Auditor Report of Rashi Peripherals Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Rashi Peripherals Limited (formerly known as
Rashi Peripherals Private Limited) (the “Company”), which
comprise the Balance Sheet as at March 31, 2025, and the
Statement of Profit and Loss (including Other Comprehensive
Income), the Cash Flow Statement and the Statement of
Changes in Equity for the year ended on that date, and notes
to the financial statements, including a summary of material
accounting policies and other explanatory information in
which are incorporated the Returns for the year ended on
that date audited by the branch auditor of the Company''s
branch located at Singapore.

In our opinion and to the best of our information and
according to the explanations given to us, and based on the
consideration of report of the branch auditor on separate
financial statements of the branch referred to in the Other
Matter section below, 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 Indian Accounting
Standards prescribed under section 133 of the Act, (“Ind AS”)
and other accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2025, and
its profit, total comprehensive income, its cash flows and the
changes in equity 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 (“SA”s)
specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor''s
Responsibility 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 ethical requirements that are relevant to
our audit of the standalone financial statements under the
provisions of the Act and the Rules made thereunder, 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 obtained by us and the
audit evidence obtained by the branch auditor in terms of
their report referred to in the Other Matter section below, is
sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described
below to be the key audit matters to be communicated in
our report.

Sr. No. Key Audit Matter

Auditor’s Response

1 Supplier Rebates The Company is entitled to price support from the suppliers in the form of rebates. There are various types of rebate programmes, including but not limited to inventory volume promotion programs and price protection rebates, etc. with unique terms, transactions with different suppliers. The calculation of supplier rebates involves a manual process. The Company tracks vendor promotional programs for discounts on a program-by-program basis. Once the program is implemented, the benefit of the program based on the actual volume is recorded as a receivable from vendors with a corresponding reduction in the cost of purchase of traded goods and carrying value of inventories. Accordingly, determination of the accuracy and completeness of rebates recorded, were areas of focus for our audit and were identified as one of the key audit matters. See note 1.3(xi) to the standalone financial statements.

To assess accuracy and completeness of Supplier rebates, our principal procedures included the below: • Obtained an understanding of the processes relating to recording of supplier rebates. • Assessed the appropriateness of the accounting policy followed by the Company for such supplier rebates with reference to the relevant accounting standards. • Evaluated the design and implementation and tested operating effectiveness of controls, relating to recording of supplier rebates. • Obtained the rebate tracker maintained by the Management and reconciled the same with the books of account to ensure whether eligible rebates have been considered and accurately captured for accounting in the reporting period.

Sr. No. Key Audit Matter	Auditor’s Response
	•	For sample selected from the supplier rebate receivables/ received during the year:
		a) Perused the schemes announced through various channels to assess the eligibility of the supplier rebates to be recorded.
		b) Verified the supplier rebate scheme workings with the underlying documents including scheme documents received from the vendors to test accuracy of the amount recorded.
		c) Performed review of the rebates recorded subsequent to the year end to validate the appropriateness of the rebates accrued and accounted as at the Balance Sheet date.
		d) Performed a trend analysis of the rebates accounted for various categories of purchases/ vendors and compared the same with the past periods and enquire into exceptions.
		e) Tested the vendor-wise reconciliation for selected vendors to identify unrecorded rebates, if any.
		f) Reviewed the ageing of rebate receivables and on a sample basis tested subsequent collections.
	•	Assessed the appropriateness of the presentation and disclosure of such rebates in the standalone financial statements.
2. Provision of Inventory The Company is primarily engaged in the sale of Information and Communication Technology products (ICT) distribution business. However, due to rapid changes in technology, the short life cycle of electronic products, and the prices being highly affected by market fluctuation, there is a high risk of incurring inventory valuation losses. As management''s judgement on determining net realisable value of inventory is relatively subjective and the amount of inventory is material to the standalone financial statements, we have considered provision for inventory as one of the key audit matters. See note 1.3(v) and 12 to the standalone financial statements.	To assess the valuation of Inventory, our principal procedures included the below: a) Obtained an understanding of the process followed by the Company in respect of the provisioning for inventory for net realisable value adjustments b) Obtained the Inventory ageing report and performed tests to validate the ageing. c) Evaluated the design and implementation and tested operating effectiveness of controls, relating to provisioning for inventory. d) Performed retrospective review of inventory ageing and obtained information related to aged inventory which has been subsequently liquidated, on a sample basis.
	e)	Assessed whether the provisioning policy of the management has been determined on an appropriate basis and is applied in a manner consistent between comparative and current periods of the standalone financial statements and discuss with the management to test exceptions, if any.
	f)	Assessed if the provision is adequate in comparison to the net realisable value of inventories.
	g)	For selected samples, verified underlying documents to support accuracy of the net realisable value considered.
	h)	Verified the workings to ascertain if the amount accounted as provision for inventory as at the reporting period is in accordance with the provisioning policy.
	i)	Calculated the days since last sale for inventory items and item-wise inventory holding days to identify obsolete inventory, if any, and assess the adequacy of management provision for the same
	j)	Assessed the appropriateness of the presentation and disclosure of such provisions in the financial statements.

