Orient Technologies Ltd Auditor Reports

To the Members of

Orient Technologies Limited

Formerly known as Orient Technologies Private Limited) Report on the Audit of Financial Statements Opinion

We have audited the financial statements of Orient Technologies Limited 3Formerly known as Orient Technologies Private Limited) (the "Company") which comprise the balance sheet as at 31 March 2025, and the statement of profit and loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

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 3"Act"), in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 1433103 of the Act. Our responsibilities under those SAs 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 together with the ethical requirements that are relevant to our audit of the financial statements under the 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 opinion on the financial statements.

Key Audit Matter(s)

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. 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.

Key audit matter	How the matter was addressed in our audit
Revenue recognition
The Company enters into contracts that may include multiple products and services. Revenue is recognised when control of goods or services is transferred to the customer, based on the transaction price agreed in the contract.	Our audit procedures in respect of revenue recognition, including deferred revenue, unbilled revenue, and prepaid expenses, included the followings:
The Company generally acts as the principal in these arrangements. Revenue from goods is recognised at a point in time, typically on delivery, while revenue from services is recognised over time as services are rendered.	? Obtained an understanding of the Companys revenue recognition policies and assessed compliance with the applicable accounting standards
	? On a sample basis, tested revenue transactions by verifying supporting documents such as sales orders, invoices, delivery proofs, and service completion records
In certain cases, billing does not align with revenue recognition, resulting in unbilled revenue (for services performed but not yet billed) or deferred revenue (for amounts billed in advance). Similarly, the Company also recognises prepaid expenses for payments made towards back-to-back AMC contracts, before receiving the services.	? Performed cut-off testing around the year-end to ensure revenue was recognised in the appropriate accounting period
	? Examined the basis for recognising unbilled revenue and deferred revenue and verified their accuracy with supporting documentation
Given the volume of transactions and judgement involved in revenue recognition, including treatment of unbilled revenue, deferred revenue, and prepaid	? Reviewed prepaid expense schedules to ensure they were correctly classified and amortised over the appropriate periods
expenses, this was considered a key audit matter.	These procedures were designed to evaluate the appropriateness of the Companys revenue recognition practices and related balances in the financial statements.

Other Information

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 financial statements and auditors report(s) thereon. The Companys annual report is expected to be made available to us after the date of this auditors report. Our opinion on the financial statements does not cover the other information and we will 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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the Companys annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws and regulations.

Managements and Board of Directors Responsibilities for the financial statements

The Companys Management and Board of Directors are responsible for the matters stated in Section 134353 of the Act with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards 3Ind AS3 specified under Section 133 of the Act. 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the inancial 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 risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 14333)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.

Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of financial statements 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.

We communicate with those charged with governance, including the Audit Committee 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 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.

Other Matters

The accompanying financial statements include unaudited financial information of the Companys branch located in Singapore 3Orient Technologies Private Limited

™ Singapore Branch, Registration No. T16FC0015G3, which reflects total assets of ?709.62 lakhs as at 31 March 2025, total revenue from operations of ?806.87 lakhs, total net profit after tax of ?98.41 lakhs, total other comprehensive income of ? NIL and net cash outflows of 3?113.38 lakhs) for the year ended on that date. These unaudited financial information have been approved and provided to us by the Companys Management and Board of Directors. Our opinion, in so far as it relates to the Singapore Branch, is based solely on such unaudited financial information. According to the information and explanations given to us, these unaudited financial information are not material to the Company.

Our opinion above on the financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies 3Auditors Report) Order, 2020 3"the Order"), issued by the Central Government of India in terms of sub-section 3113 of section 143 of the Act, we give in the "Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143333 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 other comprehensive income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified in the Companies 3Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act, read with Rule 7 of the Companies 3Accounts) Rules, 2014. e) On the basis of the written representations received from the directors as on 31st March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2025 from being appointed as a director in terms of Section 164 323 of the Act. f) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 1973163 of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act. g) 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". h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies 3Audit 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 on its financial position in its Financial Statements

™ Refer Note 35 to the Financial Statements. 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 required to be transferred to the Investor Education and Protection Fund by the Company during the year. iv. The management of the Company has represented to us that to the best of its knowledge and belief, other than as disclosed in the notes to the accounts: • no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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; • no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 Based on such audit procedures we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (a) and (b) above, contain any material misstatement. v. The Company has declared and paid interim dividend during the year and is in accordance with section 123 of the Companies Act 2013. vi. Based on our examination which included test checks, the Company has used such accounting software for maintaining its books of account for the financial year ended 31 March 2025, which has a feature of recording audit trail (edit log) as required under Rule 3 of the Companies 3Accounts) Rules, 2014.

