Updater Services Ltd Auditor Reports

To the Members of Updater Services Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of Updater Services Limited (the "Company") which comprise the standalone balance sheet as at 31 March 2025, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information, in which are included the separate financial statements of erstwhile Stanworth Management Private Limited (‘SMPL) and Tangy Supplies & Solutions Private Limited (‘TSSPL) for the year ended 31 March 2025, pursuant to the scheme of Amalgamation of SMPL and TSSPL with the Company, approved by the National Company Law Tribunal (‘NCLT) vide its Order dated 8 May 2025 with the appointed date of 1 April 2024. The financial statements of SMPL and TSSPL (‘components) for the year ended 31 March 2025 have been audited by another firm accountants (‘other auditors).

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements of the components for the year ended 31 March 2025 , the aforesaidstandalonefinancial statements give the information required by the Companies Act, 2013 ("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 March 2025, and its profit changes in equity and its cash flows for the 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 Act. Our responsibilities under those SAs 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 that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of the reports of the other auditors referred to in the "Other Matters" section below, is basis for our opinion on the standalone financial statements.

Key Audit Matter

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 standalone financial statements ofchartered as a opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matters described in the Basis for Opinion section, we have determined matters described below to be the key audit matters to be communicated in our report.

Revenue recognition
See Note 18 to the standalone financial statements
The key audit matter	How the matter was addressed in our audit
The Company is primarily engaged in the business of providing facility management services.	In view of the significance of the matter, we applied the following audit procedures in this area, amongst others to obtain sufficient appropriate audit evidence:
Revenues from facility management service contracts are recognised over a period of time in accordance with the requirements of Ind-AS 115, "Revenue from Contracts with Customers" as and when the Company satisfies performance obligations by rendering the promised services to its customers.	• Obtained an understanding of the process followed by the Company for measurement and recognition of revenue;
The performance obligations in the contracts are fulfilled based on customer acceptances for delivery of work/ attendance of resources, where applicable, or as per terms of arrangements entered with the customers. Inappropriate assessment could lead to risk of revenue being recognized before satisfaction of performance obligation.	• Evaluated the accounting policy for revenue recognition by comparing it with the relevant accounting standards;
The Company and its external stakeholders focus on revenue as a key performance indicator of the Company. Timing of revenue recognition is a key audit matter as there could be incentives or external pressures to meet expectations resulting in revenue being overstated or recognized before the control has been transferred.	• Evaluating the design and implementation of the Companys key internal financial controls in relation to timing of revenue recognition and tested the operating effectiveness of such controls for selected samples;
See Note 4 and 5 to the standalone financial statements of equity and loans in / to subsidiaries at March 31, 2025.	• Performed test of details by selecting samples of revenue transactions recorded during the year using statistical sampling. We assessed fulfilment of performance obligations by verifying the underlying documents which included contract with customers, invoices, customer acceptances for delivery of work/ attendance of resources etc., where applicable;
The Company performs impairment testing of its investment in subsidiaries when any impairment indicator exists, based on internal or external sources of information.	• Inspected the credit notes/reversals of revenue, if any, in the subsequent period to assess if revenue is appropriately recognised in the period in which related service is rendered;
The recoverable amount of the investment in subsidiary, which is based on the higher of the value in use or fair value less costs to sell has been derived using a discounted cash flow model. These models use several key assumptions, concerning estimates of future cash flow forecasts, near and long-term growth rate and the discount rate.	• Scrutinised journal entries posted to revenue account on a sample basis, based upon specific risk based criteria to identify unusual or irregular items. performed the following audit procedures, amongst others, to obtain sufficient appropriate audit evidence:
x We identified the impairment assessment of non-current investments as a key audit matter because the assessment process is complex and involves significant estimates and judgements where applicable.	• Assessed the appropriateness of the accounting policy for impairment of investments in subsidiaries with relevant accounting standards;
	• Evaluated the design and implementation and tested the operating effectiveness of key controls in respect of the Companys impairment assessment process, specifically related to the recoverability of the investments, including the
	estimation of future cash flow forecasts, near and long-term growth rate and the discount rate, where applicable;
	• Examined the valuation report for the purpose of impairment testing obtained by the Company from an independent Management expert, where applicable; Assessed the professional
	competence, experience and objectivity of the expert. Further, challenged the work performed by managements external valuation expert, including the valuation methodology and the key assumptions used;
	• Involved our internal valuation specialists, where applicable, to examine and evaluate the reasonability of methodology, approach and assumptions used in the valuation carried out for determining the carrying value of investments; • Performed sensitivity analysis considering possible changes in key assumptions used, where applicable; • Compared the carrying value of the Companys investment in subsidiary with the value in use and assessed the need for impairment (if any). • Evaluated the adequacy of disclosures made in the standalone financial statements in respect of the investment in the subsidiaries.

