Monarch Surveyors and Engineering Consultants Ltd Auditor Reports

To,

The Members of

Monarch Surveyors and Engineering Consultants Limited,

Pune

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial Statements of Monarch Surveyors and Engineering Consultants Limited ("the Company"), which comprise the Balance Sheet as at 31^st March, 2026, the Statement of Profit and Loss Account, and the Statement of Cash Flow for the year then ended, and notes to the Financial Statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013, as amended ("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 (Accounting Standards) Rules, 2021, as amended and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March, 2026, profit and its cash flow for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Companies Act, 2013 and the Rules 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 Financial Statements.

Emphasis of Matter

We draw attention to the following matters in the notes to the Financial Statements:

1. Unutilized IPO proceeds amounting to Rs. 66.43 Crores as at March 31, 2026, are temporarily invested pending utilization.

(Refer Note Number 35)

2. Balance of advances from clients and balances due from Sundry Debtors are subject to confirmation and reconciliation.

(Refer Note Number 36)

3. Balance of advances to vendors and balances outstanding in Sundry Creditors are subject to confirmation and reconciliation.

(Refer Note Number 37)

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgement, were of most significance in our audit of the Financial Statements for the year ended March 31, 2026. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have not determined any key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors are responsible for preparation and presentation of the other information. The other information comprises the information included in the Boards report including Annexures to Boards report but does not include the Financial Statements and our Auditors Report thereon.

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

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

Responsibilities of Management and Board of Directors for the Financial Statements

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Financial

Statements that give a true and fair view of the financial position, financial performance, cash flows of the Company in accordance with the 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 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 Financial Statements, the Management and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management and Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be 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 risk 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 financial controls with reference to Financial Statements 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 systems with reference to 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 made by Management and Board of Directors.

• Conclude on the appropriateness of Managements and Board of Directors use of the going concern basis of accounting in preparation of Financial Statement 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 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 misstatement 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 misstatement 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 may have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, 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, based on our audit 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 Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account;

(d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards prescribed under Section 133 of the Act;

(e) On the basis of the written representations received from the directors as on 31^st March, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2026 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 with reference to Financials Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial control over financial reporting with reference to Financial Statements;

(g) With respect to other matters to be included in the Auditors Report in accordance with Section 197(16) of the Act, the remuneration paid by the Company to its directors is in accordance with the provisions of this Section and is within the limit laid down under this Section.

(h) 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, (as amended), in our opinion and to the best of our information and according to the explanations given to us:

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 derivative contracts for which there were any material foreseeable losses.

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

iv. (a) The Management has represented that,

to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) 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 or entity(ies), including foreign entity(ies) ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate 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 (which are material either individually or in the aggregate) have been received by the Company from any person or entity(ies), including foreign entity(ies) ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, and according to information and explanation provided to us by the Management in this regard, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

(v) The Company has not declared or paid any dividend during the year.

(vi) Based on our examination which includes test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31^st, 2026, which has a feature of recording audit trail (edit log) facility and the same has been 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 feature being tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

ANNEXURE A

TO THE INDEPENDENT AUDITORS REPORT

(Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of SubSection (11) of Section 143 of the Companies Act, 2013)

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) Property, Plant & Equipment & Intangible Assets

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and equipment;

b) The Property, Plant and equipment have been physically verified by the Management in a phased manner at reasonable intervals, designed to cover all the items which in our opinion, is reasonable having regard to the size of the Company and nature of its business. According to information and explanation given to us, no material discrepancies between the book records and the physical fixed assets have been noticed;

c) Based on our examination of the property tax receipts and registered sale deed for land on which building is constructed, registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self- constructed buildings and title deeds of all other immovable properties, disclosed in the Financial Statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date;

d) The Property, Plant and Equipment have not been revalued 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 and the rules made there under.

ii) a) The Company does not have any inventory.

Accordingly, provisions of clause 3(ii)(a) is not applicable to the Company.

b) The Company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of immovable property of the Company at any point of time during the financial year.

iii) As per the information and explanations given to us, the Company has not made investment in, provided any guarantee or security or granted any loan and advance in nature of loans secured or unsecured to companies, firms, limited liability partnerships or any other parties except one unsecured loan. The Company has granted loans or advances in the nature of unsecured loans, to other party during the year, in respect of which the requisite information is as below:

a. During the year, the Company has provided loan or provided advances in the nature of loan to a Company.

A. Based on the audit procedure carried on by us and as per the information and explanation given to us, the Company has not given any loans or advances in the nature of loans or stood guarantee or provided security to subsidiaries, joint ventures and associates.

B. Based on the audit procedure carried on by us and as per the information and explanation given to us, the Company has given one unsecured loan in the nature of loans to parties other than subsidiaries, joint ventures and associates, as listed below:

Particulars	Guarantees	Security	Loans	Advances in the nature of loan
Aggregate amount of loan granted during the year
Subsidiaries	-	-	-	-
Joint Ventures	-	-	-	-
Associates	-	-	-	-
Others	-	-	400.00	-
Balance outstanding as at balance sheet date
Subsidiaries	-	-	-	-
Joint Ventures	-	-	-	-
Associates	-	-	-	-
Others	-	-	-	-

iv) I n our opinion and according to the information and explanations given to us, the Company has not granted any loans to directors, provided any guarantee or security. Accordingly, clause 3(iv) is not applicable to the Company;

v) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable;

vi) As Company is not engaged in any of the notified sectors, the maintenance of Cost Records has not been specified by the Central Government under subSection (1) of Section 148 of the Act, in respect of the activities carried on by the Company;

vii) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess, Goods and Services Tax and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at 31.03.2026 for a period of more than six months from the date when they became payable;

