Risa International Ltd Auditor Reports

To the Members of Risa InternationaI Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying financial statements of Risa International Limited (the "Company"), which comprise the balance sheet as at March 31, 2025, and the statement of Profit and Loss (including other comprehensive income), and the statement of changes inequity and the 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 (hereinafter referred to asthe" Financials Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (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 Companies (Indian Accounting Standards)Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its loss and other comprehensive income, changes in equity and its cash flows forth? yearended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10} of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (TCAI") together with the ethical requirements that are relevantto our auditof the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ou r opi nion on the fina nci al staleme nts.

Emphasis of Matter

The company has incurred net loss amounting to Rs. 900.22 lakhs during the year ended March 31, 2025 resulting into erosion of the Net worth of the Company and also there is no business / income in the Company during the year, also there is an income tax demand of various years against which the Company has filed an appeal at respective forums. This indicate uncertainty about the Companys ability to continue as a Going Concern. However, the management have represented that they have ce rtain bu siness plan s and projection s wh ich wil I gene rate the revenue for the company and they will infuse the funds as and when required to meet its obligations in a timely manner and accordingly the

financial statements are prepared on a going concern basis and no adjustments have been made to the carrying valueofassets and liabilities as on 31 st March, 2025.

Our opinion is not qualified in respect of this matter.

KeyAudit Matters

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. During the course of our audit, we have determined that there are no key audit matters to be communicated in our report except for the matters prescribed in emphasis of matter

Information other than the Financials Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information, the other information comprises the information included in the Management Discussion and Analysis, Boards Report including An nexureslo Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the consolidated financial statements, financial statements an dour auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance con clu sion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained 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.

Managements Responsibilities for the Financials Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, including 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 (IndAS) specified undersection 133ofthoAct. I his responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safegu ardi ng 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, relevantto the preparation and presentation

of the financial statements that give a true and fair view and are free from material misstatement, wheth erduo to fraud or error.

In preparing the financial statements, the management and the Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternativebutlodoso.

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

Auditors Responsibilities fortheAuditof the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the econom ic decision s of u sers la ken on the basi s ofthese fi nancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout theaudit. 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 auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higherthan forone resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(l) 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 effec tfve n es s of s u c h contro I s.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of the managements use of the going concern basis of accounting and, based on the auditevidence 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 contin ue as a goi ng 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 mannerthatachieves fair presentation.

• Materiality is the magnitude of misstatementinthe Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable userof the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effectofany identified misstatement in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we 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 tooutweigh the public interest benefits of such communication.

Report on Other Legal andRegulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the 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. Asrequired by Section 143(3)of theAct, we reportthat:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purposes of our aud it;

(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) I he Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the statement of changes in equity and the statement of cash flows dealt with by this Report a re in agreement with the books of account;

(d) In ouropinion, the aforesaid financial statements comply with the Ind AS specified under Secti on 133 of the Act;

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial oontrols over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

(g) With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act, in our opinion, according to the information and explanation give to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with Schedule Vof the Act, and

(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, in ouropinion and to the bestofour information and accordingtothoexplanalions giventous.

i. I he Company doesnt have any pending litigations which is required Lo bo di sclosed i fit he report.

ii. i he Company did not have any long-term con tracts including derivative con tracts for which there were a ny material foreseeable I osses.

iii. The Company is not required lo transfer any amounts lothe Investor Education and Protection Lund during the year.

iv. (a) The management has represented that, lo the best of its knowledge

and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in wri ting or otherwise, th at the Intermediary sh all directly or i ndi rectly I end or investinotherporsonsorentiliesidentifiedinanymannerwhatsoeverbyor on behalf of the Company ("Ultimate Beneficiaries"), or provide any

(b) The management has represented, that, to the best of its knowledge and belief, nofunds (which are material either individually or in the aggregate) have been received by the Company from any persons or entities, including foreign entities (Funding Parties"), with the understanding, w heth e r record ed i n w riti ng or oth erw i se, E h at th e c ornp a n y s h a 11, d i re ctly or indirectly, lender invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

v. TheCompanyhasneitherdeclarednorpaid anydividendduringtheyear.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31,2025 which has a feature of recording audit trail (edit log) facility forall relevant transactions recorded in the software. Further, during the courseof our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Annexure-A

TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of

ourreporttothemembersofRisa International Limited ofevendate)

To the best of our information and according to the explanations provided to us by the company and

the books of accounts and record examined by us in the normal course of audit, we state that:

I. a. A.) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plantand Equipmentand relevant delailsof right-lo- useassets.

