Auditor Report of Logiciel Solutions Ltd.

Mar 31, 2025

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

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

Basis for Opinion

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

Other Matters

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

Responsibilities of Management for audit of Financial Statements

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

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

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records, relevant to the preparation and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the Audit of the Financial Statements

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

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section i43(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls
system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Report on other legal and regulatory requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A”, a

statement on the matters specified in the paragraph 3 and 4 of the order.

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

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

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

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

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

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

f) With respect to the adequacy of the internal financial controls with reference to financial statements
of the Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B".

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

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

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

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

iv) a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds ) by the company to
or in any other person or entity, including foreign entities (“intermediaries”) with the
understanding, whether recorded in writing or otherwise, that the intermediary shall, whether
directly or indirectly lend or invest in other person or entity identified in any manner whatsoever
by or behalf of the company (“ultimate beneficiaries”) or provide any guarantee, security or the
like on behalf of the ultimate beneficiaries.

b) The management has represented, that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person or entity including foreign entities (“Funding Parties”) with the understanding, whether
recorded in writing or otherwise, that the company shall, whether directly or indirectly, lend or
invest in other person or entity identified in any manner whatsoever by or behalf of the funding
party (“ultimate beneficiaries”) or provide any guarantee, security or the like on behalf of the
ultimate beneficiaries; and

c) Based on such audit procedures that were considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that representations
under sub clause (a) and (b) contain any material mis-statement.

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

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

As per our separate report of even date.

For Raman Chawla and Associates

Chartered Accountants

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

Shivam Bansal

Partner

Membership No. : 450114

Place: New Delhi
Date: 15-07-2025

UDIN: 3^1