Other Information

The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Annual report, but does not include the financial statements and auditors report thereon. The Annual report is expected to be made available to us after the date of this auditors report. Our opinion on the standalone financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the Annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws and regulations.

Managements and Board of Directors Responsibilities for the Standalone Financial Statements

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) 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 of 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 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 financialstatements, the Management and Board of Directors are 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 the Board of Directors 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 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 of the Company professional skepticism 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 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)ofthe audit findings, Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of standalone financialstatements 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

• Evaluate the overall presentation, structure and content of the standalone including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient regarding the financial statements of components of the Company to express an opinion on the standalone financial statements. For the components included in the standalone financial statements, which have been audited by other auditors, such other auditors shall remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the section titled "Other Matters" in this audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant 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. 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.

Other Matters

1. We did not audit the separate financial statements of the components included in the standalone financial statements of the Company whose financial statements reflect total assets (before consolidation adjustments) statements, of Rs. 297.20 million as at 31 March 2025, total revenue (before consolidation adjustments) of Rs. 684.13 million and net cash inflows (before consolidation adjustments) amounting to Rs. 4.91 million for the year ended on that audit evidence date, as considered in the standalone financial statements.

The separate financial statements of the components have been audited by the other auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these components, and our report in terms of sub-section (3) and (11) of Section 143 of the Act, in so far as it relates to the aforesaid components, are based solely on the reports of such other auditors.

Our opinion on the standalone financial statements, and our report on the Other legal and Regulatory Requirements below, is not modified in respect of this matter with respect to our reliance on the work done and the reports of the other auditors.

2. The Company has accounted for the amalgamation of SMPL and TSSPL with the Company during the year ended 31 March 2025 in accordance with the Scheme of amalgamation approved by NCLT videandorder dated 8 May 2025. The amalgamation has been accounted by the Company by restating the financial information in the financial statements in respect of prior periods as if it had occurred from the beginning of the preceding year in the financial statements as per the requirement of Indian Accounting Standards.

The corresponding figures for the year ended 31 March 2024, in so far it pertains to the components, were audited by other auditors whose report dated 11 May 2024 for SMPL and 14 May 2024 for TSSPL had expressed an unmodified opinion. as on Our opinion is not modified in respect of the above matters.

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 Section 143(11) of the Act, based on our audit and on the consideration of reports of the other auditors on separate financial statements of the components, as noted in the ‘Other Matters paragraph, 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 A. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements of the components, as noted in the ‘Other Matters paragraph, we report, to the extent applicable, that: a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books and the reports of the other auditors except for the matters stated in the paragraph 2(B) (f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014. c. The standalone balance sheet, the standalone statement of profit (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows 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 Ind AS specified under Section 133 of the Act. e. On the basis of the written representations received from the directors as on 31 March 2025 taken on record by the Board of Directors, none of the directors March is disqualified 2025 from being appointed as a director in terms of Section 164(2) of the Act. f. the qualificationrelating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(A)(b) above on reporting under Section 143(3)(b) and paragraph 2(B)(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014. 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". B. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial statements of the components, as noted in the "Other Matters" paragraph: a. The Company has disclosed the impact of pending litigations as at 31 March 2025 on its financial position in its standalone financial statements - Refer Note 32 to the standalone financial statements. b. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts Refer Note 5 and Note 15 to the standalone financial statements. c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. d (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the Note 41 to the standalone 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(s) or entity(ies), 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") guarantee, security or the like on behalf of the Ultimate Beneficiaries. (ii) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 41 to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("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 Parties ("Ultimate Beneficiaries") guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement. e. The Company has neither declared nor paid any dividend during the year. f. Based on our examination which included test checks and that performed by the auditor of the components, except for instances mentioned below, the Company and the components have used accounting software for maintaining its books of account which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all the relevant transactions recorded in the accounting software:

