Network People Services Technologies Ltd Auditor Reports

To the Members of Network People Services
Technologies Limited

Report on the Audit of the Standalone Financial
Statements

Opinion

We have audited the accompanying Standalone Financial
Statements of Network People Services Technologies
Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2026, 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 then ended, and notes
to the Standalone 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 Indian 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, 2026, its profit including other
comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

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 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 underthe provisions
of the Act 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 audit opinion on the
Standalone Financial Statements.

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 for the
financial year ended March 31, 2026. 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.

Key audit matters	How our audit addressed the key audit matters
Revenue Recognition (Refer Note 1.3.10 and 26 to the Standalone Financial Statements)
The Company recognizes revenue from fixed price software development and service contracts over time using the percentage of completion method based on costs incurred relative to estimated total contract costs.	Our audit procedures included, amongst others:
Recognition of revenue under such contracts involves significant management judgement, particularly in applicable accounting standards; estimating total efforts/costs required to complete contracts and assessing stage of completion. Changes in these estimates could materially impact the amount and timing of revenue recognized.	- evaluating the design and testing the operating effectiveness of key controls over monitoring of project progress and revenue recognition;
Accordingly, revenue recognition for fixed price contracts was considered to be a key audit matter.	- assessing the Companys accounting policy for compliance with
	- testing, on a sample basis, underlying customer contracts and key contractual terms;
	- evaluating managements estimates of total contract costs and stage of completion for selected contracts;
	- verifying costs incurred with supporting documentation on a sample basis;
	- testing the mathematical accuracy of revenue recognized under the percentage of completion method; and
	- assessing the adequacy of related disclosures in the financial statements.

Information Other than the Standalone
Financial Statements and Auditors
Report Thereon

The Companys management and Board of Directors
is responsible for the other information. The other
information comprises the information included in the
Annual report, but does not include the Standalone
Financial Statements and our auditors report thereon.
The Boards Report is expected to be made available to
us after the date of this auditors report.

Our opinion on the Standalone 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 Standalone Financial
Statements, our responsibility is to read the other
information, when available, and, in doing so, consider
whether the other information is materially inconsistent
with the Standalone Financial Statements or our
knowledge obtained in the 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
those charged with Governance for the
Standalone 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 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 the accounting
principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under
section 133 of the Act read with [the Companies (Indian
Accounting Standards) Rules, 2015, as amended]. 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 the 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 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 Standalone Financial Statements,
management is responsible for assessing the Companys
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those charged with governance are also responsible for
overseeing the Companys financial reporting process.

Auditors Responsibilities 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 arisefrom
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 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 controls 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 system 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.

- 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
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 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 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 for the financial year ended March
31, 2026 and are therefore the key audit matters. We
describe these matters in our auditors report unless law
or regulation precludes public disclosure aboutthe 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.

Other Matters

The standalone financial statements for the year ended
March 31, 2025 were audited by erstwhile Statutory Audit
M/s Keyur Shah & Co., Chartered Accountants, who had
issued unmodified opinion vide their report dated May 27,
2025. Accordingly, we do not express any opinion on the
figures reported in the Statement for the corresponding
year ended March 31, 2025.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditors Report)
Order, 2020, issued by the Central Government of
India in terms of sub-section (11) of section 143 of
the Act, (hereinafter referred to as the "Order"), we
give in the "Annexure A" statement on the matters
specified in paragraphs 3 and 4 of the Order.

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 Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with
the books of account;

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting
Standards specified 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 and 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;

(f) With respect to the adequacy of the internal
financial controls over financial reporting of the
Company with reference to these Standalone
Financial Statements and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B" to this report;

(g) In our opinion and according to the information
and explanations given to us, the managerial
remuneration for the year ended March 31,
2026 has been paid/provided by the Company
to its directors in accordance with the provisions
of section 197 read with Schedule V to the Act.

(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. There are no pending litigations requiring
disclosure in the Standalone Financial
Statements as at 31 March 2026;

ii. The Company has accounted for material
foreseeable losses, if any, for 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 by
the Company.

iv. a) The management has represented

that, to the best of their knowledge
and belief, other than as disclosed in

the notes to the Standalone Financial
Statements, if any, 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 Intermediaries 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 their knowledge
and belief, other than as disclosed in
the notes to the Standalone Financial
Statements, if any, 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, 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; and

c) Based on such audit procedures,
we have considered reasonable and
appropriate in the circumstances,
nothing has come to their notice that
has caused them to believe that the
representations under sub-clause
(i) and (ii) contain any material mis-
statement.

v) The dividend declared or paid during the
year as well as the dividend proposed
(which is subject to members approval
at the ensuing Annual General Meeting)
by the Company are in compliance with
Section 123 of the Act.

vi) Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account 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, we did

not come across any instance of audit trail
feature being tampered with in respect of
the accounting software. The audit trail has
been preserved by the company as per the
statutory requirements for record retention.

For Singhi & Co.