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

b. All the property, plant and equipment were physically verified during the year by the management In accordance with a regular programme of verification at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticedon such verification.

c. The Company does not have immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee). Accordingly, reporting underclause 3(i)(c)ofthe Order is not applicable.

d. The Company has not revalued its Property, Plant and Equipment (including Right of Use assets)and intangible assets during the year.

e. No proceedings initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45of 1988) and rules made thereunder.

ii. The Company doesnt have inventory during the year accordingly the clause is not applies ble.

iii. The Company has not made investments in the companies and granted unsecured loan to ot her parties, accord ing ly th is c lau se is n ot a pp licab le to the Com pan y.

The Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnership or any other partnership.

iv. I he Company has. complied with the provisions of section 185 and 186 of the Act, in respect of the loan gran ted, i n vest men ts ma de and g uara ntees and securitie s provided, as appli ca ble.

v. The Company has not accepted any deposits or amounts which are deemed to bo deposits from the pu bl ic. Accordingly, reporting u nderclau se 3( v}of the Order is notappl icable.

vi. The Central Govern me nt has not prescri bed the mai nie nance of cost records u nde r Section 148(1) of the Companies Act, 2013 for the business activities carried out by the company. Accordin gl y, reporting u nde r cla use 3( vi) of the Orde r is not applicable.

vii. a. The Company is generally regular in depositing with appropriate authorities

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, val ue add ed tax, cess and other material statutory d Lies a ppl icable to it.

b. T here were no undisputed amount payable in respect of provident fund, Employee State Insurance, Income Tax, Goods & Service Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added lax, cess and any other material, statutory duos in arrears, as at 31st March 2025 for a period more than six month from the date they beca me pa yab le, except the following:

Name of the statue	Nature of the Dues	Amount (Rs. in Lacs)	Period to which amount Relates	Due Date	Date of Payment
Income Tax Act, 1961	TDS Outstanding Demand	0.09	Prior Years	Various Dates	Unpaid till Date
Income Tax Act, 1961	TDS Outstanding Demand	0.09	2018-19	Various Dates	Unpaid till Date
Income lax Act, 1961	TDS Outstanding Demand	0.07	2019-20	Various Dates	Unpaid till Date

c) Deta ils of d ues of Income Tax wh ich ha ve nol been deposited a s on Ma rch 31, 2 025 on account of dispute aregiven below:

Name of the statue	Nature of the Dues	Amount (Rs.in lakhs)	Period to which amount Relates	Forum Where Dispute is Pending
Income Tax Act, 1961	Derma nd U/s 153A r.w.s 143(3)	30.16	A. Y. 2014-15	Commissioner of Income l ax (Appeals)
Income Tax Act, 1961	Derma nd U/s 147 r.w.s 143(3)	357.29	A Y. 2014-15	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Derma nd U/s 153A r.w.s 143(3)	312.89	A.Y. 2015-16	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Demand U/s 153A r.w.s 143(3)	132.43	a:Y. 2016-17	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Sec 143(3)	133.35	A.Y.2017-18	Commissioner of Income Tax (Appeals)

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year, in the tax assessment under the Income lax Act, 1961(43 of 1961).

ix. a. Ihe Company has not defaulted in repayment of loans and borrowings or in the

pay men l of interest thereon to the lenders during the year.

b. The Company has not been declared wilful defaulter by any bankor financial institution or gove rnment or any government authority.

