) or entity(ies) including foreign entity
("intermedianes"). with the understanding, whether recorded in wnting 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

(ii) 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 (which are material either
individually or in the aggregate) 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

(iii) Based on the audit, procedures that have been considered reasonable and
appropnate 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 (i) and (ii) above contain any materials misstatement

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

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

i) As required under Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended,
"every Company which uses accounting software for maintaining its books of
accounts shall use only such accounting software which has a feature of recording
audit trail of each and every transaction, creating an edit log of each change made in
books of accounts along with the date when such changes were made and ensuring
that the audit trail cannot be disabled However, the company has used an
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated dunng the financial
year for all relevant transactions recorded in the software Further, during the coufso]

of our audit we did not come across any instance of audit trail feature being
tampered with and audit trial has been preserved by the company as per the
statutory requirements for record retention

ii) The Company has maintained Property, Plant and Equipment register in Microsoft
Excel worksheet for which audit trail (edit log) facility is not available. Hence, we are
unable to comment on audit trail feature of the said records

Subject to above, in our opinion, proper books of accounts stating true & fair states
of affairs of the Company, as required under Sec 128(1) of the Companies Act. 2013
has been maintained by the company for the financial year 2025-26

For Ankush Gupta & Associates

Chartered Accountants

Firms registration number: 149227W

(Ankush Gupta)

Proprietor / /-

Membership No. 120478 a
UDIN 26120478HD wVUJ4pa3

Place: Mumbai I
Date:25^,h May. 2026\^

Annexure -A to the independent Auditors rcepon.

Annexure referred to an independent Auditors Report of even date to the members of
Enfuse Solutions Limited ("the Company") on Standalone financial statements for the
year ended 31st March, 2026.

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) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of its Property. Plant and Equipment in Microsoft
Excel worksheet (refer Independent Audit Report para no: 20(F)(ii))

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

(b) The company has a program of verification to cover all the items of Property, Plant
and Equipment in a phased manner over a period of 3 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) According to the Information and explanations given to us and on the basis of our
examination of the records of the company, the title deeds of immovable properties
(other than immovable propertres where the company is the lessee, and the lease
agreements are duly executed in favour of the lessee) disclosed in the standalone
financial statements are held in the name of Enfuse solutions Private Limited which
was erstwhile name of the Company.

(d) The Company has not revalued any of its Property Plant and Equipment (including
right of-use assets) and intangible assets during the year.

(e) As disclosed in Note no 41 (ix) of the Standalone Financial statements, no

proceedings have been initiated during the year or are pending against the Company
as at March 31,2026 for holding any benami property under the Benami Transactions
(Prohibition) Act. 1988 and rules made thereunder. ^

(ti) (a) The companys business does not involve inventones. Accordingly, the provision of
clause 3(ii)(a) of the order is not applicable to It.

(b) The company has been sanctioned working capital limits in excess of five crore
rupees, in aggregate by banks on the basis of security of current assets during year

(ill) 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 and
has granted loans or advances in the nature of loans, unsecured loans to employees
and to other party in respect of which requisite information is as below. The Company
has not provided any guarantee, or security The Company has not made any
investments, and has not granted loans or advances in the nature of loans, unsecured
to companies, firms, limited liability partnership during the year

(A) The Company did not have any associates and joint venturs entity, however the
Company has two subsidiary. Based on the audit procedures carried on by us and as
per the information and explanations given to us, the Company has not granted any
loans to subsidiary. The Company has not provided any security or guarantee during
the year on behalf of its subsidiary, hence reporting under clause 3(iiiXaXA) of the
Order is not applicable.

(B) Based on the audit procedures carried on by us and as per the information and
explanations given to us, the Company has granted loans and advances to
employees and to one party as given below:

Aggregate amount during the year to Employees	Rs 4 88 Lakhs
Balance outstanding as at Balance Sheet date Employees	Rs 2 23 Lakhs

a) According to the information and explanations given to us and based on the audit
procedures conducted by us, in our opinion that the Investment made and the terms
and conditions of the grant of loans are. pnma facie, not prejudicial to the interest of
the company

b) In respect of loans granted by the Company, the schedule of repayment of principal
has been stipulated and the repayments of principal amounts are generally been
regular as per stipulation

c) In respect of interest on loan given to other party, the interest is charged and
recovered as stipulated. No interest has been charged or receivable on loans given to
employees

d) In respect of loans granted by the Company, there is no overdue amount remaining
outstanding as at the balance sheet date

e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no loan or advance in the nature
of loan granted falling due during the year, which has been renewed or extended or
fresh loans granted to settle the over dues of existing loans given to same parhe?^

f) 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 not
granted any loans or advances in the nature of loans either repayable on demand or
without specifying any terms or period of repayment

(iv) In our opinion and according to the information and explanation given to us, the
Company has complied with the provisions of S 185 and S 186 of the Act with respect to
loans and investments

(v) In our opinion and according to information given to us, the company has complied with
the directives issued by the Reserve Bank of India and the provisions of sections 73 to
76 or any other relevant provisions of the Companies Act and rules framed there under
to the extent applicable in respect of acceptance of deposits We are informed that no
order has been passed by the Company Law Board or National Company Law Tribunal
or Reserve Bank of India or any court or any other tribunal

(vi) According to the information and explanations given to us, the Central Government has
nol prescribed the maintenance of cost records under section 148(1) of the companies
Act, 201 3 for any of the services rendered by the company Accordingly, clause 3(vi) of
the order is not applicable.

