Quasar India Ltd Auditor Reports

TO THE MEMBERS OF QUASAR INDIA LIMITED

I. Report on the Audit of the Standalone Financial Statements

1. Opinion

A. We have audited the accompanying Standalone Ind AS Financial Statements of Quasar India Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2025 the Statement of Pro t and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to the financial statement including a summary of material accoun ng policies and other explanatory informa on (herein a er referred to as "the Standalone Financial Statements").

B. In our opinion and to the best of our informaon and according to the explana ons given to us, the aforesaid Standalone Ind AS Financial Statements give the informaon 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 Accoun ng Standards prescribed under sec on 133 of the Act read with the Companies (Indian Accounng Standards) Rules, 2015, as amended, ("Ind AS") and ot her accounng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2025. the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date

2. Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auding specified under secon 143(10) of the Companies Act, 201 3. Our responsibili es under those Standards are further described in the Auditors Responsibilie s for the Audit of the Standalone Ind AS Financial Statements secon of our report. We are independent o f the Company in accordance with the Code of Ethics issued by the Instute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibili es 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 audit opinion on the Standalone Ind AS Financial Statements.

3. Key Audit Ma ers

Key audit ma ers are those ma ers that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS Financial Statements of the current period.

4. Informaon Other than the Standalone Ind AS Financial Statements and Auditors Report Thereon

A. The Companys Board of Directors is responsible for the prepara on of the other informa on. The other informa on comprises the informa on included in the Companys annual report but does not include the Standalone Ind AS Financial Statements and our auditors report thereon. Our opinion on the standalone Ind AS financial statements does not cover the other informaon and we do not express any form of assurance conclusion thereon B. In connec on with our audit of the Ind AS financial statements, our responsibility is to read the other informa on and, in doing so, consider whether the other informa on is materially inconsistent with the standalone Ind AS 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 informaon; we are required to report that fact. We have nothing to report in this regard.

5. Responsibility of Management and Those charged with governance Managements Responsibility for the Standalone Ind AS Financial Statements

A. The Companys Board of Directors is responsible for the maers stated in sec on 134(5) of the Act with respect to the preparaon of these Standalone Ind AS Fin ancial Statements that give a true and fair view of the financial posi on, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounng principles generally accepted in India India, including the Indian accounng Standards (Ind AS) specified under sec on 133 of the Act read with the Companies (Indian Accounng Standards) Rules, 2015, as amended from me to me.. This responsibility also includes mainten ance of adequate accounng records in accordance with the provisions of the Act for safeguarding the assets of the Company and for prevenng and detecng frauds and other irregularies; selecon and applicaon of appropriate accounng policies; making judgments and esmates that are reas onable and prudent; and design, implementa on and maintenance of adequate internal financial controls, that were opera ng e ec vely for ensuring the accuracy and completeness of the accounng rec ords, relevant to the prepara on and presentaon of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

B. In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Companys ability to con nue as a going concern, disclosing, as applicable, ma ers related to going concern and using the going concern basis of accounng unless management either intends to liquidate the Company or to cease operaons, or has no realisc alternav e but to do so. The Board of Directors are responsible for overseeing the Companys financial reporng process.

6. Auditors Responsibilies for the Audit of the Standalone Ind AS Financial Statements

A. Our objecves are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.

B. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skep cism throughout the audit. We also:

i) Iden fy and assess the risks of material misstatement of the standalone Ind AS 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 detecng a material misstatement resulng from fraud is higher than for one resul ng from error, as fraud may involve collusion, forgery, inten onal omissions, misrepresentaons, or the override of internal control. ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under secon 143(3)(i) of the Companies Act 2013, 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 opera ng e ecveness of such controls iii) Evaluate the appropriateness of accounng policies used and the reasonableness of accoun ng esmates and related disclosures made by management iv) Conclude on the appropriateness of managements use of the going concern basis of accounng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Companys ab ility to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw aenon in our auditors report to the related disclosures in the Standalone 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 condions may cause the Company to cease to con nue as a going concern v) Evaluate the overall presenta on, structure and content of the Standalone Ind AS Financial Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transac ons and events in a manner that achieves fair presentaon

C. Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind AS Financial Statements may be in uenced. We consider quanta ve materiality and qualitave factors in

i) planning the scope of our audit work and in evalua ng the results of our work; and ii) to evaluate the effect of any iden ed misstatements in the Standalone Ind AS Financial Statements.

