ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Defrail Technologies Ltd.

We have audited the accompanying Standalone financial statements of DEFRAIL
TECHNOLOGIES LIMITED (''the Company''), which comprise the Balance Sheet
as at March 31, 2026 and the Statement of Profit and Loss (Including Other
Comprehensive Income), the statement of changes in equity and the statement
of cash flows for the year then ended, and notes to the financial statements,
including a summary of the material 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 financial statements give the
information required by the Companies Act, 2013 ("the Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March 2026, and its profit, total comprehensive income, its
cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our
responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our audit of the Standalone
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 Standalone financial statements of the
current period. These matters were addressed in the context of our audit of the
Standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. We have
determined that there are no such key Audit Matters to be reported.

Other Information

The Company''s management and Board of Directors are responsible for the
other information. The other information comprises the information included
in the Company''s annual report, but does not include the financial statements
and our auditors'' 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 financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information; we are required to report that
fact. We have nothing to report in this regard.

Responsibility of Management for Standalone 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 the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding 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 35
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 for 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 and Board of Directors are
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.

Those Board of Directors are also responsible for overseeing the Company''s
financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial
Statement

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 with reference to financial statements 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 ability of the company 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 evidences 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, 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
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 Act, we give in "Annexure A" a statement on matters
specified in the paragraph 3 and 4 of the order for the company, to the extent
applicable.

2. As required by Section 143(3) of the Act, based on our audit 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

(b) In our opinion, proper books of accounts 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, Cash flow statement and
notes to financial statements dealt with by this Report are in agreement with the
relevant 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 the written representations received from the directors, as on
31st March 2026, taken on record by the Board of Directors and the report
of the statutory auditors, none of the directors of the company is disqualified
as on 31st March 2026 from being appointed as a director in terms of Section
164 (2) of the Act.

(1) With respect to adequacy of the internal financial controls over financial
reporting of the company and the operative effectiveness of such controls,
refer to our separate report in "Annexure B". Our report expresses an
unmodified opinion on adequacy and operative effectiveness of the
Company''s internal financial controls over financial reporting.

(g) The company being a public limited company, the other matters to be
included in Auditor''s Report in accordance with requirements of Section 197
(16) of the Act, as amended, in respect of whether the remuneration paid by
Company to its directors during the year is in accordance with the provisions
of Section 197 of the Act is applicable; 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 2.24 under the
heading of "Contingent Liabilities & Commitments" to the ^financial
statements.

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
Investors Education and Protection Fund by the Company.

iv) (a) The respective Management of the Company have represented to us that,
to the best of their knowledge and belief, 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, 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 respective Management of the Company have represented to us that, to
the best of their knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company or any of
such subsidiaries from any person or entity, including foreign entity ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise,
that the Company or any of such subsidiaries shall, 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

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

v) There is no dividend declared or paid during the year by the company.

vi) Based on our examination which included test checks, the company has
used an accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software. Further,
during the course of our audit we did not come across any instance of audit trail
feature being tampered with.

For Shiv & Associates
Chartered Accountants
Firm''s Registration No. :009989N

CA Abhishek Vashisht

Partner

^ M.No-526307

UDIN: 26526307ZPJVKE9575
Place : Faridabad
Date : 20-05-2026