(vii) (a) 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 been
generally regular in depositing undisputed statutory dues, including Goods and Service
tax, Provident Fund, Employees State Insurance, Income Tax, Duty of Custom 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. Duty of Custom and other material statutory
dues to the extent applicable to the Company, in arrears as at March 31,2026 for a
period of more than six months from the date they became payable

(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company examined by us, there are no dues in
respect of goods and services tax, provident fund, employees state insurance,
income-tax and any other statutory dues that have not been deposited with the
appropriate authorities on account of any dispute

(viii) According to the information and explanation given to us and on the basis of
examination of records of the Company and as disclosed in Note no 4i(xi) of the
Financial Statements, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of account, in the tax assessments under
the Income Tax Act, 1961 as income dunng the year, Hence, reporting under clause
3(viii) of the order is not applicable to the company

(ix) (a) According to the information and explanations given to us and on the basis of our

examination of the records, the Company has not defaulted in repayment of loans and
borrowing or in the payment of interest thereon to any lender during the year Hence
reporting under clauses 3(ix)(a) of CARO 2020 is not applicable

(b) As disclosed in note no. 41 (x) of the Financial Statements, the Company has not been

declared wilful defaulter by any bank or financial institution or governmentsRs)any-

Z. / a Jp

government authority Hence reporting under clauses 3(ix)(b) of CARO 2020 is not
applicable.

(c) In our opinion and according to the information and explanations given to us by the
management, term loans were applied for the purpose for which the loans were
obtained.

(d) According to the information and explanations given to us and based on the
examination of books of accounts, the company has not raised any funds on short
term basis and hence reporting on whether such funds were utilized for long term
basis under clause 3(lx)(d) of CARO 2020 is not applicable.

(e) The Company has not taken any funds from any entity or person on account of or to

meet the obligations of its subsidiary company. The Company does not have
associate and joint venture entity Hence reporting under clause 3(ix)(e) and (f) of
CARO 2020 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 and hence reporting under clause 3(x)(a)
of CARO 2020 is not applicable

(b) The company has not made any preferential allotment or private placement of
shares (fully or partly or optionally convertible) during the year and hence reporting
under clause 3(x)(b) of CARO 2020 is not applicable.

(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or

reported during the course of the audit and hence reporting under clause 3(xi)(a) of
CARO 2020 is not applicable

(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 the Companies (Audit and
Auditors) Rules, 2014 with the Central Government and hence reporting under
clause 3(xi)(b) of CARO 2020 is not applicable

(c) We are informed that no whistle blower complaints has been received by the
Company during the year and hence reporting under clause 3(xi)(c) of CARO 2020
is not applicable

(xil) According to the information and explanations given to us and based on our examination
of the records of the company, 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

(xiii) In our opinion during the year the Company has not entered into any non-cash
transactions with its directors or persons connected with its directors and hence,
provisions of Section 192 of the Companies Act, 2013 are not applicable to the
Company

(xiv) The company is not required to be registered under section 45-IA of the Reserve j^ank of
India Act, 1934 hence clause (xvi)(a), (b), (c) and (d) of the Order are not applicable ,

xv) The Company has incurred a cash loss of Rs 1541 68 Lacs in the current financial
year and there is no cash loss during the immediately preceding financial year

(xvi) M/s R R Shah & Associates the statutory auditors of the Company have resigned with
effect from 25^h Aug 2025. As informed, there have been no issues objections or
concerns raised by the said outgoing auditors

(xx) During our review of CSR expenditure for the financial year, it was observed that the
Company has incurred and disbursed the entire CSR obligation as required under Section 135
of the Companies Act, 2013 and the applicable CSR Rules. No unspent CSR amount existed as
of the balance sheet date requiring transfer to the Unspent CSR Account or to any fund
specified under Schedule VII of the Act

Based on the records examined, the Company has complied with the CSR spending
requirements for the financial year under review No adverse observations were noted in this
regard

For M/S Ankush Gupta & Associates

Chartered Accountants

Firms registration number: 149227W

(Ankush Gupta)

Proprietor

Membership No 120478 /

UDIN-26120478HDYWUJ-J693 ^

Place Mumbai
Date: 25^v May, 2026

Annexure - B to the Independent Auditors Report of even date to the members of Enfuse
Solutions Limited on the Standalone financial statements for the year ended 31st March,
2026.

Report on Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Enfuse Solutions
Limited ("the Company") as of 31st March, 2026 in conjunction with our audit of the standalone
financial statements of the Company for the year ended on that date

Managements Responsibility and Those Charged with Governance for Internal Financial
Controls

The Companys management Is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting critena 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 ("ICAr) 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.

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

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 judgment,
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.

Meaning of Internal Financial Controls 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 pnnciples.
and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthonsed 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 nsk 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,

Opinion

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 31st March, 2026 based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India,

For Ankush Gupta & Associates

Chartered Accountants

Firms registration number 149227W

(Ankush Gupta)

Proprietor

Membership No 120478 / -

UDIN:-26120478HDYWUJ^wSI3

Place: Mumbai

Date 25^th May, 2026