Auditor Report of Capricorn Systems Global Solutions Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of M/s.CAPRICORN SYSTEMS GLOBAL SOLUTIONS
LIMITED (“the Company”), which comprise the balance sheet, profit and loss account statement(Including other
comprehensive Income) the statement of changes in equity and the statement of cash flow as at March 31, 2024,
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
standalone Ind AS 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 loss, total comprehensive income,
statement of changes in equityand cash flow statement for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the standards on auditing 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 standalone financial statements section of our report. We are independent of
the Company in accordance with the code of ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements under the provisions
of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the code of ethics.We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Emphasis of Matter

As per the management the company is still a going concern entity because it is in process of identifying new
customers to expand the business of the company.

Instead of the above factor there is no uncertainty on the company''s ability to continue as a going concern. The
company has prepared its standalone financial statements on a going concern basis.

Information other than the Financial Statements and Auditors'' Report thereon

The Company''s management and Board of Directors are responsible for the other information. The other information
comprises the information included in the management Discussion and analysis, boards report including
annexures to bord report, business responsibility report, corporate governance and shareholders information,
standalone financial statements and the 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 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 in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor''s report,
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.

Responsibilities of Management and Those charged with Governance for the standalone 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 standalone financial statements that give a true and fair view of the financial position

and 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 Indian accounting
standards(Ind AS) specified under section 133 of the Act read with rule 7 of the companies(Accounts) Rules,2014
and the companies (Indian Accounting Standards) Rules 2015, as amended.

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 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 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 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 Ind AS 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 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 Ind AS 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.

From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Ind AS 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.

Report on Other Legal and Regulatory Requirements

1. The provisions of 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 Companies Act, 2013 we give in Annexure-A, A
statement on the matters specified in paragraphs 3 and 4 of the order.

2. (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, Statement of
Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the
books of account;

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

(e) On the basis of the written representations received from the directors as on March 31, 2023 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 with reference to standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure
B”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s
internal financial controls with reference to standalone financial statements; and

(B) 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;

(a) The Company does not have any pending litigations which would impact its financial position;

(b) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses; and

(c) There were no amounts which were required to transferred to the Investor Education and Protection Fund by
the Company.

(d)

(i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in
the 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 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 (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(ii) The management has represented, that, to the best of it''s knowledge and belief, other than as disclosed in
the notes to the accounts, 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; and

(iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing
has come to their notice that has caused them to believe that the representations under sub-clause (i) and
(ii) contain any material mis-statement.

(e) The company has not declared or paid any dividend during the year in contravention of the provisions of
section 123 of the Companies Act, 2013.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company
with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 as amended, on the use of accounting software (Tally ERP-9)used by the company for maintaining
of its books of accounts, we report as follows.

Based on our examination, the Company has used a tool for maintaining its books of account which have a
feature of recording audit trail (edit log) facility. However, the audit trail facility has been operated part of the
year for transactions recorded in the accounting tool/software. In the absence of an independent service
auditor''s report, we are unable to comment as to whether there were any instances of the audit trail feature
being tampered with.

(C) With respect to the matter to be included in the Auditors'' Report under Section 197(16) of the Act, in our
opinion and according to the information and explanations given to us, the remuneration paid by the Company
to its directors during the year is in accordance with the provisions of section 197 of the Act.

for SNMR & ASSOCIATES

Chartered Accountants
FRN No. 014168S

Place: Hyderabad. CA Satyanarayana .N

Date: 29-05-2024 Partner

Membership No. 230621
UDIN : 24230621BKDZPE5913

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Mar 31, 2015

We have audited the accompanying financial statements of Capricorn Systems Global Solutions Limited ("the Company"), which comprise the Balance Sheet as at March 31,2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 the design, implementation and maintenance of adequate internal financial control 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give 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 of the Company as at March 31,2015, its Profit , and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order, 2015 ("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 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss, and 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, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164 (2) of the Act.

(f) 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 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.

ANNEXURE REFERRED TO IN PARAGRAPH (1) OF THE REPORT OF EVEN DATE: Re: Capricorn Systems Global Solutions Limited('the Company')

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

and situation of fixed assets.

(b) Fixed assets have been physically verified by the management during the period and no material discrepancies were identified on such verification.

(ii) The Clauses relating to the physical verification of inventories, maintenance of records of inventory is not applicable to the Company as the company is engaged in the development of software and there are no inventories in the operations of the Company.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3 (iii) (a) to (b) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets, and with regard to the sale of services. During the course of our audit, we have not observed any major weaknesses in internal controls.

