We have audited the accompanying financial statements
of M/s Esconet Technologies Limited, which comprises
the balance sheet as at 31st March 2025, the Statement
of Profit and Loss for the year then ended, Cash Flow
Statement and notes to financial statements, including
a summary of significant accounting policies and other
explanatory information (hereinafter referred as the
“Financials Statements”).

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
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 31,2025, and Profit and Cash Flow for the period
ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing specified under
section 143(10) of the Act (SAs). 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 (ICAI) together with the
independence requirements that are relevant to our audit
of the financial statements under the provisions of the Act
and the Rules made there under, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the
financial statements.

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 (“the Act”) with respect to the preparation of these
financial statements that give a true and fair view of the
financial position, financial performance, including other
total comprehensive income, changes in equity 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. 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
implementation and maintenance of 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 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 Responsibility

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.

• 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

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, 2013, 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. 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 appears from our examination of those
books. The company has no branches.

c) The Balance Sheet, the Statement of Profit
and Loss and Cash Flow Statement dealt
with by this Report are in agreement with the
books of accounts.

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 31 March, 2025, 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) Reporting on the adequacy of the internal
financial control over Financial Reporting of the
statements of the Company and the operating
effectiveness of such controls, under sec 143(3)
(i) of the act refer to our separate Report in
“Annexure B” to this report; and

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

In our opinion and to the best of our knowledge
and according to the explanations given to us
by the management, "the provisions contained
under Section 197 of the Companies Act, 2013,
read with Schedule V and the Rules framed
thereunder, state that the maximum limit of
managerial remuneration is not applicable to
a private company and since, at the time when
the remuneration was approved by the Board
and paid, the company was a private company
and converted on and when a private company
converts to a public company, there is no
stipulations or requirement for re-approval of
shareholders regarding managerial remuneration
approved during its private company status”.
Therefore, the remuneration paid by the Company
to its directors during the year is in accordance
with the provisions of section 197 of the Act.

h) 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:

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

2) The Company did not have any long¬
term contracts including derivatives
contracts for which there were any material
foreseeable losses.

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

4) a) The Management has represented

that, to the best of its knowledge and
belief, to the Financial Statements,
no funds (which are material either
individually or in the aggregate) 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 entity (“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;

(b) The Management has represented,
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity (“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