Information Other than the Financial Statements
and Auditor''s Report Thereon

• The Company''s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Board report, Management
Discussion and Analysis, Corporate Governance report
and Business responsibility and sustainability report, but
does not include the consolidated financial statements,
standalone financial statements and our auditor''s report
thereon. The Board report, Management Discussion and
Analysis, Corporate Governance report and Business
responsibility and sustainability report is expected to be
made available to us after the date of this auditor''s report.

• Our opinion on the standalone financial statements does
not cover the other information and will 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 identified above when it becomes available,
compare with the financial statements of the branch
audited by the branch auditor to the extent it relates to
this branch and, in doing so, place reliance on the work
of the branch auditor and 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. Other information so far as it relates to the
branch is traced from their financial statements audited
by the branch auditor.

• When we read the Board report, Management Discussion
and Analysis, Corporate Governance report and Business
responsibility and sustainability report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance
as required under SA 720 ‘The Auditor''s responsibilities
Relating to Other Information''.

Responsibilities of Management and Board of
Directors for the Standalone Financial Statements

The Company''s Board of Directors is 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 financial position, financial
performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India,
including 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 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 standalone financial statements,
management and Board of Directors are 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 the Board of Directors either intend to liquidate the
Company or to cease operations, or has no realistic alternative
but to do so.

The Company''s Board of Directors is also responsible for
overseeing the Company''s financial reporting process.

Auditor''s Responsibility 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 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 standalone
financial statements.

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 the 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 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 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 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.

• Obtain sufficient appropriate audit evidence regarding the
financial information of the Company and its branch to
express an opinion on the standalone financial statements.
We are responsible for the direction, supervision and
performance of the audit of the financial statements of such
entities or business activities included in the standalone
financial statements of which we are the independent
auditors. For the other entities or business activities
included in the standalone financial statements, which
have been audited by the branch auditor, such branch
auditor remain responsible for the direction, supervision
and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

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 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 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 financial controls 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 auditor''s
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 Matter

We did not audit the financial statements of a branch included
in the standalone financial statements of the Company
whose financial statements reflect total assets of Rs.131.10
millions as at March 31, 2025 and total revenue of Rs.777.10
millions for the year ended on that date, as considered in the
standalone financial statements. The financial statements of
the branch have been audited by the branch auditor whose
report have been furnished to us, and our opinion in so far as
it relates to the amounts and disclosures included in respect
of this branch and our report in terms of subsection (3) of

Section 143 of the Act, in so far as it relates to the aforesaid
branch, is based solely on the report of such branch auditor.

Our opinion on the standalone financial statements and our
report on Other Legal and Regulatory Requirements below
is not modified in respect of these matters.

Report on Other Legal and Regulatory
Requirements

1. As required by Section 143(3) of the Act, based on
our audit and on the consideration of the report of the
branch auditor on the separate financial statements of
the branch, referred to in the Other Matter section above
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 account as required
by law have been kept by the Company so far as
it appears from our examination of those books
and proper returns adequate for the purposes of
our audit have been received from the Singapore
branch not visited by us.

c) The report on the accounts of the branch office of
the Company audited under Section 143(8) of the
Act by branch auditor have been sent to us and
have been properly dealt with by us in preparing
this report.

d) The Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income, the
Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement
with the relevant books of account and with the
returns received from the Singapore branch not
visited by us.

e) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.

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

g) 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 A”. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s
internal financial controls with reference to
standalone financial statements. With respect
to a branch located outside India, reporting on
the adequacy of the internal financial controls
with reference to its financial statements and the
operating effectiveness of such controls is not
applicable as per the Act, being a branch located
outside India.

h) 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, in our opinion and to the best of our
information and according to the explanations
given to us, the remuneration paid by the Company
to its directors during the year is in accordance with
the provisions of section 197 of the Act.

i. 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, as amended in our opinion and to the best of
our information and according to the explanations
given to us:

i. The Company has disclosed the impact of
pending litigations on itsfinancial position in its
standalone financial statements - Refer Note
34 to the 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 were no amounts which were 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,
as disclosed in the note 44.4.1 to the
financial statements no funds have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind
of funds) by the Company to or in any
other person(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”) or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries.

