Auditor Report of Logiciel Solutions Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of M/s LOGICIEL SOLUTIONS LIMITED [“the
Company”] which comprise the balance sheet as at 31st March 2025, the statement of profit and loss and
the cash flow statement for the year ended 31st March 2025, and a summary of material accounting
policies and other explanatory information, which we have signed under reference to this report.

In our opinion and to the best of our information and according to the explanations given to us the
aforesaid financial statements gives the information required by the Act, in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the
state of affairs (financial position) of the Company as at 31 March 2025, and its profits (financial
performance) and cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the “Auditor’s Responsibilities” section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matters

The corresponding figures for the year ended 31 March 2024 included in the financial statements have
been audited by the predecessor auditor, M/s MEHTA SHARMA & ASSOCIATES CHARTERED
ACCOUNTANTS, who issued an unmodified audit opinion in their report dated 02 September 2024.

Responsibilities of Management for audit of Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act 2013 (“the Act”) with respect to preparation of these financial statements that give a true
and fair view of the financial position and financial performance of the company in accordance with the
Accounting Principles generally accepted in India, including the Accounting Standards specified under
section 133 of the Act read with Rule 7 of Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records in accordance with
provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds &
other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implqB*efrf$tiqn and maintenance of internal
controls that were operating effectively for ensuring the ac^t^py-cmd completeness of the accounting

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

Auditor’s 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 auditor’s 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 financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section i43(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.

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

• Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, 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.

Report on other legal and regulatory requirements

As required by the Companies (Auditor’s 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.

As required by section 143(3) of the Act we report that;

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

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

c) The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this
report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under section 133 of the Act;

e) On the basis of written representations received from the directors as on 31 March 2025, and taken on
record by the Board of Directors, none of the directors is disqualified as on 31 March 2025, 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 financial statements
of the Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B".

g) In our opinion and to the best of our information and according to the explanations given to us, we
report as under with respect to other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company did not have any pending litigations on its financial position in its financial
statements.

ii) The Company did not have any long-term contracts including derivative contracts; as such the
question of commenting on any material foreseeable losses thereon does not arise.

iii) There has not been an occasion in case of the Company during the year under report to transfer
any sums to the Investor Education and Protection Fund. The question of delay in transferring
such sums does not arise.

iv) a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, 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, other than as
disclosed in the notes to the accounts, 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.

v) The Company has neither declared nor paid any dividend during the year; as such the compliance
with section 123 of the Companies Act’ 2013 does not arises.

vi) Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account. The software includes a feature for recording an
audit trail (edit log); however, we are unable to comment on whether this feature was operational
throughout the year for all relevant transactions. Further, during the course of our audit we did
not come across any instance of audit trail feature being tampered with. Further as per Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014 the company has duly preserved the audit
trail as per the statutory requirements for record retention.

As per our separate report of even date.

For Raman Chawla and Associates

Chartered Accountants

FRN: 035543^^^^^^^^^

Shivam Bansal

Partner

Membership No. : 450114

Place: New Delhi
Date: 15-07-2025

UDIN: 3^1

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Mar 31, 2024

We have audited the accompanying Financial Statements of Logiciel Solutions Private
Limited which comprise the Balance Sheet as at March 31. 2024. and the Statement of Profit
and Loss and Statement of Cash Flows for the year ended on that date, and notes to the
Financial Statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to
us. the aforesaid financial 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
March 31. 2024. its Profits, changes in equity and its cash flows for the year ended on that
date, subject to the following:-

I. Debit and credit balances of parties and banks are subject to confirmation and
reconciliation

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the Auditor''s responsibilities
for the audit of the Financial Statements section of our report.

We are independent of the Company in accordance with the code of ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that
are relevant to our audit of the Financial Statements under the provisions of the Act and the
rules there tinder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI''s code of ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion on the financial statements.

Key Audit Matters

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

Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable to the
Company as it is an unlisted company.

Information other than the Financial Statements and Auditors’ Report thereon

The Company''s Board of Directors are responsible for the preparation of the other
information. The other information comprises the information included in the Board''s Report
including Annexure(s) to Board''s Report, but does not include the Financial Statements and
our auditor''s report thereon. Our opinion on the 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 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.

Management’s responsibility for the Financial Statements

The Company''s Board of Directors are 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, changes in equity and Cash Flows of
the Company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding 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 financial statement 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 Company''s 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 Company’s financial reporting process.

Auditor’s Responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Financial
Statements as a whole are tree from material misstatement, whether due to fraud or error, and
to issue an auditor''s 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 Financial Statements.
As part of an audit in accordance with SAs. we exercise professional judgment and maintain
professional scepticism throughout the audit.

We also Identify and assess the risks of material misstatement of the Financial Statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Obtain an understanding of internal
control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances.

Under section I43(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 Evaluate the appropriateness of accounting
policies used and the reasonableness of accounting estimates and related disclosures made by
management.

Conclude on the appropriateness of management''s 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 Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor''s 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 auditor s
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 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.

Report On Other Legal And Regulatory Requirements

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 excepting stock records;

(c) The Balance Sheet, the Statement of Profit And Loss, and the Cash Flows Statement dealt
with by this report are in agreement with the books of account;

(d) In our opinion, the aforesaid Financial Statements comply with the accounting standards
specified under section 133 of the Act. read with rule 7 of the Companies (Accounts) Rules,
2014;

(c) On the basis of the written representations received from the directors as on March 31,
2024 taken on record by the board of directors, none of the directors is disqualified as on
March 31. 2024 from being appointed as a director in terms of Section 164 (2) of the Act;

(g) With respect to the other matters to be included in the Auditor''s Report in accordance
with the requirements of section 197(16) of the Act. as amended, we report the remuneration
paid by the company to its directors in accordance with the provisions of this section is
within the limit laid down under this section and give such other details as may be prescribed.

(h) With respect to the other matters to be included in the Auditor’s 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;

i. The Company does not have any pending litigations which would impact its
financial position.

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

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

iv. The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, 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, 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;

v. The management has represented, that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, 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, 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; and

vi. Based on audit procedures which we 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) contain any material mis-statement.

vii. The company has not declared or paid any dividend during the year under audit.

viii. With respect to the other matters to be included in the Auditor''s Report in accordance
with Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014, Based on our
examination which included test checks, 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 from 7th April 2023 onwards and after that 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.

For Mehta Sharma & Associates
CHARTERED ACCOUNTANTS

F.R.NO.018946N

PLACE :LUDHIANA

DATED :01/09/2024

(Amit Mehta)

Partner
M.No.500382