Inventure Growth & Securities Ltd Auditor Reports

To the Members of Inventure Growth & Securities Limited REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS Opinion

We have audited the accompanying Standalone Financial Statements of Inventure Growth & Securities Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS"), and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its profit, other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) as specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibility 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 (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled 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 sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.

We draw attention to Note 53 of the accompanying standalone financial statements, which describes that subsequent to the reporting period, the Company has filed a Scheme of Arrangement with the Honble National Company Law Tribunal (NCLT) under Sections 230 to 232 and Section 66 of the Companies Act, 2013. The Scheme provides for the amalgamation of four wholly-owned subsidiaries with the Company and immediately after coming into effect of the Amalgamation as stated above, demerger of the Lending Business Undertaking into a wholly-owned subsidiary. The Scheme is subject to necessary approvals from regulatory authorities and stakeholders. The Standalone financial statements do not include any adjustments that may arise from the proposed Scheme, as the same will be given effect upon its effectiveness in accordance with applicable accounting standards. Our opinion is not modified in respect of this matter.

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. For each matter below, our description of how our audit addressed the matter is provided in that context. We have determined the matters described below to be the key audit matters to be communicated in our report.

The Companys management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report, but does not include the Consolidated Financial Statements, Standalone Financial Statements and our auditors report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read such other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and to comply with the relevant applicable requirements of the standard on auditing for auditors responsibility in relation to other information in documents containing audit of standalone financial statements. We have nothing to report in this regard.

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with Indian Accounting Standards (Ind

AS) prescribed under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended 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 the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Companys Board of Directors are also responsible for overseeing the Companys financial reporting process.

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 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 Standalone 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 the Standalone Financial Statements in place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Standalone Financial Statements made by management and Board of Directors.

• Conclude on the appropriateness of managements and Board of Director use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related 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 Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone 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 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 those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

During the year, the company has raised an amount through rights issue and out of the total issue, the Company has transferred Rs. 484.97 lakhs from the escrow account to its regular bank account as on March 31, 2025, which remains unutilised as per the purpose mentioned in the letter of offer of the issue. Subsequently, the Company has transferred the said amount of Rs. 484.97 Lakhs to its Escrow A/c.

The audit of the Standalone financial statements of the Company for the year ended March 31, 2024 were carried out and reported by another auditor who had expressed a qualified opinion vide their qualified report dated May 29, 2024. This report has been furnished to us and has been relied upon by us, for the purpose of our audit of the statement. Our opinion is not modified in respect of this matter.

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 the paragraph 3 and 4 of the order to the extend 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; except for the matters stated in the paragraph (B - vi) below, on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Standalone Other Comprehensive Income), Standalone Statement of Cash Flow and Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account; (d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act; read with Companies (Indian Accounting Standards) Rules, 2015, as amended; (e) 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 director is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act; (f) 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"; and (g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations (if any) as at March 31, 2025 on its financial position in its Standalone Financial Statements. ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund; iv. (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 persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Company or • provide any guarantee, security or the like to or 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 persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Party or • provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and (c) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (iv) (a) and (iv) (b) contain any material mis-statement. v. The Company has neither declared nor paid any dividend during the year. vi. Based on our examination which included test checks and information given to us, the Company has used accounting software for maintaining its books of accounts for the financial year ended 31^st March 2025, which did not have a feature of recording audit trail (edit log) facility throughout the year for all the relevant transactions recorded in the respective software, hence we are unable to comment on audit trail feature for the said software.

3. 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 according to the explanations given to us, the managerial remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with Schedule V to the Act.

For CGCA & Associates LLP

Chartered Accountants

Firm Regn No : 123393W / W100755

Membership No: 143113 Mumbai, May 21, 2025 UDIN: 25143113BMIBYS5464

Annexure referred to in our report of even date to the members of the Company on the Standalone Financial Statements for the year ended March 31, 2025, we report that: i. According to the information and explanations given to us and on the basis of our examination of the records of the Company, in respect of Property, Plant & Equipment: a. (A) The Company has maintained proper records, showing full particulars including quantitative details and situation of Property, Plant and Equipment and relevant details of Right-of-use assets.

