Auditor Report of Hanman Fit Ltd.

Mar 31, 2025

1. We have audited the accompanying financial statements of Hanman Fit Limited ("the Company") which
comprise the Balance Sheet ns at 31“ March, 2025 the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant accounting |K>licies and other
explanatory information.

Opinion

2. In our opinion and to the best of our information and according to the explanations given to us, the
accompanying 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 31“ March, 2025 and its Net Loss
and its Cash Plows for the year ended on that dale.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (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 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.

Emphasis of Matter

4. The Company has an accumulated loss of Rs 882.90 Lakhs as at 31st March 2025. The management of the
Company is currently undertaking measures to revive its gymnasium operations and strengthen its brand
presence which had been significantly impacted after the Covid-19 pandemic. The outcome of these
initiatives is subject to inherent uncertainties and casts a significant uncertainly on the Company''s ability
to continue as a going concern till new business avenues ore established or the existing business of the
company is revived. Pending the resolution of the above uncertainties, the management has prepared the
aforesaid statement on a going concern basis. Our opinion is not qualified in respect of the above matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current year. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion, and we do not provide a separate
opinion on these matters. Wo have determined the matters described below to be the key audit matters to
be communicated in our report. _

Sr. No.	Key Audit Matter	Auditor''s Response
1	NIL''

Management''s Responsibility for the Financial Statements

6. 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 financial statements that give a true and fair view of the financial
position and 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, 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
the assets of the company and for preventing & detecting fraud & 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 control, 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 error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for
overseeing the company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

7. 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 Standards on Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and arc 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 Standards on Auditing, 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 financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by 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 arc required to draw attention in our auditor’s

report to the related disclosures in the financial statements or. if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

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

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.

Materially is the magnitude of misstatements in the financial statements that individually or in aggregate makes
it probable that the economic decision of reasonably knowledgeable user of the financial statements may be
influenced. We considered quantitative materiality and qualitative factors in (i) planning the scope of our work
and in evaluating the result of work in (ii) to evaluate the effect of any identified misstatement in the financial
statements.

We also provide those charged with governance with a statement that we have complied with the relevant
ethical 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 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 & regulatory Requirements

8. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central
Government in terms of Section 143(11) of the Act and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to the information and explanations
given to us, we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the
Order.

9. (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;

c) The Balance Sheet and the Statement of Profit and Loss and the Cash Flows Statement dealt
with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules
2014.

e) On the basis of written representations received from the Directors as on 31st March, 2025,
taken on record by the Board of Directors, none of the directors are disqualified as on 31stMarch, 2025 from being appointed as a Director in terms of Section 164(2) of the Act.

0 With respect to the adequacy of the internal financials control over financial reporting of the
company and the operative effectiveness of such controls, refer to our separate report in
“Anncxure II”

(B) With respect to the other matters included in the auditor’s report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rule 2014 as amended and to best of our information and according to
the explanation given to us.

i. The Company docs not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term 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. As per the management representation we report,

a) no funds have been advanced or loaned or invested by the company to or in any other
person(s) or entities, including foreign entities (“Intermediaries”),with the understanding
that the intermediary shall whether directly or indirectly lend or invest in other persons or
entities identified in any manner by or on behalf of the company (Ultimate Beneficiaries)
or provide any guarantee, security or the like on behalf of the Ultimate beneficiaries.

b) no funds have been received by the company from any person(s) or entities, including
foreign entities (“Funding Parties”),with the understanding that the such 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 guarantee, security or the like on behalf of the Ultimate beneficiaries.

c) Based on the audit procedures performed, we report that nothing has come to our notice
that has caused us to believe that the representations given under sub-clause (i) and (ii) of
Rule 11(e) by the management contain any material mis-statement.

v. Since the company has not declared or paid any dividend during the year, the question of
commenting on whether dividend declared or paid is in accordance with Section 123 of the Act
does not arise.

vi. Based on the audit procedures performed in terms of 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, we report that the company has not maintained
the books of accounts in the software which has a feature of recording audit trail of
transactions entered in the software.

(C) With respect to the 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 explanation given to us, the
company has not paid any remuneration to its directors during the year hence the provision of this
Section is not applicable to the company.

For and on behalf of
B. L. Dasharda & Associates
Chartered Accountants
F.R. No.: 112615W

Sushant Mehta
partner

Place: Mumbai M.NO.: 112489

Dated: 30th May 2025

UDIN No: 25112489BMIUYU9224

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Mar 31, 2024

We have audited the accompanying Statement of standalone financial results of HANMAN FIT
LIMITED (''the Company'') for the half year ended and year ended 31^st March, 2024 (''the
Statement''), attached herewith, being submitted by the Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015,
as amended (''the Regulation'').

In our opinion and to the best of our information and according to the explanations given to us,
the statement:

a. is presented in accordance with the requirements of Regulation 33 of the Regulations; and

b. gives a true and fair view in conformity with Accounting Standard 25 "Interim Financial
Reporting", (AS 25") prescribed under Section 133 of the Companies Act, 2013 (the "Act")
read with relevant rules issued thereunder and other accounting principles generally accepted
in India of the net profit and other financial information of the Company for the half year
ended and year ended 31st March, 2024.

We conducted our audit of the Statement 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 Financial Results
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 ethical
requirements that are relevant to our audit of the Standalone Financial Results 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 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.

Management''s Responsibilities for the Standalone Financial Results

This Statement, is the responsibility of the Company''s Management and approved by the Board
of Directors, has been compiled on the basis of standalone financial statements for the year ended
31st March, 2024. The Company''s Board of Directors are responsible for the preparation and
presentation of the Standalone Financial Results that give a true and fair view of the net profit
and other comprehensive income and other financial information in accordance with the
recognition and measurement principles laid down in AS 25, prescribed under Section 133 of the
Act, read with relevant rules issued thereunder and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 the 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 Financial Results that give a true and fair view
and is free from material misstatement, whether due to fraud or error.

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

The Board of Directors are also responsible for overseeing the financial reporting process of the
Company.

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

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results
as a whole is 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 this Standalone Financial Results.

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 Results,
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, but not for the purpose of
expressing an opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates made by the Board of Directors. ¹

• Conclude on the appropriateness of the Board of Directors'' 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 Statement
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 Results,
including the disclosures, and whether the Standalone Financial Results represent the
underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results of the
Company to express an opinion on the Standalone Financial Results.

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.

Other Matter

The financial results include the results for the half year ended March 31, 2024 and March 31,
2023 being the balancing figures between audited figures in respect of the full financial year and
the published year to date figures up to the end of the first half of the respective financial year.
Also, the figures up to the end of the first half year have only been reviewed and not subjected to
audit.

Our opinion is not qualified in respect of the above matter.

For B L Dasharda & Associates

Chartered Accountants

Firm Registration Number: 112615W

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CA Sushant Mehta

Partner

Membership Number: 112489

Place: Mumbai

Date : 30^th May, 2024

UDIN: 24112489BKANXU7836

1

Evaluate the appropriateness and reasonableness of disclosures made by the Board of
Directors in terms of the requirements specified under Regulation 33 of the Listing
Regulations.