We have audited rho standalone Inri AS f nano.' i statements of Indo Thai Securities Limited r^:t.hc Ccmpanv"i. JKvhich corr-pr s£ the Balance Sheet as a; March 31, 2024. L"e Statement of Profit anil Loti (including other comprehensive income), Statement of Changes in Equity SLH.omentof Cash Flows rorthe year ended and n summary of significant ace ou rm ny po I i c i es a n d o L her expes n atory n fortr. a t io^r’- b' e re i n a f '.e r re fe r red Lo as" L he rT n 3 m 3! s Late m e¹ - LP''

In our cpir-or arid to‘.fie best of our information and according to the ex pi emotions given to us. Lle afo^resaid financial statements give the information required by the Companies Act, 2hl3 {the "Act ) in the mannei so required end give a LrU't tiid ' an^r view m conformity w- th nclian Accou-’L n.tj Standards prescribed under section iS3 of the Act read with the-Cor i parties, ndisn Accounting Standard^ Rules, 2015, as amended ( Ind AS") and othe^r account ng principles generally ac c e.pted I n I n d i a, of th o state o" a ft a i rs of : h e C o m pa - y a s a t M a rc h 51, f 32A, p re--1. tota c o n^-- p re h c n s i vc i n c o m e, chang or. in equay -and cash Mows for the yea: ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards or. Auditing (SAs) specified under Section I43{10) of the Companies Ac;. 20ii. Ou^r responsibilities under those Standards are further described in tire Auditors Responsibilities for the Audit of the financial statements section of o.r report. We are Ý n d a pip n d en t of t he Co m pa n y i n a c corda n cc w i t h the Ccd e of ii L h i c e, i ssu ed by t h e I n St i tu t e of C ha rte rc-o Ac cou n ta r.ts of India fiCAl") together with the ethreaj feguirementsthat are relevant to our audit of the Randal statements under the p rovrs;on s of t h e Act g n d th o P l- I c s t h orcu Hdo r, a no' wo have fu Ifi i red our oth o r ot h i ca I rospo n £ i b i t ies i n oc c o rd a n ce with these recn.-ire i V'ehts and the ICAI's Code of Ethics. We believe that me aud't evidence we have obtained is sufficient and a p p ropd a te to pr ovi d e a b,i sis to r o u r opi n i o n on t h e fi r a no i a I st a to m o nts.

Key Audit Matters

Key auoit matters are those matters that, ;n our orofessional judgment, were of most sigo .ficance in cur audit of‘.he financial statements of the current period These matters were addressed in the content of our audit; of the financial statements as a whole, and in for nr mg our op. nice 'hereon, and we do not provice a separate opirvon on these matters. There is no key audit matter to be communicated in our report.

information Otherthan the Financial Statements and Auditor's Report Thereon

The Company's Board ot Directors is responsible tor t he preparation of rhe other Information' The erhor r.fcrrr.stoin comprises tire information' included ^ri tire Management's Discussion and Analysis, Board's Report including An matures to Board's Report, Corporate Governance and Shareholder's Information, put docs not include Tho financial st.',remer,ts a nd ou t a u d ito r's re p ort th (he-o n.

Our opinion or, me financial statements does not cover the other information and we do n.ot express any form, of assu ra nee co n d u si o n t. he reon.

I n co n necti o n with ou t audit of the fi na nc ia I statem ents, p u r respo ns i bility is to read th e other information a n d, in d oi n g 50 consider whether the other information is materially inconsistent with the financial statements or our knowledge obta: i’ e d i n tfi e a u a: t. o r o 11 ier w i se a ppea r s. to be m a t er i a I )y r n i ss La tee

If, based on the work we haw performed on the other information obtained prior to the oate of this auditor's report, we conclude that there is a material misstatement of this oth&i information, we are required to report that fac; We have noth: ng to re port in-th^srogard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company's Board or Directors £ responsible for the matters stated in section fi54(5) o^fthe Act with respect to the preparation of these financial statements that give a true and fair v^w of the financial oomion, financial performance, tofu I comprehensive income, changes in equity or,d cash sows of 'Lriei-'orYy.iany in accord a hce with the Ind AS and other accounting principles generally accepted in India This responsibility also includes mairnenar.ee of adequate accounting records n accordance w th the provision'., of the Act for safeguarding of Hie assets of the Company ,'nd fo^r preventing and detecting frauds and other irregularities; selection and application of appropriate accounting polices, making judgments and ost-mares that are reasonable and prudent; and design imptementatj^nand m^jpternan^ of adequate

irrt$ma!flrfehf$jl controls. mat were operating c:foc lively tor ensuring t he accuracy ?ocr complete ness of the account' ng records. relevant to the preparation anti presentation of the financial statements that give a true and faifyiew and are free from material misstatemerrt, whether duo to fraud or error.

In preparing fhetinancial statements, the management is responsible tor assessing ther Qjm party's abUi^.fel continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern bas;s of accounting unless the management either intends to liquidate the Company or to cease operations or has no realistic ? I tern a t ive b ut to do so.

