Share Samadhan Ltd Auditor Reports

THE MEMBERS OF

SHARE SAMADHAN LIMITED

Report oil the Audit of Standalone Financial Statements Opinion

We have audited the accompanying financial statements of SHARE SAMADHAN LIMITED [the company), which comprise the Balance Sheet as at 31 March, 2025, and the Statement of Profit and Loss for the year then ended, the Cash Flow Statement for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In nur 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 Accounting Standards prescribed under section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021, and other accounting principles generally accepted in India ,ot the state of affairs of the company as at 31st March, 2025, its profit and cash flow statement for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in theAuditors Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICA1) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made 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 obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements 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,

1. Unquoted Investments and Advances Description:

As at March 31, 2025, the Company holds significant unquoted investments (notably 410,300 thousand in Compulsorily Convertible Debentures of ERDAC Solutions Private Limited) and substantial short term loans and advances [1170,439.65 thousand), as disclosed in Notes 12 and 17. The valuation and recoverability of these assets involve significant management judgment, including assessment ofcredit risk, future cash flows, and absence ofactive market prices. This area is material and subject to estimation uncertainty.

Audit Response:

Reviewed investment agreements, board minutes, and managements assessment of fair value and recoverability.

For advances, tested a sample of underlying agreements, assessed business rationale, and evaluated counterparty creditworthiness.

Verified subsequent receipts and assessed adequacy of provisions for doubtful advances/investments.

2. Deployment of IPO Proceeds and Operational Performance Description:

During the year, the Companys balance sheet expanded significantly following its IPO, with cash and cash equivalents increasing to 4163,545.79 thousand and total assets to ?344,140.10 thousand. However, revenue from operations remained flat (488,714.69 thousand vs.

492,823.54 thousand in the previous year) and profit before tax declined (429,904.04 thousand vs. 450,877.07 thousand). The deployment of IPO funds and the disconnect between capital infusion and operational performance was a key focus area.

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Audit Response: ftor 1/ So

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Discussed with management and the Audit Committee the business strategy fo^, y deploying IPO funds and reasons for performance trends.

Verified recognition and completeness of other income (notably interest from FDs).

Tested significant transactions, including settlement of prior year advances.

Assessed adequacy of disclosures regarding the Companys post IPO position and future plans.

3. Revenue Recognition from Advisory and Recovery Services Description:

The Company derives revenue primarily from professional service charges for investment recovery and consultation. Given the complexity of contracts, the risk of incorrect cut off, and the significant proportion of revenue recognized at period end, there is a risk of misstatement in revenue recognition, particularly with respect to the timing and completeness of revenue.

Audit Response:

Evaluated the design and tested the operating effectiveness of controls over revenue recognition, including contract review and approval.

Performed substantive testing of a sample of contracts and invoices, focusing on period end transactions arid cut off.

Performed analytical procedures on revenue trends and compared with prior periods and budgets.

Obtained direct confirmations from major customers for outstanding receivables and revenue transactions.

Assessed the adequacy of disclosures in the financial statements.

4. Recoverability and Valuation of Short Term Advances and Trade Receivables Description;

As at March 31, 2025, the Companys balance sheet includes significant short term loans and advances (^70,439.65 thousand) and trade receivables (=E31,895.52 thousand). The recoverability of these balances is subject to management judgment.

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Evaluated the design and tested the operating effectiveness of controls over crecrK ^lsk i assessment and monitoring of advances and receivables,

Reviewed subsequent receipts and correspondence with counterparties.

Assessed the adequacy of provisions for doubtful debts and advances, including managements estimation of expected credit losses.

¦ Evaluated the adequacy of disclosures in the financial statements.

