Auditor Report of Seshaasai Technologies Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of Seshaasai Business Forms Private Limited
("the Company"), which comprises the Balance Sheet as at March 31st, 2024, the Statement of Profit and
Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes
in Equity for the year then ended on that date, and notes to the financial statements, including a summary
of the significant accounting policies and other explanatory information( hereinafter referred to as "
Standalone Financial Statements").

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 Indian 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 31st, 2024, and its profit, and cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Act. Our responsibilities under those Standards are further described in the Auditor''s 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 ethical requirements that are relevant to our audit of the Standalone Financial
Statements under the provisions of the Act and the Rules there under, 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.

Information other than the Standalone Financial Statements and Auditor''s Report thereon

The Company''s Board of Directors is responsible for the preparation of other information. The other
information comprises the information included in the Board''s Report including Annexures to Board''s
Report but does not include the Standalone Financial Statements and our auditor''s report thereon. The
other information is expected to be made available to us after the date of the Auditor''s Report.

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 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 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 to give a true and fair view
of the financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally accepted in
India, including the 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 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 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 is also responsible for overseeing the Company''s financial reporting process.

Auditors'' Responsibility

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 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 control 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
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 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.

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 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.

Emphasis of Matter Paragraph

1. We draw your attention to Note 43 to the Standalone Financial Statements in respect of Composite
Scheme of Arrangement (the "Scheme") between the Company and Seshaasai E-forms Private
Limited (Transferor Company) from the appointed date of March 31, 2023, as approved by National
Company Law Tribunal vide its order dated 08th February, 2024. However, the accounting treatment
pursuant to the Scheme has been given effect to from the date required under Ind AS 103 - Business
Combinations, which is the beginning of the preceding period presented i.e. April 1, 2022 (which is also
date of transition to Ind AS). Accordingly, the figures for the year ended March 31, 2023 and April 01, 2022
have been restated to give effect to the aforesaid merger.

2. We draw your attention to Note 1. (ll) which describes the basis of preparation of the comparative
information presented. As explained in the note the comparative financial information of the Company
for the year ended March 31, 2023 and the transition date opening balance sheet as at 1st April 2022,
included in these Standalone Ind AS financial statements, are based on the previously issued statutory
financial statements prepared in accordance with the accounting standards specified under the
section 133 of the Act on which we issued auditors'' report dated 26th September, 2023 and by M/s
Devesh Shah & Co. for the year ended 31st March, 2022 on which they have issued auditors'' report
dated 23rd September, 2022.

Further as explained, in note 43 read with para 1 of Emphasis of Matters the company has merged
with Seshaasai E-forms Private Limited, the comparative information presented includes figures of the
transferor company which were audited by M/s J C Shah & Associates on which they issued auditors''
report dated 15th September, 2023 & 23rd August, 2022 respectively.

The above audited financial statements as adjusted for the differences in the accounting principles
adopted by the Company on transition of Ind AS and effect of merger as referred in para 1 of Emphasis
of Matters, have also been audited by us.

Our opinion is not modified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

1. As required by ''the Companies (Auditor''s Report) Order, 2020, issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the "Order") we
give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable

2. Further to our comments in Annexure "A" As required by Section 143(3) of the Act, we report that:

a) we have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit;

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

c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the
Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in
agreement with the books of accounts;

d) in our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified
under Section 133 of the Act;

e) on the basis of the written representations received from the directors as on 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;

f) with respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in "Annexure
B"; Our report expresses unmodified opinion on the adequacy and operating effectiveness of the
Company''s internal financials control with reference to financials statement

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirement section 197(16) of the Act, as amended:

Since the Company is a Private limited company, section 197(16) is not applicable to the Company.

3. With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of

the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and

belief and according to the information and explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31st March 2024 on its financial
position in its Standalone Financial Statements to the extent determinable/ascertainable. Refer
Note 39 to Standalone Financial Statements.

ii. The Company does not have any long-term contract including derivative contracts as at March 31,
2024 for which there are any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection fund by the Company during the year ended March 31, 2024.

(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 kinds of funds) by the Company to or in any other persons or entities,
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 or ("Ultimate Beneficiaries") or provide any guarantee, security or the like to or 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 persons or entities, 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.

(c) Based on such audit procedures as 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 iv(a) and iv (b) contain any material mis-statement.
v. The final dividend proposed in the previous year, declared and paid by the Company during
the year and interim dividend paid during the year is in compliance with section 123 of the
Companies Act, 2013.

As stated in Note 43 to the standalone financial statements, the Board of Directors of the
Company have proposed the final dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting. The Dividend proposed is in accordance
with section 123 of the Act.

4. With respect to the matter to be included in the Auditors'' Report under section Rule 11(g) of Companies
(Audit and Auditors) Rules, 2014, based on our examination which included test checks, except for the
instances mentioned below, the company has used Tally ERP software for maintaining its books of
account which has a feature of recording audit trail (edit log) and the same has operated throughout
the year for all relevant transactions recorded in the software:

The Fixed Assets Register relating to Property, Plant and Equipment (including Intangibles), the
payroll processing system, petty cash register and inventory register are maintained in excel format
and there is no feature of recording audit trail (edit log) throughout the year.

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
statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For Vatsaraj& Co.

Chartered Accountants

Firm Registration Number: 111327W

Sd/-

CA Jwalant Buch

Partner
M No.: 039033
Place: Mumbai
UDIN:

Date: 26th September, 2024