The audit trail feature has been enabled and operated throughout the year for all relevant transactions recorded in the software. During the course of our audit, we did not come across any instance of the audit trail feature being tampered with. Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For Kirtane & Pandit LLP

Chartered Accountants

Firms Registration No: 105215W/ W100057

Sandeep Patil

Partner

Membership no 125497

UDIN? 25125497BMTDWW3868 Place: Mumbai Date: May 15, 2025

Annexure A

to the Independent Auditors Report on the Ind AS Financial Statements of Orient Technologies Limited Formerly known as Orient Technologies Private Limited) for the year ended 31 March 2025 Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

(i) (a) A. The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

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

(b) The Company has a regular programme of physical verification of its property, plant and equipment 3PPE3 under which all the assets are verified in a phased manner over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the records of the Company examined by us and the information and explanations given to us, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed as Property, Plant and Equipment in the financial statements are held in the name of the Company. However, consequent to the change in the name of the Company from Orient Technologies Private Limited to Orient Technologies Limited as approved by the Registrar of Companies, Mumbai on 12th October 2023, the formalities for updating the name in the title deeds are under process. The Company is, however, in possession of the original title documents. (d) According to the records of the Company examined by us and the information and explanations given to us, the Company has not revalued its Property, Plant and Equipment (including Right of Use Assets) or intangible assets or both during the year.

(e) According to the information and explanations given to us and based on the records examined by us, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions 3Prohibition) Act, 1988 345 of 19883 and rules made thereunder.

(ii) (a) Physical verification of inventories has been conducted by the management at reasonable intervals. In our opinion, the coverage and procedure of such verification is appropriate. There were no discrepancies of 10% or more in the aggregate noticed on such verification.

(b) As disclosed in Note 19 to the Ind AS Financial Statements, the Company has been sanctioned working capital limits in excess of Rs. Five crores in aggregate from banks during the year on the basis of security of current assets of the Company. We have examined the quarterly returns/ statements of current assets filed by the company with the Bank and they are found in agreement with the books of accounts and no material discrepancies observed.

(iii) According to the information and explanations given to us and based on the audit procedures conducted by us, the Company has not granted loans or advances in the nature of loans, unsecured, to companies, firms, limited liability partnerships or any other parties covered in the register maintained under section 189 of the Companies Act, 2013 during the year. The Company has not made any investments, and has not provided any guarantees or securities, or granted any secured loans to companies, firms, limited liability partnerships or other parties during the year. hence, reporting under clause 3 (iii) (a), (b),(c), (d) (e) & (f) of the Order is not applicable.

(iv) 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 complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public under section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under or neither has amounts which are deemed to be deposits. As informed and represented to us, no order has been passed against the Company by Company Law Board or National Company Law Tribunal. or Reserve Bank of India or any other court or any other tribunals during the year. Accordingly,

(vii) In respect of statutory dues

(a) According to the records of the Company, the Company is generally been regular (with slight exceptions) in depositing with appropriate authorities undisputed statutory dues, including goods and service tax, provident fund, employees state insurance, income-tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues as applicable to it. According to the information and explanations given to us, there are no arrears of undisputed amounts payable in respect of above statutory dues which were outstanding as on the last day of the financial year for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, following statutory dues referred to in subclause (a) have not been deposited on account of dispute: 3Rs.in Lakhs)

Name of Statute	Nature of Dues	Forum where dispute is pending	Period to which the amount relates	Amount Involved	Amount not deposited as at March 31, 2024
Goods and	Goods and	Department of Goods &	FY 2020?2021	123.77	123.77
Service Tax	Service Tax	Service Tax, Mumbai
Goods and	Goods and	Department of Goods &	FY 2021?2022	101.36	101.36
Service Tax	Service Tax	Service Tax, Mumbai
Goods and	Goods and	Department of Goods &	FY 2022?2023	110.54	110.54
Service Tax	Service Tax	Service Tax, Mumbai
Goods and	Goods and	Joint Commissioner	FY 2017?2018	21.73	21.73
Service Tax	Service Tax	3Appeals), Chennai
Goods and	Goods and	Department of Goods &	FY 2020?2021	3.94	3.94
Service Tax	Service Tax	Service Tax, New Delhi

provisions of Para 3 (v) of the order are not applicable to the Company.