Emphasis of Matter

We draw attention to the following notes to the financial statements:

The utilization of proceeds from the Initial Public Offering (IPO) completed during the previous year. As at the reporting date, the Company has partially utilized the funds in accordance with the objects stated in the offer document. The balance unutilized amount, amounting to ?144,786.75 thousand, lias been temporarily parked in fixed deposit accounts with scheduled commercial banks. Management has represented that such utilization is in compliance with applicable regulatory requirements and the funds will be deployed as per the stated objects. Our opinion is not modified in respect of this matter.

The accounting treatment of expenses incurred in connection with the iPO. The Company has adjusted such expenses against the securities premium account, in accordance with the applicable provisions of the Companies Act, 2013. Management has represented that this treatment is in line with the relevant statutory requirements and applicable accounting framework. Our opinion is not modified in respect of this matter

The issue of Bonus Shares by the Company during the year by capitalizing its reserves.

This non cash transaction has altered the capital structure and affects the earnings per share computation. Our opinion is not modified in respect of this matter.

Material Uncertainty Related to Going Concern

We have evaluated the Companys ability to continue as a going concern in accordance with SA 570 (Revised). Based on the audit procedures performed, including review of cash flow forecasts, analysis of the Companys significant cash and fixed deposit balances (f 163,545.79 thousand as at March 31, 2025), and discussions with management, we did not identify any materia! uncertainty that may cast significant doubt on the Companys ability to continue as a^s===^ going concern for a period of at least twelve months from the balance sheet date

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Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the AS and other accounting principles generally accepted in India specified under section 133 of the Act. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting the 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 control, that were operating effectively for ensuring the accuracy and completeness of the accountingrecords, 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, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting

process.

Auditors Responsibilities for the Audit of the Financial Statements

Out 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 ah audit conducted in accordance with SAs will aiways 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 financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143[3][i) of the Act, we are also responsible for expressing our opinion on whether Lhe company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the 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 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 atso 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.

Information Other than the Financial 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 report on Shareholder information and Report of the Board of Directors, but does not include the financial statements and our auditors report thereon.

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

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

our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report] Order, 2020 (the Order], issued by the Central Government of India in terms of sub section (11] of section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 ofthe Order, to the extent applicable.

2. (A) As required by section 143(3] ofthe Act, based on our audit we report to the extent applicable 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 and the Statement of Profit and Loss Account 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 AS specified under Section 133 ofthe Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

the basis of the written representations received from the directors as on 31

March, 2025 taken on record by the Board of Directors, none, of the directors is disqualified as on 31 March, 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 controls with reference to these financial statements and the operating effectiveness of such controls, refer to our separate Report in Annexure A to this report;

g) with respect to the other matters to be included in the Auditors report in accordance with the requirements of section 197 of the Act, as amended.

h) 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 director during the year is in accordance with the provisions of section 197 of the Act,

(B) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors] Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

a) The Company does not have any pending litigations which would impact its financial position;

b) The Company did not have any long term contracts including derivatives contracts for which there were any material foreseeable losses;

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

d) The Management has represented that, to the best of its knowledge and belief, to the Financial Statements, no funds (which are material either individually or in aggregate] have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds] by the company to or in any other person or entity, including foreign entity (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 (IJItimale Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

e) The management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in aggregate) have been received by the company from any person or entity, including foreign eiUjl^rFunding Parties), with the understanding, whether, directly or Indirectly^&^^^^est in other persons or entities identified in any manner whatsoevef«y J Sr otTbeOf of

the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

0 Based on the 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) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

g] The company neither has declared nor paid any dividend during the year, accordingly the provision of section 123 of the Act are not applicable to the company.

h) Based on our examination, which includes test checks, the company has used accounting software for maintaining its books of accounts for the financial year ended 31st March 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further during the course of our audit we did not came across any instance ofthe.audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.

For K.S. Cfaoudhary & Co.

Chartered Accountants frfr

FRN: 508095C *r e *Ahi{p

CA llarisulttmar Choudhary

Partneyy

M. No/093027

Place: New Delhi

Dale: 22/08/2025

UD1N: 2S093027BNFVRB3821

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF SHARE SAMADHAN LIMITED (Referred tn in our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub section 3 of Section 143 ofthe Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of Share Samadhan Limited (the Company), as of 31 March 2025 in conjunction with our audit ofthe 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 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 fICAi).

