Indo Thai Securities Ltd Auditor Reports

To

The Members of Indo Thai Securities Limited (CIN No. L67120MP1995PLC008959)

Opinion

We have audited the andalone Ind AS nancial atements of Indo Thai Securities Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2025 , the atement of Pro t and Loss (including other comprehensive income), atement of Changes in Equity and atement of Cash Flows for the year ended and a summary of signi cant accounting policies and other explanatory information (hereinafter referred to as "the nancial atements").

ln our opinion and to the be of our information and according to the explanations given to us, the aforesaid nancial atements 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 Indian Accounting andards prescribed under section 133 of the Act read with the Companies (Indian Accounting andards) Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the ate of affairs of the Company as at March 31, 2025, pro t, total comprehensive income, changes in equity and cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit of the andalone nancial atements in accordance with the andards on Auditing (SAs) speci ed under section 143(10) of the Companies Act, 2013. Our responsibilities under those andards are further described in the Auditors Responsibilities for the Audit of the nancial atements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Initute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the nancial atements under the provisions of the Act and the Rules thereunder, and we have ful lled 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 suf cient and appropriate to provide a basis for our opinion on the nancial atements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of mo signi cance in our audit of the nancial atements of the current period. These matters were addressed in the context of our audit of the nancial atements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There is no key audit matter to be communicated in our report.

Information Other than the Financial atements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Managements Discussion and Analysis and Boards Report including Annex ures to Boards Report, Corporate Governance and Shareholders Information, but does not include the nancial atements and our auditors report thereon.

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

ln connection with our audit of the nancial atements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsient with the nancial atements or our knowledge obtained in the audit, or otherwise appears to be materially misated.

If based on the work we have performed on the other information obtained prior to the date of this auditors report, we conclude that there is a material misatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial atements

The Companys Board of Directors is responsible for the matters ated in section 134(5) of the Act with respect to the preparation of these nancial atements that give a true and fair view of the nancial position, nancial performance, total comprehensive income, changes in equity and cash ows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and eimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the nancial atements that give a true and fair view and are free from material misatement, whether due to fraud or error.

ln preparing the nancial atements, the 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 the management either intends to liquidate the Company or to cease operations or has no realiic alternative but to do so.

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

Auditors Responsibilities for the Audit of the andalone Financial atements

Our objectives are to obtain reasonable assurance about whether the nancial atements as a whole are free from material misatement, 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 misatement when it exis. Misatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these nancial atements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misatement of the nancial atements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misatement 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 underanding of internal nancial controls relevant to the audit in order to design audit procedures that are appropriate in the circumances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal nancial controls syem in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting eimates 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 exis related to events or conditions that may ca signi cant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exis, we are required to draw attention in our auditors report to the related disclosures in the andalone nancial atements 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, ructure and content of the nancial atements, including the disclosures, and whether the nancial atements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misatements in the annual nancial atements that individually or in aggregate, make it probable that the economic decisions of reasonably knowledgeable user of the nancial atements may be in uenced. We consider quantitative materiality and qualitative factors in (i) planning to scope our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identi ed misatements in the nancial atements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit.

We also provide those charged with governance with a atement 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 mo signi cance in the audit of the andalone nancial atements 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 circumances, 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 intere bene ts of such communication.

Report on Other Legal and Regulatory Requirements i. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a atement on the matters speci ed in paragraphs 3 and 4 of the Order.

ii. 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 be of our knowledge and belief were necessary for the purposes of our audit of the nancial atements.

b. ln our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the atement of Pro t and Loss (including Other Comprehensive Income), the atement of changes in Equity and the atement of Cash Flows dealt with by this Report are in agreement with the books of accounts maintained for the purpose or preparation of the nancial atements.

d. ln our opinion, the aforesaid nancial atements comply with the Ind AS speci ed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. The company has not informed about the presence of any operational Branch which requires Audit u/s 143(8) of the Act.

f. On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disquali ed as on March 31, 2025 from being appointed as a director in terms of Section 164(2) of the Act.

g. On the basis of the examination if the Books of accounts and other records shown to us for the purpose of the Audit and other such documents asked during the course of the Audit, the Auditor has no observation or adverse comment, apart from those mentioned in the relevant paras if any, on the nancial transactions or matters which may have any adverse effect on the functioning of the company.

h. On the basis of the examination of the Books of Account and other records shown to us for the purpose of the Audit and other such documents asked during the course of the Audit, we found no material reason to report any quali cation, reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith, apart from the matters already mentioned in the relevant paras, if any.