D. We communicate with those charged with governance regarding, among other ma ers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we iden fy during our audit. E. 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 rela onships and other ma ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards. F. From the maers communicated with those charged with governance , we determine those maers that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit maers. We describe these ma ers in our auditors report unless law or regulaon precludes public disclosure about the maer or when, in extremely rare circumstances, we determine that a ma er 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 communica on

II. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Sec on 143(11) of the Act, we give in "Annexure A" a statement on the ma ers specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Secon 143(3) of the Act, based on our audit we report that:

A. We have sought and obtained all the informa on and explana ons 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 examinaon of those books. C. The Standalone Balance Sheet, the Statement of Pro t and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account D. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS specified under Secon 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 E. On the basis of the wrien r epresenta ons received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Secon 164 (2) of the Act. F. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operang e ec veness of such controls, r efer to our separate Report in "Annexure B". Our report expresses an unmodi ed opinion on the adequacy and operang e ecveness of the Companys internal financial controls with reference to financial statements. G. With respect to the other ma ers to be included in the Auditors Report in accordance with the requirements of sec on 197(16) of the Act, as amended: In our opinion and to the best of our informa on and according to the explana ons given to us, the remuneraon paid by the Company to its directors during the yea r is in accordance with the provisions of secon 197 of the Act. H. With respect to the other ma ers 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 informa on and according to the explana ons given to us: i) The Company has disclosed the impact of pending li gaons on its financial posion in its Standalone Financial Statements. ii) The Company has made provision, as required under the applicable law or accounng standards, for material foreseeable losses, if any, on long-term contracts including derivave contracts iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Educa on and Protec on Fund by the Company. iv) (i) the management has represented 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 en ty(ies), including foreign enes ("Intermediar ies"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, w hether, directly or indirectly lend or invest in other persons or en es iden ed in any manner whatsoever by or on behalf of the company ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulmate Bene ciaries. (ii) the management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or enty(ies), including foreign enes ("Funding Par es"), with t he understanding, that Company had recorded in wring or otherwise, that the company shall, whethe r, directly or indirectly, lend or invest in other persons or en es iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulmate Bene ciaries; and (iii) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances; nothing has come to their no ce that has caused them to believe that the representa ons under sub-clause (i) and (ii) contain any material misstatement. vi) Based on our examinaon, which included test checks, the Compan y has used accoun ng soware for maintaining its books of account for the financial y ear ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has not been operated throughout the year for all relevant transac ons recorded in the so wares. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporng under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preserva on of audit trail as per the statutory requirements for record retenon is not applicabl e for the financial year ended March 31, 2025.

