SMC Credits Ltd Auditor Reports

To The Members of SMC CREDITS LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the Financial Statements of SMC CREDITS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March 2026, and the Statement of Profit and Loss (including other comprehensive income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of significant accounng policies and other explanatory informaon (hereinaer referred to as" the Financial Statements").

In our opinion and to the best of our informaon an d according to the explanaons given to us, the aforesaid Financial Statements gives the informaon required by the Companies Act, 2013 ("the Act") in the manner so required and gives us true and fair view in conformity with the accounng principles generally accepted in Indi a, of the state of affairs of the Company as at 31st March 2026, and profit/(loss) (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auding (SAS) specified under Secon 143(10) of the Act. Our responsibilies unde r those SAS are further described in the Auditors Responsibilies for the Audit of the Fina ncial Statements secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilies in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Maers

Key audit maers are those maers that, in our prof essional judgment, were of most significance in our audit of the financial statements of the current period. These maers 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 maers.

We have determined the maers described below to be the Key Audit Maers to be communicated:

Further, We draw aenon to Note 5 to the financial statements regarding the valuaon of the Companys investments in unlisted enes. The f air valuaon of such investments has been determined using the latest available audited financial informaon of the respecve investee enes as at March 31, 2025, as audited fin ancial statements as at March 31, 2026 were not available. Further, during the year, the Company subscribed to addional shares in certain investee enes, which have been recognised at acquision cost without a corresponding fair value remeasurement as at March 31, 2026. Consequently, the fair value changes recognised in Other Comprehensive Income primarily reflect the valuaon movement relang to the exisng shareholding based on the March 31, 2025 valuaon data.

Our opinion is not modified in respect of this maer .

Other Informaon

The Companys management and Board of Directors are responsible for the other informaon. The other informaon comprises the informaon inclu ded in the Companys annual report, but does not include the Financial Statements and our auditors report thereon.

Our opinion on the Financial Statements does not cover the other informaon, and we do not express any form of assurance conclusion thereon.

In connecon with our audit of the Financial Statem ents, our responsibility is to read the other informaon and, in doing so, consider whether the o ther informaon 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 informaon, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Companys management and Board of Directors are responsible for the maers stated in Secon 134(5) of the Act with respect to the prepar aon of these Financial Statements that give a true and fair view of the state of affairs, profit/loss (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounng principles generally accepted in India, including the Indian Accounng Standards (Ind AS) specified under Secon 133 of the Act. This responsi bility also includes maintenance of adequate accounng records in accordance with the p rovisions of the Act for safeguarding of the assets of the Company and for prevenng and det ecng frauds and other irregularies; selecon and applicaon of appropriate accounng po licies; making judgments and esmates that are reasonable and prudent; and design, implementaon and maintenance of adequate internal financial controls that were operang effec vely for ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon 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 and Board of Directors are responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable, maers 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 alternave but to do so.

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

Auditors Responsibilies for the Audit of the Fina ncial Statements

Our objecves are to obtain reasonable assurance ab out 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 it is not a guarantee that an audit conducted in accordance with SAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit in accordance with SAS, we exercise professional judgment and maintain professional skepcism throughout the audit. We als o: Idenfy and assess the risks of material misstateme nt 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 detecng a m aterial misstatement resulng from fraud is higher than for the resulng from error, a s fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, o r 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 Secon 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to Financial Statements in place and the operang effecveness of such controls. Evaluate the appropriateness of accounng policies used and the reasonableness of accounng esmates and related disclosures made by management. 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 t hat may cast significant doubt on the Companys ability 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 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 connue as a goin g concern. Evaluate the overall presentaon, structure and con tent of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transacons and events in a manner that achieves fair presentaon.

We communicate with those charged with governance regarding, among other maers, the planned scope and ming of the audit and significant audit findings, including any significant deficiencies in internal control that we idenfy dur ing 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 relaonships and other maers that may reasonably b e thought to bear on our independence, and where applicable, related safeguards.

From the maers communicated with those charged wit h governance, we determine those maers that were of most significance in the audit o f the Financial Statements of the current period and are therefore the key audit maers. We d escribe these maers in our auditors report unless law or regulaon precludes public dis closure about the maer or when, in extremely rare circumstances, we determine that a maer 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 communicaon.

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 Secon 143(11) of th e Act, we give in the "Annexure — A", a statement on the maers specified in paragraph s 3 and 4 of the Order.

