BYLD Capital Finance Ltd Auditor Reports

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a true
and fair view of the financial position, financial performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the
Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding the assets of the Company and for preventing and detecting 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 financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors are also responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

i. 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.

ii. 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 Companies Act, 2013, 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.

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

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

v. 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.

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

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

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditors report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

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 the paragraph 3 and 4 of the Order.

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 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 including Other Comprehensive Income,
Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.

d) In our opinion, the afore said financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on March 31, 2026 and
taken on record by the Board of Directors, none of the directors are disqualified as on March 31,
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 over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B";

g) 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 to the best of our
information and according to the explanations given to us, during the year the Company has not
paid any remuneration to its directors.

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
financial statements. (Refer Note No.24)

ii. The Company did not have any long-term contracts including derivative contracts as at March
31, 2026 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 during the year ended March 31, 2026.

iv. a. The Management has represented that, to the best of its knowledge and belief, as disclosed in
Note no. 23 of the financial statements, 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 or entity, including foreign entity ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

b. The Management has represented, that, to the best of its knowledge and belief, as disclosed in
Note no. 23 of the financial statements, no funds 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, 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 ("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, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (a) and (b) above, contain any material misstatement.

d. No dividend has been declared or paid during the financial year.

i) Based on our examination carried out in accordance with the Implementation Guidance on
Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
(Revised 2024 Edition) issued by the Institute of Chartered Accountants of India, which included
test checks, we report that the company has used an accounting software for maintaining its books
of account which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software. Further, during the course
of our audit we did not come across any instance of audit trail feature being tampered with. Our
examination of the audit trail was in the context of an audit of financial statements carried out in
accordance with the Standard of Auditing and only to the extent required by Rule 11(g) of the
Companies (Audit and Auditors) Rules,2014. We have not carried out any audit or examination of
the audit trail beyond the matters required by the aforesaid Rule 11(g) nor have we carried out any
standalone audit or examination of the audit trail.

For P. B. Shetty & Co. LLP
Chartered Accountants

Firm registration number - 110102W/W101056

Brijesh Shetty
Partner

Membership number - 131490
UDIN: 26131490CZLNMC6215
Place: Mumbai
Date: May 27, 2026

As referred to in Para 1 Report on Other Legal and Regulatory Requirements in our Independent Auditors
Report to the members of the Company on the Ind AS financial statements for the year ended March 31,
2026.

i. (a) (A) According to the information and explanations given to us, the Company has maintained proper
records showing full particulars, including the quantitative details and situation of the Property Plant and
Equipment.

(B) According to the information and explanation given to us, there are no intangible assets in the name
of the company.

(b) According to the information and explanation given to us and on the basis of our examination of the
records of the company the Property, plant and equipment have been physically verified by the management
at reasonable intervals during the year. No material discrepancies were found on such verification.

(c) According to the information and explanations given to us and on the basis of examination of the
records of the company, the Company does not have any immovable property in its name and therefore the
said clause is not applicable.

(d) During the year ended March 31, 2026, the company has not revalued its Property, Plant and
Equipment.

(e) According to the information and explanations given to us by the Management of the company, 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.

ii. (a) The company does not have any inventory and hence reporting under clause 3(ii)(a) is not applicable

(b) According to the information and explanations given to us, the company has not been sanctioned any
working capital at any point in time during the year ended 31^st March, 2026, from banks or financial
institutions on the basis of security of current assets and hence reporting under this clause is not applicable.

iii. According to the information and explanations given to us, during the year Company has not made any
investments in, provided any guarantee or security or granted any loans or advances in the nature of loans,
secured or unsecured, to companies, firms, Limited Liability partnerships or any other parties. Accordingly,
clause 3(iii)(a) to (f) are not applicable.

iv. In our opinion and according to the information and explanations given to us, the Company has complied
with the provisions of section 185 and 186 of the Act.

v. In our opinion and according to the information and explanations given to us, the Company has not accepted
any Deposits from the public and hence the directives issued by the Reserve Bank of India and the
provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Rules framed there under
are not applicable.

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

vii.

(a) According to the information and explanations given to us and the records examined by us, the
Company is regular in depositing undisputed statutory dues including Income Tax, Goods and Service
Tax, Value Added Tax, Cess and other material statutory dues with the appropriate authorities.
According to the information and explanations given to us, there are no arrears of outstanding statutory
dues in respect of above as on the last day of the financial year for a period of more than six months
from the date they became payable.

(b) According to the information and explanation given to us and the records examined by us, there are no
material dues of Income Tax, Goods and Service Tax, Value Added Tax and Cess outstanding on
account of any disputes as on March 31, 2026.

viii. According to information and explanation given to us and based on examination of the records, there has
been no such transactions which are not recorded in the books of account and have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. (a) The Company has not taken any loans or other borrowings from any lender. Hence, reporting under
clause (ix)(a) of the Order is not applicable.

(b) According to the information and explanation given to us, the company has not taken any loan or
borrowings from any bank of financial institution and hence this clause is not applicable to the company.

(c) The Company has not taken any term loan during the year and there are no outstanding term loans at
the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanation given to us, the company has not raised any short-term
loan.