c. The Company has not obtained any term loans from Banks or Financial Institutions during the year. Accordingly, reporting under clause 3(ix)(c) of the Order is not applicable.

d. On an overa II exami nation of the fin ancial statements of the Company, we re port th at, prima-facie, no funds raised on short-term basis have been used for long-term pu rpose s b y the Cornpa n y.

e. We report that the Company has not taken any funds from any entity or person on account of or to meet the oblig ations of Us su bsidla ries, associa tes or joint ventu res.

f. We re port that the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint venturesor associate companies.

x. a. The Company has not raised any moneys by way of i niti al public offer or further publi c

offer (including debt instruments) during the year. Accordingly, reporting under clause 3(x) (a} of the Order is not applicable.

b. The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accord ing ly, reporting underclau se 3(x) (b) of the Order i s n ot appl ica ble.

xi. a. We report th at no fraud by the Company or any fraud on the Company has been n oticed

o r reported duringtheyear.

b. No report under su b-se ction (12) of se cti on 143 of the Companies Act, 2013 h as been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government during the year and upto the date of this report.

c. There are no whistle blower complaints received by the Company during the year.

xii. The Company is not a Nidhi Company. Accordingly, reporting under clause 3(xii) of the Order is not applicable.

xlii In ouropinion, the transactions entered withthe related parlies are in compliance with sections 177 and 1 S3 of Companies Act, 2013 where applicable and details have been disclosed in the standalonefinancial statements as required by theapplicable Indian Accounting Standards.

xiv. a. In our opinion, the Company has an internal audit system commensurate with the size

and natureofits business.

b. We have considered the internal audit reports of the Company issued till date, for the year underaudit.

xv. In our opinion, the Company has notentered into any non-cash transactions with its directors or persons connected with its di rectors and hence provisions of section 192 of the Companies Act, 2013 are notapplicable tothe Company.

xvi. a. the Company is not required to be registered under section 45-IAof the Reserve Bank

of India Act, 1934. Hence reporting under clause 3 (xvi)(a) (b) and (c) of the order is not applicable.

b. In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting unde r clause 3 (xvi) (d) of the order is not applicable.

xvii. On an overall examination of the financial statements of the Company, the Company has incurred cash losses in thecurrent financial year and in the immediately preceding financial year totheextentofRs.41.38lakhsandRs.35.96lakhsrespectively.

xviii. There has not been any resignation of the statutory auditors during the year, accordingly this clause is notapplicable to the Company.

xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 the Company is not capable of meeting its liabilities existing at the date of balance sheetas and when they fall due within a period of one year from the balance sheetdate. We, however, state thatthis is notanassuranceas to the future viabilityof 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 sheetdate, will get discharged by the Company as and when theyfalldue.

xx. The requirements as stipulated by the provisions of Section 135of the Companies Act, 2013 are not applicable tothe Company. Accordingly, reporting under clause 3(xx)(a) and (b)ofthe Order are not applicable.

Annexure- B

TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the C om panies Act, 2013 (“the Act”)

We have audited the internal financial controlsover financial reporting of Risa International Limited (the "Company") as of March 31,2025 in conjunction with our auditof the financial statements ofthe Company for the year en ded on that dale.

Managements Responsibility for Internal Financial Controls

l he 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 we re opera ting 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 complete ne ss of the accou nti ng records, and th e timely preparation of reliable fin ancia I i reformation, as requi red under the Com pa nie s Act, 2013.

Auditors Responsibility

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 Auditof Internal Financial Controlsover 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 auditof Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessmentofthe risks of material misstatement ofthe financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that(1) pertain to the maintenance of recordsthat, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls overFinancial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degreeof 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 reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025. based on the internal control over financial reporting criteria established by the Company con sidering the essential componentsof internal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India.

For AMS & Co.

Charters d Accou ntants

Firm Registration No: 130878W

AshokKumarPuri

Partner

Membership No. 128996

UDIN: 25128996BMJBEL4187

Place: Mumbai

Date: 29th May, 2025