Equippp Social Impact Technologies Ltd Auditor Reports

To,

The Members of

EQUIPPP SOCIAL IMPACT TECHNOLOGIES LIMITED

(Formerly Proseed India Limited)

Report on Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone Financial Statements of EQUIPPP SOCIAL IMPACT TECHNOLOGIES LIMITED (Formerly Proseed India Limited) ("the Company"), which comprise of the Balance Sheet as at 31st March 2024, the Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the statements of changes in equity for year then ended and a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the state of affairs (financial position) of the Company as at March 31, 2024 and its loss (financial performance includ- ing other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs) as 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 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 there under, and we have fulfilled our ethical responsibilities in accordance with those 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 audit opinion on the Standalone Ind AS Financial Statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Companys management and board of directors are responsible for the preparation of the other informa- tion. The other information comprises the information included in the companys annual report but does not include the financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form

of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information 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. If, based on the work we have performed, we conclude that there is a material misstatement of this other infor- mation; we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehen- sive income) cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) 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 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 account- ing records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

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

The Board of Directors are also responsible for overseeing the companys financial Reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 expect- ed to influence the economic decisions of users taken on the basis of these 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 suf- ficient 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 disclo- sures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions 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 disclo- sures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 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 commu- nicated 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

1. As required by the Companies (Auditors Report) Order, 2020 ("the order") issued by the Central Gov- ernment in terms of Section 143(11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraph 3 and 4 of the said order.
2. As required by Section 143(3) of the Act, we report that:

1. 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;
2. In our opinion, proper books of accounts as required by law been kept by the Company so far as it appears from our examination of those books;
3. The Balance Sheet, Profit and Loss Account including other comprehensive income the Cash flow State- ment and statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
4. In our opinion, the aforesaid financial statements comply with Accounting Standards specified under Sec- tion 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
5. On the basis of written representations received from the directors, as on 31st March, 2024 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2024 from being appointed as a director in terms of section 164(2) of the Act.
6. With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
1. In our opinion, Section 197 of the companies Act, 2013 is in complied by the Company.
2. 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:
1. The Company does not have any pending litigations which would impact its financial position;
2. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and
3. There were no pending amounts which were, required to be transferred to the Investor Education and Protection Fund by the Company.

1. 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 Ben- eficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
2. The management has represented, that, to the best of its knowledge and belief, other than as dis- closed 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

5. The company has not declared nor proposed or paid any dividends during the year and therefore com- pliance under section 123 of the act is not applicable to the company.
6. The Company has obtained audit trail feature for the books of accounts maintained by them using

accounting software by providing ‘ Edit/Log Option.

ANJANEYULU& CO.,

For Chartered Accountants

FRN: 000180S

Place-Hyderabad

Date-12.05.2024

Sd/- D V Anjaneyulu Partner- MNo: 021036

UDIN - 24021036BKGDQT1359

ANNEXURE – "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements of our Audit Report of even date to the members of EQUIPPP SOCIAL IMPACT TECHNOLOGIES LIMITED (Formerly known as Proseed India Limited) ("the Company"), on the STANDALONE Financial Statements of the Com- pany for the year ended on 31st March 2024)

1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of Property, Plant & Equipment, on the basis of the information made available to us;

The company has intangible assets and required to maintain proper records showing full particulars of intangible assets and maintained proper records.

1. As explained to us, the Property, Plant & Equipment have been physically verified by the Manage- ment at reasonable intervals; and no material discrepancies were found on such verification.
2. The company has no land and clause 1(iii) is not applicable.
3. The company has not revalued in property, plant and equipment (including right to use assets) or intan- gible assets or both during the year.
4. According to information and explanations given to us and on the basis of our examination of the re- cords of the company, there are no proceedings initiated or pending against the company for holding any Benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made there- under and the details have been appropriately disclosed in the financial statements.

1. a) There is no inventory for the company during financial year and Physical verification of inventory is

not applicable.

b) The company is not having any working capital from Banks or Financial Institutions on the basis of

security of current assets. Hence Clause 3(v) of the Order is not applicable.

2. a) In our opinion and according to the information provided to us the company has made investments and

provided guarantees and granted unsecured loans or advances in the nature of loans as specified below:

A. To subsidiaries, joint ventures, Associates:

Amount in Rupees As on March 2024

1. The Terms and conditions of investments made, guarantees provided, Security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the interest of the company.
2. In respect of loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest has not been stipulated and the repayments or receipts are regular.
2. The amount is not overdue, on the above loan and advances; hence this clause is not applicable.
3. The company has not granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

1. In our opinion and according to the information and explanations given to us, the company has complied with provisions of Section 185 and 186 of the Act in respect of investments made and loans granted, to the extent applicable to the Company. The company has not given guarantee or provided security as provided in section 185 and 186 of the Act.
2. According to the information and explanation given to us the Company has not accepted any deposits

from the public during the year. Hence Clause 3(v) of the Order is not applicable.

3. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of Section 148 of the Companies Act. Hence this clause 3(VI) of the Order is not applicable.
4. (a) According to the information and explanations given to us, and the records of the Company exam- ined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues as applicable with the appropriate authorities. There are no arrears of undisputed statutory dues outstand- ing as at March 31, 2024 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us and the records of the Company examined

by us, there are no statutory dues which have not been deposited on account of any dispute.

5. There are no transactions that are recorded in the books of accounts to be surrendered or disclosed as income during the year in the assessments under the Income Tax Act, 1961
6. According to the information and explanations given to us and after the Completion of CIRP under IBC 2016, the company has not defaulted in repayment of loans to the banks, and to promoters. Pursuant to the approval of the order by the Honble NCLT, and as per the terms of the Resolution Plan outstanding loans are settled partially and balance will be waived off. The company has not taken any loans or borrowings from the government or has not issued any debentures.

1. 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 dues to any bank or financial institution or bank or debenture holders after completion of CIRP.
2. 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 after completion of CIRP.
3. According to the information and explanations given to us by the management, the Company has not obtained any term loans during the year. Hence Clause 3(IX)(c) of the Order is not applicable.
4. According to the information and explanations given to us and on an overall examination of the bal- ance sheet of the Company, we report that no funds raised on short term basis have been used for long- term purposes by the Company.
5. According to the information and explanations given to us and on an overall examination of the stand- alone financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures as defined under the Act.

2. According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, associate companies or joint ventures as defined under the Act.

1. According to the information and explanations given to us, the company has not raised any monies by way of initial public offer or further public offer (including debt instruments) during the year. Hence, clause 3(x)(a) of the order is not applicable.
2. According to the information and explanations given to us and based on the examination of the re- cords of the Company, the Company has not made any preferential allotment or private placements of shares or fully or partly convertible debentures during the year. Accordingly clause 3(x)(b)) of the Order is not applicable.

1. According to the information and explanations given to us, no fraud by the Company or on the Com-

pany by its officers or employees has been noticed or reported during the course of our audit.

2. According to the information and explanations given to us, no report under sub-section (12) of Sec- tion 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.

1. According to the information and explanation given to us, the company has not received any whis- tle-blower complaints during the year and hence the consideration of the same does not arise.

In our opinion and according to the information and explanation given to us, the Company is not a Nidhi

Company. Accordingly, Paragraph 3(xii) of the Order is not applicable.

According to the information and explanations given to us and based on our examination of the records of the Company, transactions entered into with the related parties are in compliance with Sections 177 & 188 of the Companies Act, 2013 where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

1. According to the information & explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.
2. The reports of the Internal Auditors for the period under audit have been considered.

According to the information and explanations given to us and based on the examination of the records of the Company, the Company has not entered into non- cash transaction with directors or persons con- nected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

1. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.
2. The Company is not conducted any Non-Banking Financial or House Finance Activities without a valid certificate of Registration from the Reserve Bank of India as per Reserve Bank of India Act, 1934.

Accordingly, clause 3(xvi)(b) of the Order is not applicable

3. 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.
4. The Group has not more than one CIC as part of the Group.

1. According to the information & explanations given to us, The Company has not incurred any cash loss during the current financial year nor in the immediately previous financial year.
2. There was no resignation of the statutory auditors during the year.
3. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 atten- tion, which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is 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.

4. According to the information and explanation sec 135(5) is not applicable as the company has not crossed the threshold limits of the CSR . Hence the clause (XX)(a) and (b) are not applicable.

For ANJANEYULU& CO.,

Chartered Accountants

FRN: 000180S

Place-Hyderabad

Date-12.05.2024

Sd/- D V Anjaneyulu Partner- MNo: 021036

UDIN - 24021036BKGDQT1359

ANNEXURE "B" To the Independent Auditors Report of even date on the Financial Statements of EQUIPPP SOCIAL IMPCAT TECHNOLOGIES LIMITED (Formerly known as Proseed India Lim- ited)

Report on the Internal Financial Controls Over Financial Reporting 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 EQUIPPP SOCIAL IMPACT TECHNOLOGIES LIMIITED (Formerly known as Proseed India Limited ("the Company") as of March 31, 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Opinion

In our opinion, the company has, in all material aspects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, based on the internal financial controls over financial reporting criteria established by the company considering essential components of internal control stated in the Guidance Note on Audit of Finan- cial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Managements Responsibility for Internal Financial Controls

The Management of the Company 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 in- clude 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 respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accu- racy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of In- ternal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. 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 finan- cial 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 finan- cial 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 internal financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable as- surance 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.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possi- bility 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 finan- cial 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.

For ANJANEYULU& CO.,

Chartered Accountants

FRN: 000180S

Place-Hyderabad

Date-12.05.2024

Sd/- D V Anjaneyulu Partner- MNo: 021036

UDIN - 24021036BKGDQT1359