(v) The Company has not accepted any deposits from the public

(vi) The provisions of clause 3(vi) of the Order realting to the maintenance of the cost records is not applicable to the Company

(vii) (a) Undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, customs duty and other material statutory dues have generally been regularly deposited with the appropriate authorities. The provisions relating to wealth-tax, service-tax, excise duty and cess are not applicable to the Company.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues were outstanding, at the period end, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of income tax, sales-tax, wealth-tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

(d) According to the information and explanations given to us, there are no amount which are reuired to the dealth with as per the provisions of investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

(viii) The company does not have any accumulated losses. The company has not suffered any cash losses during the financial year covered by the audit and also in the immediately preceding financial year.

(ix) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank.

(x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company has not raised any new term loans during the year.

(xii) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

for SATYANARAYANA & Co CHARTERED ACCOUNTANTS FRN No. 003680S

Place: Hyderabad. J. JAGANNADHA RAO Date: 28th May '15 Partner Membership No. 006239

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Mar 31, 2014

We have audited the accompanying financial statements of Capricorn Systems Global Solutions Limited ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") ( Which continue to be applicable in respect of Section 133 of the Companies Act''2013 in terms of General Circular 15/2013 dated 13th September''2013 of Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India . This responsibility includes the design, implementation and maintenance of internal control 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.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

(b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account

d) in our opinion, the Balance Sheet, and Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards notified under the Act ( Which continue to be applicable in respect of Section 133 of the Companies Act''2013 in terms of General Circular 15/2013 dated 13th September''2013 of Ministry of Corporate Affairs).;

e) on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH (1) OF THE REPORT OF EVEN DATE:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management during the year which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were notice on such verification.

(c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected

(ii) The Clauses relating to the physical verification of inventories, maintenance of records of inventory is not applicable to the Company as the company is engaged in the development of software and there are no inventories in the operations of the Company.

(iii) In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has not taken any loans from parties mentioned in the register maintained under section 301 of the Companies Act''1956.

b) There are no loans which are given during the year.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets, and with regard to the sale of services. During the course of our audit, we have not observed any major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the

transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provision of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975with regard to the deposits accepted form the public.

(vii) The Company has an internal audit system, the scope of the same need to be increase so as to be commensurate with the size and nature of the business.

(viii) In our opinion and according to the information and explanations given to us, the Central Government has not specified maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 to the company for the year under audit.

(ix) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory

dues including provident fund, investor education protection fund, employees'' state insurance, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amounts payable in respect of wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March '' 2014 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The company does not have any accumulated losses. The company has not suffered any cash losses during the financial year covered by the audit and also in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company is regular in payment of dues to the NBFCs from which it has availed Hire Purchase Loan.

(xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore clause 4(xiii) of the Companies (Auditor''s Report) Order''2003 is not applicable to the Company.

(xiv) In our opinion and according to the information and explanation given to us the Company is not dealing in shares and securities.

(xv) In our opinion and according to the information and explanations given to us the Company has not given guarantees for the loans taken by others from Banks or Financial Institutions.

(xvi) The Company has not raised any new term loans during the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been used for long term investment, No long term loan funds have been used to finance short terms assets expect permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to parties and the Companies covered in the Register maintained under Section 301 of the Companies Act''1956 during the year.

(xix) The Clause 4(xix) of the Companies (Audit Report) Order 2003 relating to the creation of security for the Debentures is not applicable to the Company as no debentures are raised by the Company.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstated.

for SATYANARAYANA & Co CHARTERED ACCOUNTANTS FRN No. 003680S

Place: Hyderabad. J. JAGANNADHA RAO Date: 29-05-2014 Partner Membership No. 006239

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Mar 31, 2012

We have audited the attached Balance Sheet of Capricorn Systems Global Solutions Limited' Hyderabad st as on 31 March ‘ 2012 and also the Profit and Loss Account for the Year Ended on that date annexed thereto and Cash Flow Statement for the period ended on that date. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining' on test basis' evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management' as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor’s Report) Order' 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act' 1956 and on the basis of such checks of the books and records of the Company as we consider appropriate and according to the information and explanations given to us' We give in the annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

2. Our comments on the accounts are as under:

a) Balances appearing under Sundry Debtors' Loans and Advances are subject to confirmation and / or reconciliation.

b) According to the information and the explanations given to us' the Company does not have any over – dues to SSI units and hence no provision for interest is made in accounts.

