ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Gretex Corporate Services Ltd.

Mar 31, 2026

We have audited the accompanying Standalone Financial Statements of GRETEX CORPORATE
SERVICES LIMITED ("the Company"), which comprise the Standalone Balance Sheet as at 31^st
March, 2026, the Standalone Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Changes in Equity, and the Standalone Statement of Cash
Flows for the year ended, and with Notes to the Standalone Financial Statements including a
summary of the Material Accounting Policies and other explanatory information (hereinafter
referred to as "Standalone Financial Statements").

Opinion

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 specified under section 133 of the Act read with the Companies
(Indian Accounting Standard) Rules, 2015 as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31^st March, 2026, and its
profit including other comprehensive income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the
Standards on Auditing ("the SAs") specified under section 143(10) of 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 (the
"ICAI") together with the ethical requirements that are relevant to our audit of the Standalone
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 Standalone Financial Statements.

Key audit matters are those matters that, in our professional judgement, 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.

Key Audit Matter	How the matter was addressed in our audit
Revenue from investment banking	Our audit procedures in relation to revenue
services arises from advisory,	recognition from investment banking services
transaction execution, capital raising,	included, among others, the following:
syndication and other related	• Evaluated the Company''s accounting policies for
engagements. Such arrangements often	revenue recognition and assessed their
involve milestone-based, success-	compliance with the requirements of Ind AS 115.
based or contingent fee structures, with	• Tested the design, implementation and
revenue being dependent upon the	operating effectiveness of key internal controls
achievement of specified contractual	relating to contract review, identification of
milestones or the successful	performance obligations, achievement of
completion of transactions.	milestones and revenue recognition. • Examined a sample of client engagement letters,
The recognition of revenue under Ind AS	mandates and underlying contractual
115, Revenue from Contracts with	arrangements to assess the identification of
Customers, requires management to	performance obligations and the
identify performance obligations,	appropriateness of revenue recognition.
determine the timing of their	• Assessed management''s evaluation of variable
satisfaction and assess the treatment of	consideration and contingent fees, including
variable consideration. Given the	whether revenue was recognised only when it
complexity of contractual arrangements	was highly probable that a significant reversal
and the significant judgement involved	would not occur.
in determining whether performance	• Performed substantive testing of revenue
obligations have been satisfied and	transactions, including verification of supporting
revenue can be recognised, this matter	documentation evidencing the completion of
was considered to be of most	contractual milestones and transactions.
significance in our audit and,	• Performed cut-off procedures around the year-
accordingly, was determined to be a Key	end to assess whether revenue had been
Audit Matter.	recognised in the appropriate accounting period. • Evaluated the adequacy and appropriateness of disclosures relating to revenue recognition in the financial statements. • Based on the audit procedures performed, we found the Company''s recognition of revenue from investment banking services to be consistent with the requirements of Ind AS 115 and the related disclosures to be appropriate.

Information Other than the Standalone 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 Directors'' Report including
Annexures to Directors'' Report, Management Discussion and Analysis Report and Report on
Corporate Governance, but does not include the Standalone Financial Statements and our
Auditors'' Report thereon.

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 identified above when it becomes available, 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
misstate

If, based on the work we have performed on the other information that we obtained prior to the
date of Auditors'' 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.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is 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, 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.

This responsibility also 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 judgements and estimates that are reasonable and prudent; and designing,
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 Standalone Financial Statements 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 alternatives but to do
so.

The Board of Directors is also responsible for overseeing the company''s financial reporting
process

Auditors'' Responsibility for the Audit of Standalone 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 Standalone 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 Standalone 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 financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Act, 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 auditors'' report to the related disclosures in the Standalone
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 Standalone Financial
Statements, including the disclosures, and whether the Standalone Financial Statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatement 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 qualitative 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 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 Standalone Financial Statements of the
current period and are therefore the key audit matters. We describe these matters in our auditors''
report unless law or regulation precludes public disclosure about the matters, 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

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 paragraphs 3 and 4 of the said Order, to the extent
applicable.

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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including
other comprehensive income, the Standalone Statement of changes in equity and the
Standalone 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 Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act;

(e) On the basis of the written representations received from the directors as on 31^st March,
2026 taken on record by the Board of directors, none of the directors are disqualified as
on 31^st March, 2026 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 over financial reporting of
the Company and the operating effectiveness of such controls, as required under

Section 143(3)(i) of the Act, refer to our separate report in "Annexure B”.

(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, the Company has complied with the
provisions of Section 197 read with Schedule V to the Act, relating to managerial
remuneration.

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

i. According to the information and explanations given to us, the Company does not
have any pending litigations having an impact on 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;

iv. (a) 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
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 to 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 to 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;

(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 (i) and (ii) of Rule 11 (e), (a)
and (b) above, contain any material misstatement.

v. As stated in Note 42 to the Standalone Financial Statements

(a)The final dividend proposed in the previous year, declared and paid by the
Company during the year is in accordance with Section 123 of the Act, as applicable.

