Suntech Infra Solutions Ltd Auditor Reports

TO THE MEMBERS OF

SUNTECIH INFRA SOLUTIONS LIMITED

(Formerly known as Suntech Infra Solutions Private Limited)

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying Standalone Financial Statements of Suntech Infra Solutions Limited (the Company"), which comprise the Balance Sheet as at 31st March 2026, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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 principles generally accepted in India, of the state of affairs of the Company as at 31 st March 2026, its profit and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements relevant to our audit of the Standalone 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter	How Our Audit Addressed the Key Audit Matter I
KAM 1 ? Revenue Recognition, Construction Contracts and Unbilled Revenue	Our audit procedures in respect of this Key Audit Matter included:
Refer: Note 17 (Revenue from Operations), Note 13 (Other Current Assets ? Unbilled Revenue), Note 14 (Inventories ? WIP) and Accounting Policy on Revenue Recognition.	* Evaluated design and operating effectiveness of key controls over contract management, revenue recognition and unbilled revenue computation;
The Company derives substantially all its revenue from construction and infrastructure contracts and equipment hiring services. Revenue from construction contracts is recognised using the percentage-of-completion method based on physical progress certified by engineers and customer acceptance, in accordance with AS 7 ? Construction Contracts and AS 9 ? Revenue Recognition.	• Obtained the contract-wise schedule of unbilled revenue and WIP, tracing each item to the underlying contract, purchase order and engineers progress certificate;
Unbilled revenue is recognised as at 31st March 2026, representing work completed and milestones acknowledged by customers for which invoices had not been raised till March 31, 2026. Work-in-Progress (WIP) represents costs incurred on active contracts where no billable milestone has been achieved.	• For unbilled revenue subsequently invoiced: verified invoices raised during April-May 2026 confirming recognition basis as at 31st March 2026;
This matter was identified as a Key Audit Matter because:	* For RA-agreed unbilled revenue: obtained running account bills signed by customers prior to year-end and verified customer acceptance;
* Revenue recognition under long-term construction contracts involves significant management judgment in estimating stage of completion, total contract costs, total contract revenue and variation order claims;	• For rental accruals: verified hire agreements and rent roll workings;
• Unbilled revenue of is material and requires contract-by- contract assessment of physical progress, customer acceptance and contractual entitlement;	* For a sample of contracts, reviewed progress certificates and physical progress reports to corroborate managements percentage-of-completion estimates;
• The distinction between unbilled revenue (revenue earned, invoice pending ? in Other Current Assets) and WIP (costs incurred, no milestone ? in Inventories) requires rigorous evaluation;	* Verified WIP represents genuinely incomplete contracts with no recognisable milestone and no pre-emption of revenue;
	* Assessed consistency of revenue recognition policies with AS 7 and AS 9; and
	* Evaluated adequacy of disclosures in respect of revenue recognition, unbilled revenue and WIP in the financial statements.
	Based on our procedures, managements revenue recognition and unbilled revenue assessment is reasonable and supported by underlying documentation. Disclosures are adequate.

 