Those Board of Directors a ro alio responsible for overseeing the Com pa hy|S financial reporting o recess.

Auditor's Rcsponsibi litres for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable¹ assurance about whf^her the financial statements as a whole a^re n^e from maternal missr a tenant, whether duo to fraud or error, rmri to issue an auditor's report that includes oc opin.on, Reasonable as^u ranee is a b rgh level of assurance but is not a guarantee inaian aud r conducted inaccjjVdancewith bAs will a Waysdetecta material misstatement when ita:os;s. M test ateftsents can arise from baud or error and are considered mater a I ;f. individually er in the aggregate, they cob c? reasonably be expected to influence the economic decisions of u sers ta ke n on t h e bas is of t h ese fi na nc ia I state me nts

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism thre'jg bout theaud t. Wo also.

• idejhti fy a nd asset's t he ris ks of m ate ri a I rn issta t a me n i of t h e ti n a n c i a s^ate me nts whether due t a f ud o r | rrov,

design and perform audit procedures i expensive Lc Lhoc-e usks, and obla-o audit evidence '.ha- jp!StifTid&fit and appropriate to provide a basis for our opinion “he i ink ot not detecting a materia misstuTemsnr jpesulting from fraud is hig^her than for one resulting from error, as fraud may involve col usion, forgery, intenLiona. on soon;,

misrepresentations, or i^ove'dde of internal control

» Ob;a n an understanding of iht|ifcn&l financial controls relevant to the audit in order to design euci^;t orocedures that are appropriate in the cimumstFiricps. Under section 143(3)(j) ot the Act, we are also responsible tor expressing our opinion on whether the Company has adequate internal financial controls system in place and t h e o pereb ng effoe t i ve n ess of hi c h con tnd§

• Evaluate tne appropriateness of.account'iig policies used and the reasonableness Of accounting estimates and related d sclenures made by management

• Conclude on the appropriateness of management's use ofthe going concern basis of accounting and, based on. the audit evidence obtained, whether s material uricertainty exists related ta^rartts ot^indititsps that may cast significant doubt or, the ability of the Company to continue as going concern If We conclude that, a material uncertainty ex is Ls, we a re r eu11 ed to d ra w atte nttdh hi our aud. to r s r e nor t to the rel e Led d .^:sc^: o s u res i Ý Ý the standalone financial statements or, f such disclosures arc nedequem, to modify cur opinion, Our ow'd05-10ns are based on the audit evidence obtained Up to the date of cur auditor’s recort. However, future events orcondufons may causethe Company to cease to com nine as a gcHig concern

• Evaluate the overall presentation, structure and content of toe financial statements, including the disclosures, ana whether the financial statements represent the underlying transactions and events n a manner that achievesfair presentation.

Materiality iathe magnitude o’¹.m isstate men ts in the annual f nancial stare menus that incJ-virr.rally or in aggregate, make k or0bable that Lite economic decisions of reasonably knowledgeable user of the '"nancial statementl may be influenced. We consider quantitative materiaiity and qualitative factors in (ii planning to scope our audit work and in evaluating the results of our work: and I Ý ! :o eva'uatc the effect cf any identified m-ssla foments in :he finane ;d statements.

We communicate with muse Charged with governance regarding, amony ether matters, the planned scope and t rifting of the audit and significant audit findings, including any signirienn:. deficiencies in internal control that we o'ent.ify during ouraudit.

We also provide mose charged witf¹, governance with a Statement LhaL we have complied wit ft relevant ethical requirements regarding independence, end to communicate w-.th them all relationships and other matters that may

reasonabiybetboughttQbearonourindependence.zandwhereapplicablc-.rclatedsafaguards.

Fro ft - he mattery t^nmunicated Ý,^,vir in those charged w ith governance, wc deter nr nc those matters t hot were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit m titters. We describe these m titters in our auditor's report un;css law or r0gul.Tr.Gn precludes public disclosure a bo ujt.the matter 0 r wh e n. 1 n extre me ly ra re c i rcu pnstances. we d eter m i n e th at a rr 1 a tte r shou !d not be co mm unicated i n ou r f epo r t bece u se t n e adverse corsseq ue n cos of doi n g so wo u I d rea sons b ly es«d pec* ed to outwerg h t he pu bi i c i nte rest ben etits or sue h co mm u nidation.

Report on Other Legal and Regulatory Requirements

i. As required by the Co mutinies (At id: tor's Export} Order. 2020 {"the-Ofder") issued by the Central Coyer h'merit fn rerm5 of St:cti£n 143[ii) of the Act. we give in "Annexui'e A"a statamentan the matters speafied i 1'. parag ra phs 3 and 4of LneGrder.

ii. Asrequ'reo oy Section 143(5) of the Act. we report mat:

a Ý We e.ivo rrp.jght and obt.r; :ned a I the inform 3 tip n and uxplana T.-on s w h 1 c h to t he best of ou r kn owl odg e a no be iefwgrg necessary for the pui|lijjsesof pur audit of thj|f nancial statements

b. In our opinion* proper books of accounts as requ.red by law have been kept by the Company so far as .t a ppeers f rom our exa m i net ion of t hose boo ks

c The Balance Sheet, the Statement of Profit end Loss [including other Comprehensive Income), the Stare men 1 cr charges in Equity and the Statement of Cash Flows deal tw.th by this Report are.T, agreement with thy books tyaccoumu maintained for the purpose or preparation of the financial statements

d. In our opinion, the aforesaid financial statements com ply with the Ind AS specified under section 133 of the