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 ofits 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 Companies 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 Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit oflnternal 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 effectu^rSSEs^. Our audit of internal financial controls over financial reporting included understanding of internal financial controls over financial reporting, assessing tiiGmSK that a ityi

material weakness exists, and testing and evaluating the design and operating effectiveness of interna] control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial Statements, whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

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

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

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

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

Inherent Limitations of internal Financial Controls over Financial Reporting

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

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Opinion U ( ^ ev , /^®ihi Jf

In our opinion, the Company has, in all material respects, an adequate internal controls system over financial reporting and such internal financial controls over finairetai^^ reporting were operating effectively as at 31 st March 2025, 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.

ForK.S. Choudhary & Co.

Chartered Accountants

FRN:50809SC_ fc[ New^Yi

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CA Harpip Kumar Choudhary Partnerj M. NotFu93027

Place: New Delhi

Date: 22/08/2025

UDIN:25093027BNFVRB3021

ANNEXUKE B to the Auiiitors Report of even date to the members of Share Samadhan Limited, on the Financial Statements for the year ended on March 31, 2025.

(This is the annexure referred to in Para 1 of Report on Other Legal and Regulatory Requirements section of our Report of even date)

Report as Per the Companies [Auditors Report) Order, 2020 [Caro 2020 )

Based on the audit procedures performed for the purpose of expressing an opinion on the true and fair view of the financial statements of the company and considering the information and explanations given to us and books of accounts and other records provided to us during the norma] course of audit, we hereby report that;

(i) In respect of the Companys property, plant and equipment [including Itight of Use

assets) and intangible assets:

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 intangible assets

b. The Property, Plant and Equipment have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.

c. The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the Company

d. The company has not revalued any of its Property, Plant and Equipment (including Right of Use Assets) and intangible assets or both during the year. According reporting under clause 3(i](d) of the order is not applicable to the company.

c. Based on the information provided and explanation given to us, we can report that no proceedings have been initiated or are pending against the company as at March 31, 2025 for holding any Benami Property under Urtuflgnami Transactions (Prohibition) Act, 1988 (as amended in 2016)

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(ii) In respect oflnventory

a. The. Company does not have any inventory and hence reporting under clause 3[ii)(a) of the Order is not applicable

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 sanctioned any working capital limits in excess of five crore rupees, in aggregate, from banks and financial institution on the basis of security of current assets at any point of time of the year. Accordingly, clause 3(ii] (b) of the Order is not applicable to the Company

(iii) In respect of Investments, Guarantees, Security, Loans or Advances

a. The Company has made investments in, and granted advances in the nature of loans, secured orunsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year,

b. In our opinion, the investments made and the terms and conditions of the grant of loans, during the year are, prima facie, not prejudicial to the Companys interest.

c. in respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts.of interest are generally regular as per stipulation.

d. In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date,

e. No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties.

f. The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year.

(iv) in respect of Loans, Investments, Guarantees and Security

a. The Company has complied with the provisions of Sections 185 and

Companies Act, 2013 in respect of loans granted, investments made artpV W vcm guarantees and securities provided, as applicable /New gelhi i nj

a. The Company has not accepted any deposit during the year, The company does not have any unclaimed deposits and therefore the provisions ofSections 73 to 76 or any other relevant provisions to the Act are not applicable

(vi) In respect of cost records

a. The maintenance of the cost records has not been specified by the Central Government under sub section (1] of Section 148 of the Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause 3[vi) of the order is not applicable to the Company

(vii) In respect of statutory dues

a. In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services Tax, Provident Fund, Employees State Insurance, income Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of Goods and Services Tax, Provident Fund, Employees State Insurance, Income Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

b. As perthe Information and explanations given to lls, no statutory dues referred to in sub clause (a) is pending in respect of any dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax account of any dispute.

