Auditor Report of Medi Assist Healthcare Services Ltd.

Mar 31, 2025

We have audited the accompanying Standalone
Financial Statements of Medi Assist Healthcare
Services Limited ("the Company"), which comprise
the Standalone Balance Sheet as at March 31, 2025,
and the Standalone Statement of Profit and Loss,
including Other Comprehensive Income, Standalone
Statement of Changes in Equity and Standalone
Statement of Cash Flows for the year then ended,
and notes to the Standalone Financial Statements,
including material accounting policy information and
other explanatory information (hereinafter referred to
as the "Standalone 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 Indian Accounting Standards
prescribed under section 133 of the Act read with
Companies (Indian Accounting Standards) Rules, 2015,
as amended ("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 and
other comprehensive loss, 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 (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
("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 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 obtained by us is sufficient and
appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 53 to the accompanying
Statement which describes that search and seizure
operation was carried out by the Directorate of
Enforcement at certain offices of a wholly owned
subsidiary and the management''s assessment thereof
about the consequent impact on the Standalone
Financial Statements.

Our opinion is not modified in respect of this matter.

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 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. We have determined the matters described below to be
the key audit matters to be communicated in our report:

Sr. No.	Key Audit Matters			How the Key Audit Matters was addressed in our audit
1.	Assessment of the carrying value of intangible assets (including intangible assets under development) (Refer to Note 3.h, Note 2.D to the Standalone Financial Statements regarding the recognition, amortisation of Intangible Asset, ''Impairment Losses'' and ''judgements, estimates and assumptions'' respectively).			Our audit procedures with respect to this area included, among others, following: a. We obtained an understanding and assessed the design, implementation and operating effectiveness of relevant internal controls with regard to the classification of development expenditure and their capitalisation and evaluation of impairment for internally generated intangible assets.

Sr. Key Audit Matters	How the Key Audit Matters was addressed in
No.	our audit
The Company incurs product development	b.	We evaluated management review controls
costs and capitalises such expenditure to the		over calculations of the future economic
extent it qualifies for recognition as an Intangible Asset (product development). Such expenditure		benefit of the projects.
includes internal manpower costs and outsourced manpower costs specifically incurred on such development projects. Up to the stage the products are ready for it to be capable of operating in	c.	We observed management''s validation of relevant data elements and benchmarking the assumptions.
the manner intended by the management, the	d.	We observed management''s assessment of
Company records the qualifying expenditure as		sensitivity of the impact of the changes in key
''intangible assets under development''.		assumptions.
The Company has capitalised Rs 102.31 million of intangibles in the nature of internally developed software during the year and has an amount of Rs 38.66 million under development as at March 31, 2025 for new technology developments. The Company has also acquired Intangible assets amounting to Rs 461.75 million during the year ended March 31, 2025 for digitization of claims processing. Intangible assets under development are tested for impairment on an annual basis. The Company tests other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.	e. f. g.	We discussed with senior management and challenged management assumptions. We tested the capitalisation of project related expenses incurred during the year with underlying documents relating to material costs, directly attributable overheads, designing cost, software expenses, testing charges and related salary cost incurred to verify existence and appropriateness of classification of research and development.
		We performed sensitivity tests on the model by analysing the impact of using other possible growth rates and discount rates within a reasonable and foreseeable range.
The appropriateness of Intangible assets and
Intangible assets under development capitalised is a key audit matter due to the judgement involved in assessing if the cost meets the capitalisation	h.	We inspected the technical team''s approvals for initiation of capitalisation.
criteria, dependency of the business on the	i.	We reviewed the central cost allocation for
assets capitalised / under capitalisation and key		the year and determined costs capitalised
assumptions used in the measurement model for		are directly attributable including the interest
impairment. The measurement model used for review of impairment of these Intangible assets		capitalised.
depends largely on management''s assessment with regard to the appropriateness of estimated future cash flows, and the discount rates used. Hence,	j.	We evaluated the adequacy of the disclosures made in the Standalone Financial Statements.
there are significant estimates and judgements involved in determining the above.		Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment in relation to the capitalisation of intangible assets and intangible assets under development.

Information other than the Standalone
Financial Statements and Auditor''s
Report thereon

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

Our opinion on the Standalone 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
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 misstated.