(vi) In our opinion and according to information and explanation provide to us, the Central Government has not specified maintenance of cost records under sub-section 313 of Section 148 of the Act, for the business activities carried out by the Company. Accordingly, provisions of Para 3 (vi) of the order are not applicable to the Company.

(viii) According to the records of the Company examined by us and the information and explanations given to us, there were no transactions that were not recorded in the books of account and were surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

(ix) We report that :

(a) 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 defaulted in repayment of loans and borrowing or in the payment of interest thereon to any lender.

(b) 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 been declared a wilful defaulter by any bank or financial institution or government or government authority.

(c) In our opinion and according to the information and explanations given to us by the management, the Company has term loans were applied for the purpose for which the loans were obtained.

(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long term purposes by the Company.

(e) According to the information and explanation given to us and on an overall examination of balance sheet, the company does not have any subsidiaries, joint ventures or associate companies and hence this clause is not applicable to this extent.

(f) According to the information and explanation given to us and on an overall examination of balance sheet, the company does not have any subsidiaries, joint ventures or associate companies and hence this clause is not applicable to this extent.

(x) We report as below:

(a) In our opinion and according to the information and explanations given to us, the monies raised by way of Initial Public Offer during the year were applied for their intended purposes, except that the Company has paid GST on Offer related expenses from the IPO Public Escrow Account, which was not a part of the IPO Offer document. Further, the Company has obtained an extension during the year for utilization of the unutilized IPO proceeds. Pending deployment, the Company has invested the unutilized proceeds in Fixed deposits with scheduled commercial banks. (b) 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 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)

(a) During the course of our examination of the books and records of the Company and according to the information and explanations given to us, considering the principles of materiality outlined in Standards on Auditing, we report that no fraud by the Company or on the Company has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section 3123 of Section 143 of the Act has been filed by the auditors in Form ADT?4 as prescribed under Rule 13 of the Companies 3Audit and Auditors) Rules, 2014 with the Central Government. (c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining the nature, timing and extent of our audit procedures.

(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv)

(a) In our opinion and according to the information and explanations given to us, 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 during the year and till the date of this report, for the period under audit have been considered by us, in determining the nature, timing and extent of our audit procedures.

(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act are not applicable to the Company.

(xvi) According to the information and explanations given to us, in our opinion: (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 has not conducted any Non-Banking Financial or Housing Finance activities during the year without a valid Certificate of Registration 3CoR3 from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, the provisions of clause 3(xvi)(b) of the Order are not applicable. (c) The Company is not a Core Investment Company 3CIC3 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, the Group (as per the provisions of the Core Investment Companies 3Reserve Bank) Directions, 20163 does not have more than one CIC.

(xvii) The Company has not incurred cash losses in the financial year under report and in the immediately preceding financial year respectively.

(xviii)There has been no resignation of the statutory auditors during the year. Accordingly, the provisions of clause 3(xviii) of the Order are not applicable. (xix) According to the information and explanations given to us and on the basis of the financial ratios disclosed in Note 50 to the Financial Statements, 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, in our opinion, 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 the 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 upto the date of our present 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 our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section 353 of Section 135 of the Companies Act, 2013 pursuant to any project.

Accordingly, reporting under clauses 3(xx) of the Order is not applicable.

(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For Kirtane & Pandit LLP

Chartered Accountants

Firms Registration No: 105215W/ W100057

Sandeep Patil

Partner

Membership no 125497

UDIN? 25125497BMTDWW3868 Place: Mumbai Date: May 15, 2025

Annexure B

to the Independent Auditors Report on the financial statements of Orient Technologies Limited Formerly known as Orient Technologies Private Limited) for the year ended 31 March 2025 Report on the internal financial controls with reference to the aforesaid Ind AS financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act Referred to in paragraph 2(g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statements of Orient Technologies Limited 3Formerly known as Orient Technologies Private Limited) ("the Company") as of 31 March 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2025, based on the internal financial controls with reference to 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 (the "Guidance Note").

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. 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

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 1433103 of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements 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 with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A companys internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to financial statements include those policies and procedures that 313 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; 323 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 authorisations of management and directors of the company; and 333 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 financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

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

For Kirtane & Pandit LLP

Chartered Accountants

Firms Registration No: 105215W/ W100057

Sandeep Patil

Partner

Membership no 125497

UDIN? 25125497BMTDWW3868 Place: Mumbai Date: May 15, 2025