(B) The Company has maintained proper records, showing full particulars of intangible assets. b. The Company has a programme of physical verification of its property, plant and equipment by which all property, plant and equipment are verified in a phased manner. However, during the year the Company was unable to physically verify certain portion of its Property, Plant, and Equipment (PPE). As informed to us, the discrepancies noticed during such physical verification have been properly dealt with in books of accounts. In our opinion, the verification programme should be such that all the assets are verified at least once in every three years and physical verification is properly documented. c. The title deeds of immovable properties are held in the name of the Company. d. The Company has not revalued its Property, Plant & Equipment or Intangible assets or both during the year. e. There are no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. ii. According to information and explanation given to us and on the basis of our examination of the records of the Company, in respect of Inventory, we report that: a. The inventory (stock of shares) held in dematerialized form has been verified by the management during the year. On the basis of our examination of records of inventory, in our opinion, the procedures for the verification of inventory followed by management are reasonable and adequate in relation to the size of the Company and the nature of its business. The Company is maintaining proper records of inventory and according to the information and explanation given to us there were no discrepancies noticed on verification between the dematerialized stocks and the book records. b. The Company has been sanctioned working capital limits from the banks against pledge of its fixed deposits. Due to the very nature of the security offered, quarterly returns or statements of current assets are not required to be filed by the Company. iii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, in respect of loans and advances, we report that: a. During the year company has provided loans (including Margin trading facilities) to the companies, firms, Limited Liability Partnerships or any other parties as follows:

During the year the Company has not provided advances in the nature of loans, stood guarantee and provided security to companies, firms, limited liability partnerships or any other parties. Accordingly, the requirement to report on these is not applicable to the Company. b. During the year, the Company has not made any investments and not provided guarantees, given security and granted loans and advances in the nature of guarantees to companies, firms, Limited Liability Partnerships or any other parties. c. In case of loans given in the nature of MTF, the schedule of repayment of principal and payment of interest has been stipulated, whose repayments and payments are regular. The Company has not granted advances in the nature of loans during the year to companies, firms, Limited Liability Partnerships or any other parties where the schedule of repayment of principal and payment of interest has been stipulated. d. In respect of loans granted by the Company, there are no amount overdue for more than ninety days. e. There were no loans granted to companies, firms, limited liability partnerships or any other parties which was fallen due during the year, that have been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties. The Company has not granted advances in the nature of loans during the year to companies, firms, limited liability partnerships or any other parties. Accordingly, the requirement to report on this is not applicable to the Company. f. The Company has granted loans or advances repayable on demand to companies or other parties. Of these following are the details of the aggregate amount of loans granted to promoters or related parties as defined in clause (76) of Section 2 of the Companies Act, 2013: ( in Lakhs)

The Company has not granted loans or advances in the nature of loans, without specifying any terms or period of repayment to Companies, firms, limited liability partnerships or any other parties. iv. According to the information and explanations given to us and on the basis of our examination of the records, the Company has not given any loans, or provided any guarantee or security as specified under Section 185 and 186 of the Companies Act, 2013. In respect of investments made by the Company, in our opinion the provisions of Section 186 of the Companies Act, 2013 have been complied with. 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. 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 against the Company in this regard. vi. In our opinion and according to the information and explanation give to us by the management, the Central Government has not prescribed maintenance of cost records under sub section (1) of Section 148 of the Act, for any of the activities carried on by the Company. The maintenance of cost records is not applicable to the Company as confirmed by the Management.

vii. According to the information and explanations given to us, in respect of statutory dues: a. The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income-Tax, Custom Duty, Cess, Goods and Service Tax and other material statutory dues applicable to it to the appropriate authorities. No undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. b. The dues of goods and services tax, provident fund, employees state insurance, income-tax, cess, and other statutory dues have not been deposited on account of any dispute, are as follows:

As informed, the provisions of sales tax, duty of customs, duty of excise and value added tax are currently not applicable to the Company. viii. According to the information and explanations given to us and on the basis of our examination of the records, 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. According to the information and explanations given to us and on the basis of our examination of the records, in respect of loans or borrowings: a. The Company has not defaulted in the repayment of loans or borrowings or in the payment of interest during the year. b. The Company has not been declared a willful defaulter by any bank or financial institution or government or government authority. c. The Company has applied the term loans for the purpose for which they were obtained. d. We report that funds raised on short term basis has not been utilized for long term purposes. e. The Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries during the year. f. The Company has not raised any loans during the year on pledge of securities held in its subsidiaries. Accordingly, the reporting under clause (ix)(f) is not applicable to the Company. x. According to the information and explanations given to us and on the basis of our examination of the records of the Company: a. The Company has raised Rs. 4,893.00 Lakhs through rights issue during the year and prima facie the funds have been applied as per the offer letter subject to the funds lying in the escrow account. Further, out of the total proceeds of rights issue, during the year an amount of Rs. 484.97 has been withdrawn from the escrow account to Companys regular bank account and the company has subsequently transferred back an equivalent amount to the Escrow account.

b. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable. xi. According to the information and explanations given to us and on the basis of our examination of the records of the Company, in respect of Frauds: a. Considering the principles of materiality outlined in Standards on Auditing, we report that no fraud by the Company or on the Company by its officers/employees has been noticed or reported during the course of the audit. We further note that in the previous year, a fraud committed on the Company by an employee was appropriately reported, and the matter is still under an investigation as on the date of this report. b. In the absence of any fraud during the year, there is no requirement to submit ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government. c. During the year under audit, we have not received any complaints under whistle blower mechanism. xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(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 financial statements as required by the applicable Indian Accounting Standards. xiv. Based on information and explanations provided to us and our audit procedures: a. The Company has established internal financial controls with reference to financial statements; however, certain aspects require further strengthening to be fully commensurate with the size and nature of its operations, particularly in relation to controls over physical verification and monitoring of Property, Plant and Equipment. In our opinion, the internal control system relating to completeness and accuracy of fixed asset records and their verification needs improvement, and accordingly, we are unable to place reliance on the operating effectiveness of such controls. b. We have considered the internal audit reports of the Company issued till date for the period under audit. xv. In our opinion and according to the information and explanations given to us, the Company has not entered into non-cash transactions with directors or persons connected to its directors and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company. Accordingly, paragraph 3(xv) of the Order is not applicable. xvi. According to the information and explanations given to us and based on our examination of the records of the Company, we report that: a. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable. b. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable. c. The Company is not the Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India Accordingly, clause 3(xvi)(c) of the Order is not applicable. d. According to the information and explanations provided to us during the course of the audit, Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable. xvii. The Company has not incurred any cash losses during the year under audit and in the immediately preceding financial year, hence clause 3 (xvii) of the Order is not applicable.

xviii. M/s. PPV & Co., the Statutory Auditors of the Company have resigned w.e.f 18^th July, 2024. As informed, there has been no issues, objects or concerns that were raised by the outgoing auditors. xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exist as on the date of the audit report that the Company is not capable of meetings 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 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 or 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. According to the information and explanations given to us and based on our examination of the records of the Company, in respect of Corporate Social Responsibility (CSR): a. The Company has transferred the required amount to an Implementing Agency prior to March 31, 2025 towards its CSR obligations for the financial year 2024-25. However, the said amount remained unutilized by the Implementing Agency as on March 31, 2025.

b. Further, the Company has deposited an amount of 2.11 lakhs directly into a Schedule VII Fund within the prescribed timelines, in compliance with the provisions of section 135 of the Companies Act, 2013 read with the rules made thereunder. xxi. Accordingly, there are no amounts remaining unspent requiring transfer to the special account under section 135(6) of the Act. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For CGCA & Associates LLP Chartered Accountants

Firm Regn No : 123393W / W100755

Membership No: 143113 Mumbai, May 21, 2025 UDIN: 25143113BMIBYS5464

We have audited the internal financial controls over financial reporting of Inventure Growth & Securities Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Based on our audit of the Standalone Financial Statements of Inventure Growth & Securities Limited ("the Company") as of March 31, 2025, we have reviewed the internal control over financial reporting, particularly those related to the financial reporting process and the preparation of financial statements. During our audit, we have identified instances where certain controls integral to the financial reporting process were not in place. These deficiencies suggest that while the controls exist, there is considerable scope for enhancing the internal control framework to ensure more robust financial reporting. However, these observations do not materially impact our overall opinion on the financial statements or the internal control over financial reporting.

The Companys management and the Board of Director are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to Standalone Financial Statements 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.

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We have 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 judgement, including the assessment of the risks of material misstatement of the Standalone 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.

A companys internal financial controls with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone

Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to financial statements include 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 Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the Standalone Financial Statements.

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.

For CGCA & Associates LLP Chartered Accountants

Firm Regn No : 123393W / W100755

Membership No: 143113 Mumbai, May 21, 2025 UDIN: 25143113BMIBYS5464