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

[The annexure referred to in our Independent Auditors Report of even date to the members of the Company on the standalone Ind AS financial statements for the year ended 31St March 2025, in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of Quasar India Limited i a (A) The Company has maintained proper records showing full parculars, including quan tave details and situa on of Property, Plant and Equipment. (B) The Company does not have any intangible assets. Accordingly, clause 3(i)(a)(B) of the order is not applicable. b According to the informaon and explana ons given to us and on the basis of our examina on of the records of the Company, the Property, Plant and Equipment were physically veri ed during the year by the Management in accordance with a regular programme of veri caon which, in our opinion, provides for physical veri caon of all the Property, Plant and Equipmen t at reasonable intervals. According to the informa on and explanaon given to us, no material discrepancies were noced on such veri ca on. c. According to the informa on and explana ons given to us and on the basis of our examinaon of the records of the Company, the tle deeds of immovable prop eres are held in the name of the Company. D According to the informa on and explana ons given to us and on the basis of our examina on of the records of the Company, 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 informaon and explana ons given to us a nd on the basis of our examina on of the records of the Company, there are no proceedings ini ated or pending against the Company for holding any benami property under the Prohibion of Benami Prop erty Transac ons Act, 1988 and rules made thereunder. ii a The inventory has been physically veri ed by the management at reasonable intervals during the year except inventory lying with the third pares. In our opinion the frequency of veri ca on is reasonable. B According to the informaon and explana ons given to us and on the basis of our examinaon of the records of the Company, the Company has not been sanc oned working capital limits in excess of ve crore rupees, in aggregate, from banks or financial instuons o n the basis of the security of current assets at any point of me during the year. Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company. iii According to the informaon and explana ons given to us and on the basis of our examina on of the records of the company, the Company has not made any investment, provided guarantee or security or granted any loans secured or unsecured to companies, rms, Limited Liability partnership or other pares during the year. iv In our opinion and according to the informaon and explana ons given to us, the Company has complied with the provisions of sec on 185 and 186 of the Act, with respect to the loans and investments made. v According to the informaon and explana ons given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public during the year and hence the direc ves issued by the Reserve Bank of India and the provisions of Secons 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under, are not applicable to the Company. vi. According to the informaon and explana ons given to us, the Central Government has not prescribed the maintenance of cost records under Secon 148(1) of the Act. Therefore, the provisions of clause (vi) of the Order are not applicable to the Company a The Company has generally been regular in deposing undispute d statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues applicable to it with the appropriate authories. According to the informaon and explana ons given to us, there were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income-Tax, Sales-Tax, Service Tax, Goods and Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues in arrears, as at 31st March, 2025 for a period of more than six months from the date they became payable. b According to the informa on and explana ons given to us, there are no dues of Income Tax, Sales Tax, Service Tax, Good and Service Tax and Value Added Tax which have not been deposited by the Company on account of disputes except as stated: viii According to the informa on and explana ons given to us and on the basis of our examina on of the records of the Company, the Company has not surrendered or disclosed any transacons, 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 a According to the informaon and explana ons given to us an d on the basis of our examina on of the records of the Company, the Company has not defaulted in the repayment of loans or borrowings or in the payment of interest thereon to any lender. b According to the informaon and explana ons given to us and o n the basis of our examinaon of the records of the Company, the Company has not been declared a willful defaulter by any bank or financial instu on or government or government authorit y. c In our opinion and according to the informaon and explanaon s given to us by the management, the company has not availed any term loans during the year. d According to the informaon and explana ons given to us and o n an overall examina on 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 informaon and explana ons given to us and o n an overall examina on of the financial statements of the Company, we report that the Company has not taken any funds from any enty or person on account of or to meet the obligaons of its subsidiaries, associates or joint ventures, as defined in the Act. Therefore, clause 3(ix) (e.) is not Applicable. f According to the informa on and explana ons given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securies held in its subsidiaries, joint ventures or associate companies (as defined under the Act). x a The Company has not raised any amount by way of inial pub lic offer or further public offer (including debt instruments) Accordingly, clause 3(x)(a) of the Order. b According to the informa on and explana ons given to us and on the basis of our examina on of the records of the Company, the Company has made a Right Issue of shares during the year. Accordingly, clause 3(x)(b) of the Order is applicable. xi a Based on examinaon of the books and records of the Company and according to the informaon and explana ons given to us, considering the princip les of materiality outlined in the Standards on Auding, we report that no fraud by the Company or on the Company has been noced or reported during the course of the audit. b According to the informa on and explana ons given to us, no report under sub-secon (12) of Sec on 143 of the Act has been led by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government c As per informa on and explanaon given by the management, th ere were no whistle blower complaints received by the Company during the year. xii According to the informaon and explana ons given to us, th e Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable. xiii According to the informa on and explana ons given to us and based on our examinaon of the records of the Company, transac ons with the related parties are in compliance with sec ons 177 and 188 of the Act where applicable and details of such transac ons have been disclosed in the Ind AS standalone financial statements as required by the applicable accounng sta ndards. xiv a Based on informaon and explana ons provided to us and ou r audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business. b We have considered the internal audit reports of the Company issued ll date for the period under audit. xv In our opinion and according to the informaon and explanao ns given to us, the Company has not entered into any non-cash transac ons with its directors or persons connected to its Directors and hence, provisions of Sec on 192 of the Act are not applicable to the Company. xvi a The Company is not required to be registered under Sec on 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clauses 3(xvi)(a) and 3(xvi)(b) of the Order are not applicable. b On the basis of examina on of records and according to the informa on and explana on given to us by the Company, the Company has not conducted non-banking financial / housing nance acvies during the year. Accordingly, the reporng requirement of clause xvi(b) of paragraph 3 of the Order is not applicable to the Company. c The Company is not a Core Investment Company (CIC) as defined in the regulaons made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable. d According to the informa on and explana ons provided to us during the course of audit, the Group does not have any CICs. xvii Based on the examina on of the records, the Company has not incurred any cash losses in the financial year and in the immediately preceding financial year. xviii There has been resignaon of the statutory auditors durin g the year. Accordingly, clause 3(xviii) of the Order is applicable. xix According to the informa on and explana ons given to us and on the basis of the financial raos, ageing and expected dates of realisaon of financial assets and payment of financial liabilies, other informa on accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examina on of the evidence supporng the assumpons, nothing has come to our a enon, which causes us to believe that any ma terial uncertainty exists as on the date of the audit report that the Company is not capable of meeng its liabilies exisng 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 repor ng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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 informaon and explana o ns given to us, sec on 135 of the Companys Act 2013 is not applicable to the Company. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

