Enfuse Solutions Ltd Auditor Reports

18. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government of lndia in terms of suFsection (1 1) 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

19. As required by Section 143(3) ofthe 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. ln 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 20(f) below on reporting under Rule 11(g) of the

Companies (Audit and Auditors) Rules, 2014.

The Standalone Balance Sheet, the Standalone Statement of Profit and Loss and

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the Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d. ln 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 On the basis of the written representations received from the directors as on 1st April, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 19(b) above on reporting under Section 143(3)(b) of the Act and paragraph 20(f) below on reporting under Rule ^l 1 (g) of the Companies (Audit and Auditors) Rules, 2014.

S. ^{Wth respect to the adequacy of the internal financial controls with reference to these}

Annexure -A ^{to the lndependent Auditors Report} referled to an lndependent Auditors Report of even date to the members of

Annexure

Limited (Formerly known as Enfuse Solutions Private Limited) ("the Enfuse Solutions company") on standalone Financial statements for the year ended 31st March, 2025.

our information and according to the explanations provided to us by the Company To the best of and records examined by us in the normal course of audit, we state that: and the books of account (i) the companys Property, Plant and Equipment and lntangible Assets: ln respect of

(A) has maintained proper records showing full particulars, including

(a) The Company quantitative details and situation of its Property, Plant and Equipment in Microsoft Excel worksheet (refer lndependent Auditors Report para no 20(f)(ii))

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

has a program of verification to cover all the items of Property, Plant

(b) The company

Equipment in a phased manner over a period of 3 years which, in our opinion, is and having regard to the size of the company and the nature of its assets. reasonable the program, certain Property, Plant and Equipment were physically Pursuant to verified by the management during the year. According to the information and given to us, no material discrepancies were noticed on such veriflcation. explanations

(c) to the information and explanations given to us and on the basis of our According the records of the company, the title deeds of immovable properties examination of (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 , ^{2025 for holding any benami property under the Benami Transactions} (Prohibition) Act, 1988 and rules made thereunder.

(a) business does not involve inventories. Accordingly, the provision of

(ii) The company,s 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. We have observed differences/reconciliation items in the quarterly

&A o returns or statements filed by the Company with such banks as compared to the books ofaccount maintained by the Gompany. However, we have not carried

out a specific audit of such statements. The details of such

differences/reconciliation are as under.

Details of receivable reported in the quarterly stock statement and receivable as per books of account

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

(A) The Company did not have any associates and ^joint venture entity, however the

Company has one 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 details are mentioned below:

a) According to the information and explanations given to us and based on the audit procedures conducted by us, in our opinion the terms and conditions of the grant of loans are, prima facie, not prejudicial to the interest of the pany

,1 b) ln 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) ln respect of interest on loan given to one employee, a related party, the interest is charged and recovered as stipulated. No interest has been charged or receivable on loans given to other employees.

d) ln 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 parties.

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) ln 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) ln our opinion and according to information given to us, the company has complied with the directives issued by the Reserve Bank of lndia 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 lndia 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 lnsurance, lncome Tax, Duty of Custom and other matenal 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 lnsurance, lncome Tax, Duty of

Custom and other material statutory dues to the extent applicable to the Company, in arrears as at March 31,2025 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 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.41(xi) of the Standalone 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 lncome Tax Act, 1961 as income during the year.

(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.

(b) As disclosed in Note no.41(x) of the Standalone Financial Statements, the Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(c) ln 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 the procedures performed by us and on an overall examination of the financial statements of the Company we report that funds raised on short-term basis have been used for long term purposes i.e for capitalization of expenses of internally generated software (Refer Note no.37 of the standalone financial statements).

The use of short-term funds for long-term purposes may affect the liquidity position of the company.

(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.

(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. ln our opinion, and according to the information and explanations given to us, the monies raised by way of initial public offer in previous year have been applied, on an overall basis, for the purposes for which they were obtained.

b) The Company has not made any preferential allotment or private placement of shares or convertible debenture (fully or partly or optionally) during the year under audit and hence clause 3(x)(b) of the Order is not applicable to Company.

(xi) (a) ln our opinion and according to the information and explanations given to us there has been no fraud by the Company or any fraud in the Company that has been noticed or reported during the year.

(b) No report under sub-section (12) of section ¹⁴³ of the Companies Act, 2013 by the auditors 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.

(c) As represented to us by the Management there are no whistle blower complaints ved by the Company during the year

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(xx) a) According to the information and explanations given to us and based on our examination of the records of the Company, this being the first financial year of compliance of CSR expenditure, there wasnounspentamountasat3lst March 2024, hence it is not required to transfer any unspent amount pertaining to the year

ended 31st March, 2024 to a fund specified in schedule Vll to the Companies Act in compliance with second proviso to sub section 5 of section 135 of the said Act.

Further as stated in Note no. 32 of the financial statements, the unspent amount as at 31st March 2025 is Rs.7.15 Lakhs which is required to be transferred to a fund specified in schedule Vll to the Companies Act within six months from the end of the financial year.

b) ln our opinion, there are no ongoing projects towards Corporate Social Responsibility (CSR) requiring a transfer to special account in compliance with the provision of subsection (6) of section 135 of the said Act. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable for the year.

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

Annexure - B referred to in paragraph 19(g) to the lndependent Auditors Report of even date to the members of Enfuse Solutions Limited (Formerly known as Enfuse Solutions Private Limited) on the Standalone Financial Statements for the year ended 3lst March, 2025.

Report on lnternal 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 lndia Limited

(Formerly known as Enfuse Solutions Private Limited) ("the Company") as of 31st March,

2025 in coniunction 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 lnternal Financial Controls

The Companys management is responsible for establishing and maintaining internal flnancial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of inlernal control stated in the Guidance Note on Audit of lnternal Financial Controls over Financial Reporting issued by the lnstitute of Chartered

Accountants of lndia ("lCAl"). 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 lnternal 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 lnternal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by lCAl 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 lnternal Financial Controls and, both issued by the lnstitute of Chartered Accountants of lndia. 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 aCit of internal financial controls over financial reporting included obtaining an understanding of

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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 suflicient and appropriate to provide

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basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of lnternal Financial Gontrols 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 financial ^preparation of 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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

lnherent Limitations of lnternal 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 become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

ln 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 with reference to Standalone Financial Statement and such controls were operating effectively as at 31st March, 2025 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 lnternal Financial Controls Over Financial Reporting issued by the lnstitute of Chartered Accountants of lndla.