(b) According to the information and explanation given to us, there are no dues of Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax and Goods and Services Tax outstanding on account of any dispute;

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) 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 not defaulted in repayment of any loans and interest thereon;

(b) The Company is not declared a willful defaulter by any bank or financial institution;

(c) The Company has obtained term loans and they were applied for the purpose for which the loans were obtained;

(d) No funds raised on short term basis are utilized for long term purposes by the Company;

(e) As per the records and information and explanations given to us, the Company has not taken funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures,

(f) As per the records and information and explanations given to us, the Company has not raised loan by pledging of securities held in its subsidiaries, joint ventures or associate Companies during the year under consideration;

x) According to the information and explanations given to us, the Company has raised money by way of an Initial Public Offer (IPO) amounting to n93.75 Crores on 29^th July, 2025;

Particulars	Details
Type of issue	Initial public offering
Number of shares issued	37,50,000
Face value per share (Rs.)	10
Issue price per share (Rs.)	250
Total amount raised (Rs.)	93,75,00,000

xi) (a) Based upon the audit procedures performed

and the information and explanations given by the Management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period;

(b) According to information and explanation given to us, 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 the Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report;

(c) The provisions of Section 177(9) of the Act is applicable to the Company. Management has established vigil/whistle blower mechanism and based on the representation made to us by the Management of the Company, there are no whistle -blower complaints received by the Company during the year;

xii) I n our opinion, the Company is not a Nidhi Company.

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

to the Company;

xiii) I n our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Financial Statements as required by the applicable Accounting Standards;

xiv) The Company has appointed an internal auditor in accordance with the provisions of Section 138 of the Companies Act, 2013. Accordingly, clause 3(xiv) of the Order is applicable to the Company. In our opinion, based on the information and explanations given to us and considering the size and nature of the Companys business, the Company has an internal audit system commensurate with its size and nature of operations;

xv) Based upon the audit procedures performed and the information and explanations given by the Management, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of Section 192 of Companies Act, 2013 are not applicable to the Company and hence not commented upon;

xvi) (A) I n our opinion, the Company is not required to

be registered under Section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, clause 3 (xvi) (a) (b) and (c) of the Order are not applicable to the Company and hence not commented upon;

(B) In our opinion, there is no core investment Company within the Group [as defined in the Core Investments Companies (Reserve Bank), Directions, 2016] regulations made by the Reserve Bank of India and hence the provision of clause (xvi)(d) of the Order is not applicable;

xvii) The Company has not incurred cash loss in the current financial year and in the immediately preceding financial year;

xviii) There has been no resignation of the statutory auditors of the Company during the financial year. Accordingly, clause 3 (xviii) of the Order is not applicable to the Company.

xix) 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 and 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 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) a) CSR Activities (Other than Ongoing Projects):

Based on our examination of the records and according to the information and explanations provided by the Management, the Company has spent Rs. 66 Lakhs towards CSR activities during the year, which meets the requirements of Section 135(5) of the Companies Act, 2013. There is no unspent CSR amount for the year requiring transfer to a Fund specified in Schedule VII of the Companies Act within six months from the end of the financial year, in compliance with the second proviso to sub-section (5) of Section 135. Accordingly, no further reporting under Clause 3(xx)(a) of the Order is required.

(b) Ongoing CSR Projects:

According to the information and explanations given to us, and based on our verification, the Company has no unspent CSR amount in respect of ongoing projects under sub-section (6) of Section 135 of the Companies Act, 2013, as at the end of the financial year. Therefore, no amount was required to be transferred to a Special Account within 30 days from the end of the financial year. Accordingly, reporting under Clause 3(xx)(b) of the Order is not applicable.

xxi) The Audit Report and Financial Statement are of Standalone Company and thus clause 3(xxi) is not applicable to the Company.

ANNEXURE B

Annexure referred to in Point 2(f) of the Auditors Report of even date to the members of Monarch Surveyors and Engineering Consultants Limited for the year ended on 31^st March, 2026.

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the Internal Financial Controls Over Financial Reporting of Monarch Surveyors and Engineering Consultants Limited ("the Company") as on 31^st March, 2026 in conjunction with our audit of Financial Statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibility for Internal Financial Controls:

The Managements and Board of Directors of the Company are 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 ("the 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 respective 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys Internal Financial Controls Over Financial Reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013, to the extent applicable to an audit of Internal Financial Controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal Financial Controls Over Financial Reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial Controls System Over Financial Reporting and their operating effectiveness. Our audit of Internal Financial Controls Over Financial Reporting included obtaining an understanding of Internal Financial Controls Over Financial Reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys Internal Financial Controls System Over Financial Reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys Internal Financial Control Over Financial Reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles. A Companys Internal Financial Control Over Financial Reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of Management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of Internal Financial Controls Over Financial Reporting, including the possibility of collusion or improper Management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal Financial Controls Over Financial Reporting to future periods are subject to the risk that the Internal Financial Control Over Financial Reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate Internal Financial Controls System Over Financial Reporting and such Internal

Financial Controls Over Financial Reporting were operating effectively as on 31^st March, 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.