Infollion Research Services Ltd Auditor Reports

To the Members of

INFOLLION RESEARCH SERVICES LIMITED

Report on Audit of Standalone Financial Statements

We have audited the accompanying standalone financial statements of ‘INFOLLION RESEARCH SERVICES LIMITED (hereinafter referred to as ‘the Company), which comprise the Standalone Balance Sheet as at 31st March, 2026, the Standalone Statement of Profit and Loss, Standalone Cash Flow Statement and Standalone Statement of Changes in Equity for the Financial Year ended then, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the “Standalone Financial Statements1).

In our opinion and to the best of our informafion and according to the explanations given to us, the aforesaid standalone financial statements give the informafion 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 of the state of affairs of the Company as at 31st March 2026, its Profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 Standalone 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 standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Financial Statements.

Emphasis of Matter

We draw attention to Note No. 34 to the accompanying standalone financial statements, which describes that on November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment has published draft Central Rules and related FAQs to enable an assessment of the financial impact arising from these regulatory changes.

As stated in the said Note, the Company has performed a preliminary assessment of the potential impact of the Labour Codes on its standalone financial statements. Based on the current evaluation and information available, the Company does not expect any material impact at this stage, and accordingly, no significant adjustments have been recognised in the standalone financial statements. The Company will continue to monitor the finalization of the Central and State Rules and related clarifications and assess the impact, if any, on its standalone financial statements and recognize the same as and when determinable in accordance with the applicable accounfing standards.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

S. No.	Key Audit Matters	Auditors Response
1	Recoverability of investment in and loan to wholly-owned foreign subsidiary	Our principal audit procedures included:
		Evaluated the financial performance and financial position of the subsidiary and assessed indicators of impairment.
	As at March 31, 2026, the Company has investments in and loans to its wholly owned foreign subsidiary. The investments, standing at ? 0.85 Lakhs whereas loan outstanding as at the reporting date, amounted to ? 94.65 lakhs. The assessment of recoverability of the loan and whether any decline in the value of the Companys investment is other than temporary involves significant management judgement, considering the subsidiarys historical financial performance, financial position, business plans and projected future cash flows.	Evaluated managements business plans and projected cash flows, including key assumptions.
	Given the significance of these balances and the judgement involved in assessing their recoverability and impairment, we determined this to be a key audit matter.	Assessed the terms and recoverability of the loan and verified the year-end balance.
		Assessed managements impairment assessment of the investment.
		Based on the procedures performed, we found the Companys assessment of recoverability and impairment to be reasonable.
2	Capitalization of expenditure on internally generated software as Intangible Asset under Development	Our principal audit procedures included:
		Evaluated the accounting policy and managements assessment against the recognition criteria under AS 26.
	The Company is developing internally generated software and has capitalized expenditure meeting the recognition criteria under AS 26, Intangible Assets, as "Intangible Asset under Development.” The assessment of whether expenditure incurred during the development phase meets the recognition criteria involves significant management judgement, including technical feasibility, intention and ability to complete the development, availability of resources and expected future economic benefits.	Tested, on a sample basis, expenditure capitalised to supporting documentation.
	Given the judgement involved and the significance of the capitalized balance, we determined this to be a key audit matter.	Assessed the stage of development, technical feasibility, intention and ability to complete the software and availability of resources.
		Evaluated the basis for expected future economic benefits from the software.
		Based on the procedures performed, we found the recognition and carrying value of the Intangible Asset under Development to be reasonable.

Information Other than the Financial Statements 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 Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance and Shareholders Information, 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 other information, we are required to report the fact. We have nothing to report in this regard.

Management Responsibility and those charged with governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act1) with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with the Companies (Accounts) Rules, 2014, as amended. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementafion and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to confinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounfing 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 is also responsible for overseeing the companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 expected to influence the economic decisions of users taken on the basis of these standalone 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 sufficient 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 Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounfing 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 entitys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements

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 the management and 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.

Other Matter

We draw attention to the fact that the corresponding figures for the year ended March 31, 2025 (referred to as the “corresponding financial information1), included in the accompanying standalone financial statements and prepared in accordance with the recognition and measurement principles laid down in the applicable Accounting Standards specified under Section 133 of the Companies Act, 2013, were audited by the predecessor auditor, whose report dated April 22, 2025 expressed an unmodified opinion on those figures.

Our opinion on the standalone financial statements is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure “A a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Company does not have any branch and accordingly, reporting under this clause is not applicable to the Company.

d) The Standalone Balance Sheet and the Standalone Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

e) In 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.

f) In our opinion and to the best of our information and according to the explanations given to us, we have not observed any matter to be reported that has an adverse effect on the functioning of the Company.

g) On the basis of written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026, from being appointed as a director in terms of Section 164(2) of the Act.

h) In our opinion, there is no qualification, reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith.

i) Pursuant to Notification No. G.S.R. 464(E) dated June 5, 2015 and as amended by Notification No G.S.R. 583(E) dated 13th June 2017 the requirement for reporting on internal financial controls over financial reporting of the Company and the operating effectiveness of such controls is applicable to the company. 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.