Chartered Accountants
Firm Registration No: 302049E

Sameer Mahajan

Partner

Place: Mumbai Membership No: 123266

Date: May 28, 2026 UDIN: 26123266BZCDMD2057

Annexure- A to the Independent Auditors Report of even date to the members of
Network People Services Technologies Limited on the Standalone Financial Statements
as of and for the year ended March 31, 2026

(Referred to in paragraph 1 of our Report on Other legal and regulatory requirements)

We report that:

i. In respect of its Property, Plant and
Equipment and Intangible Assets:

a) (A) The Company has maintained proper records

showing full particulars, including quantitative
details and situation of its property, plant
and equipment.

(B) The Company has maintained proper records
showing full particulars of intangible assets.

b) The Property, Plant and Equipment are physically
verified by the Management during the year and
no material discrepancies have been noticed on
such verification. In our opinion, the frequency of
verification is reasonable having regard to the
size of the Company and the nature of its assets.
With respect to one of the category of fixed asset,
verification is done through alternate procedure since
the assets are not in possession of the Company.

c) The Company does not own any immovable property
accordingly reporting for paragraph 3(i)(c) of the
order is not applicable to the Company.

d) The Company has not revalued its property, plant
and equipment (including right of use assets) and
intangible assets during the year. Therefore, the
paragraph 3(i)(d) of the Order is not applicable to
the Company.

e) As per the information and explanation provided,
there are no proceedings initiated or are pending
against the Company for holding any benami
property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.

ii. In respect of its Inventories:

a) As per information and explanations provided to
us, Company does not hold any inventory as it
is in business of providing services. Accordingly,
reporting for paragraph 3(ii)(a) is not applicable to
the Company.

b) The Company has been not been sanctioned working
capital limits in excess of Rs. Five crores in aggregate
from banks and financial institutions during the
year on the basis of security of current assets of the
Company. Accordingly reporting for paragraph 3 (ii)
(b) of the order is not applicable.

iii. The company has made investment and advanced
loan during the year. The Company has not provided
any guarantee, security or advances in the nature
of loan to companies, firms, Limited Liability
Partnerships or any other parties.

a) With respect to loans granted/ provided during
the year, the details are as under:

Particulars	(Rs. In Lakhs)
Aggregate amount granted/ provided during the year to subsidiary:
SSK Citizen Services Private Limited (Loan)	15
NPST Global Solutions LLC (Investment in Optionally Convertible Debentures)	473
Balance outstanding as at balance sheet date in respect of above cases:
SSK Citizen Services Private Limited (Loan)	85
NPST Global Solutions LLC (Investment in Optionally Convertible Debentures) (inclusive of Interest)	477

b) The investment made and the loan given to
subsidiary as stated in above paragraph are
not prejudicial to the Companys interest. The
Company has not given any security or provided
any guarantee to companies, firms, Limited
Liability Partnerships or any other parties
during the year.

c) For the loan given and outstanding as at the
balance sheet date, schedule of repayment
of principal and interest has been stipulated.
As per the terms of executed agreement, no
repayment either of principal or interest was
due during the year under audit.

d) There are no amounts overdue for payment of
principal or interest and accordingly reporting
for paragraph 3(iii)(d) is not applicable.

e) There were no loans or advances in the nature
of loans granted to companies, firms, Limited
Liability Partnerships or any other parties which
were fallen due during the year, that have been
renewed or extended or fresh loans granted to
settle the overdue of existing loans given to the
same parties.

f) The Company has not granted loan which is
repayable on demand. Accordingly reporting for
paragraph 3(iii)(f) is not applicable.

iv. The Company has complied with the provisions of
Sections 185 and 186 of the Act in respect of the
investments made and loans given during the year.
The Company has not given guarantees or provided
security to any parties during the year.

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 paragraph 3(v) of the Order
is not applicable to the Company.

vi. As per the information and explanations provided
and basis the verification carried out by us, Cost audit
u/s 148 of the Companies Act is not applicable to the
Company and accordingly reporting for paragraph 3
(vi) is not applicable.

vii. According to the information and explanations given
to us and the records of the Company examined
by us:

a) According to the records of the Company
examined by us, the Company has been
generally regular in depositing amounts
deducted/accrued in the books of accounts in
respect of undisputed statutory dues, including
Goods and Services Tax, provident fund,
employees state insurance, income-tax, sales-
tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other material
statutory dues, as applicable. There was no
material undisputed outstanding statutory dues
as at the year end, for a period of more than six
months from the date they became payable.

b) There are no dues of Goods and Services Tax,
provident fund, employees state insurance,
income-tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess
and any other material statutory dues which
have not been deposited with the appropriate
authorities on account of any dispute.

viii. The Company has not surrendered or disclosed any
transaction, previously unrecorded in the books of
account, in the tax assessments under the Income Tax
Act, 1961 as income during the year. Accordingly, the
requirement to report on clause 3(viii) of the Order is
not applicable to the Company.

ix. a) The Company has not defaulted in repayment of

loans or other borrowings or in the payment of
interest thereon to any lender.

b) The Company has not been declared wilful
defaulter by any bank or financial institution or
government or any government authority.

c) Company has not availed any Term loan during
the year under audit.

d) On an overall examination of the standalone
financial statements of the Company, no funds
raised on short term basis have been used for
long-term purposes by the Company.