(viii) In respect of Unrecorded transactions

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 surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income tax Act, 1961 as income during the year

{ix) In respect of loans and Borrowings

a. The Company has not taken any loans or other borrowings from any lender during the year, except for a term loan outstanding as at year eruL[^3,200 thousand). The Company has not defaulted in repaymenl^J^^^or borrowings or in the payment of interest thereon to any lend <«[./

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

c. The term loans were applied for the purpose for which the loans were obtained.

d. On an overall examination of the financial statements of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term purposes by the Company

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

f. The Company has not raised loans during the year on the pledge of securities held in its subsidiaries.

(x) In respect of Funds raised and utilization

a. The Company has raised moneys by way of initial public offer during the year, and the funds have been applied for the purposes for which they were raised, with unutilized funds temporarily parked in fixed deposits as disclosed in Note 4.

b. During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures [fully or partly or optionally] and hence reporting under clause 3[x](b] of the Order is not applicable

[xi] In respect of Fraud

a. To the best of our knowledge and according to the information fit explanation given to us, and on the basis of representation of the management which we have relied upon no fraud by the Company or any fraud on the Company has been noticed or reported during the year. Accordingly, the provision of clause 3(xi) [a] of the order is not applicable

b. No report under sub section [1 2] of Section 143 of the Companies Act has been filed in Form ADT 4 as prescribed under Rule 13 of Companies [Audit and Auditors] Rules, 2014 with the Central Government during the year and up to the date of this report.

c. No whistle blower complaints were received by the company during

Accordingly, no such complaints were reported by us. [l°?( V \

(xii) In respect of Nidhi Company

a. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable to the Company

(xiii) In respect of Related Party Transaction

a. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards

(xiv) In respect of internal audit

a. Based on information and explanations provided to us and upon our audit procedures, the Company has an Internal AudltSystem commensurate with the size and nature of its business

b. We have considered, Lhe internal audit reports, for the year under audit, issued to the Company duringthe year and till date, in determining the nature, timing and extent of our audit procedures

(xv) In respect of Non cash transactions

a. In our opinion, during the year, the Company has not entered into any non cash transactions with directors or persons connected with them and hence provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company

(xvi) In respect of registration under RBI Act

a. The Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934). Accordingly, clause 3(xvi)(a) of the Order is not applicable.

b. In our opinion, Lhe Company has not conducted any Non Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, clause 3 (xvi) (b) of the Order is not applicable

c. In our opinion, the Company is not a Core Investment Company

in the regulations made by the Reserve Bank of India. AccqffarogfyT^nffisSi 3(xvi)(c) of the Order is not applicable X \n\]

a. The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year

(xviiij In respect of resignation of statutory auditors

a. The statutory auditors have not resigned during the year, thus, reporting under cause 3(xviii) of the Order is not applicable on the Company

(xix) In respect of Material Uncertainty on Meeting Liabilities

a. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In respect of Corporate Social Responsibility

a. There are no unspent amounts towards Corporate Social Responsibility (CSR) requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to sub section (5) of Section 135 of the said Act. Accordingly, reporting under clause 3[xx)[a) of the Order is not applicable for the year. There are no unspent amounts towards Corporate Social Responsibility (CSR) requiring a transfer to a special account in compliance with provision of sub section [6] of section 135 of the said Act. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable for the year

(xxi) In respect of Qualifications in Consolidated CARO

a. There have been no qualifications or adverse remarks by the respective

auditors in the Companies (Auditors Report) Order (CARO) reports companies included in the consolidated financial statements.

H V.

) New^elhi V J

For K.S, Choudhary & Co.

Chartered Accountants f( V (

FRN: 508095C

CA HarislVfnimar Choudhary Partner/)

M. NO./M3027

Place: New Delhi

Date: 22/08/2025

UDIN: 25093027BNFVRB3021