. With respect to the adequacy of the internal nancial controls over nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure-B" .

j. With respect to the matter to be included in the Auditors Report under section 197(16) of the Act, as amended:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its managing director during the year is in accordance with the provisions of section 197 of the Act.

k. 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 be of our information and according to the explanations given to us: . The Company has pending litigations on its nancial position in its andalone Financial atements, Please refer note no. 34 ; ii. The Company has made provision, as required under the applicable law or accounting andards, for material foreseeable losses, on long-term contracts including derivative contracts; iii. There has been no delay in transferring amounts, required to be transferred, to the Inveor Education and Protection Fund by the Company. iv. a. The management has represented that, to the be of its knowledge and belief, other than as disclosed in the noted of the accounts, no funds have been advanced or loans or inveed (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 entities, including foreign entities ("Intermediaries"), with the underanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or inve in other persons or entities identi ed in any manner whatsoever by or on behalf of the company (Ultimate Bene ciaries) or provide any guarantee, security or the like on behalf of ultimate bene ciaries; b. The management has represented that, to the be of its knowledge and belief, no funds have been received by the company from any person(s) or entities, including foreign entities ("Funding Parties"), with the underanding whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or inve in other persons or entities identi ed in any manner by or on behalf of the Funding Party ("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of ultimate bene ciaries; and c. Based on audit procedures as considered reasonable and appropriate in the circumances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (I) and (II) contain any material misatement. v. As ated in the nancial atements: i. The nal dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Companies Act, 2013. ii. No interim dividend was declared and paid by the company during the year. iii. The Board of Directors of the Company has not proposed dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. vi. Based on our examination which included te checks and in accordance with requirements of the Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

The audit trail (edit log) feature is duly enabled at the database level to comprehensively log all direct data changes within the accounting software used for maintaining the books of account.

Unique Document Identi cation Number (UDIN) for this document is 25436593BMJHUO5716

For SPARK & Associates Chartered Accountants LLP

Chartered Accountants Firm Reg No. 005313C / C400311

CA Chandresh Singhvi

Partner

Membership No. 436593 Place: Indore Date: 30th May, 2025

VII.a) According to the information and explanations given to us and on the basis of our examination of records of the company, it is regular in depositing undisputed atutory dues including Goods and Services Tax, Provident fund, Employees ate insurance, Income tax, Sales tax, Duty of cuoms, Duty of Excise, Value added tax, Cess and any other atutory dues to the appropriate authorities. According the Information and explanation given to us there were no outanding atutory dues as on 31 March, 2025, for a period of more than six months from the date they became payable except for the following:

Name of the atues	Name of dues	Gross Amount	Amount Paid Under Prote	Period to which the amount relates	Forum where dispute is pending	Remarks, if any
Income-tax act, 1961	TDS	5,931/-	0	AY- 2025-26	IT Authorities	U/s 201
Income-tax act, 1961	TDS	56,190/-	0	AY- 2024-25	IT Authorities	U/s 201
Income-tax act, 1961	TDS	11,051/-	0	AY- 2023-24	IT Authorities	U/s 201

Annexure A to the Independent Auditors Report of even date on the andalone nancial atements of Indo Thai Securities Limited

The annexure referred to the Independent Auditors Report to the members of the company on the andalone nancial atements for the year ended March 31, 2025, we report that: I a) i. The said Company has generally maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. ii. The company generally maintained proper records showing full particulars of intangible assets.

b) The Property, Plant and Equipment referred to in Note no. 8 of nancial atements have been physically veri ed by the management at reasonable intervals (covering all the assets in a period of three years), which in our opinion is reasonable, having regard to the size of the said Company and nature of its assets. As informed to us, no material discrepancy was noticed on such physical veri cation.

c) According to the information and explanation given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.

d) According to the information and explanations given to us, the said company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year.

e) There are no proceedings initiated or pending again the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder as details provided by management.