(b)The board of directors of the company has proposed final dividend for the current
year which is subject to the approval of the members at the ensuing Annual General
Meeting. The dividend declared is in accordance with section 123 of the Act to the
extent it applies to declaration of dividend.

vi. Based on our examination, including test checks, the company has used an
accounting software with audit trail (edit log) feature for maintaining its books of
account, which has been consistently operated throughout the year for all relevant
transactions. During our audit, we did not find any instance of the audit trail feature
being tampered with and the audit trail has been preserved by the company as per
statutory requirements for record retention.

Other Matters

The Standalone Financial Statements for the year ended 31^st March, 2026 includes comparative
financial information for the year ended 31^st March, 2025. The financial statement for the year
ended 31^st March, 2025 have been audited by the joint auditors of the company, one of them was
the predecessor audit firm, where they had expressed an unmodified opinion on such statement
on such Standalone Ind AS Financial statement on 16 May, 2025.

Our Opinion is not modified in respect of the above mentioned matter.

For Jay Gupta & Associates For V. Singhi & Associates

Chartered Accountants Chartered Accountants

Firm Regn. No: 329001E Firm Regn. No:311017E

^{(CA Jay Shankar Gupta)} (Aniruddha Sengupta)

^Partner Partner

^{Membership N}°- ⁰⁵⁹⁵³⁵ Membership No.: 051371

^{UDIN: 26059535JXJVKD8752} UDIN:26051371BIQKRP2801

Place: Kolkata
Date: 07-05-2026

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Mar 31, 2025

We have audited the accompanying Standalone IndAS Financial Statements of M/s. GRETEX CORPORATE SERVICES
LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2025, 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
ended on that date and notes to the financial statements, including a summary of material accounting policies and other
explanatory information (hereinafter referred to as the "Standalone IndAS Financial Statements").

2. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone
IndAS 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,
("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,
2025 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

3. Basis for Opinion

We conducted our audit of the Standalone IndAS Financial Statements in accordance with the Standards on Auditing ("SA"s)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Standalone IndAS 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 lndia ("ICAI") together
with the ethical requirements that are relevant to our audit of the Standalone IndAS Financial Statements under the provisions
of the Act and the Rules made thereunder, 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 obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the Standalone IndAS Financial Statements.

4. Other Information

The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Company''s annual report but does not include the Standalone IndAS Financial Statements and our auditor''s
report thereon. Other information is expected to be made available to us after the date of this auditor''s report.

Our opinion on the Standalone IndAS Financial Statements does not cover the other information and we will not express any
form of assurance conclusion thereon.

In connection with our audit of the Standalone IndAS 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.

5. 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 Act with respect to the
preparation of these Standalone IndAS Financial Statements that give a true and fair view of the financial position, financial
performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including IndAS 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 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 Standalone
IndAS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the Standalone IndAS Financial Statements, management and Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Company''s Board of Directors is also responsible for overseeing the Company''s financial reporting process.

6. Auditor''s Responsibility for the Audit of the Standalone IndAS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone IndAS 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 Standalone IndAS Financial Statements.

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

• Identify and assess the risks of material misstatement of the Standalone IndAS 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 financial control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls with reference to Standalone IndAS 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 the 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 Standalone IndAS 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 Standalone IndAS Financial Statements, including the
disclosures, and whether the Standalone IndAS Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone IndAS Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone IndAS 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
Standalone IndAS Financial Statements.

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 financial controls 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 Standalone IndAS 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.

7.1 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 the "Annexure A" statement on the matters specified in paragraphs 3

and 4 of the Order, to the extent applicable.

7.2 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 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 IndAS Financial Statements comply with the IndAS specified under Section 133
of the Act.

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, 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 Standalone IndAS 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 IndAS Financial Statements.

g) 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 point no. AI of Note 32 to the financial statements;

(ii) The company does 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.

(iv) The Company has declared and paid dividend during the year amounting to ? 70.29 Lakhs.

(v) (a) 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 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 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;

(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 (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

(vi) 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. Based on our examination which included test checks, the company has used 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.

Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record
retention.

h) 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 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.

For Jay Gupta & Associates
(Erstwhile Gupta Agarwal & Associates)
Chartered Accountants
FRN: 329001E

Sd/-

J.S Gupta
(Partner)

Date: 16.05.2025 Membership No.: 059535

Place: Kolkata UDIN: 25059535BMHBZX6657

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Mar 31, 2024

We have audited the accompanying Standalone IndAS Financial Statements of M/s. GRETEX CORPORATE SERVICES LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2024, 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 ended on that date and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Standalone IndAS Financial Statements").

2. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone IndAS 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, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

3. Basis for Opinion

We conducted our audit of the Standalone IndAS Financial Statements in accordance with the Standards on Auditing ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone IndAS 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 lndia ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone IndAS Financial Statements under the provisions of the Act and the Rules made thereunder, 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 obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone IndAS Financial Statements.

4. Other Information

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Company''s annual report but does not include the Standalone IndAS Financial Statements and our auditor''s report thereon. Other information is expected to be made available to us after the date of this auditor''s report.

Our opinion on the Standalone IndAS Financial Statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone IndAS 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.