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

(f) According to the information and explanation given to us, during the year the company has not raised
any loans hence reporting on clause 3(ix)(f) of the Order is not applicable.

x. a. In our opinion and according to the information and explanations given to us, the company has utilised
the money raised Rs. 1000 lakhs by way of rights issue offer from public for the purposes for which they
were raised.

b. The company has not made any preferential allotment or private placement of shares or convertible
debentures (fully, partially or optionally convertible) during the year and hence reporting under clause
3(x)(b) of the Order is not applicable.

xi. a. During the course of our examination of the books of account and records of the Company, and according
to the information and explanation given to us and representations made by the Management, no material
fraud by or on the Company by its officers or employees, has been noticed or reported during the year.

b. During the year no report under sub-section (12) of section 143 of the Companies Act 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. During the course of our examination of the books of account and records of the Company, and according
to the information and explanation given to us and representations made by the Management no whistle-
blower complaints has been received by the company.

xii. In our opinion and according to the information and explanation given to us, the Company is not a Nidhi
Company. Accordingly, provisions of paragraph 3 (xii)(a), (b) and (c) of the Order are not applicable.

xiii. According to the information and explanation given to us and based on our examination of the records of
the Company, transactions with related parties are in compliance with sections 177 and 188 of the Act,
where applicable, and details of such transactions have been disclosed in the financial statements as
required by the applicable accounting standards.

xiv. a. In our opinion and based on our examination, the company has an internal audit system which is
commensurate with the size and nature of its business.

b. We have considered the internal audit reports of the company issued till date, for the period under audit.

xv. According to the information and explanation given to us and based on our examination of the records of
the Company, the company has not entered into any non-cash transactions with directors or persons
connected with its directors and hence provisions of section 192 of Companies Act, 2013 are not applicable
to the Company.

xvi. a. The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934,
(RBI Act) and it has obtained the registration.

b. The Company has conducted the non-banking financial activities with a valid Certificate of Registration
(CoR) from the RBI as per the RBI Act. The Company has not conducted any housing finance activities
and is not required to obtain CoR for such activities from the RBI.

c. The Company is not Core Investment Company (CIC) and hence reporting under paragraph 3(xvi)(c)
of the Order is not applicable to the Company.

d. The Group (as defined under Master Direction - Reserve Bank of India (Non-Banking Financial
Company - Scale Based Regulation) Directions, 2023) does not have any CIC as part of the group.

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 and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, 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 ICAI. Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting was established and maintained and if
such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditors judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

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

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

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

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

For P. B. Shetty & Co. LLP
Chartered Accountants

Firm registration number - 110102W/W101056

Brijesh Shetty
Partner

Membership number - 131490
UDIN: 26131490CZLNMC6215

Place: Mumbai
Date: May 27, 2026

As referred to in Para 1 Report on Other Legal and Regulatory Requirements in our Independent Auditors
Report to the members of the Company on the Ind AS financial statements for the year ended March 31,
2026.

i. (a) (A) According to the information and explanations given to us, the Company has maintained proper
records showing full particulars, including the quantitative details and situation of the Property Plant and
Equipment.

(B) According to the information and explanation given to us, there are no intangible assets in the name
of the company.

(b) According to the information and explanation given to us and on the basis of our examination of the
records of the company the Property, plant and equipment have been physically verified by the management
at reasonable intervals during the year. No material discrepancies were found on such verification.

(c) According to the information and explanations given to us and on the basis of examination of the
records of the company, the Company does not have any immovable property in its name and therefore the
said clause is not applicable.

(d) During the year ended March 31, 2026, the company has not revalued its Property, Plant and
Equipment.

(e) According to the information and explanations given to us by the Management of the company, 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.

ii. (a) The company does not have any inventory and hence reporting under clause 3(ii)(a) is not applicable

(b) According to the information and explanations given to us, the company has not been sanctioned any
working capital at any point in time during the year ended 31^st March, 2026, from banks or financial
institutions on the basis of security of current assets and hence reporting under this clause is not applicable.

iii. According to the information and explanations given to us, during the year Company has not made any
investments in, provided any guarantee or security or granted any loans or advances in the nature of loans,
secured or unsecured, to companies, firms, Limited Liability partnerships or any other parties. Accordingly,
clause 3(iii)(a) to (f) are not applicable.

iv. In our opinion and according to the information and explanations given to us, the Company has complied
with the provisions of section 185 and 186 of the Act.

v. In our opinion and according to the information and explanations given to us, the Company has not accepted
any Deposits from the public and hence the directives issued by the Reserve Bank of India and the
provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Rules framed there under
are not applicable.

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

vii.

(a) According to the information and explanations given to us and the records examined by us, the
Company is regular in depositing undisputed statutory dues including Income Tax, Goods and Service
Tax, Value Added Tax, Cess and other material statutory dues with the appropriate authorities.
According to the information and explanations given to us, there are no arrears of outstanding statutory
dues in respect of above as on the last day of the financial year for a period of more than six months
from the date they became payable.

