TAC Infosec Ltd Auditor Reports

To the Members of TAC INFOSEC LIMITED

OPINION

We have audited the accompanying Standalone financial statements of TAC INFOSEC LIMITED ("the Company"), which comprise:

(a) The Balance Sheet as at March 31,2025,

(b) The Statement of Profit and Loss for the year ended on March 31,2025 and

(_c) Cash Flow Statement for the year ended on March 31, 2025,

and notes to financial statements including summary of significant accounting policies and other explanatory information (hereinafter referred to as Standalone Financial Statements).

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, as amended (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 March 31,2025, its profit including, 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 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 that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 on standalone AS financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone AS Financial statements for the year ended March 31 2025. These matters were addressed in the context of our audit of the Standalone AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matters	How the matter was addressed in our audit
1. Investment Accounting for acquisitions of Foreign Subsidiary and Wholly Owned Subsidiary	Our procedures included: Reviewing investment agreements, incorporation documents, and approval by the Board of Directors;
(See Note 2.1(VIII) and 16 to standalone AS financial statements)	Verifying the classification and accounting of investments under AS 13;
During the year, the Company acquired equity in an existing entity i.e. CyberScope I.K.E and also established a wholly owned subsidiary i.e. TAC Cyber Security Consultancy L.L.C. These investments are significant in value and strategic importance. In the standalone financial statements, they are accounted for as long-term investments in accordance with AS 13 - Accounting for Investments.	Assessing whether any indicators of impairment existed as at the balance sheet date;
The determination of whether there is any diminution in the value of these investments that is other than temporary requires significant judgment, especially for newly acquired or recently incorporated entities where historical financial performance may be limited.	Discussing with management the rationale for the investment and its future strategic intent;
Given the quantum of investment and managements assumptions in assessing the carrying value, we considered this a key audit matter.	We have obtained documentation for acquisition of TAC Cyber Security Consultancy L.L.C., CyberScope I.K.E.;
	We have also verified the same along with reporting requirements of FEMA. In case of acquisition of 60% shareholding of CyberScope I.K.E, at cost of $13,50,000. Company has paid consideration of $5,00,000 till 31st March, 2025 and balance purchase price is payable till September 2025 upon the achievement of revenue and profit targets as per share purchase agreement dated 04th February, 2025.
	We have also evaluated the adequacy and verified the accounting treatment & disclosures of the same in standalone Financial Statement as required in accordance with generally accepted accounting principles in Inda (Indian GAAP).

 

2. Recoverability of Trade Receivables (See Note 2.1(VIII) and 16 to standalone AS financial statements)	Our procedures included:
The Companys trade receivables represent a material portion of the balance sheet. Given the nature of its business·providing IT-enabled cybersecurity services·collection cycles can vary significantly depending on service delivery milestones, contract terms, and client acceptance procedures. A significant portion of these receivables pertains to government and large enterprise clients where delays in collection are common.	Evaluating the Companys revenue recognition and receivables collection policies;
There is inherent judgment involved in assessing the recoverability of outstanding balances, especially in light of aged receivables, possible disputes, or lack of firm contractual evidence of delivery/acceptance. The risk of misstatement arises if provisions for doubtful debts are not appropriately recognized.	Testing aging reports and reconciling them with underlying accounting records;
	Reviewing material contracts and delivery evidence to assess the validity of the receivables;
	Inquiring with management about long-pending balances and assessing their responses;
	Verifying subsequent collections and obtaining direct balance confirmations from major customers;
	Assessing the adequacy of provisioning policies in light of historical collection trends and management estimates.
	We found that the managements assessment of recoverability of trade receivables and related disclosures were, in all material respects, consistent with the underlying documentation and the applicable accounting framework as per generally accepted accounting principles in India.