When we read the Management report, Chairman''s
statement, Director''s report etc, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance under SA 720 ''The Auditor''s
responsibilities Relating to Other Information''.

Responsibilities 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 Act
with respect to the preparation of these Standalone
Financial Statements that give a true and fair view
of the financial position, financial performance,
changes in equity 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.
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 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
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, 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 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 is also responsible for
overseeing the Company''s financial reporting process.

Auditor''s Responsibilities 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 Standalone Financial Statements.

We give in "Annexure A" a detailed description of
Auditor''s responsibilities for Audit of the Standalone
Financial Statements.

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, we give in "Annexure
B" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent
applicable.

Z. 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 the paragraph 2(h)
(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors)
Rule, 2014.

(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
Accounting Standards specified under
Section 133 of the Act.

(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 are
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 Financial Statements of the
Company and the operating effectiveness
of such controls, refer to our separate
Report in "Annexure C".

(g) The reservation relating to the
maintenance of accounts and other
matters connected therewith are as
stated in paragraph 2(b) above on
reporting under Section 143(3)(b) and
paragraph 2(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

(h) 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:

audit trail feature was not enabled at the
application level and database level from
April 01, 2024 to September 26, 2024 in
respect of an accounting software to log
any direct data changes as explained in
Note 46(xii) to the Standalone Financial
Statements.

Further, where enabled, audit trail feature
has operated for all relevant transactions
recorded in the accounting software.
Also, during the course of our audit,
we did not come across any instance of

The Company has disclosed the impact of pending
litigations on its financial position in its Standalone
Financial Statements - Refer Note 28 to the Standalone
Financial Statements:

i. The Company has long-term contracts including
derivative contracts for which there were no
material foreseeable losses.

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

iii. 1. 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, 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.

2. The Management 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, as on the date of
this audit report, that the Company shall,
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.

3. Based on the audit procedures performed
that have been considered reasonable
and appropriate in the circumstances,
and according to the information and
explanations provided to us by the
Management in this regard 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 (1) and (2) above, contain
any material mis-statement.

iv. The final dividend paid by the Company during
the year in respect of the same declared for
the previous year is in accordance with section
123 of the Companies Act 2013 to the extent it
applies to payment of dividend.

The Company has not declared any dividend
during the year.

v. Based on our examination, except for the
instances mentioned below, the Company has
used accounting softwares for maintaining its
books of account during the year ended March
31, 2025 which has a feature of recording
audit trail (edit log) facility and the same has
been enabled and operated throughout the
year for all relevant transactions recorded in
the accounting softwares, and further, we did
not come across any instance of the audit trail
feature being tampered with. Additionally, the
audit trail of prior year has been preserved by
the Company as per the statutory requirements
for record retention to the extent it was enabled
and recorded in prior year.

Based on our examination which included
test checks:

1. The Company has used an accounting
software for maintaining its books of
account which has a feature of recording
audit trail (edit log) facility, except that
no audit trail feature was enabled at the
database level in respect of an accounting
software to log any direct data changes as
explained in Note 46(xii) to the Standalone
Financial Statements.

Further, where enabled, audit trail
feature has been operated for all relevant
transactions recorded in the accounting
software. Also, during the course of our
audit, we did not come across any instance
of audit trail feature being tampered with
in respect of such accounting software.
Additionally, the audit trail of prior year
has been preserved by the Company as
per the statutory requirements for record
retention to the extent it was enabled and
recorded in prior year.

2. The Company has used an accounting
software for maintaining its books of
account which pertains to processing its
payroll records and transactions during
the year ended March 31,2025 (managed
and maintained by a third-party software
service provider) which has a feature of
recording audit trail (edit log) facility and
the same has been operated throughout
the year for all the relevant transactions
recorded in the software. Further, during
the course of our audit and considering
independent service auditor''s report
on service organisation controls ("SOC
report"), we did not come across any
instance of audit trail feature being
tampered with. Additionally, the audit
trail of prior year has been preserved
by the Company as per the statutory
requirements for record retention.