II. a) As explained to us the ock of shares during the year was in demat form and management has veri ed the same from the demat account atement. In our opinion, the frequency of veri cation is reasonable. The company is maintaining proper records of inventory and no discrepancies were noticed on veri cation between electronic records and book records.

b) As explained to us, and information provided to us. During any point of time of the year, company has not been sanctioned working capital limits in excess of 5 crore rupees, in aggregate, from banks or nancial initution on the basis of security of current asset.

III. According to the information and explanations given to us, the company has not made invement in, provided any guarantee or security or granted any loan or advances in the nature of loans, secured or unsecured, to companies, rms, Limited Liability Partnerships or any other parties, accordingly this clause is not applicable to the said Company.

IV. The Company has not granted any loans, made invements or provided guarantees and securities under Section 185 of the Act. The Company has complied with the provisions of Sections 186 of the Act in respect of grant of loans and making invements. The Company has not provided any guarantees and securities. Accordingly, para 3(iv) of the Order is not applicable to that extent.

V. The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal again the Company in this regard.

VI. The Central Government has not prescribed the maintenance of co record under section 148(1) of the Act, for any of the services rendered by the company. Accordingly reporting under this clause is not applicable.

Income-tax act, 1961	TDS	0	0	AY- 2021-22	IT Authorities	U/s 201
Income-tax act, 1961	TDS	59,780/-	0	Prior year	IT Authorities	U/s 201

(b) According to the information and explanations given to us, there are no dues of G, Provident fund, Employees ate Insurance, Income-tax, Sales tax, Service tax, Duty of Cuoms, Value added tax, Cess or other atutory dues which have not been deposited by the Company on account of disputes except for the following:

Name of the atues	Name of dues	Gross Amount	Amount Paid Under Prote	Period to which the amount relates	Forum where dispute is pending	Remarks, if any
Income-tax act, 1961	Income Tax	82,25,880	0	AY- 2015-16	Appeal to	U/s 246A
					Commissioner
					of Income-tax
Income-tax act, 1961	Income Tax	2,84,39,553	0	AY- 2023-24	Appeal to	U/s 246A
					Commissioner
					of Income-tax

VIII. According to the information and explanations given to us, there are no transaction that are not recorded in books of accounts have been surrendered or disclosed as income during the year in the tax assessment under income tax act,1961 (43 of 1961). Hence, this clause is not applicable.

IX. a) According to the records of the Company examined by us and the information and explanations given to us, the Company did not default in repayment of loans or borrowing from any lender during the year.

b) According to the information and explanations given to us, Company is not declared as willful defaulter by bank or nancial initution or other lender;

c) According to the information and explanations given to us by the management, the Company has not obtained any term loans. Accordingly, reporting under the clause is not applicable.

d) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds have been raised on short-term basis by the Company. Accordingly, reporting under this clause is not applicable.

e) In our opinion and according to the information and explanations given to us, 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.

f) In our opinion and according to the information and explanations given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

X. a) The Company did not raise any money by way of initial public offer or further public offer (including debt inruments) during the year. Accordingly, paragraph (x) of the order is not applicable.

b) ) The Company issued Share Warrants and preferential Issue of equity shares during the previous year. In our opinion and according to explanation given to us and based on our audit procedures, the Company has complied with the requirements of Section 42 and Section 62 of the Companies Act, 2013. The funds raised during the year have been used for the purpose for which the funds were raised. Details are as follows:

(Rs. In Crore)

Nature of Securities 1 Issue	Purpose for which funds were raised	Total Amount Raised	Outanding Amount	Amount utilized for the other purpose	Unutilized balance as at balance sheet date
	1. Working capital requirements
Convertible		36.86	15.50	Nil	Nil
	2. General Corporate Purposes
Warrants
2nd Issue	1. Augmenting the margin	45.20	41.35	Nil	23.69
Equity	deposited with various ock
Preferential	exchange.
issue	2. Provide Permissible funding
	to clients
Convertible		73.00
	3.Pro Trading
Warrants
	4. General corporate
	purposes (GCP)

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

(b) According to the information and explanations given to us, no report under subsection (12) of Section 143 of the Companies Act, 2013 has been led by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

( c) As represented to us by the management, there are no while blowers complaints received by the company during this year.

XII. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph (xii) of the order is not applicable.

XIII. 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 nancial atements as required by the applicable accounting andards.

XIV. (a) In our opinion the company has an internal audit syem commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date for the period under audit.

XV. On the basis of information and explanation given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him during the nancial year.