e) On an overall examination of the standalone
financial statements of the Company, the
Company has not taken any funds from any
entity or person on account of or to meet the
obligations of its subsidiaries or associates.

f) The Company has not raised loans during
the year on the pledge of securities held in its
subsidiaries or associate companies. Hence, the
requirement to report on paragraph 3 (ix)(f) of
the Order is not applicable to the Company.

x. a) The Company has not raised any money during

the year by way of initial public offer/further
public offer (including debt instruments) hence,
the requirement to report on clause 3(x)(a) of the
Order is not applicable to the Company.

b) The Company has made preferential allotment
or private placement of shares during the
year under audit and had complied with the
requirements of Section 42 and section 62 of
the Companies Act 2013. The funds raised
have been used for the purposes for which it
was raised.

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, we have neither
come across any instance of material fraud
by the Company or on the Company, noticed
or reported during the year, nor have we been
informed of any such case by the Management.

b) During the year, no report under sub-section
(12) of section 143 of the Act has been filed
by cost auditor/ secretarial auditor or by us in
Form ADT - 4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014
with the Central Government.

c) As represented to us by the management, there
are no whistle blower complaints received by
the Company during the year.

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) of the
Order is not applicable to the Company.

xiii. The Company has entered into transactions with
related parties in compliance with the provisions
of Sections 177 and 188 of the Act. The details of
related party transactions have been disclosed in
the standalone financial statements as required
under Indian Accounting Standard 24 "Related Party
Disclosures" specified under Section 133 of the Act.

xiv. a) The Company has an internal audit system

commensurate with the size and nature of
its business;

b) The internal audit reports of the Company
issued till the date of the audit report, for the
period under audit have been considered by us.

xv. The Company has not entered into any non-cash
transactions with its directors or persons connected
with him. Accordingly, the reporting on compliance
with the provisions of Section 192 of the Act
under clause 3(xv) of the Order is not applicable to
the Company.

xvi. a) The Company is not required to be registered

under section 45-IA of the Reserve Bank of
India Act 1934. Accordingly, paragraph 3 (xvi)
(a) of the Order is not applicabletothe Company.

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 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) According to the representations given by the
management, the Group does not have any CIC.
Therefore, the provisions of clause 3(xvi)(d) of
the Order are not applicable to the Company;

xvii. The Company has not incurred cash losses in the
financial year and in the immediately preceding
financial year. Therefore, the provisions of clause
3 (xvii) of the Order are not applicabletothe Company.

xviii. There was a resignation of statutory auditor during
the year due to completion of the tenure during the
year and we have taken into consideration the issues,
objections or concerns raised by outgoing auditors.

xix. On the basis of the financial ratios disclosed in note
48 to the standalone financial statements, ageing
and expected dates of realization of financial assets
and payment of financial liabilities, other information
accompanying the standalone 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 exists as on the date
of the audit report 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. In respect of Corporate Social Responsibility
Expenditure:

a) In respect of other than ongoing projects, there
are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII
of the Companies Act 2013, in compliance with
second proviso to sub section 5 of section 135 of
the Act.

b) There are no unspent amounts in respect
of ongoing projects, that are required to be
transferred to a special account in compliance
of provision of sub section (6) of section 135 of
the Act.

For Singhi & Co.

Chartered Accountants
Firm Registration No: 302049E

Sameer Mahajan

Partner

Place: Mumbai Membership No: 123266

Date: May 28, 2026 UDIN: 26123266BZCDMD2057

Annexure - B to the Independent Auditors Report

(Refer paragraph 2 (f) of the Independent Auditors Report of even date to the members of Network People Services
Technoloaies Limited on the Standalone Financial Statements as of and for the vear ended March 31. 2026)

Report on the Internal Financial Controls under Clause

(i) of Sub-section 3 of Section 143 of the Companies

Act, 2013 (the Act)

1. We have audited the internal financial controls
over financial reporting of Network People Services
Technologies Limited (the Company) 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

2. 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 Act.

Auditors Responsibility

3. Our responsibility is to express an opinion on the
Companys internal financial controls over financial
reporting based on our audit. We conducted our
audit in accordance with the Guidance Note on
Audit of Internal Financial Controls over Financial
Reporting (the Guidance Note) and the Standards
on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of
internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued
by the Institute of Chartered Accountants of India.
Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance

about whether adequate internal financial controls
over financial reporting was established and
maintained and if such controls operated effectively
in all material respects.

4. Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal
financial controls system overfinancial 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 Standalone Financial
Statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
our audit opinion on the Companys internal financial
controls system over financial reporting.

Meaning of Internal Financial Controls
over Financial Reporting

6. 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 Standalone
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 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 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
Standalone Financial Statements.

Inherent Limitations of Internal Financial
Controls Over Financial Reporting

7. 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

8. In our opinion, 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 at 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.

For Singhi & Co.

Chartered Accountants
Firm Registration No: 302049E

Sameer Mahajan

Partner

Place: Mumbai Membership No: 123266

Date: May 28, 2026 UDIN: 26123266BZCDMD2057