Auditor Report of Gilada Finance & Investments Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of “GILADA FINANCE & INVESTMENTS
LIMITED”, which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit & Loss
including comprehensive income, the statement of changes in equity and the Statement of Cash
Flow for the year then ended and a notes to financial statement including summary of significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial statements give the information required by the companies Act 2013, 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 31^st March 2025, and its
profit, the changes in equity and cash flows for the year ended as 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 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 Companies Act, 2013 and the rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the code of ethics.

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

Key audit matters

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

Information other than the financial statements and auditors'' report thereon

The Company''s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board''s Report including Annexures
to Board''s Report, Business Responsibility Report but does not include the standalone financial
statements and our auditor''s report thereon.

The Board''s Report is expected to be made available to us after the date of this Auditors Report.

Our opinion on the standalone financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated.

When we read Board''s Report, If we conclude that there is a material misstatement of this other
information; we are required to communicate the matter to those charged with governance.

Responsibilities of Management and those charged with Governance 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 with respect to the preparation of these 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 Indian accounting
standards (Ind AS) specified under section 133 of the Act, read with Companies (Ind AS) Rules,
2015 & 2016 & amendments if any. This responsibility includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the
company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, management is responsible for assessing the 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.

Auditor''s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

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

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

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

• Materiality is the magnitude of misstatements in the financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.

• We 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 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. As required by the Companies (Auditor''s Report] Order, 2020 (“the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the companies Act, we give in the
Annexure - 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, the Statement of Profit and Loss, and the Cash Flow Statement, the statement of
changes in equity, dealt with by this Report are in agreement with the books of account.

d) In our opinion, except for the matter described in “Key audit Matters paragraph” the aforesaid
financial statements comply with the Indian 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, 2025, and
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 control over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in Annexure
- B and our report expresses an unmodified opinion on the adequacy and operating effectiveness of
company''s internal control over financial reporting.

g) With respect to the other matters to be included in the Auditors 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 and

h] With respect to the other matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors] Rules, 2014 in our opinion and to the best of our
information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial
statements - Refer Note 18 (B) (5) (A) to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts, for which there
were no material foreseeable losses provision is required.

(iii) There has been no delay in transferring amounts, required to be transferred to the Investor
Education and Protection Fund by the Company.

For BENNUR NAGARAJA & CO

CHARTERED ACCOUNTANTS
FR No. 419S

___Sd/-__

(BENNUR NAGARAJA)

PROPRIETOR
M. No. 024163

Place : Bangalore

Date : 30^th May, 2025

UDIN : 25024163BMGYKV5122

---

Mar 31, 2024

We have audited the accompanying financial statements of “GILADA FINANCE &
INVESTMENTS LIMITED”, which comprise the Balance Sheet as at March 31, 2024,
the Statement of Profit & Loss including comprehensive income, the statement of
changes in equity and the Statement of Cash Flow for the year then ended and a notes
to financial statement including summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
companies Act 2013, 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 31^st March 2024, and its profit, the changes in equity
and cash flows for the year ended as 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
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 Companies Act, 2013 and the rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the code of ethics.

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

Key audit matters

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

Information other than the financial statements and auditors'' report thereon

The Company’s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board’s
Report including Annexures to Board’s Report, Business Responsibility Report but
does not include the standalone financial statements and our auditor’s report
thereon.

The Boards Report is expected to be made available to us after the date of this
Auditors Report.

Our opinion on the standalone financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the standalone financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.

When we read Boards Report, If we conclude that there is a material misstatement
of this other information; we are required to communicate the matter to those charged
with governance.

Responsibilities of Management and those charged with Governance 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 with respect to the preparation of these 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 Indian accounting standards (Ind AS)
specified under section 133 of the Act, read with Companies (Ind AS) Rules, 2015 &
2016 & amendments if any. This responsibility includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to
fraud or error.

In preparing the financial statements, management is responsible for assessing the
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.

Auditor''s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted

in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

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

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

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

• Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i)
planning the scope of our audit work and in evaluating the results of our work;

and (ii) to evaluate the effect of any identified misstatements in the financial
statements.

• We 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 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. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order”) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the companies
Act, we give in the Annexure - 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, the Statement of Profit and Loss, and the Cash Flow Statement, the
statement of changes in equity, dealt with by this Report are in agreement with the books of
account.

d) In our opinion, except for the matter described in "Key audit Matters paragraph” 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, 2024,
and 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 control over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate report
in Annexure - B and our report expresses an unmodified opinion on the adequacy and
operating effectiveness of company’s internal control over financial reporting.

g) With respect to the other matters to be included in the Auditors 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 and

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

(i) The Company has disclosed the impact of pending litigations on its financial position in
its financial statements - Refer Note 18 (B) (5) (A) to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts, for
which there were no material foreseeable losses provision is required.

(iii) There has been no delay in transferring amounts, required to be transferred to the
Investor Education and Protection Fund by the Company.

For BENNUR NAGARAJA & CO
CHARTERED ACCOUNTANTS
FR No. 419S

(BENNUR NAGARAJA)

PROPRIETOR
M. No. 024163

Place : Bangalore

Date: 24^th May, 2024

UDIN :24024163BKCJVI2887