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

k) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i. The Company does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

iv. The Company did not declare or pay dividend during the year and therefore the compliance under section 123 of Companies Act is not applicable to the company.

v. (a) The Management has represented that, to the best of its knowledge and belief, 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, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief, 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, 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.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail (edit log) feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.

ANNEXURE"A"

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(REFERRED TO UNDER ‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF INFOLLION RESEARCH SERVICES LIMITED (the Company)

[Pursuant to the Companies (Auditors Report) Order, 2020]

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

(i) In respect of the Companys Property, Plant and Equipment and Intangible Assets,

(a) The company maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. The Company has also maintained proper records of Intangible Assets. The Company has not capitalized any completed intangible asset as at the reporting date. However, the Company is currently in the development phase of internally generated software, and costs incurred that meet the recognition criteria under AS 26 have been capitalized as “Intangible Asset under Development1.

(b) All the Property, Plant, and Equipment have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification;

(c) The Company does not currently hold any immovable property that is recorded in its financial statements. Hence, clauses related to Immovable properties are not applicable.

(d) The Company has not revalued its property, plant and equipment (including right of use of assets) or intangible asset during year;

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(ii) In respect of the Companys Inventory,

(a) The Company does not deal in physical goods and, accordingly, does not hold any inventory; accordingly, reporting under clause 3(ii)(a) of the Order is not applicable to the Company.

(b) The Company has not been sanctioned any working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets, at any point of time during the year; accordingly, reporting under clause 3(ii)(b) of the Order is not applicable to the Company.

(iii) During the year, the Company has granted loans, stood guarantee, or provided security to companies, firms, Limited Liability Partnerships, or any other parties, as summarized below:

Particulars	Guarantees	Loans
Aggregate amount granted/provided during the year - Subsidiaries & Associates	Nil	Nil (Loan was granted in the preceding financial year)
Balance outstanding as at balance sheet date (including amount outstanding at beginning of the year) - Subsidiaries & Associates	Nil	^ 94.65 Lakhs March 31, 2025: ^ 85.43 Lakhs
Others	Nil	Nil

(a) According to the information and explanations given to us, during the year the Company has not granted any fresh loans, advances in the nature of loans, stood guarantee, or provided any security to firms, Limited Liability Partnerships, or any other parties. The Company continues to hold a loan granted to its subsidiary, Infollion Research Services Corp., in the preceding financial year, the terms and conditions of the grant of which are not, in our opinion, prejudicial to the Companys interest.

(b) In our opinion, the terms and conditions of the loan granted to the aforesaid subsidiary in the preceding year, the balance of which is outstanding as at the balance sheet date, are not prejudicial to the Companys interest. Further, the Company has made investments in Liquid Mutual Funds during the year. In our opinion, the terms and conditions of such investments are not prejudicial to the Companys interest.

(c) In respect of the loan granted to the subsidiary, the schedule of repayment of principal and payment of interest has been stipulated, and the repayments or receipts during the year are regular as per such stipulations. The increase in the outstanding balance from ? 85.43 Lakhs as at March 31, 2025 to Rs. 94.65 Lakhs as at March 31, 2026 is on account of restatement of the foreign-currency-denominated loan at the closing exchange rate as at the balance sheet date, and does not represent any default or irregularity in repayment.

(d) There is no amount of loan granted to the aforesaid subsidiary which is overdue for more than ninety days as at the balance sheet date.

(e) During the year, the Company has not extended, renewed, or granted any fresh loan to settle the outstanding amount of any existing loan granted to the same party, including the aforesaid subsidiary.

(f) The Company has not granted any loans or advances in the nature of loans which are either repayable on demand or without specifying any terms or period of repayment during the year. Accordingly, reporting under clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company had granted a loan to its wholly owned subsidiary, Infollion Research Services Corp., amounting to ? 85.43 lakhs in the preceding financial year (FY 2024-25). The said loan is covered under the exemption provided under Section

185(l)(c) of the Act, as the loan has been granted by the holding company to its wholly owned subsidiary and the funds have been utilized by the subsidiary for its principal business activities. The Company has complied with the applicable provisions of Section 186 of the Act in respect of such loan.

(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 Companies 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.

(vi) The maintenance of cost records has not been specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, for any of the services rendered by the Company. Accordingly, reporting under this clause of the Order is not applicable to the Company.