(b) The Management has represented, that,
to the best of its knowledge and belief,
as disclosed in the note 44.4.2 to the
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 Party (“Ultimate
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries.

(c) Based on the audit procedures
performed 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 (a) and (b) above, contain any
material misstatement.

v. The final dividend proposed in the previous
year, declared and paid by the Company
during the year is in accordance with section
123 of the Act, as applicable.

As stated in note 52 to the standalone financial
statements, the Board of Directors of the Company
has proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. Such dividend
proposed is in accordance with section 123 of the
Act, as applicable.

vi. Based on our examination, which included test
checks, the Company has used an accounting
software system for maintaining its books of
account for the financial year ended March
31, 2025 which has a feature of recording
audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the software system
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, as applicable.

2. As required by the Companies (Auditor''s Report) Order,
2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure
B” a statement on the matters specified in paragraphs 3
and 4 of the Order.

For Pipara & Co LLP For Deloitte Haskins & Sells LLP

Chartered Accountants Chartered Accountants

(Firm''s Registration No. 107929W/W100219) (Firm''s Registration No. 117366W/W-100018)

Bhawik Madrecha Pallavi Sharma

(Partner) (Partner)

Membership No. 163412 Membership No. 113861

UDIN: UDIN:

Date: May 23, 2025 Date: May 23, 2025

---

Mar 31, 2024

To The Members of Rashi Peripherals Limited (formerly known as Rashi Peripherals Private Limited)

Report on the Audit of the Standalone Financial StatementsOpinion

We have audited the accompanying standalone financial statements of Rashi Peripherals Limited (formerly known as Rashi Peripherals Private Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information in which are incorporated the Returns for the year ended on that date audited by the branch auditor of the Company''s branch located at Singapore.

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of report of the branch auditor on separate financial statements of the branch referred to in the Other Matters section below, 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 Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its profit, total comprehensive

income, its cash flows and the changes in equity 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 ("SAs") specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibility 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 ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, 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 obtained by us and the audit evidence obtained by the branch auditor in terms of their report referred to in the Other Matter section below, is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr. No. Key Audit Matter

Auditor''s Response

1 Supplier Rebates The Company is entitled to price support from the suppliers in the form of rebates. There are various types of rebate programmes, including but not limited to inventory volume promotion programs and price protection rebates, etc. with unique terms, transactions with different suppliers. The calculation of supplier rebates involves a manual process. The Company tracks vendor promotional programs for discounts on a program-by-program basis. Once the program is implemented, the benefit of the program based on the actual volume is recorded as a receivable from vendors with a corresponding reduction in the cost of purchase of traded goods and carrying value of inventories. Accordingly, determination of the accuracy and completeness of rebates recorded, were areas of focus for our audit and were identified as one of the key audit matters. See note 1.3(xi) to the standalone financial statements.

To assess accuracy and completeness of Supplier rebates, our principal procedures included the below: • Obtained an understanding of the processes relating to recording of supplier rebates. • Assessed the appropriateness of the accounting policy followed by the Company for such supplier rebates with reference to the relevant accounting standards. • Evaluated the design and implementation and tested operating effectiveness of controls, relating to recording of supplier rebates. • Obtained the rebate tracker maintained by the Management and reconciled the same with the books of account to ensure whether eligible rebates have been considered and accurately captured for accounting in the reporting period.