 

3. Issue of Equity Shares on Initial public offering of Rs. 2,999.38 Lakhs (refer Note 35 to financial statements for disclosure pertaining to fresh issue and utilization)	Our audit procedures included, among others:
During the year, the Company has issued equity shares on a Initial public offering to Public. The total amount raised and the accounting treatment involves complex regulatory, legal, and accounting considerations under applicable laws including the Companies Act, 2013, SEBI (ICDR) Regulations, and generally accepted accounting principles.	• Obtained and reviewed the resolutions of the Board of Directors and shareholders for issuance of equity shares on Initial public offer basis.
We considered this a key audit matter due to:	• Verified compliance with relevant provisions of the Companies Act, 2013 and SEBI (ICDR) Regulations, including eligibility criteria, pricing, and disclosure requirements;
• The materiality of the transaction in the context of the Companys financial position;	• Evaluated the accounting treatment adopted by the management with reference to applicable AS along with
• The significant judgment involved in determining the fair value of warrants and shares;	Issue expense incurred of Rs. 427.58 Lakhs adjusted against security premium;
• Compliance requirements related to pricing guidelines, allotment timelines, lock-in periods, and disclosure norms; and	• Verified the receipt of consideration against equity shares with bank statement of Special account opened by the company for the purpose of issue;
• The impact on share capital, securities premium, and earnings per share.	• Assessed the adequacy and appropriateness of related disclosures in the financial statements.
	• We have checked PAS-03 filed by the company with ROC dated 04th May, 2024.
	• Verified the utilization made by the company after transferring the funds from special bank account to its Fixed Deposit of proceeds received from issue of equity shares in accordance with Object of the issue approved as per final prospectus dated 04th April, 2024. Amount spent by Company from its special account and withdrawal of Fixed deposit is considered on FIFO basis after the transfer of amount from special bank account maintained for the issue. Disclosures of the utilization of funds are presented in Note 35 of the financial statements

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, 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 standalone AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone AS financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

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

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Companys Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone AS financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards (AS)

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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone AS 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. Board of Directors are also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone 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 standalone 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 an error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls 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 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 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 standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone 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 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 reported as 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.

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-A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

.2. 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 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 it appears from our examination of those books. Insofar as the modification on maintaining an audit trail in the accounting software is concerned, refer paragraph 3 (f) below.

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

(d) In our opinion, the aforesaid standalone AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Accounts) Rules, 2014 issued there under.

(e) On the basis of written representations received from the directors from 31 March 2025 to 18 April 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2025, from being appointed as a director in terms of Section 164(2) of the Act.

(f) The modification arising from the maintenance of the audit trail on the accounting software, comprising the application and database are as stated in the paragraph 3 (f) below on reporting under Rule 11(g);

(g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

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

(a) The Company has disclosed the impact of pending litigations on its financial position in its AS financial statements - Refer Note No. 30(b) & 33 to the AS financial statements.

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

(c) As company has not declared dividend since its incorporation, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(d) (a) The managements has represented to us that, to the best of their knowledge and belief and read with note 37(xi) to the standalone financial statements, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)

by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The managements has represented to us that, to the best of their knowledge and belief and read with note 37(xii) to the standalone AS financial statements no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on the Company whose financial statements have been audited under the Act, 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.

(e) The Company has not proposed final dividend or provided interim dividend for the year ended 31 March 2025 and 31 March 2024. Hence not commented upon by us on this matter.

(f) For the financial year 2024-25, based on our examination which included test checks and information given to us, the Company has used cloud-based accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and same was operated throughout the year for all relevant transactions recorded in the respective software (refer note 37(xiii) to the standalone financial statements). Further during the course of our audit, we did not come across any instance of audit trail feature being tampered with in respect of accounting software. Additionally, audit trail of relevant prior year has not been preserved by the company as it was not enabled and recorded in previous year as stated in note 37(xiii) to the standalone financial statements.

4. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and according to the information and explanations given to us, the managerial remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act, read with Schedule V of the Act. The remuneration paid to any directors is according to the special resolution passed in meeting dated October 24, 2023. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

For Maharishi & Co.,

Chartered Accountants

ICAI Firm Registration No.

124872W

Kapil Sanghvi

Partner

Membership No. 141168

UDIN: 25141168BMJHWW3754

Date: April 28, 2025

Place : Jamnagar

ANNEXURE-A TO INDEPENDENT AUDITORS REPORT

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date of TAC Infosec Limited

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

i. Property, Plants & Equipments

(a) (i) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.

(ii) The Company has maintained proper records showing full particulars of Intangible Assets.

(b) Property, plant and equipment have been physically verified by management in accordance with a planned program of verifying them once in three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) Company do not own any immovable property and hence the requirement to report on clause 3(i)(c) of the Order is not applicable to the Company

(d) The company has not carried out any revaluation activity of its Property Plant and Equipment and therefore the requirement to report on clause 3(i)(d) of the Order is not applicable to the Company.