3. The Company has used an accounting
software for maintaining its books of
account which pertains to revenue
computation has a feature of recording
audit trail (edit log) facility, except that

audit trail feature being tampered with
in respect of such accounting software.
Additionally, the audit trail of prior year
has been preserved by the Company as
per the statutory requirements for record
retention to the extent it was enabled and
recorded in prior year.

3. In our opinion, according to information,
explanations given to us, the remuneration paid
by the Company to its directors is within the
limits laid prescribed under Section 197 read with
Schedule V of the Act and the rules thereunder.

For M S K A & Associates

Chartered Accountants

ICAI Firm Registration No. 105047W

Pankaj S Bhauwala

Partner

Membership No. 233552
UDIN: 25233552BMJHPP2361

Place: Bengaluru
Date: May 15, 2025

---

Mar 31, 2024

We have audited the accompanying standalone financial statements of Medi Assist Healthcare Services Limited ("the Company"), which comprise the standalone balance sheet as at March 31,2024, and the standalone statement of profit and loss, including other comprehensive income, standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including material accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financialstatements 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 read with Companies (Indian Accounting Standards) Rules, 2015, as amended ("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 and 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 (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 ("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 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

We have determined that there are no key audit matters to communicate in our report.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR''S REPORT THEREON

The Company''s Board of Directors is responsible for the other information. The other information comprises the Management report and Director''s report but does not include the standalone financialstatements and our auditor''s report thereon, which we obtained prior to the date of this auditor''s report, and the Chairman''s statement, Business Responsibility and Sustainability Reporting etc, which is expected to be made available to us after that date.

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 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. 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.

When we read the Chairman''s statement, Business Responsibility and Sustainability Reporting etc, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance under SA 720 ''The Auditor''s responsibilities Relating to Other Information''.

RESPONSIBILITIES 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 Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity 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. 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 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 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, 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 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 Company''s financial reporting process.

AUDITOR''S RESPONSIBILITIES 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 materialmisstatement 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.

We give in "Annexure A" a detailed description of Auditor''s Responsibilities for Audit of the Standalone F inancial Statements.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") as amended, issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 the paragraph 2 (h) (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 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 Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors are 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 financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure C".

(g) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(h) 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 standalone financialstatements -Refer Note 25 to the standalone financial statements.

ii. The Company has long-term contracts including derivative contracts for which there were no 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. 1. 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, 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.

2. The Management 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, as on the date of this audit report, that the Company shall, 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.

3. Based on the audit procedures

performed that have been considered reasonable

and appropriate in the circumstances, and according to the information and explanations provided to us by the Management in this regard 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 (1) and (2) above, contain any material mis-statement.

v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with Section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.

The Board of Directors of the Company have proposed final dividend for the 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. (Refer Note 14 to the Standalone financial statements)

vi. Based on our examination, except for the instances mentioned below, the Company has used accounting softwares for maintaining its books of account during the year ended March 31, 2024, which has a feature of recording audit trail (edit log) facility and the same has been enabled and operated throughout the year for all relevant transactions recorded in the accounting software and further, we did not come across any instance of the audit trail feature being tampered with.

1. The accounting software used by the Company for management of claims has a feature of recording audit trail (edit log) facility, however, we are unable to comment on whether the audit trail feature was enabled in the said software and whether it was operated throughout the year for all relevant transactions recorded in the software. We are further unable to comment as to whether there were any instances of the audit trail feature been tampered with, if the audit trail feature was enabled.

2. The accounting software used by the Company for maintaining and processing its payroll records and transactions during the year ended March 31, 2024 was operated by a third-party software service provider. In the absence of independent service auditors report, we are unable to comment whether the software has a feature of recording audit trail (edit log) facility, nor are we able to comment on whether the audit trail feature was enabled in the said software and operated throughout the year for all relevant transactions recorded in the software. We are further unable to comment as to whether there were any instances of the audit trail feature been tampered with.

3. In our opinion, according to information, explanations

given to us, the remuneration paid by the Company to its directors is within the limits laid prescribed under Section 197 read with Schedule V of the Act and the rules thereunder.

For M S K A & Associates

Chartered Accountants

ICAI Firm Registration No. 105047W

Pankaj S Bhauwala

Partner

Membership No. 233552 UDIN: 24233552BKBKJV5926

Place: Bengaluru Date: May 15, 2024