Auditor Report of Finbud Financial Services Ltd.

Mar 31, 2024

We have audited the standalone financial statements of Finbud Financial Services Private
Limited (“the Company”), which comprise the standalone Balance Sheet as at March 31, 2024,
the standalone Statement of Profit and Loss, the standalone Statement of Cash Flows ended on
that date and notes to the financial statements, including the summary of significant accounting
policies and other explanatory information (hereinafter referred to as the “financial
statements”).

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 accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2024, the profits and its cash flows for the year ended on that date.

Basis tor Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those SAs 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 financial statements under the provisions of the Act 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 on the financial statements.

Management’s Responsibilities 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 Hows 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 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.

Those Board of Directors are also responsible for overseeing the company’s financial reporting
process

Auditor’s Responsibility for the Audit of the 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 auditors’ 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 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 financial statements in place and the operating effectiveness
of such controls.

r Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures in the standalone financial statements made by the
Management and Board of Directors.

^ Conclude on the appropriateness of the Management and Board of Directors use of the going
concern basis of accounting in preparation of standalone financial statements 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 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 auditors’ 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”) issued by the
Central Government in terms of Section 143(11) of the Act, 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. (A) 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.

r) The standalone balance Sheet, the standalone statement of profit and loss including the
standalone statement of cash flows dealt with by this Report are in agreement with the relevant
books of account.

d) In our opinion, the aforesaid standalone 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 31 March 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31 March
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 financial
statements of the company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure B”.

(B) 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, 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 did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.

(Hi) There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

(C) With respect to the matter to be included in the Auditors’ Report under Section 19/(16) of
the Act, in our opinion and according to the information and explanations given to us, the limit
prescribed by section 197 for maximum permissible managerial remuneration is not applicable to
a private limited company.

(D) Based on our examination which included test checks and information given to us, the
Company has used accounting software for maintaining its books of account, which did not have
a feature of recording audit trail (edit log) facility and hence we are unable to comment on audit
trail feature of the said software.

for B B S K and Associates

Chartered Accountants

ICAI Firm Registration No.: 013313S

Baladasan Bharathi

Partner

M. No. 214061

UDIN: 24214061BKCJZH3877
Place: Chennai
Date: 10th Sep 2024