Gravity India Ltd Auditor Reports

On Audited standalone Quarterly Financial Results and Yaar to date Results of the Company Pursuant to the Regulation 33 of the SEBI iListina Obligations and Disclosure Rggulrwngnta] Rfloulations. 2015

To

Board of Directors of Gravity

On the basis of such checks as we considered appropriate and according to the information and explanations given to us, we report that:

(i) a) According to information and explanations given to us by the management and records furnished before us, the Company has generally maintained proper records showing full particulars, including quantitative details and situation of property, plant & equipment.

b) The fixed assets have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable with regard to the size of the company and nature of assets. According to information and explanations given to us by the management, no material discrepancy was noticed on such verification.

c) According to the information and explanation given to us and on the basis of records furnished before us, the title of immovable property is in the name of the company.

d) According to the information and explanation given to us and on the basis of records furnished before us, the company has not revalued property, plant & equipment or intangible assets. Therefore, reporting under clause 3(i)(d) of Companies (Auditors) Report Order, 2020 is not applicable.

e) According to the information and explanation given to us and on the basis of records furnished before us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereof. Therefore, reporting under clause 3(i)(e) of Companies (Auditors) Report Order, 2020 is not applicable.

(ii) a) According to information and explanation given to us by the management and records I furnished before us, Inventory of Finished Good, Raw Material, and Stock in Trade have been physically verified by the management at reasonable intervals. In our opinion and on the basis of our examination

of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of inventory by the management.

b) Company does not have any active working capital limit during the year in excess of Rs.5 crores sanctioned on the basis of security of current assets. Accordingly reporting under clause 3(ii)(b) of Companies (Auditors) Report Order, 2020 is not applicable.

(iii) According to the information and explanation given to us and on the basis of records furnished before us, the company has not granted unsecured loans to companies, firms, Limited Liability Partnerships and other parties. The Company has not made investments in, provided any guarantee or security to Companies, firms, Limited liability Partnerships or any other entities. Accordingly reporting under clause 3(iii) of Companies (Auditors) Report Order, 2020 is not applicable.

(iv) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans or has made any investment or provided any guarantee or security during the year for which compliance of Section 185 or 186 is required. ^(v)

(v) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not accepted any deposits within the meaning of section 73 to 76 from public during the year. Therefore, clause 3(v) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.

(vi) According to the information and explanation given to us the Company is not required to maintain cost records as specified under section 148 sub-section (1) of the Companies Act, 2013. Therefore clause 3(vi) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.

(vii) a) According to the information and explanations given to us and records examined by us, Company is generally regular in depositing of undisputed statutory dues with respect to Income Tax, Provident fund, Goods and Service Tax, etc expect delays in payment of Tax Deducted at source. Income tax demand of Rs.1.98 Lakhs for AY 2007-08 is outstanding for a period of more than six months from the date it became payable as at the Balance Sheet date.

b) According to information and explanation given to us, Outstanding TDS defaults/non-compliances were observed during audit verification, GST returns have not been filed since December 202 and Basis and working of income tax provision have not been provided for verification.

(viii) According to information and explanation given to us and the records of the Company, the Company has not surrendered or disclosed any transactions previously unrecorded as income in the books of accounts, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) (a) According to the information and explanation given to us and records examined by us, the Company Clarification and supporting workings for journal entries passed in sales and purchase ledgers were not provided.

(x) Outstanding income tax demand remains unresolved and yet to file response/submission by the management.

(xi) TDS entry has been passed in the books of accounts; however, the related TDS return has not been filed and challan has not been paid. Further, transactions recorded through Journal Vouchers require verification regarding applicability and compliance of TDS provisions.

(b) According to the information and explanations given to us and the records of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or government authority.

(c) According to the information and explanations given to us by the management, the Company has not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and the records of the Company, no funds raised on short term basis have been utilized for long-term purposes by the company.

(e) According to records examined by us, Company do not have any subsidiaries, associates or joint ventures as defined under Companies Act, 2013. Accordingly, reporting under clause 3(ix)(e) & (f) of the Companies (Auditors Report) Order, 2020 is not applicable to the Company.