2. A. As required by secon 143(3) of the Act, we repo rt that: a. We have sought and obtained all the informaon and explanaons which, to the best of our knowledge and belief, were necessary for the purpose of our audit; b. In our opinion, proper books of account as required by law have been kept by the

Company so far as appears from our examinaon of th ose books; c. The 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 are in agreement with the books of account. d. In our opinion, the aforesaid financial statement complies with the Indian

Accounng Standards specified in secon 133 of the A ct; e. On the basis of the wrien representaons received from the directors as on 31

March 2026, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2026 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 over financial reporng of the Company and the operang effecvenes s of such controls, refer to our separate Report in "Annexure — B".

B. With respect to the other maers to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our informaon and according to the exp lanaons given to us: a. The Company has disclosed the impact of pending li gaons on its financial posion in its Financial Statements b. The Company did not have any long-term contracts for which there were any material foreseeable losses. c. There were no amounts which were required to be transferred to the Investor

Educaon and Protecon Fund by the Company. d. (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 enty(ies), including foreign enes ("Intermediaries"), with t he understanding, whether recorded in wring or otherwise, that the Intermedi ary shall, whether, directly or indirectly lend or invest in other persons or ene s idenfied in any manner whatsoever by or on behalf of the company ("Ulmate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ulmate Beneficiaries; (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), in cluding foreign enes ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or enes idenfied in any manner what soever by or on behalf of the Funding Party ("Ulmate Beneficiaries") or provi de any guarantee, security or the like on behalf of the Ulmate Beneficiaries; and (iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their no ce that has caused them to believe that the representaons under sub-clause (i ) and (ii) contain any material mis-statement. e. The company has not declared or paid any dividend during the year in contravenon of the provisions of secon 123 of the Companies Act, 2013.

f. The reporng under Rule Il(g) of the Companies (Aud it and Auditors) Rules, 2014 is applicable from 1 April 2023. Based on our examinaon, which included test checks , we observed that the company has used accounng soware for maintaining its book s of account. Although this soware has a feature for recording an audit trail (edit log), we found that the audit trail feature was not operang effecvely during the reporng period for all relevant transacons recorded in the soware. Consequently, we were unable to verify the integrity of the audit trail throughout the year.

3. With respect to the maer to be included in the Aud itors Report under secon 197(16):

In our opinion and according to the informaon and explanaons given to us, the remuneraon paid by the Company to its directors du ring the current year is in accordance with the provisions of Secon 197 of the Act. The remuneraon paid to any director is not in excess of the limit laid down under Secon 197 of the Act.

ANNEXURE - A to the independent auditors report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements secon of our report of even date)

1) In respect of the Property, plant and equipment of the Company: a) i) The company is maintaining proper records, showing full parculars including quantave details and situaon of property, plant and equipment. ii) The Company has no intangible asset and therefore clause (i)(a)(B) of paragraph 3 of the Order is not applicable. b) All the Fixed Assets have been physically verified by the Management during the year based on a phased program of verifying the assets, which in our opinion is reasonable having regard to the size of the company and the nature of its Fixed Assets. No discrepancy has been noced on such verificaon. c) According to the informaon and explanaons given t o us and on the basis of our examinaon of the records of the Company, tle deed s of immovable properes are held in the name of the Company. d) According to the informaon and explanaons given t o us and on the basis of our examinaon of the records of the Company, the Compa ny 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 explanaons given t o us and on the basis of our examinaon of the records of the Company, there are no proceedings iniated or pending against the Company for holding any benami property under the Prohibion of Benami Property Transacons Act, 1988, and rules made thereunder.

2) a) In our opinion and according to the informaon and explanaons given to us, the nature of the Companys business/acvies during th e year has been such that the clause of paragraph 3 of the Order is not applicable to the Company for the year. b) According to the informaon and explanaons give n to us and on the basis of our examinaon of the records of the Company, no workin g capital loan has been taken by the Company. Therefore, reporng under clause (ii)(b) o f paragraph 3 is not applicable.