Key Audit Mutter	How Our Audit Addressed the Key Audit Matter
KAM 2 ? Recoverability of Trade Receivables including Old Outstanding Balances	Our audit procedures in respect of this Key Audit Matter included:
Refer: Note 15 (Trade Receivables), Note 15.2 (Old Outstanding Receivables) and Note 25 (Related Party Transactions).	* Obtained a detailed ageing analysis and independently tested ageing classification for a sample of balances against underlying invoice dates;
Trade receivables as at 31st March 2026 aggregate Rs. 6,534.96 Lakhs (FY25: Rs. 4,686.60 Lakhs), an increase of 39.5% over the prior year. This balance constitutes approximately 36.5% of the Companys total assets and is the single largest asset category. The receivable base is concentrated in the infrastructure sector, characterised by long credit cycles and susceptibility to contractual disputes.	* Circularised direct balance confirmation requests to significant trade receivable parties; for non-responses, performed alternative procedures including review of subsequent receipts and correspondence;
The following sub-categories were of particular significance:	• For old outstanding receivables of Rs. 451.06 Lakhs (13 parties): reviewed the signed Legal Confirmation Letter from experts; evaluated the advocates professional assessment of likely outcome; and reviewed managements party-wise recoverability confirmation;
• Old outstanding receivables of Rs. 451.06 Lakhs (13 parties) ? outstanding for more than two years with zero movement during FY26, subject to NCLT proceedings, civil suits, arbitration and Section 138 cases, as disclosed in Note 15.2 to the financial statements;	• Evaluated post-balance-sheet date collections from trade receivable counterparties to corroborate recoverability;
• Advance Infrastructure Corp. (related party ? proprietor is a Director of the Company) ? Rs. 341.09 Lakhs outstanding (FY25: Rs. 428.62 Lakhs), with partial recovery of Rs. 87.53 Lakhs during FY26; and	• Reviewed completeness and accuracy of ageing disclosure, provision policy and related party disclosures in Notes 15, 15.2 and 25.
* General trade receivables with varying ageing profiles across multiple infrastructure customers including government-related entities with longer settlement timelines.	Based on our procedures, managements recoverability assessment is supported by ongoing legal proceedings, post-balance-sheet collections and legal opinion. The managements policy of not making provisions against these receivables is supported by legal advice and is disclosed in Note 15.2.
This matter was identified as a KAM because: (a) trade receivables are the largest balance sheet item (-36.5% of total assets); (b) recoverability assessment involves significant management judgment including legal outcome predictions; (c) the infrastructure sector is prone to contractual disputes and payment delays; and (d) the Companys stated policy of not making provisions for old outstanding receivables increases the risk of overstatement.

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 information included in the Annual Report but does not include the Standalone Financial Statements and our Auditors Report thereon.

Our opinion on the Standalone 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 separate financial statements, our responsibility is to read the other information and, in doing so, consider whether he 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. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This

responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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 is also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the Standalone 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 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 scepticism throughout the audit. We also:

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

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 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 the financial statements in place and the operating effectiveness of such controls;

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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; and

* 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 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 Standalone Financial Statements of the current period and are therefore the Key Audit Matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

A. Companies (Auditors Report) Order, 2020

As required by the Companies (Auditors Report) Order, 2020 ("CARO 2020") issued by the Central Government in terms of sub-section (11) of section 143 of the Act, we give in Annexure A hereto, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

B. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021;

e) On the basis of the written representations received from the Directors as on 31 st March 2026 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2026 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 the Standalone Financial Statements 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 with reference to the Standalone Financial Statements;

g) In our opinion, there are no qualifications or adverse remarks relating to the maintenance of accounts and other matters connected therewith; 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 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements ? refer Notes 15.2 and 26.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

(iv) (a) Management has represented that, to the best of its knowledge and belief, no funds have been advanced, loaned or invested by the Company to or in any other person or entity with the understanding 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 or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(iv)(b) Management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity with the understanding that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(iv) (c) Based on our audit procedures, nothing has come to our notice that has caused us to believe that the management representations under (iv)(a) and (iv)(b) above contain any material misstatement.

(v) The Board of Directors of the Company has not recommended any final dividend for the year ended 31st March 2026.

(vi) Based on our examination which included test checks, the Company has used Busy Accounting Software for maintaining its books of account for the year ended 31st March 2026. The said software has a feature of recording audit trail (edit log) at the application level, and the same has been enabled and operated throughout the year for all relevant transactions recorded in the software. We have not come across any instance of the audit trail feature being tampered with or being disabled during the year. The audit trail has been preserved by the Company as required under the applicable law. We are unable to comment on the availability of the audit trail feature at the database level, as access to the underlying database was not made available to us for verification.

C. As required by section 197(16) of the Act, as amended, we report that:

In our opinion and according to the information and explanations given to us, the managerial remuneration paid or provided during the year by the Company to its Directors is in accordance with the provisions of section 197 of the Act.

