Auditor Report of Identixweb Ltd.

Mar 31, 2025

We have audited the accompanying Standalone Financial Statements of Identixweb Limited (“the Company”), which
comprise the Standalone Balance Sheet as at March 31,2025, the Standalone Statement of Profit and Loss for the
year then ended, and notes to the Standalone Financial Statements including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as “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 31,2025 and its profit/loss for the year ended on that date.

Basis for Opinion

We conducted our audit of the accompanying financial statements in accordance with the Standards on Auditing as
specified under section 143(10) of the Act (SAs). 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
(ICAI) together with the ethical requirements that are relevant to our audit of the 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 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 accompanying financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements for the financial year ended March 31,2025. 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. For each matter below, our description of how our audit
addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the standalone
financial statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
standalone financial statements. The results of our audit procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

1.	Revenue Recognition - Multiple Service Lines and Contract Structures
The Key Audit Matter		How the Matter Was Addressed in Our Audit
The Company derives revenue from:		Our audit procedures included, among others:
•	IT services	• Obtained an understanding of the Company’s
•	Software licenses	revenue streams and evaluated the accounting policies in accordance with AS 9
•	Maintenance of software/hardware	• Evaluated internal controls over contract intake,
•	Development contracts under time and material and	review, classification, and revenue recognition
	fixed-price models	including:
	Revenue is recognized based on the arrangement	- Assessment of whether contracts contained
	type right to invoice, as services are performed, or	multiple performance obligations;
	on a straight-line basis for repetitive services.	- Determination of contract transaction price and
	Given the variety of contract types, timing of	allocation to obligations.
	recognition, and reliance on management judgement, this was identified as a key audit matter.	- Reviewed contracts involving repetitive services and verified application of the straight-
		line method or alternative performance metrics.

2. Capitalisation of Salary and Related Expenses Towards Product Development
The Key Audit Matter	How the Matter Was Addressed in Our Audit
The Company is primarily engaged in providing SaaS- based services and specializes in Shopify app development and related software solutions. During the year, the Company capitalised a significant portion of salary and related expenses of employees involved in the development of its own technology products and platforms. We considered this to be a key audit matter due to: • The materiality of the amount capitalised; • The degree of management judgement involved in identifying qualifying costs; • Risk of misstatement due to improper classification of operating expenses as capital expenditure; • The need to assess compliance with the recognition criteria under AS 26.	Our audit procedures included, among others: • Obtained and evaluated the Company’s capitalization policy to assess its alignment with the relevant provisions of the Companies Act, 2013 and Accounting Standards 26. • Assessed the design and implementation of internal controls related to identification, tracking, and allocation of capitalisable development costs. • Reviewed the basis and consistency of capitalization across projects and assessed whether the recognition criteria were met for each case. • Performed substantive analytical procedures on capitalization ratios and trends in relation to comparable prior periods.

Information other than the Financial Statements and Auditor’s 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 Annual Report including Annexure to Board’s Report, but does not include
the accompanying financial statements and our auditor’s report thereon.

Our opinion on the accompanying 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 accompanying financial statements, our responsibility is to read the other
information and, in doing so, consider whether such other information is materially inconsistent with the 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, we conclude that there is a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management and Board of Directors 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 and presentation of these financial statements that give a true and
fair view of the financial position, financial performance 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 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 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 is responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the audit of the 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 financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion.

• The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

• Obtain an understanding of internal 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.

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

• 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 the board of directors 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 board of directors 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of the Act, based on our audit we give in the “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, 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, except for the matters stated in sub-clause (2)(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss 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 Accounting Standards
specified under Section 133 of the Act, read with the Rule 7 of the Companies (Account) Rules, 2014.

e) On the basis of the written representations received from the directors as on March 31, 2025 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) The modification relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph (b) above on reporting under section 143(3)(b) and in sub-clause (2)(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

g) With respect to the adequacy of the internal financial controls with reference to these standalone financial
statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”
to this report;

h) In our opinion, the managerial remuneration for the year ended March 31,2025 has been paid/ provided
by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to
the Act;

i) 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, as amended, 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.

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 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;

(b) The management of the company has represented that, to the best of its knowledge and belief, 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

(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.

v. No dividend has been declared or paid during the year by the company.

vi. The 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. However,
the audit trail feature is not enabled for certain direct changes to data when using certain access rights,
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with in respect of the accounting software where audit trail was enabled.

For, Shah Teelani & Associates
Chartered Accountants
Firm Registration No. 0133549W

-- sd -

Jinesh Nemish Shah
Partner

Place: Ahmedabad Membership No. 141079

Date: 06/07/2025 UDIN: 25141079BMHXXE2535