XVI.(a) According to the information and explanations provided to us, the company is not required to be regiered under Section 45-IA of the Reserve Bank of India Act, 1934 and hence this clause is not applicable to the Company.

b) The company has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certi cate of Regiration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, the requirement to report on clause (xvi)(b) of para 3 of the Order is not applicable to the Company.

c)The Company is not a Core Invement Company (CIC) as de ned in the regulations made by the Reserve Bank of India. Accordingly, the clause is not applicable.

d) According to the information and explanations provided to us during the course of audit, the Company does not have any CIC. Accordingly, the clause is not applicable.

XVII. Based on our examination the company has not incurred any cash losses in the current nancial year and the immediately preceding nancial year.

XVIII. There is no resignation of the atutory auditors during the year. Accordingly, the clause is not applicable.

XIX. On the basis of the nancial ratios, ageing and expected dates of realization of nancial assets and payment of nancial liabilities, other information accompanying the nancial atements, the auditors knowledge of the Board of Directors and management plans, nothing has come to our attention, which causes us to believe that any material uncertainty found as on the date of the audit report that company is not capable of meeting its liabilities exiing 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, ate that this is not an assurance as to the future viability of the Company. We further ate 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.

XX. (a) According to the information and explanations given to us and based on our examination of the records of the company, the provisions of transferring the unspent amount relating to other than ongoing projects to a Fund speci ed in Schedule VII of the Companies Act, 2013, within a period of six months from the end of the nancial year, in compliance with the second proviso to sub-section (5) of section 135 of the Act, are applicable to the company. However, the company has not transferred the unspent CSR amount of 14.81 Lakh & 4.77 lakh for the nancial year ended 31-Mar-25 & 31-Mar-24 Respectively within the ipulated period. Accordingly, the company has not complied with the said provisions.

b) The Company does not have any ongoing projects in accordance with the requirements of CSR guidelines and hence, reporting under paragraph 3(xx)(b) of the Order is not applicable for the year.

XXI. As the Company is also preparing its consolidated nancial atement, reporting under paragraph 3 (xxi) is given in the consolidated audit report.

Unique Document Identi cation Number (UDIN) for this document is 25436593BMJHUO5716.

For SPARK & Associates Chartered Accountants LLP

Chartered Accountants Firm Reg No. 005313C / C400311

CA Chandresh Singhvi

Partner

Membership No. 436593 Place: Indore Date: 30th May, 2025

Annexure "B" to the Independent Auditors Report of even date on the andalone Financial atements of Indo Thai Securities Limited

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 nancial controls over nancial reporting of Indo Thai Securities Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the andalone nancial atements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for eablishing and maintaining internal nancial controls based on the internal control over nancial reporting criteria eablished by the Company considering the essential components of internal control ated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Initute of Chartered Accountants of India.

These responsibilities include the design, implementation and maintenance of adequate internal nancial controls that were operating effectively for ensuring the orderly and ef cient 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 nancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal nancial controls over nancial 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 andards on Auditing (the "andards"), issued by ICAl and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Initute of Chartered Accountants of India. Those andards 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 nancial controls over nancial reporting was eablished 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 nancial controls syem over nancial reporting and their operating effectiveness. Our audit of internal nancial controls over nancial reporting included obtaining an underanding of internal nancial controls over nancial reporting, assessing the risk that a material weakness exis, and teing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misatement of the nancial atements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls syem over nancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Companys internal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial atements for external purposes in accordance with generally accepted accounting principles. A Companys internal nancial control over nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial atements 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 nancial atements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancial reporting, including the possibility of collusion or improper management override of controls, material misatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal nancial controls over nancial reporting to future periods are subject to the risk that the internal nancial control over nancial 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, the Company has, in all material respects, an adequate internal nancial controls syem over nancial reporting and such internal nancial controls over nancial reporting were operating effectively as at March 31, 2025 based on the internal control over nancial reporting criteria eablished by the Company considering the essential components of internal control ated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Initute of Chartered Accountants of India.

Unique Document Identi cation Number (UDIN) for this document is 25436593BMJHUO5716.

For SPARK & Associates Chartered Accountants LLP

Chartered Accountants Firm Reg No. 005313C / C400311

CA Chandresh Singhvi

Partner

Membership No. 436593

Place: Indore Date: 30th May, 2025