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in our Report of even date to the Members of Suntech Infra Solutions Limited)

Statement on matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020

Based on the audit procedures performed for the purpose of reporting a true and fair view on the Standalone Financial Statements and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report as under on the matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government in terms of section 143(11) of the Companies Act, 2013:

(1) Property, Plant and Equipment

(a) The Company maintains proper records showing full particulars, including quantitative details and situation of its Property, Plant and Equipment. The Company has not adopted Ind AS and does not have any Right of Use assets. The fixed asset register is maintained electronically through the accounting software.

(b) The Company has a regular programme of physical verification of its Property, Plant and Equipment. Physical verification was conducted by the management during the year. No material discrepancies were noticed on such physical verification as compared to the book records.

(c) Based on our examination of records, the title deeds of immovable properties included in Property, Plant and Equipment are held in the name of the Company.

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

(e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988.

fii) Inventories

(a) Physical verification of inventory was conducted by the management during the year. In our opinion, the coverage and procedure of such verification is appropriate. No discrepancies of 10% or more in aggregate for any class of inventory were noticed on physical verification as compared to book records.

(b) The Company has been sanctioned working capital limits in excess of Rs. 5 crore from banks on the basis of security of current assets. The quarterly returns/statements filed by the Company with such banks are in agreement with the books of account.

(lip Loans. Guarantees and Investments

The Company has not made investments in, or provided any guarantee or security to, any other company, firm, LLP or other party during the year. The Company has not granted any loans or advances in the nature of loans to any party. Accordingly, reporting under this clause does not arise.

(ivl Compliance with Sections 185 and 186

The Company has not given any loans, guarantees or made any investments that attract the provisions of Sections 185 and 186 of the Companies Act, 2013. Accordingly, reporting under this clause does not arise.

(v) Deposits

The Company has not accepted any deposits or amounts deemed to be deposits within the meaning of Sections 73 to 76 of the Companies Act, 2013.

fvi) Cost Records

The Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 for the activities carried on by the Company. Accordingly, this clause is not applicable.

(vii) Statutory Dues

(a) The Company has generally been regular in depositing undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, income tax and other applicable dues with the appropriate authorities. There were minor delays in deposit of TDS and certain other dues in a few months during the year, which have since been regularised. As at 31st March 2026, no undisputed statutory dues were outstanding for more than six months from the date they became payable.

(b) The following dues of income tax and goods and services tax have not been deposited by the Company on account of matters pending before appropriate authorities:

Name of the Statute	Nature of the Dues	Amount (Rs.)	Period to which the amount relates	Forum where dispute is pending	Remarks, if any
Income Tax	Assessment proceeding u/s 144	Rs 48.35 Lakhs	FY 19-20	Commissioner of Income Tax (Appeals)
Goods and Service Tax	Order u/s 73	Rs. 28.40 Lakhs	FY 17-18	Commissioner of Goods and Service Tax (Appeals)

The Company has filed / is in the process of filing appropriate appeals and responses before the relevant authorities in all the above matters.

(viii) Unrecorded Transactions

There are no transactions which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(ix) Borrowings and Default

(a) During the year, the Company had instances of short-term delays in repayment of term loan instalments (dishonour of EMI) to certain banks and Non-Banking Financial Companies (NBFCs) on account of temporary cash flow mismatches. All such dishonoured instalments were subsequently paid and cleared within the same or subsequent month. No lender has classified the Companys account as a Non-Performing Asset (NPA). There is no outstanding default in repayment of loans or payment of interest as at 31st March 2026.

(b) The Company has not been declared a wilful defaulter by any bank, financial institution, government or government authority.

(c) In our opinion, the term loans obtained by the Company during the year have, prima facie, been applied for the purposes for which they were sanctioned.

(d) Based on information and explanations given to us and on an overall examination of the financial statements, funds raised on a short-term basis have not been used for long-term purposes.

(e) The Company does not have any subsidiaries, associates or joint ventures. Reporting under this clause does not arise.

(f) The Company does not have any subsidiaries, joint ventures or associate companies. Reporting under this clause does not arise.

