Auditor Report of Earkart Ltd.

Mar 31, 2026

We have audited the accompanying standalone financial statements of Earkart Limited ("the Company"),
which comprise the Balance Sheet as at 31st March 2026, the statement of profit and loss, and the State¬
ment of Cash Flows for the year ended on that date, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the afore¬
said standalone financial statements, give the information required by the Companies Act, 2013, as amend¬
ed, (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 31,2026, and its
profit, and its cash flows 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. 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 inde¬
pendent 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 there under, 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 on the financial statements.

Key audit matters

SA-701 requires communicating Key Audit Matters in the Independent Auditor''s Report.

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 including explanatory notes forming
part of the Financial Statements, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

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

The Company''s management and board of directors are responsible for the preparation of the other infor¬
mation. The other information comprises the information included in the Board''s Report including Annex-
ure''s to Board''s Report, Business Responsibility Report but does not include the financial statements and
our auditor''s 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 standalone
financial statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this audi¬
tor''s report, we conclude that there is a material misstatement therein, we are required to report that fact to
those charged with governance and take necessary actions - It is hereby mentioned we have nothing to
report in this regard.

Responsibilities of Management and Those Charged with Governance for the 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 standalone financial statements that give a
true and fair view of the financial position, financial performance, and cash flows of the Company in accor¬
dance with the accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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 accounting policies; making judg¬
ments 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 com¬
pleteness of the accounting records, relevant to the preparation and presentation of the financial state¬
ments that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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 Compa¬
ny or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that
includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls
system in place and the operating effectiveness of such controls.

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

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

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

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

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 reason¬
ably be expected to outweigh the public interest benefits of such communication.

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit report under the provisions of the Act and the Rules made
there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) 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 misstate¬
ment.

An audit involves performing procedures 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, whether due to fraud or
error. In making those risk assessments, the auditor considers internal financial control relevant to the
Company''s preparation of the standalone financial statements that give a true and fair view in order to
design audit procedures that are appropriate 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 state¬
ments.

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.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Govern¬
ment of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in "Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable, that:

I. We have sought and obtained all the information and explanations which to the best of our knowl¬
edge and belief were necessary for the purposes of our audit.

II. 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.

III. The company does not have any other branch office of the company audited under sub-section
143(8) of the Act.

IV. The Balance Sheet and the Statement of Profit and Loss and the statement of cash flow dealt with
by this Report are in agreement with the books of account.

V. In our opinion, the aforesaid standalone financial statements comply with the Accounting Stan¬
dards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

VI. In our opinion, there were no financial transactions or the matters which have any adverse effect on
the functioning of the company;

VII. On the basis of the written representations received from the director as on 31 March 2026 taken
on record by the Board of Directors, the director is not disqualified as on 31 March 2026 from being
appointed as a director in terms of Section 164 (2) of the Act;

VIII. In our opinion there is no adverse remark relating to the maintenance of accounts and other
matters connected therewith;

IX. With respect to the matter to be included in the Auditors'' Report in accordance with the require¬
ments of section 197 of the Act, as amended, in our opinion and according to the information and explana¬
tions 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.

X. With respect to the adequacy of the internal financial controls over financial reporting of the Com¬
pany and the operating effectiveness of such control, 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 over financial reporting.

XI. 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:

a) The Company does not have any pending litigations, which would impact its financial position.

b) The Company does not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses;

c) There were no amounts which were required to be transferred to the Investor Education and Protec¬
tion Fund by the Company.

d) (i) 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(s) or entity(ies), 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 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;

(ii) 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(s) or
entity(ies), 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 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

(iii) Based on audit procedures which we 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) contain any material mis-statement.

e) The company has not declared or paid any dividend during the year, hence provisions of section
123 of the Companies Act, 2013 is not applicable.

f) Based on our examination, which included test checks, the Company has used accounting soft¬
ware''s for maintaining its books of account for the financial year ended March 31,2026 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''s. Further, during the course of our audit we did not come
across any instance of the audit trail feature being tampered with and the audit trail has been preserved by
the company as per the statutory requirements for record retention.

For TIMSI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 020141C

PEER REVIEW CERTIFICATE NO. 025242
UDIN: 26535006KENILQ6450

Sd/-

CA TIMSI SHARMA
PROPRIETOR
M. NO.: 535006
Date: 29.05.2026
Place: NOIDA