3) According to the informaon and explanaons given t o us and on the basis of our examinaon of the records of the Company, during th e year, in the ordinary course of its business, the Company has made investments in, provided guarantee / Security to and granted loans and advances in the nature of loans, secured and unsecured, to companies, firms, limited liability partnerships and other par es. With respect to such investments, guarantees / security and loans and advances:

A. The principal business of the Company is to give loans and hence reporng under clause (iii)(a) of the Order is not applicable;

B. According to the informaon and explanaons given t o us and based on the audit procedures conducted by us, we are of the opinion that the terms and condions of the guarantee given are, prima facie, not prejudicial to the interest of the Company. C. The Company, being a Non-Banking Financial Company (NBFC), registered under provisions of RBI Act, 1934 and rules made thereunder, in pursuance of its compliance with provisions of the said Act/Rules, parcularly, the Income Recognion, Asset Classificaon and Provisioning Nor ms, monitors repayments of principal and payment of interest by its customers as spulated. In our opinion and according to the informaon and explanaons given t o us, in respect of loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest has been spulated and payment of inter est has been spulated and the repayments/receipts of principal and interest are regular. D. The Company, being a NBFC, registered under provisions of RBI Act, 1934 and rules made thereunder, in pursuance of its compliance with provisions of the said Act/Rules, parcularly, the Income Recognion, Asse t Classificaon and Provisioning Norms, monitors and report total amount overdue including principal and/or payment of interest by its customers for more than 90 days. In cases where repayment of principal and payment of interest is not received as spulated, the cognizance thereof is taken by the Company in course of its periodic regulatory reporng. E. The principal business of the Company is to give loans and hence reporng under clause (iii)(e) of the Order is not applicable; F. According to the informaon and explanaons given t o us and on the basis of our examinaon of the records of the Company, the Compa ny has not given any loans either repayable on demand or without specifying any terms or period of repayment.

4) According to the informaon and explanaons given t o us and on the basis of our examinaon of the records, the company has complied with the provisions of Secons 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securies.

5) According to the informaon and explanaons given t o us and on the basis of our examinaon of the records, the Company has not acce pted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause (v) of paragraph 3 of the Order is not applicable.

6) According to the informaon and explanaons given t o us, the Central Government has not prescribed the maintenance of cost records under Secon 148(1) of the Companies Act, 2013 for the products manufactured by it (and/or services provided by it). Accordingly, clause (vi) of paragraph 3 of the Order is not applicable.

7) In respect of statutory dues:

a) According to the records of the Company, undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax,

Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues have been generally regularly deposited with the appropriate authories. According to the informaon and explana ons given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2026 for a period of more than six months from the date of becoming payable.

b) According to the informaon and explanaons given t o us and on the basis of our examinaon of the records of the Company did not ha ve dues which have not been deposited as on March 31, 2026, except for the following:

Name of the Statute	Nature of disputed dues	Amount under dispute (INR Lakhs)	Amount paid (INR Lakhs)	Period to which amount relates
Income Tax Act, 1961	Income Tax	NIL	NIL	FY 2017-18

* amount of addion in income as appearing on incom e tax portal.

8) In our opinion and according to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Compa ny, we confirm that we have not come across any transacons not recorded in the boo ks of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

9) A. In our opinion, the Company has not defaulted in repayment of loans or other borrowings to financial instuons, banks, governmen t and dues to debenture holders or in the payment of interest thereon to any lender. B. According to the informaon and explanaons given t o us and on the basis of our examinaon of the records of the Company, the Compa ny has not been declared a wilful defaulter by any bank or financial instuo n or government or government authority. C. In our opinion and according to the informaon and explanaons given to us, the

Company has ulized the money obtained by way of te rm loans from financial instuon during the year for the purposes for whic h they were obtained, other than temporary parking in current account for a few days, pending ulizaon towards purpose for which the same are obtained. D. According to the informaon and explanaons given t o us and on an overall examinaon of the balance sheet of the Company, we report that no funds have been raised on short-term basis by the Company. Accordingly, clause (ix)(d) of paragraph 3 of the Order is not applicable. E. According to the informaon and explanaons given t o us and on an overall examinaon of the financial statements of the Compan y, we report that the Company does not have any subsidiary, associate or joint venture as defined under the Companies Act, 2013. Accordingly, clause (ix)(e) of paragraph 3 of the Order is not applicable.