(b) According to the information and explanation given to us and the records examined by us, there are no
material dues of Income Tax, Goods and Service Tax, Value Added Tax and Cess outstanding on
account of any disputes as on March 31, 2026.

viii. According to information and explanation given to us and based on examination of the records, there has
been no such transactions which are not recorded in the books of account and have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. (a) The Company has not taken any loans or other borrowings from any lender. Hence, reporting under
clause (ix)(a) of the Order is not applicable.

(b) According to the information and explanation given to us, the company has not taken any loan or
borrowings from any bank of financial institution and hence this clause is not applicable to the company.

(c) The Company has not taken any term loan during the year and there are no outstanding term loans at
the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanation given to us, the company has not raised any short-term
loan.

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

(f) According to the information and explanation given to us, during the year the company has not raised
any loans hence reporting on clause 3(ix)(f) of the Order is not applicable.

x. a. In our opinion and according to the information and explanations given to us, the company has utilised
the money raised Rs. 1000 lakhs by way of rights issue offer from public for the purposes for which they
were raised.

b. The company has not made any preferential allotment or private placement of shares or convertible
debentures (fully, partially or optionally convertible) during the year and hence reporting under clause
3(x)(b) of the Order is not applicable.

xi. a. During the course of our examination of the books of account and records of the Company, and according
to the information and explanation given to us and representations made by the Management, no material
fraud by or on the Company by its officers or employees, has been noticed or reported during the year.

b. During the year no report under sub-section (12) of section 143 of the Companies Act 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. During the course of our examination of the books of account and records of the Company, and according
to the information and explanation given to us and representations made by the Management no whistle-
blower complaints has been received by the company.

xii. In our opinion and according to the information and explanation given to us, the Company is not a Nidhi
Company. Accordingly, provisions of paragraph 3 (xii)(a), (b) and (c) of the Order are not applicable.

xiii. According to the information and explanation given to us and based on our examination of the records of
the Company, transactions with related parties are in compliance with sections 177 and 188 of the Act,
where applicable, and details of such transactions have been disclosed in the financial statements as
required by the applicable accounting standards.

xiv. a. In our opinion and based on our examination, the company has an internal audit system which is
commensurate with the size and nature of its business.

b. We have considered the internal audit reports of the company issued till date, for the period under audit.

xv. According to the information and explanation given to us and based on our examination of the records of
the Company, the company has not entered into any non-cash transactions with directors or persons
connected with its directors and hence provisions of section 192 of Companies Act, 2013 are not applicable
to the Company.

xvi. a. The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934,
(RBI Act) and it has obtained the registration.

b. The Company has conducted the non-banking financial activities with a valid Certificate of Registration
(CoR) from the RBI as per the RBI Act. The Company has not conducted any housing finance activities
and is not required to obtain CoR for such activities from the RBI.

c. The Company is not Core Investment Company (CIC) and hence reporting under paragraph 3(xvi)(c)
of the Order is not applicable to the Company.

d. The Group (as defined under Master Direction - Reserve Bank of India (Non-Banking Financial
Company - Scale Based Regulation) Directions, 2023) does not have any CIC as part of the group.

xvii. The Company has incurred a cash loss of Rs.155.17 lakhs during the current financial year covered by our
audit. There was cash loss of Rs.44.56 lakhs incurred during the immediately preceding financial year.

xviii. During the year, there have been no resignation by the Statutory Auditor of the company and accordingly
this clause is not applicable.

xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing
and expected dates of realization of financial assets and payment of financial liabilities, other information
accompanying the financial statements, our knowledge of the Board of Directors and management plans
and based on our examination of the evidence supporting the assumptions, nothing has come to our
attention, which causes us to believe that any material uncertainty exists as on the date of the audit report
that the company is not capable of meeting its liabilities existing at the date of balance 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. The provision of Corporate Social Responsibility is not applicable as the companys net worth was not
more than 500 crores nor the turnover of the company was more than 1000 crores nor the net profit was
more than 5 crores. Accordingly, the provisions of paragraph 3 (xx) (a) and (b) of the Order are not
applicable.

For P. B. Shetty & Co. LLP
Chartered Accountants

Firm registration number - 110102W/W101056

Brijesh Shetty
Partner

Membership number - 131490
UDIN: 26131490CZLNMC6215

Place: Mumbai
Date: May 27, 2026

Referred to in Para 2(f) Report on Other Legal and Regulatory Requirements in our Independent Auditors
Report to the members of the Company on the financial statements for the year ended March 31, 2026

We have audited the internal financial controls over financial reporting of BYLD Capital Finance Limited
(Formerly known as Avasara Finance Limited) ("the Company") as of March 31, 2026, in conjunction with
our audit of the financial statements of the Company for the year ended on that date.

The Companys management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
over Financial Reporting (the "Guidance Note") 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 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 Act.

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 and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, 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 ICAI. Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting was established and maintained and if
such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditors judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

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

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

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

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

For P. B. Shetty & Co. LLP
Chartered Accountants

Firm registration number - 110102W/W101056

Brijesh Shetty
Partner

Membership number - 131490
UDIN: 26131490CZLNMC6215

Place: Mumbai
Date: May 27, 2026