Value 360 Communications Ltd Auditor Reports

TO THE MEMBERS OF

VALUE 360 COMMUNICATIONS LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying Standalone Financial Statements of VALUE 360 COMMUNICATIONS LIMITED (the Company), which comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss, the 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 our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013, (the Act) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and its profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone financial statements.

Emphasis of Matter

We draw attention to the fact that the Company was listed on the stock exchange with effect from 11th May 2026. Since the listing took place subsequent to 31st March 2026, the Company had not received any proceeds from the Initial Public Offer as at the reporting date. Our opinion is not modified in respect of this matter.

Other Matters

We draw attention to the fact that the Company was listed on the stock exchange with effect from 11th May 2026.We have audited the financial statements of the Company for the full financial years ended 31st March 2026, so we are not commenting on this point.

Information Other than the Financial Statements and Auditors Report Thereon

..,

The Companys Board of Directors is responsible for the preparation and presentation of its report (herein after called as Boards Report) which comprises various information required under section 134(3) of the Companies Act, 2013, but does not 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 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 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. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and Fair view of the financial position, financial performance, and cash flows of the Company in accordance with the AS and other accounting principles generally accepted in India. 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 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 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.

INDEPENDENT AUDITORS REPORT

As part of an audit in accordance with SAs, we exercise professional judgment and maintain 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 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 with reference to Standalone Financial Statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. 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.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors (i) in 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 Standalone 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.

rom 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 year 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.

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.

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 and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid financial statements comply with the AS prescribed under Section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021.

e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is 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 with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone Financial Statement;

g) 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 does not have any pending litigations which would impact on its financial position in its Standalone Financial Statements.

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

III. There has been no delay in transferring amounts, required to be transferred, to the Investor

Education and Protection Fund by the Company.

IV.

(a) The management has represented that, to the best of its knowledge and belief, 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 entities (intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other person or entity identified in any manner whatsoever by or 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, no funds have been received by the company from any person or entity including foreign entities (Funding Parties) with the understanding, whether recorded in writing or otherwise, that the company shall, whether directly or indirectly, lend or invest in other person or entity identified in any manner whatsoever by or behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries; and

(c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that representations under sub clause (a) and (b) contain any material mis-statement.

(d) Company has neither declared nor paid any dividend during the year.

V. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has activated during the year. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For- RAJ K. SRI & CO.
(Chartered Accountants)
Firm Registration No.: 014141N
Vivek Kumar
(Partner)
MRN:528140
Date: 01.06.2026
Place: New Delhi
UDIN: 26528140VPBYMT8680

Annexure – A to the Independent Auditors Report

[Refer to paragraph 1 under the heading Report on Other legal and regulatory Requirements of our report of even date]

To the best of our information and according to the explanations provided to us by the company Value 360 Communications Limited and the books of account and records examined by us in the normal course of audit, we state that:

i.

In respect of the Companys Property, Plant and Equipment and Intangible Assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and relevant details of right of use assets.

b) The Company have intangible assets under development during the year. Accordingly, the company has maintained the records showing full particulars of intangible assets.

c) 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 of physical verification of its 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, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

d) According to the information and explanation given to us, the Company does not own any immovable properties.

e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made there under.

f) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) during the year.

ii. a)According to information given to us on the basis of our examination of the records of the company does not have inventory, so physical verification is not required by management of the company.

b)The company has availed the working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions and same has been mentioned below but without the security of current assets:

( in lakhs)

Sr. No.	Particulars	Loan	Amount
1.	Axis Bank	Overdraft facility	150.00*
2.	Deutsche Bank	Overdraft facility	575.00**

ANNEXURE A

* Axis Bank OD is taken on the security of personal Fixed Deposit of Chairman and Managing Director i.e. Mr. Kunal Kishore.

** The Deutsche Bank OD has been taken of Rs. 300 lacs @ MBOR plus 2.70% p.a. applied on daily outstanding and charged monthly for working capital finance against hypothecation charge on stock and book debts and of personal property of director of the company (Mr. Kunal Kishore and Mrs. Manisha Chaudhary) for House No. S-101, Block S, 2nd Floor Greater Kailash-2 New Delhi-110048 and Property of Mrs. Meenakshi Mohanty wife of Mr. Gaurav Patra (Whole-Time Director) having address 3rd Floor, Sec-C, Pocket-8, Vasant Kunj, New Delhi-110070. Further Rs. 275 Lacs OD Facility has been sanctioned on dated 23rd May 2025 @MBOR plus 3.70% p.a. Thus, total OD Facility has been availed from the said bank as on date is Rs. 575 Lacs. A Part from it on request to the bank this limit has also increased by an amount of Rs. 100 lacs for three months.

A part from working capital limit, bank is also availing the term loan, unsecured loan from bank, NBFCs and from related party, which is also enclosed in the financial statement.

iii. According to information and explanations given to us on the basis of our examination of the records the company during the year Company has made investments, provided guarantees or securities, or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships, during the year. The Company has made investments, provided guarantees and granted loans to companies or any other parties during the year, in respect of which the requisite information is as below: -

a) Based on the audit procedures carried on by us and as per the information and explanations given to us the Company has provided loan, advances and investment to other entities as below:

The Company has invested in the following entities in equity shares:

Particulars	No. of Shares	Amount ( in lakhs)
Irida Interactive Private Limited	1300	234.10
Popkorn PR Plus Communication Private Limited	9100	50.12
Smartube Entertainment Private Limited	9999	1.00

The company has provided loan and advances to following as mentioned below:

( in lakhs)

Particulars	Amount provided during	Amount outstanding as
	the year	at Balance Sheet date
Irida Interactive Private Limited	302.51	473.89
Smartube Entertainment Private Limited	26.78	405.94

ANNEXURE A

b. 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.

c. The Company has not accepted any deposit or amounts during the year which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.

d. 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.

iv. (a) According to the information and explanations given to us and based on our examination of the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, and other applicable statutory dues with the appropriate authorities.