Sr. No. Key Audit Matter	Auditor''s Response
	•	On a sample basis:
		a) Perused the schemes announced through various channels to assess the eligibility of the supplier rebates to be recorded.
		b) Verified the supplier rebate scheme workings with the underlying documents including scheme documents received from the vendors to test accuracy of the amount recorded.
		c) Performed review of the rebates recorded subsequent to the year end to validate the appropriateness of the rebates accrued and accounted as at the Balance Sheet date.
		d) Performed a trend analysis of the rebates accounted for various categories of purchases/ vendors and compared the same with the past periods and enquire into exceptions.
		e) Tested the vendor-wise reconciliation for selected vendors to identify unrecorded rebates, if any.
		f) Reviewed the ageing of rebate receivables and on a sample basis tested subsequent collections.
	•	Assessed the appropriateness of the presentation and disclosure of such rebates in the standalone financial statements.
2. Provision of Inventory The Company is primarily engaged in the sale of Information and Communication Technology products (ICT) distribution business. However, due to rapid changes in technology, the short life cycle of electronic products, and the prices being highly affected by market fluctuation, there is a high risk of incurring inventory valuation losses. As management''s judgement on determining net realisable value of inventory is relatively subjective and the amount of inventory is material to the standalone financial statements, we have considered provision for inventory as one of the key audit matters. See note 1.3(v) and 13 to the standalone financial statements.	To assess the valuation of Inventory, our principal procedures included the below: a) Obtained an understanding of the process followed by the Company in respect of the provisioning for inventory for net realisable value adjustments b) Obtained the Inventory ageing report and performed tests to validate the ageing. c) Evaluated the design and implementation and tested operating effectiveness of controls, relating to provisioning for inventory. d) Performed retrospective review of inventory ageing and obtained information related to aged inventory which has been subsequently liquidated, on a sample basis.
	e)	Assessed whether the provisioning policy of the management has been determined on an appropriate basis and is applied in a manner consistent between comparative and current periods of the standalone financial statements and discuss with the management to test exceptions, if any.
	f)	Assessed if the provision is adequate in comparison to the net realisable value of inventories.
	g)	For selected samples, verified underlying documents to support accuracy of the net realisable value considered.
	h)	Verified the workings to ascertain if the amount accounted as provision for inventory as at the reporting period is in accordance with the provisioning policy.
	i)	Calculated the days since last sale for inventory items and item-wise inventory holding days to identify obsolete inventory, if any, and assess the adequacy of management provision for the same
	j)	Assessed the appropriateness of the presentation and disclosure of such provisions in the financial statements.

Information Other than the Financial Statements and Auditor''s Report Thereon

• The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Board report and Management Discussion and Analysis, but does not include the consolidated financial statements, standalone financial statements and our auditor''s report thereon. The Board report and Management Discussion and Analysis is expected to be made available to us after the date of this auditor''s report.

• Our opinion on the standalone financial statements does not cover the other information and will 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 identified above when it becomes available, compare with the financial statements of the branch audited by the branch auditor to the extent it relates to this branch and, in doing so, place reliance on the work of the branch auditor and 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. Other information so far as it relates to the branch is traced from their financial statements audited by the branch auditor.

• When we read the Board report and Management Discussion and Analysis, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 ''The Auditor''s responsibilities Relating to Other Information''.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company''s Board of Directors is 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 financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including 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 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 standalone financial statements, management and Board of Directors 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 the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company''s Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility 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 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 standalone financial statements.

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 the 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 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 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 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.

• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its branch to express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities or business activities included in the standalone financial statements of which we are the independent auditors. For the other entities or business activities included in the standalone financial statements, which have been audited by the branch auditor, such branch auditor remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

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 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 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 financial controls 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 auditor''s 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 Matter

We did not audit the financial statements of a branch included in the standalone financial statements of the Company whose financial statements reflect total assets of ''690.71 millions as at March 31,2024 and total revenue of ''1,753.94 millions for the year ended on that date, as considered in the standalone financial statements. The financial statements of the branch have been audited by the branch auditor whose report have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of this branch and our report in terms of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid branch, is based solely on the report of such branch auditor.

Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the report of the branch auditor on the separate financial statements of the branch, referred to in the Other Matter section above 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 account as required by law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the Singapore branch not visited by us except for matters stated in paragraph (j)(vi) below.

c) The report on the accounts of the branch office of the Company audited under Section 143(8)

of the Act by branch auditor have been sent to us and have been properly dealt with by us in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account and with the returns received from the Singapore branch not visited by us.

e) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.

f) 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) The modification relating to the maintenance of accounts and other matters connected therewith, is as stated in paragraph (b) above.

h) 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 A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to standalone financial statements. With respect to a branch located outside India, reporting on the adequacy of the internal financial controls with reference to its financial statements and the operating effectiveness of such controls is not applicable as per the Act, being a branch located outside India.

i) 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,

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

j) 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, as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -Refer Note 35 to the 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 were no amounts which were 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, as disclosed in the note 46.4.1 to the financial statements no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(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") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in the note 46.4.2 to the 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 Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed 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 (a) and (b) above, contain any material misstatement.

v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

As stated in note 55 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Based on our examination, which included test checks, the Company has used an accounting software for maintaining its

books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that audit trail was not enabled at the database level to log any direct changes.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Pipara & Co LLP

Chartered Accountants

(Firm''s Registration No. 107929W/W-100219)

Bhawik Madrecha

(Partner)

Membership No. 163412 UDIN: 24163412BKCAHO8041 Date: May 24, 2024

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm''s Registration No. 117366W/W-100018)

Pallavi Sharma

(Partner)

Membership No. 113861 UDIN: 24113861BKBPBU3696 Date: May 24, 2024