(xii) (a)According to information and explanation given to us by the management and records furnished before us, the company has not raised money by way of initial public offer or further public offer. Accordingly reporting under Clause 3(ix)(a) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.

(b) According to information and explanation given to us by the management and records furnished before us, the Company has not made preferential allotment or private placement of shares or convertible debentures during the year. Accordingly reporting under Clause 3(ix)(b) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.

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

(b) According to information and explanation given to us by the management and records furnished before us, no report under section 143(12) of Companies Act, 2013 has been filed by the auditors in form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with central government.

(c) According to information and explanation given to us by the management and records furnished before us, the Company has not received any whistle blower complaints during the year.

(xiv) The Company is not a Nidhi Company hence reporting under clause 3(xii) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.

(xv) The Company has entered into transactions with related parties in compliance with the provisions of Section 177 and 188 of the Act. The details of such related party transactions have been disclosed in the standalone financial statements as required to be disclosed under applicable Accounting Standard.

(xvi) Considering the nature and volume of the activity undertaken during the year management of the company has not carried out Internal audit for the year.

(xvii) According to the information and explanation given to us, the company has not entered any noncash transaction with directors or persons connected with them. Therefore, reporting under clause 3(xv) of the Companies (Auditors Report) Order, 2020 is not applicable.

(xviii) (a) Considering the asset and income pattern, the company is not required to hold certificate of registration under 45-IA of the Reserve Bank of India Act, 1934.

(b) According to the information and explanation given to us, the Company has not conducted any nonbanking financial or housing finance activities without a valid certificate as per RBI Act, 1934. Accordingly, clause 3(xvi) (b) of the Companies (Auditors Report) Order, 2020 is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the RBI. Accordingly, clause 3(xvi) (c) of the Companies (Auditors Report) Order, 2020 is not applicable.

(d) According to the information and explanation given to us, the group does not have any CIC. Accordingly, clause 3(xvi) (d) of the Companies (Auditors Report) Order, 2020 is not applicable.

(xix) The Company has incurred cash losses in the current financial year and in year immediately preceding financial year.

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

(xxi) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, and drawing attention to note no. 28 to the financial statement indicating existence of material uncertainty that may cast a significant doubt on the Companys ability to continue as going concern if strategic measures undertaken by the management does not materialise as expected, we are of the opinion that company may not be able meets its liability as and when fall due.

(xxii) According to information and explanation given to us and based on our examination of the financial statements of the company, provisions relating to Corporate social responsibility are not applicable to the company in view of losses incurred by the Company. Accordingly, clause 3(xx) of the order is not applicable.

For A V K A S & Co.

Chartered Accountants

FRN 155352W

CA Akshat

Shah

M No.629525

Place: Ahmedabad

Date: 11th May, 2025

UDIN:26629525VTJOFZ1609

Report on the 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 Gravity (India) Limited ("the Company”) as of March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

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 (ICAI). 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

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 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 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.

Basis for Disclaimer of Opinion

As referred in Annexure -A attached to this report, the Company has not made available adequate supporting documents, reconciliations, statutory records and other necessary information required for the purpose of audit verification. Further, complete books of account, historical accounting records, supporting invoices and relevant audit evidences for significant transactions and balances were not made available to us. Various statutory non-compliances and unresolved matters relating to GST,

TDS/TCS and Income Tax were also observed during the course of audit.

Due to the significance and pervasive nature of the matters described above, we were unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the accompanying standalone financial results.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Results 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 results 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.

Disclaimer of Opinion

We were engaged to audit the accompanying standalone quarterly financial results of Gravity (India)

Limited for the quarter ended 31st March, 2026 and the year-to-date results for the period from 1st April, 2025 to 31st March, 2026, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations”).

Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the aforesaid standalone financial results of the Company.

Accordingly, we do not express an opinion on these standalone financial results for the quarter ended 31st March, 2026 and the year-to-date results for the period from 1st April, 2025 to 31st March, 2026.

For A V K A S & Co.

Chartered Accountant

FRN 155352W

CA Akshat Shah

Partner

M. No 629525

Place: Ahmedabad

Date: 11th May, 2025

UDIN: 26629525VTJOFZ1609