However, the following undisputed statutory dues were outstanding as on date of audit report.

( in lakhs)

Sr. No.	Nature of Dues	Amount
1.	Other Statutory Levies	50.38
2.	TDS and TCS Payable	198.35
3.	Goods & Service Tax	113.15

(b)The Company having pending dispute against the statutory dues referred to in sub-clause (a) same as mentioned below:

( in lakhs)

Sr.	Nature of Dues	Financial Year	Disputed Amount
No.
1.	Income Tax	2022-2023	549.78
2.	Goods & Service Tax	2019-2020	57.3
3.	Goods & Service Tax	2021-2022	6.51

v. There are no unrecorded transactions in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

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

ANNEXURE A

(b) The company has not declared willful defaulter by any bank or financial institution or government or any government authority.

(c) The Company has availed the term loan from Deutsche Bank as below and it is applied for business purposes and it is used for the same object. The following term loan outstanding as on 31st March 2026 from bank and financial institution.

( In lakhs)

Sr. No.	Lender Name	Amount
1.	Secured Loan from Deutsche Bank	179.27

(d) On an overall examination of the financial statements of the Company no short-term funds raised have been utilized for long term purposes.

(e) According to the information and explanations provided to us, the Company has taken a loan from its subsidiary during the year. However, the Company has not obtained any funds from any entity or person with the understanding that such funds would be used, directly or indirectly, to meet the obligations of its subsidiaries, associates, or joint ventures, or to provide any guarantee, security, or the like on behalf of such entities.

( In lakhs)

Particulars	Amount received during	Amount outstanding
	the year	as at Balance Sheet
		date
Popkorn PR Plus Communication Private Limited	530.00	443.95

(f) According to the information and explanation given to us the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

vii.

(a) The company has not raised funds by way of initial public offer or further public offer (including debt instruments) during the year but company has received funds from initial public offer after the balance sheet date as discussed above.

(b)The company has made private placement of 615309 shares during the year and closing capital has increased to Rs. 1226.08 Lakhs from Rs. 1164.55 Lakhs.

viii.

(a) No any fraud by the company or any fraud on the company has been noticed or reported during the year.

(b) 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) According to the information and explanations given by the Management, the Company has not received any whistle-blower complaints during the year.

ix. The Company is not a Nidhi company hence nothing to be disclosed for any provision applicable on Nidhi Company.

x. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards. The details of the Related Party are mentioned below:

Sr.	Particulars	Relationship	Outstanding
No.			Balances as on the
			year end
1.	Share Capital
	Mr. Kunal Kishore	Director	340.00
	Mr. Gaurav Patra	Director	333.33
	Mrs. Manisha Chaudhary	Director	326.67
2.	Debtors
	Popkorn PR Plus Communication Private Limited	Subsidiary	187.44
	Irida Interactive Private Limited	Group Company	48.56
3.	Creditors
	Popkorn PR Plus Communication Private Limited	Subsidiary	-
4.	Advance to Suppliers
	Irida Interactive Private Limited	Group Company	-
	Mr. Vishal Kumar	Director	17.03
	Popkorn PR Plus Communication Private Limited	Subsidiary	6.80
5.	Loan Given
	Irida Interactive Private Limited	Group Company	473.89
	Smartube Entertainment Private Limited	Subsidiary	405.94
6.	Loan Taken
	Irida Interactive Private Limited	Subsidiary	443.95
7.	Remuneration to Director
	Mr. Kunal Kishore	Director	16.24
	Mr. Gaurav Patra	Director	20.87
	Mrs. Manisha Chaudhary	Director	12.57
8.	Investment
	Irida Interactive Private Limited	Group Company	234.10
	Popkorn PR Plus Communication Private Limited	Subsidiary	50.12
	Smartube Entertainment Private Limited	Subsidiary	1.00

xi.

The company is not required an internal audit system commensurate with the size and nature of its business.

xii.

In our opinion during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors, and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

xiii.

(a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment Company within the Company (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xiv.

The company has not incurred cash losses in the financial year and in the immediately preceding financial year.

xv.

The previous statutory auditors is continuing to conduct audit during the period.

xvi.

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, the auditors knowledge of the Board of Directors and management plans, whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is 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;

xvii.

(a) The company has spent Rs. 10.09 Lakhs till 31st march 2026 in CSR during the period as required by Act as prescribed and there is no unspent balance remaining during the year, so company is not require to transfer unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act;

(b) No, any amount remaining unspent under sub-section (5) of section 135 of the Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance with the provision of sub-section (6) of section 135 of the said Act;

xviii.

There are no any qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the consolidated financial statements.

For- RAJ K. SRI & CO.
(Chartered Accountants)
Firm Registration No.: 014141N
Vivek Kumar
(Partner)
MRN:528140
Date: 01.06.2026
Place: New Delhi
UDIN: 26528140VPBYMT8680

Annexure – B to the Independent Auditors Report of even date on the Standalone Financial Statements Value 360 Communications Limited

We have audited the internal financial controls over financial reporting of Value 360 Communications Limited (the Company) as of March 31, 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial 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 companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls 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 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.

Meaning of Internal Financial Controls 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.

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 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.

Opinion

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- RAJ K. SRI & CO.
(Chartered Accountants)
Firm Registration No.: 014141N
Vivek Kumar
(Partner)
MRN:528140
Date: 01.06.2026
Place: New Delhi
UDIN: 26528140VPBYMT8680