The feature of audit trail (edit log) was not enabled at the database layer of the accounting software for the entire audit period.

The feature of audit trail (edit log) was not enabled at the application layer for certain fields of tables for or provide any payroll, procurement, revenue, property, plant and equipment and financial reporting processes.

In respect to components, the audit trail has been enabled throughout the year.

Further, where audit trail (edit log) facility was enabled for the respective accounting software, we and the other auditors did not come across any instance of the audit trail feature being tampered with during the course of our audit. Additionally, except where audit trail (edit log) facility was not enabled in the previous year, the audit trail has been preserved by the Company as per the statutory requirements for record retention. C. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act: In our opinion and according to the information and explanations given to us the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

	For B S R & Co. LLP
	Chartered Accountants
	Firms Registration No.:101248W/W-100022
	Sd/-
	K Sudhakar
	Partner
Place: Chennai	Membership No.: 214150
Date: 24 May 2025	ICAI UDIN:25214150BMODGQ8220

Annexure A to the Independent Auditors Report on the Standalone Financial Statements of Updater Services Limited for the year ended 31 March 2025 (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

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

Property, Plant and Equipment. (B) The Company does not have any intangible assets. Accordingly, clause 3(i)(a)(B) of the Order is not applicable.

(i) (b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has a regular programme verificationof itsphysical Property, Plant and Equipment by which all property, plant and equipment are verified in a phased manner over a period of three years. In accordance with this programme, certain property, plant and equipment were verified during the year.

In our opinion, the periodicity of physical is reasonable having regard to verification the size of the Company and the nature of its assets. No material discrepancies were noticedonsuchverification.

(c) The Company does not have any immovable property (other than immovable properties where the Company is the lessee and the leases agreements are duly executed in favour of the lessee). Accordingly, clause 3(i)(c) of the Order is not applicable. (d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right-of-use assets) or intangible assets or both during the year. (e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The Company is a service company, primarily rendering integrated facility management services.

Accordingly, does not hold any physical inventories. Accordingly, clause 3(ii)(a) of the Order is not applicable, (b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets. In our opinion, the quarterly returns or statements the Company with such banks or financial institutions are in agreement with the books of account of the Company.

(iii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any investments, provided guarantee or security, granted loans or advances in the nature of loans, secured or unsecured to firms and limited liability partnership during the year. The Company has not provided security or advances in the nature of loans, secured or unsecured to any company during the year. The Company has made investments, granted loans and stood guarantee to companies during the year in respect of which the requisite information, as applicable, is provided below. The Company has not provided guarantee or security, granted secured loans, secured or unsecured advances in the nature of loans to any other parties during the year. However, the Company has made investments in mutual funds and granted unsecured loans to employees. (a) Based on the audit procedures carried on by us and as per the information and explanations given to us the Company has provided loans or stood guarantee, or provided security to entities as below:

		(INR in million)
Particulars	Guarantees	Loans
Aggregate amount during the year
	30.00	29.65
Subsidiaries*
	-	-
Joint ventures*
	-	-
Associates*
	-	6.54
Others
Balance outstanding as at balance sheet date	295.00	417.67
Subsidiaries*	-	-
Joint ventures*
Associates*	-	-
Others	-	3.58**

*As per the Companies Act, 2013 ** Represents amount (net of loss allowance)

(b) According to the information and explanations given to us and based on the audit procedures conducted by us, in our opinion the investments made, guarantees provided, security given during the year and the terms and conditions of the grant of loans and advances in the nature of loans and guarantees provided during the year are not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in the case of loans given, in our opinion the repayment of principal and payment of interest has been stipulated and the repayments or receipts have been regular. Further, the Company has not given any advance in the nature of loan to any party during the year. (d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Company has not given any advances in the nature of loans to any party during the year. (e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no loan or advance in the nature of loan granted falling due during the year, which has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to same parties.

