We have audited the accompanying financial statements of
QUADRANT FUTURETEK LIMITED ("the Company"), which
comprise the Balance Sheet as at March 31, 2026, the Statement
of Profit and Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement of Cash Flows
for the year then ended and notes to the financial statements,
including material accounting policy information and other
explanatory information.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing 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 (''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 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 accompanying financial statements.

Other Information

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 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 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.

Responsibilities of Management and Those Charged with
Governance for the Ind AS 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 financial statements
that give a true and fair view of the financial position, 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.

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 judgements and estimates that are reasonable and
prudent, and design, implementation and maintenance of
adequate internal 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 Ind AS 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.

In preparing the Ind AS financial statements, management
is responsible for the computation of cash losses and the
maintenance of adequate records necessary for the auditor to
verify the same. The management is responsible for ensuring
the accuracy, completeness, and integrity of all financial data
and underlying records pertaining to the determination of cash
loss for the financial year ended 31st March, 2026, including the
identification and appropriate treatment of all non-cash charges
embedded in the financial statements, such that the resulting
cash loss computation accurately reflects the actual cash erosion
sustained by the Company during the year.

Those Board of Directors are also responsible for overseeing the
Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Ind AS
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. 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.

Our responsibility, for reporting under Clause (xvii) of the
Companies (Auditor''s Report) Order, 2020, is limited to
expressing a factual statement based on the audit procedures
performed by us in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India, and the
requirements of the Companies (Auditor''s Report) Order, 2020.
Our procedures included examination of the books of account,
analysis of the Statement of Profit and Loss, verification of non¬
cash charges, and reconciliation of the cash loss computation
with the underlying financial data. Our reporting under the said
clause is restricted to a determination of whether the Company
has incurred a cash loss during the financial year under audit
and, where applicable, the immediately preceding financial
year, based on the computation derived from the audited
financial statements.

As part of an audit in accordance with Standards on Auditing,

we exercise professional judgement and maintain professional

scepticism 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 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 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. Having regard to
the cash loss incurred by the Company during the current
financial year ended 31st March, 2026, we have specifically
considered the going concern assessment of the Company
and, based on the audit evidence obtained, including
management''s representations and the financial ratios and
liquidity position as at the balance sheet date, we are of the
view that no material uncertainty exists as on the date of this
report that would cast significant doubt on the Company''s
ability to continue as a going concern for a period of at least
twelve months from the balance sheet date.

• 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.

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.

Emphasis of Matter

Without qualifying our opinion expressed in the main body of
the Independent Auditor''s Report, we draw the attention of the
members and other users of the financial statements to note no
42.12 of the financial statements which describes the following
observations:

(i) The Company has been reporting financial losses for at
least two consecutive financial years, namely the current
financial year ended 31st March, 2026 and the immediately
preceding financial year ended 31st March, 2025. The
persistence of financial losses over consecutive years
warrants attention from the Board of Directors and the
management with respect to the Company''s medium and
long-term financial sustainability.

(ii) In the current financial year ended 31st March, 2026, the
Company has additionally incurred a cash loss amounting
to Rs. 310.22 million, which indicates that the Company''s
operational revenues and receipts have been insufficient
to meet its operational cash expenditures during the year.
This represents an aggravation of the financial position
as compared to the immediately preceding financial year
ended 31st March, 2025, wherein the financial loss was
entirely absorbed by non-cash charges and no actual cash
erosion had occurred. The incurrence of a cash loss in the
current year is a matter of significance and warrants the
immediate attention of the Board of Directors and the
management.

(iii) The management is advised to review its operational
strategies, cost structures, revenue generation mechanisms,
and working capital management practices with a view
to arresting the trend of cash losses and restoring the
Company to a position of operational cash sufficiency in
future periods.

(iv) The members and stakeholders are advised to read this
reporting paragraph in conjunction with the complete set
of audited financial statements, the notes thereto, and the
Board''s Report, which together present a comprehensive
picture of the Company''s financial position and
performance.

Our opinion is not modified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020
(the ''Order'') issued by the Central Government of India 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.

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 purpose of our audit;

b) In our opinion, proper books of accounts 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 point (h)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014 (as
amended) (''the Rules'').

c) The financial statements 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 the written representations received from
the directors and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2026
from being appointed as a director in terms of Section
164(2) of the Act;

f) With respect to the maintenance of accounts and other
matters connected therewith, reference is made to our
remarks in point (h)(vi) below on reporting under Rule
11(g) of the Rules.

g) 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".