(e) Based on information and explanation provided to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder and therefore requirement to report on clause 3(i)(e) of the Order is not applicable to the Company.

ii. Inventories

Nature of company is service provider and provides Cyber security quantification, Vulnerability management and services of Penetration testing to organisations of any scale, size, and business through its SaaS model, hence Company is not required to maintain any inventory records. Therefore, requirement to report on clause 3(ii) of the Order is not applicable to the Company.

iii. Loans/ Guarantees/ Securities Provided

a) Company has made investments in, provided guarantee and/or security and/or granted loans or advances in the nature of unsecured loans to companies, firms, Limited Liability Partnerships, and other Parties.

(i) No Loans, Advances, Guarantees and Securities were granted or provided to Subsidiaries, Associates and Joint Ventures.

(ii) Details of Aggregate amount of Loans, Advances, Guarantees and Securities made to other than Subsidiaries, Associates and Joint Ventures are as below-

Nature	Aggregate Amount (Rs.)	Balance Outstanding (Rs.)	Party	Relationship with Party
Advance to be received in cash / kind		15.41	TAC Security Private Limited	Company in which director had significant influence
Investment in Wholly Owned Subsidiary	9.24(#}	9.24	TAC Cybersecurity Consultancy L.L.C	Wholly Owned Subsidiary (w.e.f. 29/09/2024)
Investment in Subsidiary	1176,12(*)	1176.12	CyberScope I.K.E	Subsidiary (w.e.f. 04/02/2025)
Advance to be received in cash / kind	25.02	25.67	Employees	Others

(*) Out of the total amount, company has paid Rs. 437.44 Lakhs up to balance sheet date and remaining is payable in installments subject to revenue targets as per share purchase agreement dated 04th February, 2025. (#) Out of the total amount, company has paid Rs. 2.40 Lakhs up to balance sheet date

b) During the year the investments made and the terms and conditions of the grant of all loans and advances in the nature of loans to its employees are not prejudicial to the Companys interest.

c) The Company has granted loans and advances in the nature of loans during the year to its employees where the schedule of repayment of principal and payment of interest has been stipulated and the repayment/receipts are regular except for loan granted to employees in prior years of Rs.10.90 Lakhs.

d) In respect of loans and advances granted, there are no amount overdue for more than ninety days except for interest free loans granted to employees in previous years of Rs.10.90 Lakhs and company has taken reasonable steps for the recovery of it.

e) There is no amount fallen due during the year that have been renewed or extended any loans or granted fresh loans for the loans falling due this year and therefore requirement to report on clause 3(iii)(e) of the Order is not applicable to the Company.

f) In respect of loans and advances granted, the company has granted following loans which are either repayable on demand or loans without any terms or period of repayment.

iv. Loans, Investments, Guarantees and Securities

The company have granted loans to its directors as below.

Particulars	Opening Balance	Loan given during the year	Interest on loan granted	Amount received by cheques on hand as at balance sheet date	Balance outstan ding
Directors Loan	68.33	7.45	7.66	75.78	0.00

Except above company have complied with provisions of Section 185 and 186 of Companies Act, 2013. In respect of investment made, the company has complied with provision of section 186 of the Companies Act, 2013.

v. Deposits

The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause 3(v)

of the Order is not applicable.

vi. Cost Records

The Central Government has not prescribed maintenance of cost records under section 148 (1) of the Companies Act, 2013 for the

services provided by it. Therefore, requirement to report on clause 3(vi) of the Order is not applicable to the Company.

vii. Statutory Dues

(a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty, GST, CESS and other applicable statutory dues with the appropriate authorities. As per information and explanations given to us there are no arrears of undisputed statutory dues outstanding as at the year end, for the period of more than six months from the date they become payable.

(b) The details of disputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty, GST, CESS and other applicable statutory dues, which have not been deposited on account of dispute are as under:

Name of Statute	Nature of dues	Related to F.Y,	Amount Demanded	Forum where it is pending
Income Tax Act, 1961	Income Tax	2022-23	77.36	CIT(A)

viii. Undisclosed Income

The company has not surrendered or disclosed any transaction not recorded in books of accounts as income during the year in the

tax assessments under the Income Tax Act, 1961. Therefore, requirement to report on clause 3(viii) of the Order is not applicable to

the Company.

ix. Repayment of Loans and Other Borrowings

(a) The company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(b) The company is not declared as a wilful defaulter by any bank or financial institution or other lender.