(f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

(iv) According to the information and explanations given to us and on the basis of our examination of records of the Company, in respect of investments made and loans, guarantees and security given by the Company, in our opinion the provisions of Section 185 and 186 of the Companies Act, 2013 ("the Act") have been complied with.

(v) 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) According to the information and explanations given to us, the Central Government has notprescribed the maintenance of cost records under Section 148(1) of the Act for the products manufactured and services provided by it. Accordingly, clause 3(vi) of the Order is not applicable.

(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during the year since effective 1 July 2017, these statutory dues has been subsumed into GST.

According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opinion, the undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees

State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues have generally been regularly deposited by the Company with the appropriate authorities, except in the case of professional tax where there were certain instances with delays upto 44 days. According to the information and explanations given to us and on the basis of our examination of the records of the Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in arrears as at 31 March 2025 for a period of more than six months from the date they became payable, except as mentioned below:

(INR in million)

Name of the statute	Nature of the dues	Amount (INR in million)	Period to which the amount relates	Due date	Date of payment
Labour	Dues relating to gratuity,	65.70	FY 2016-17	Various	Not paid
Welfare	salary and bonus		to	dates
Fund	payable to employees		FY 2021-22
(‘LWF)	unpaid for a period
Act	greater than 3 years to be
	transferred to LWF

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no statutory dues relating to GST, Provident Fund, Employees State Insurance, Income-

Tax, Duty of Customs or Cess or other statutory dues, which have not been deposited with the appropriate authorities on account of any dispute, except as follows:

Name of t h e s t a t ute	Nature o f the d u es	D is p u te d amount	Amo u n t unpaid *	Period to wh ich the amou nt relates	For u m where d ispute is pen di n g
The Gujarat P anchayats , Municipalities , Municipal Corporation and State Tax	P rofessiona l tax	5.61	-	March 2011 to D ecember 20 19	The Court of P rofessiona l Tax Officer and Taluka D evelopment Officer at
on Professions Traders, Callings and Employment Act, 1976 The Provident Fund Act, 1952	Provident Fund	3.63	3.63	January 2012 to October 2014	Sanand. Regional Assistant Provident Fund Commissioner
					(RAPFC)
Goods and Services Tax Act, 2017	Goods and services tax	65.23	65.23	FY 2020-21	High Court of Madras
Goods and Services Tax Act, 2017	Goods and services tax	1.14	1.05	FY 2018-19, FY 2019-20	Deputy Commissioner
Goods and Services Tax Act, 2017	Goods and services tax	104.33	97.32	FY 2017-18 to FY 2021-22	Commissioner Appeals
Goods and Services Tax Act, 2017	Goods and services tax	2.13	1.92	FY 2017-18 to FY 2019- 20	Assistant Commissioner
Income-tax Act, 1961	Income tax	410.72	410.72	FY 2016-17	Commissioner of Income tax (Appeals)

* represents balance of disputed amount net of amount paid under protest

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or government authority.

(c) In our opinion and according to the information and explanations given to us by the management, the Company has not obtained any term loans during the year and the term loans obtained in the previous periods were fully utilised in the respective periods. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company. (e) According to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries as defined under the Act. The Company does not hold any investment in any associate or joint venture as defined under the Companies Act.

(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries (as defined under the Act). The Company does not hold any investment in any associate or joint venture as defined under the Companies Act.