(vii)

(a) According to the information and explanations given to us and based on our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, GST, value added tax, duty of customs, service tax, cess and other material statutory dues if applicable have been regularly deposited during the year by the Company with the appropriate authorities. However, a demand pertaining to Tax Deducted at Source aggregating to ? 1.33 lakhs is appearing on the TRACES portal, in respect of which the Company has initiated corrective/rectification proceedings.

The Company does not have liability in respect of Service tax, Duty of Excise and Sales tax, as these have been subsumed into Goods and Services Tax with effect from July 1, 2017.

(b) According to the information and explanations given to us, and the records of the Company examined by us, there are no disputed dues of GST, TDS, income tax, custom duty, service tax, wealth tax, Value added tax, excise duty and cess which have not been deposited.

(viii) 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 surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) In our opinion and on the basis of information and explanations given to us and based on our examination of the books of account of the Company:

(a) The Company has no loans or borrowings from any lender; hence, the requirement to report on clause 3(ix)(a) of the Order is not applicable to the Company;

(b) The company has not been declared willful defaulter by any bank or financial institution or other lender, hence, the requirement to report on clause 3(ix)(b) of the Order is not applicable to the Company;

(c) The company has not obtained any term loan; hence, the requirement to report on clause 3(ix)(c) of the Order is not applicable to the Company;

(d) The company has not raised any short-term fund; hence, the requirement to report on clause 3(ix)(d) of the Order is not applicable to 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 subsidiaries, associates or joint ventures; hence, the requirement to report on clause 3(ix)(e) of the Order is not applicable to the Company;

(f) The company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies; hence, the requirement to report on clause 3(ix)(f) of the Order is not applicable to the Company;

(x)

(a) According to information and explanation given by the management, the Company did not raise money by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under the clause 3(x)(a) of the Order is not applicable. However, the Company has issued 9,787 equity shares under Employee Stock Options Scheme at an exercise price of ? 10 per share.

(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially, or optionally) during the year and accordingly, reporting under paragraph 3(x)(b) of the Order is not applicable.

(xi)

(a) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the audit procedures performed and information and explanations given by the management, we have neither come across any instance of fraud by the Company nor any fraud on the company has been noticed or reported during the course of our audit.

(b) No report under sub-section (12) of section 143 of the Companies Act 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 upto the date of this report.

(c) No whistle-blower complaints were received during the year for our consideration.

(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a) to 3(xii) (c) of the Order are not applicable to the Company.

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

(xiv)

(a) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(b) The company has appointed VPS & Co., Chartered Accountants, as an internal auditor under section 138 of the Act during the Financial Year 2025-26. The reports of the internal auditors have been considered by the statutory auditor.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected to its directors as restricted in section 192 of Companies Act, 2013; hence this clause is not applicable.

(xvi)

(a) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted any Non Banking Financial or housing Finance activities without obtaining a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) There are no Core Investment Companies as a part of the Group, hence, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(xvii) The company has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year. The erstwhile auditors, M/s Sudesh Kumar & Co., Chartered Accountants, completed their term of appointment under Section 139 of the Companies Act, 2013 and were succeeded by M/s PRANV & Associates, Chartered Accountants, upon due appointment by the members at the Annual General Meeting; accordingly, reporting under this clause of the Order is not applicable to the Company.

(xix) According to the information and explanations given to us and based on our examination of the records of the Company and financial ratios, aging and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 exists as on the date of the audit report indicating that Company is not 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.

(xx) As per Section 135(5) of the Companies Act, 2013, the gross amount required to be spent by the Company on Corporate Social Responsibility activities for the year ended March 31, 2026, was ? 16.84 Lakhs, against which the Company incurred CSR expenditure of ? 16.99 Lakhs during the year. Accordingly, the Company has no unspent CSR amount as at the balance sheet date, and reporting under clause 3(xx)(a) and 3(xx)(b) of the Order is not applicable to the Company.

(xxi) The requirement of Clause 3 (xxi) is not applicable in respect of Standalone Financial Statements.

ANNEXURE "B"

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

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 with reference to financial statements of Infollion Research Services Limited as of March 31, 2026, in conjunction with our audit of the 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 with reference to these financial statements 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, as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, 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 with reference to these financial statements were established and maintained and if such controls operated effectively in all material respects.

Meaning of Internal Financial Controls with Reference to these Financial Statements

A companys internal financial control with reference to financial statements 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 controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to these financial statements, 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 with reference to these financial statements 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 prevenfion or fimely detecfion of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls with reference to financial statements, and such internal financial controls with reference to financial statements were operating effectively as of March 31, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”).

For PRANV & ASSOCIATES

Chartered Accountants

FRN:037916N

Sd/-

(Vikas Goel)

Partner

M. No. 513905

Place: New Delhi

Dated: 16 April 2026

UDIN: 26513905CJSKKE1612