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 (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 required to be transferred to the
Investor Education and Protection Fund by the Company
during the year ended 31st March, 2026.

iv. (a) The management has represented that, to the best of

its knowledge and belief, 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 or entity,
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 has represented that, to the best of
its knowledge and belief, as disclosed in the notes
to the accounts, no funds have been received by the
Company from any person or entity, 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 such audit procedures that 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 (a)
and (b) contain any material misstatement.

v. The Company has not declared and paid any dividend
during the year in contravention of the provisions of
Section 123 of the Companies Act, 2013.

vi. Based on our examination, which included test checks, the
Company has used accounting software for maintaining its
books of account for the financial year ended 31st March,
2026 which has a feature of recording audit trail (edit
log) facility and the same has operated for all relevant
transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of
audit trail feature being tampered with and the audit trail
has been preserved by the Company as per the statutory
requirements for record retention.

i) The Company has paid/provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Sanmarks & Associates

Chartered Accountants
(Firm''s Registration Number: 003343N)

Santosh Kumar Agrawal

(Partner)
Membership No. 091127

Place: Mohali

Date: 27.05.2026

UDIN: 26091127STZCHS1748

We have audited the accompanying financial statements of
QUADRANT FUTURE TEK LIMITED (“the Company”),
which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including other comprehensive
income), the statement of changes in Equity and the statement
of Cash Flows for the year then ended and notes to the
financial statements, including material accounting policy
information and other explanatory information.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing 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 (‘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 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 accompanying financial
statements.

Other Information

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 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 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.

Responsibilities of management and those charged with
governance for the Ind AS 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 financial
statements that give a true and fair view of the financial
position, 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. 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 financial statement that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the Ind AS 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 Responsibilities for the Audit of the Ind AS
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 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 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 explaining 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.

1. 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

2. 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.

3. 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 reasonably be expected
to outweigh the public interest benefits of such
communication.

Opinion

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
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 Ind AS
the accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and
total comprehensive income (comprising of profit and other
comprehensive income), changes in equity and its cash flows
for the year then ended

Emphasis of Matter

We draw attention to Note 42.12 to the financial statements
and report that based on the identification of Micro and Small
Enterprises by the entity, representation made by the entity
and test checks done by us as per standards on auditing issued
by ICAI, the entity has not made provision for interest payable
u/s 16 of MSMED Act in current reporting year. Our opinion
is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020
(the ‘Order’) issued by the Central Government of India 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.

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 purpose 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 point (h) (vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amended) ("the Rules”).

c) The financial statements 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 the written representations received from
the directors and taken on record by the Board of
Directors, none of the directors is disqualified as on 31
March 2025 from being appointed as a director in terms
of Section 164(2) of the Act;

f) With respect to the maintenance of accounts and other
matters connected therewith, reference is made to our
remarks in point (h) (vi) below on reporting under Rule
11(g) of the Rules.

g) 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”.

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 (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 required to be transferred
to the Investor Education and Protection Fund by
the Company during the year ended 31 March 2024;

iv. (a) The management has represented that, to the

best of its knowledge and belief, 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 or entity, 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 has represented that, to the
best of its knowledge and belief, as disclosed in
the notes to the accounts, no funds have been
received by the Company from any person or

entity, 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 such audit procedures that 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 (a) and (b)
contain any material misstatement

v. The company has not declared and paid any dividend
during the year in contravention of the provisions
of Section 123 of the Companies Act 2013.

vi. Based on our examination, which included test
checks, the Company has used accounting software
for maintaining its books of account for the financial
year ended March 31, 2025 which has a feature of
recording audit trail (edit log) facility and the same
has operated for all relevant transactions recorded
in the software. Further, during the course of our
audit we did not come across any instance of audit
trail feature being tempered with and the audit trail
has been preserved by the Company as per the
statutory requirements for record retention.

i) The Company has paid/ provided for
managerial remuneration in accordance with
the requisite approvals mandated by the
provisions of Section 197 read with Schedule V
to the Act

For Sanmarks & Associates
Chartered Accountants
(Firm''s Registration Number: 003343N)

Santosh Kumar Agrawal
(Partner)
Membership No. 091127

Place: Mohali

Date : 24.05.2025.

UDIN: 25091127BMINRR8764