(x) Initial Public Offer / Further Public Offer Proceeds

(a) The Company raised funds through an Initial Public Offer (IPO) during the year ended 31st March 2026. Based on our examination of records and information and explanations given to us, the moneys so raised have been applied for the purposes for which they were raised as disclosed in the Prospectus filed with SEBI and as disclosed in the financial statements. No funds have been applied for purposes other than those stated in the Prospectus.

(b) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. The shares issued pursuant to the IPO constitute a public offer governed by Section 23 read with the applicable SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with which the Company has complied. Accordingly, reporting under Section 42 of the Companies Act, 2013 does not arise.

(xi) Fraud

(a) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

(b) We have not fried any report in Form ADT-4 under sub-section (12) of section 143 of the Companies Act, 2013 during the year.

(c) No whistle-blower complaints were received during the year by the Company.

(xih Nidhi Company

The Company is not a Nidhi Company. Reporting under this clause does not arise.

(xiiil Related Party Transactions

All transactions with related parties during the year are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable. As the Company is now listed on a recognised stock exchange, the Audit Committee has reviewed and approved related party transactions as required under Section 177. The details of related party transactions have been disclosed in Note 25 to the Standalone Financial Statements as required by AS 18 ? Related Party Disclosures.

(xiv) Internal Audit

(a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The internal audit reports for the period under audit were considered by us during the course of our audit.

(xv) Non-Cash Transactions with Directors

The Company has not entered into any non-cash transactions with its directors or persons connected with them during the year. Accordingly, the provisions of Section 192 of the Companies Act, 2013 are not attracted.

(xvi) Registration under Reserve Bank of India Act, 1934

(a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities. Reporting under this clause does not arise.

(c) The Company is not a Core Investment Company (CIC) and does not form part of any group having a CIC. Reporting under this clause does not arise.

(d) The Company has not incurred any net loss in the current financial year or in the immediately preceding financial year ended 31st March 2025.

(xvii) Cash Loss

The Company has not incurred any cash losses in the financial year ended 31st March 2026 or in the immediately preceding financial year ended 31st March 2025.

(xviii) Resignation of Statutory Auditor

There has been no resignation of statutory auditors during the year ended 31st March 2026.

(xix) Going Concern

On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the Standalone Financial Statements, and our knowledge of

the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report that the Company is capable of meeting its financial obligations within a period of one year from the balance sheet date. We draw attention to the fact that there were certain instances of dishonour of EMI instalments during the year, as disclosed under clause (ix)(a) above, which were subsequently regularised and do not affect the going concern assessment.

(xx) Corporate Social Responsibility

(a) The Company was obligated to spend Rs. 28.10 Lakhs on CSR activities during the year ended 31st March 2026. The Company has fully spent the required amount during the year. There is no unspent CSR amount required to be transferred to any fund specified in Schedule VII of the Companies Act, 2013.

(b) The Company did not have any ongoing CSR projects as at 31st March 2026. Accordingly, no amount was required to be transferred to a special account under sub-section (6) of section 135 of the Companies Act, 2013.

(xxi) Qualification in Croup Audit Reports

The Company does not prepare consolidated financial statements as it does not have any subsidiary, associate or joint venture company. Accordingly, reporting under this clause does not arise.

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in our Report of even date to the Members of Suntech Infra Solutions Limited)

Report on Internal Financial Controls with reference to the Standalone Financial Statements

OPINION

We have audited the internal financial controls with reference to the Standalone Financial Statements of Suntech Infra Solutions Limited as of 31st March 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to the Standalone Financial Statements and such internal financial controls were operating effectively as at 31st March 2026, 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.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Board of Directors of the Company 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. 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 the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal financial controls with reference to the Standalone Financial Statements 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 prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to the Standalone Financial Statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to the Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls, 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 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 with reference to the Standalone Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONE FINANCIAL STATEMENTS

A companys internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls 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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS

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

For GSRA & Associates

Chartered Accountants

Finn Registration No.: 028347N

Ravi Sachdeva

Partner

Membership No.: 522022

UDIN: 26522022GXZTFK4301

Place: New Delhi

Date: 14th May 2026