F. According to the informaon and explanaons given t o us and procedures performed by us, we report that the Company does not have any subsidiary. Accordingly, clause (ix)(f) of paragraph 3 of the Order is not applicable. 10) A. The Company has not raised any moneys by way of inial public offer or further public offer (including debt instruments). Accordingly, clause (x)(a) of paragraph 3 of the Order is not applicable. B. According to the informaon and explanaons give n to us and on the basis of our examinaon of the records of the Company, the Compa ny has not made any preferenal allotment or private placement of shares or fully or partly or oponally converble debentures during the year. Accordingly, clause (x)(b) of paragraph. 3 of the Order is not applicable. 11) A. Based on examinaon of the books and records of the Company and according to the informaon and explanaons given to us, considering the principles of materiality outlined in Standards on Auding, we report that no fraud by the Company or on the Company has been noced or reported during the cour se of the audit. B. According to the informaon and explanaons given t o us, no report under sub-secon (12) of Secon 143 of the Companies Act, 201 3 has 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. C. According to the informaon and explanaons given t o us, there were no whistle blower complaints received during the year by the Company. 12) The Company is not a Nidhi Company and hence repor ng under clause (xii) of paragraph 3 of the Order is not applicable. 13) In our opinion and according to the informaon and explanaons given to us the Companys transacons with its related party are in compliance with Secons 177 and 188 of the Companies Act, 2013, where applicable, and details of related party transacons have been disclosed in the financial statements etc. as required by the applicable Indian Accounng Standards. 14) A. Based on informaon and explanaons provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business. B. We have taken into consideraon, the rep?rts of the Internal Auditors received by the Company during the year and provided to us while determining the nature, ming and extent of audit procedures. 15) In our opinion and according to the informaon and explanaons given to us, during the year the company has not entered into any non-cash transacons with its directors or persons connected to its directors and hence, provisions of secon 192 of the Companies Act, 2013 are not applicable to the Company. 16) (a) The Company is required to be registered under Secon 45-IA of the Reserve Bank of India Act, 1934 and the Company has obtained the required registraon.

(b) According to the informaon and explanaons giv en to us, the Company has not conducted any Non-Banking Financial or Housing Finance acvies without obtaining a valid CoR from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. (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 informaon and explanaons pro vided to us during the course of audit, the Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable. 17) The Company has not incurred cash losses in the current and in the immediately preceding financial year. 18) We have been appointed as statutory auditor on 13.11.2024, through board resoluon, and accordingly, shareholders approval was taken on 20.01.2025 and ADT 1 was filed on 03.02.2025. 19) According to the informaon and explanaons given t o us and on the basis of the financial raos, ageing and expected dates of realizaon of fi nancial assets and payment of financial liabilies, other informaon accompanying the financ ial statements, our knowledge of the Board of Directors and management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our a enon, 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 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 reporng is based on the facts up to the d ate 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. 20) In our opinion and according to the informaon and explanaons given to us, there is no unspent amount under sub-secon (5) of Secon 135 o f the Companies Act, 2013 pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

ANNEXURE – B to the independent auditors report

Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements secon of our report of even date

Report on the Internal Financial Controls Over Financial Reporng 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 reporng of SMC CREDITS LIMITED (‘the Company) as of 31st March, 2026 in conjunco n with our audit of the standalone financial statements of the Company for the year ended and as 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 reporng criteria established by the Company considering the essenal components of internal con trol stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instute of Chartered Accountants of India (the ‘Guidance Note). These responsibilies include the design, implementaon and maintenance of adequate internal financial controls that were operang effecvely for ensuring the orderly and efficient cond uct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records, and the mely preparaon of reliable financial informaon, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporng based on our audit. We conducted our audit in accordance with the Standards on Auding prescribed under Secon 143(10) of the A ct and the Guidance Note, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with the 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 effecvely 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 operang effecveness. 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 weakness exists, and tesng and evaluang the design and ope rang effecveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. 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 reporng and the preparaon of financial statements for external purposes in accordance with generally accepted accounng 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 di sposions of the assets of the company; (2) provide reasonable assurance that transacons are r ecorded as necessary to permit preparaon 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 authorizaons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorized acquisi on, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limitaons of Internal Financial Controls Over Financial Reporng

Because of the inherent limitaons of internal financ ial controls 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 evaluaon of the internal financial controls over financial reporng t o future periods are subject to the risk that the internal financial controls over financial reporng m ay become inadequate because of changes in condions, or that the degree of compliance with th e policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our informaon and a ccording to the explanaons given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporng and such internal financial controls over fi nancial reporng were operang effecvely as at 31st March, 2026, 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.

For Kumar Ashwani & Associates

Chartered Accountants

FRN: 008891N

Shivam Gupta

Partner

M. No. 534422

UDIN: 26534422MOJSUD4729

Date: 30.05.2026

Place: New Delhi