3. Subject to our observations in the annexure referred to in paragraph (1) and our comments in paragraph

(2) above' 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 it appears from our examination of such books.

c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the Books of Account.

d) In our opinion the Balance sheet and Profit and Loss Account are in compliance with the Accounting Standards referred to in Sec. 211 (3C) of the companies Act' 1956' excepting in relation to Accounting Standard 22 on Accounting for Taxes on Income.

e) In our opinion' and based on the information and explanations given to us' none of the

st Directors of the Company are disqualified as on 31 March ‘2012 from being appointed as a Director under clause (g) of sub – section (1) of Section 274 of the Companies Act' 1956.

f) In our opinion and to the best of our information and according to the explanations given to us' the said Balance Sheet and Profit and Loss Account read together with the significant accounting polices and notes thereon' give the information required by the Companies Act' 1956' in the manner so required and give a true and fair view:

i) In so far as it relates to the Balance sheet' of the state of affairs of the Company as on 31 of March 2012 and

ii) In so far as it related to the Profit and Loss Account' of the Profit of the Company for the Year ended on that date.

iii) In the case of Cash Flow Statement' of the Cash Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH (1) OF THE REPORT OF EVEN DATE:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us' the fixed assets have been physically verified by the management during the year which' in our opinion' is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were notice on such verification.

(c) In our opinion' the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected

(ii) The Clauses relating to the physical verification of inventories' maintenance of records of inventory is not applicable to the Company as the company is engaged in the development of software and there are no inventories in the operations of the Company.

(iii) In respect of loans' secured or unsecured' granted or taken by the Company to/from companies' firms or other parties covered in the register maintained under Section 301 of the Companies Act' 1956:

a) The Company has not taken any loans from parties mentioned in the register maintained under section 301 of the Companies Act’1956.

b) There are no loans which are given during the year.

(iv) I n our opinion and according to the information and explanations given to us' there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets' and with regard to the sale of services. During the course of our audit' we have not observed any major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us' we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act' 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us' the transaction made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act' 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us' the Company has complied with the provision of sections 58A and 58AA of the Companies Act' 1956 and the Companies (Acceptance of Deposits) Rules' 1975with regard to the deposits accepted form the public.

(vii) The Company has an internal audit system' the scope of the same need to be increase so as to be commensurate with the size and nature of the business.

(viii) In our opinion and according to the information and explanations given to us' the Central Government has not specified maintenance of cost records under section 209 (1) (d) of the Companies Act' 1956 to the company for the year under audit.

(ix) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund' investor education protection fund' employees’ state insurance' sales tax' wealth tax' custom duty' excise duty' cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amounts payable in st respect of wealth tax' sales tax' customs duty' excise duty and cess were in arrears' as at 31 March ‘ 2012 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us' there are no dues of sale tax' income tax' customs duty' wealth tax' excise duty and cess which have not been deposited on account of any dispute.

(x) The company does not have any accumulated losses. The company has not suffered any cash losses during the financial year covered by the audit and also in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us' the Company is regular in payment of dues to the NBFCs from which it has availed Hire Purchase Loan.

(xii) In our opinion and according to the information and explanation given to us' no loans and advances have been granted by the Company on the basis of security by way of pledge of shares' debentures and other securities.

(xiii) In our opinion' the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore clause 4(xiii) of the Companies (Auditor’s Report) Order’2003 is not applicable to the Company.

(xiv) In our opinion and according to the information and explanation given to us the Company is not dealing in shares and securities.

(xv) In our opinion and according to the information and explanations given to us the Company has not given guarantees for the loans taken by others from Banks or Financial Institutions.

(xvi) The Company has not raised any new term loans during the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company' we report that no funds raised on short term basis have been used for long term investment' No long term loan funds have been used to finance short terms assets expect permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to parties and the Companies covered in the Register maintained under Section 301 of the Companies Act’1956 during the year.

(xix) The Clause 4(xix) of the Companies (Audit Report) Order 2003 relating to the creation of security for the Debentures is not applicable to the Company as no debentures are raised by the Company.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us' no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstated.

for SATYANARAYANA & Co

CHARTERED ACCOUNTANTS

FRN No. 003680S Sd/-

Place: Hyderabad. J. JAGANNADHA RAO

Date: 30 May 2012 Partner

Membership No. 006239