5. 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 Act with respect to the preparation of these Standalone IndAS Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including IndAS 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 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 Standalone IndAS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone IndAS Financial Statements, management and Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company''s Board of Directors is also responsible for overseeing the Company''s financial reporting process.

6. Auditor''s Responsibility for the Audit of the Standalone IndAS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone IndAS 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 Standalone IndAS Financial Statements.

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

• Identify and assess the risks of material misstatement of the Standalone IndAS 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 financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate

internal financial controls with reference to Standalone IndAS 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 the 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 Standalone IndAS 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 Standalone IndAS Financial Statements, including the disclosures, and whether the Standalone IndAS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone IndAS Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone IndAS 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 Standalone IndAS Financial Statements.

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 financial controls 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 Standalone IndAS 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.

7. Report on Other Legal and Regulatory Requirements

7.1 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 the "Annexure A" statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

7.2 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 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 IndAS Financial Statements comply with the IndAS specified under Section 133 of the Act.

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 controls with reference to Standalone IndAS 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 IndAS Financial Statements.

g) 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 does 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.

(iv) The Company has not declared or paid any dividend during the year.

(v) (a) 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 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 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;

(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 (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

(vi) 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. Based on our examination which included test checks, the company has used 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.

h) 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 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.

For Jay Gupta & Associates (Erstwhile Gupta Agarwal & Associates) Chartered Accountants FRN: 329001E

J.S Gupta

Date: 17.04.2024 (Partner)

Place: Kolkata Membership No.: 059535

UDIN: 24059535BKBIYM1993

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Mar 31, 2023

We have audited the accompanying financial statementsGofetex Corporate Services Limited (‘the Company’), which comprise the Standalone Balance Sheet as at 31^st March, 2C23, the Standalone Statement of Profit and Loss for the year ended M a3ch, 2(23 and the Standalone statement of Cash Flows for the year then ended and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements”)

OPINION

In our opinion and to tltest of our information and according to the explanations given to us, the aforesaid Standalone financial statements give the information required by the Companies Act 20B in the manner so required and give a true and fair view in conformity withouheingcprinciples generally accepted in India, of the state of affairs of the company a?( M aBfch, 2C23, the profit and total income, changes in equity and its cash flows for the period ended on that date.

BASIS FOR OPINION

We conducted our auditni accordance with the Standards on Auditing specified under Section 43(D) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of 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 provi sa>6 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 tcprovide a basis for our audit opinion on the standalone financial statements.

OTHER INFORMATION

The Company’s Management and Board of Directors are responsible for the other information. The other information comprises the information included iiChlmpany’s annual report, but does not include the financial statements and our auditors’ report thereon. The Company’s annual report is expected to be made available to us after the date of this auditor’s report. Our opinion on the standalone financial stements does not cover the other information and we will 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 identified above wtectorites available 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. When we read the Companyannual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws and regulations.

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 and presentation of these standalone financial statemets 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 33 ©fAdt.

This responsibility also 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 andiappion 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 err or.

In preparing the standalone financialatetnents, the 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 the Boardof Directors 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 objective 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 on these standalone financiafemtertts. 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 ar considered materal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

We have taken into account the provisions of the Act, the accountinauditdJng 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 specified under Section 43(D) 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 performingrocedures to obtain audit evidence about the amounts and the 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 , whe due to fraud or error. In making those risk assessments, the auditor considers internal financial contro relevant to the company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that arerappiate in the circumstances. An audit also includes evaluating the appropriateness of the 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 statement s.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1 As required by su-section 3 of Section 43 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 Standalone Balance Sheet, the Standalone StatemfeiProfit and Loss and the Statement

of Standalone 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 of the Act .

(e) On the basis of the written representations received from the directors ^saMcar 3, 2023

taken on record by the Board of Directors, none of the directors is disqualified as on 3ht March, 2023 from being appointed as a director inrtms of Section 64 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in “ANNEXURE - A”;

(g) with respect tchfe other matters to be included in the Auditor’s Report in accordance with Rule

H of the Companies (Audit and Auditors) Rules, 204, in our opinion and to the best of our information and according to the explanations given to-us:

i. The Company did noh ave any pending litigations in its financial statements.

ii. The Company did not have any long term contract including derivative contract which may lead to any foreseeable losses.

iii. There have been no amounts required to be transferred to the InvestoiioE dmchProtection F und by the Company.

(h) with respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(6) of the Act, as amended:

In our opinion and according to the information and explained igiven to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 97 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 97 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(6) of the Act which are required to be commented upon by us.

2 As required by the Companies (Auditor’s Report) Order, 2020 (“ the Order”) issued by the Central (Gvernment of India in terms of -section (I) of section 43 of the Act, we give in

the “ANNEXURE - B” a statement on the matters specified in the Order, to the extent applicable.

For Gupta Agarwal & Associates Chartered Accountants Firm’s Registration No: 329001E

Sd/-

Jay Shanker Gupta Partner

Membership No: 059535 UDIN: 23059535BGSWUU3693

Date: May 26, 2023 Place: Kolkata