(x)(a) In our opinion and according to the information and explanations given to us, the Company has utilised the money raised by way of initial public offer for the purposes for which were raised. The Company had raised funds by way of initial public offer in the month of October 2023 and the unutilized amounts as at the year ended March 31, 2025 were deposited in a bank account with the monitoring agency. There were no funds raised by way of further public offer (including debt instruments).

				(Amount in INR million)
Nature of the fund raised thr ough public offer	Purpose for which funds were raised	Total amount raised (net of IPO expenses)	Amount utilised upto 31 March 2025	Unutilised balance as at balance sheet date
Initial public	Repayment and /or	1,330.00	1,330.00	-
offer	prepayment of certain
	borrowings availed by
	the Company
	Funding working	1,150.00	1,150.00	-
	capital requirements
	Pursuing inorganic	800.00	800.00	-
	initiatives
	General corporate	498.70	497.56	1.14 *
	purposes

*In this regard, the unutilised IPO fund balance has been carried forward for utilization, in accordance with applicable laws, as determined by the Board of Directors.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not 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) (a) During the course of our examination of the books and records of the Company and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

(xvi) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the

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

(b) We have considered the internal audit reports of the Company issued till date for the period under audit. (xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act are not applicable to the Company. (xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

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

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable. (d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year. (xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order 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 realisation of financial assets and payment of financial liabilities, 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.

Also refer to the Other Information paragraph of our main audit report which explains that the other information comprising the information included in Annual report is expected to be made available to us after the date of this auditors report.

(xx) (a) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section (5) of Section 135 of the Act pursuant to any project other than ongoing projects. Accordingly, clause 3(xx)(a) of the Order is not applicable.

(b) In respect of ongoing projects, the Company has transferred the unspent amount to a Special Account within a period of 30 days from the end of the financial year in compliance with Section 135(6) of the said Act.

	For B S R & Co. LLP
	Chartered Accountants
	Firms Registration No.:101248W/W-100022
	Sd/-
	K Sudhakar
	Partner
Place: Chennai	Membership No.: 214150
Date: 24 May 2025	ICAI UDIN:25214150BMODGQ8220

Annexure B to the Independent Auditors Report on the standalone financial statements of Updater Services Limited for the year ended 31 March 2025

Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act (Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statements of Updater Services Limited ("the Company") as of 31 March 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date which includes internal financial controls with reference to financial statements of erstwhile Stanworth Management Private Limited (‘SMPL) and Tangy Supplies & Solutions Private Limited (‘TSSPL) for the year ended March 31, 2025 (hereinafter referred to as the ‘components) pursuant to the scheme of amalgamation of SMPL and TSSPL with the Company, approved by the National Company Law Tribunal vide its order dated May 8, 2025 with the appointed date of April 01, 2024. The internal financial controls with reference to the financial statements of SMPL and TSSPL (‘components) for the year ended March 31, 2025 have been audited by another firm of chartered accountants (‘other auditors).

In our opinion and based on the consideration of the reports on internal financial controls with reference to financial statements of the components as were audited by the other auditors, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as 31 March 2025, based on the internal financial controls with reference to financial statements 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 (the "Guidance Note").

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and the Board of

Directors are responsible for establishing and maintaining internal the internal financial controls with reference to financial statements 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 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.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with 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 with reference to financial statements. 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 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 financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, 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 judgement, 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 and the audit evidence obtained by the other auditors as stated in their reports referred to in the "Other Matter" paragraph below, is sufficient and appropriate to for our audit opinion on the Companys internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A companys internal financial controls with reference to 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 with reference to financial statements include 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 with Reference to Financial Statements provide a basis Because of the inherent limitations of internal financial controls with reference to 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 statements to future with reference to financial periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Other Matter

Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to the components, is based on the corresponding reports of the auditor of such components. Our opinion is not modified in respect of this matter.

	For B S R & Co. LLP
	Chartered Accountants
	Firms Registration No.:101248W/W-100022
	Sd/-
	K Sudhakar
	Partner
Place: Chennai	Membership No.: 214150
Date: 24 May 2025	ICAI UDIN:25214150BMODGQ8220