ANNEXURE - B TO THE AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-secon 3 of Secon 143 of the Companies Act, 2013 ("the Act") We have audited the internal financial controls over financial repor ng of Quasar India limited ("The Company") as of 31 March, 2025. in conjuncon with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial repor ng criteria established by the Company considering the essen al components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporng issued by the Instute of Chartered Accounta nts of India (‘ICAI). These responsibilies include the design, implementaon and maintenance of adequate i nternal financial controls that were opera ng e ecvely for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the preven on and detec on of frauds and errors, the accuracy and completeness of the accoun ng records, and the me ly preparaon of reliable financial informa on, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial repor ng based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporng (the "Guidance Note") and the Standards on Auding, issued by ICAI and deemed to be prescribed under secon 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 Ins tute 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 reporng was established and maintained and if such controls operated e ecvely in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporng and their opera ng e ecveness. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng, assessing the risk that a material weak ness exists, and tes ng and evalua ng the design and operang e ecveness of internal control based on th e 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 reporng.

Meaning of Internal Financial Controls over Financial Reporng

A companys internal financial control over financial reporng is a process designed to provide reasonable assurance regarding the reliability of financial repor ng and the prepara on of financial statements for external purposes in accordance with generally accepted accoun ng principles. A companys internal financial control over financial reporng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposi ons of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit prepara on of financial statements in accordance with generally accepted accounng principles, and that receipts and expenditures of the company are being made only in accordance with authorisa ons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorised acquisio n, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limitaons of Internal Financial Controls over Financi al Reporng

Because of the inherent limitaons of internal financial control s over financial reporng, 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, projecons of any evalua on of the internal financial controls over financial repor ng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporng and such internal financial controls over nan cial repor ng were opera ng e ec vely as at 31 March, 2025, based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Ins tu te of Chartered Accountants of India.

For, J Singh & Associates

Chartered Accountants

FRN: 110266W

 

Sd/-

Amit Joshi

(Partner)

M. No.: 120022

Place: Ahmedabad

Date: 29/05/2025

UDIN: 25120022BMIJZT3129