(c) On overall examination of the financial statements of the Company, it has not utilised the funds raised on short term basis for long term purposes.

(d) On overall examination of the financial statements of the Company, the company has not taken obtained any funds from entity or person on account of or to meet the obligations of its subsidiaries. The company did not have any associates and joint ventures. Therefore, requirement to report on clause 3(ix)(e) of the Order is not applicable to the Company.

(e) The company has not raised any loans during the year on the pledge of securities held in its subsidiaries. The company did not have any associates and joint ventures. Therefore, requirement to report on clause 3(ix)(e) of the Order is not applicable to the Company.

x. IPO/FPO/Private Placement/Preferential Allotment

(a) The Company utilised the money raised by way of initial public offer for the purposes for which they were raised and details of the same have been disclosed in Note no. 35 of standalone financial statements.

(b) the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.

xi. Fraud

(a) No fraud by the Company or no material fraud on the company has been noticed or reported during the year. Accordingly,

clause 3(xi)(a) of the Order is not applicable.

(b) No report has been filed by the us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government under sub-section 12 of Section 143 of Companies Act, 2013.

(c) We have not come across any whistle-blower complaints received by the company during the year.

xii. Nidhi Company

The Company is not a Nidhi Company as defined under section 406 of Companies Act, 2013. Therefore, clause (xii) of paragraph 3 of the order is not applicable to the Company.

xiii. Related Party Transactions

In our opinion and according to the information and explanations given to us the Company is in compliance with section 188 and 177 of the Companies Act, 2013, where applicable, for all the transactions with related parties and the details of related party transactions have been disclosed in Note No. 36 to the financial statements.

xiv. Internal Audit

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

(b) Internal audit reports of the Company issued till the date of audit report, for the period under audit have been considered by us.

xv. Non-Cash Transactions with Directors

The Company has not entered into any non-cash transactions with directors or persons connected with him/her. Therefore, clause (xv) of paragraph 3 of the order is not applicable to the Company.

xvi. NBFC Registration

The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 as Company is not engaged into non-banking financial or housing finance activities and is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Therefore, requirement to report on clause 3(xvi)(a), 3(xvi)(b) & 3(xvi)(c) of the Order is not applicable to the Company.

xvii. Cash Losses

The Company has not incurred cash losses in the current year and immediately preceding financial year. Therefore, requirement to report on clause 3(xvii) of the Order is not applicable to the Company.

xviii. Resignation by Statutory Auditors

As informed to us and on basis of explanations provided to us, we are the statutory auditors from preceding eight financial years. Therefore, clause (xviii) of paragraph 3 of "the order" is not applicable to the Company.

xix. Material Uncertainty

On the basis of the financial ratios disclosed in note 37(xiv) to the standalone AS financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that 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. Corporate Social Responsibility

(a) There is no amount that are required to be transferred 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 Act. This matter has been disclosed in Note 31 of the standalone AS financial statement.

(b) There is no ongoing project of the company and hence there is no unspent amount for project carried by the company which requires to transfer under section 135(5) of Companies Act, 2013 to special account in compliance with the provision of sub-section (6) of section 135 of the said Act.

For Maharishi & Co.,

Chartered Accountants

ICAI Firm Registration No. 124872W

Kapil Sanghvi

Partner

Membership No. 141168

UDIN: 25141168BMJHWW3754

ANNEXURE B TO INDEPENDENT AUDITORS REPORT

(REFERRED TO IN PARAGRAPH 2 (G) UNDER REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS SECTION OF OUR REPORT OF EVEN DATE)

REPORT ON THE INTERNAL FINANCIAL CONTROLS FOR FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT,

2013 (THE ACT)

We have audited the internal financial control over financial reporting of TAC INFOSEC LIMITED (The company) as of March 31,

2025 in conjunction with our audit of the standalone AS financial statement of the company for the year ended on that date.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that 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, and accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

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 the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the 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 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 system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the 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 reporting.

MEANING OF INTERNAL FINANCIAL CONTROL 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 purpose in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

• 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 authorization of the management and directors of the company; and

• 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 misstatement due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

O PINION

In our opinion, the company has, in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31,2025 based on the internal control over financial reporting criteria established by the company 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.

For Maharishi & Co.,

Chartered Accountants

ICAI Firm Registration No. 124872W

Kapil Sanghvi

Partner

Membership No. 141168

UDIN: 25141168BMJHWW3754

Date: April 28, 2025

Place: Jamnagar