Ac.*, reed with Rule 7 ortho (Accounts) Rules,?0-4

e. The company has not informed about the presence of any ope 1 at ip na I Branch which requires Audit u/s 143(5) ofthe Act

r On the bass of the written representations recciveo'from the o rectors as on March 31,2074 taken or rocoro by the Board of Directors none of the directors Is disqualified as on March 31.2024 from being appointed ase d 1 rector i n ter ms of Sect 1 o n 164 (2) of the Act.

g. On t.he basis of the examination it the Books of accounts and other records shown to us for the purpose of the Audit and other such documents asked during the course of Lhe Audit, the Auditor has no observation or adverse b&fnmertt. apart from thoserrfention.ed in thie relevant paras if any, on me financial transactions or matters which fray have any : dvoraeeffocLon the functioning d.fthe company.

h. On the basis of the examination of the Books of Account and other records shown to usfo' the purpose of the Audit and other such documents asked ct u. r^:rÝÝ 1 Lhe course of die Audit, we fuu-id ’'0 material reason to icpoh any qua ficatior. reservation or adverse remark re -’.ting to the maintenance of nccoun-r, and other matters tcnriet Led therewith, apart From die fn attei$ already men lion'j&d n Lhe relevant paras i’a-y.

i. With respect to the adequacy of the rnterno' financ^ controls over^J nancial reporting of the Company and t h fi o pbrati ng effee five net ss of su c h co nt rots, ref e r to ou r se p a ra te R epo rt m Ann exu re- B"

j. With aspect to the other matters to be included in the Auditor's Report in accordance with Rute If of the Companies [Aud .1 and Aua tors) Pules, 2014, in our opinion and to the best of our information and accordinq totheexplanationsgiven to us

'he Company has pending lit 1 gat ions or its financial position in its Standalone 1 jnanclal Statements RI ease refer n ate no, 3G;

ii ^_‘ie Company did not have any long-term contracts including derivative con tracts for wh.ch there were

any materia: foresees bic losses; ¹

ft? i rhe management has represented that, to the best of its knowledge and belief, other than as disclosed in the notoo of the accounts, no funds have been advanced or loans or invested [either from borrowed funds or share premium or any other sources or kind of funds) ny the como<any to or m any othe r person(s) or emit.os, including foreign entities rir.tQTmod ai ioj: with t he understa nd i rtg, whethe r recorded i rr writing o t othe rwise, that th e 1 rrter med ia ry shaH, whether, d i rec tly or i n d iTectty lend or invest in othor oorsens or entities ddemr-sd in any Tianner whatsoever by tar on behalf of th£ company (Ultimate Beneficiaries) or prov-deany guarantee, security or the I keon behalf of ultimate beheficiafies;

i]L I'he hnaftagernehit hat represented met. to the best of ,ts knowledge and oeliof no funds have been received by the company from any pe'senfs) or efvt t-es. including foreign entities (“Funding barties"). with the understanding whether recorded in wnl. ng or otherwise, that the- Comp tiny shat I, whether d rectly o^r r-directiy lend or invest n other persons or entities identified in any manner by or on behalf Of the Funding Party (“Ultimate Beneficiaries") or provide any guarantee, socu ntyorth-o li ke on behalf of u^:ti mate? beneficiaries: and

iii. Rased on audit procedures as considered reasonable and appropriate in the rtreumstanttes, not hi no has come to our notice thathascaused us to bekeve that the representations under sub-clause.¹ end [l ) contain any materiel n usstalemenf

I As stated in the financial statement

i.The'ntermi dividend proposed "the previousyea), declared and paid by the Company during tee year is in accordance with section 123 of too Com games Act, 2013 to the extent it applies to payment of div dend.

ii The Roarer of Directors of The Company have proposed in ten nr dividend for the year which Is subject to the approval of the members at t-e ensuing Annual General Meeting, i he amount of divdend proposed is in accordance with section 123 of the Act as applicate Peter Mote Mn 41

nrt With respect to the matter Lobe included nthe Audi Lois' Report under sec^J.¹on'l9?(ikj oft^e Act, as a mended:

In our opinion and according to the information and explanations given to us., the remunera1jj$n oeid by The Company to its roa n-ag i n g o i recto r g u n ng t he y ea r rs i e ? c cord a n c c w 11 h t he p rov is ions of sect ion 197 of t h e Act.

n Based on our examination which included tost checks nnd in accordance with requirements otEhe I mp'OiTiGntatiDn Guide On Reporting on Audit Trail under Pu;e H(g) of the Companies (Audit and Auditors) Rules. 2014, the Company has used accou^t-ng software for maintain mg its books of account which have a feature of recording audit tie. (edit log) facility and the same has operated threugrouttheyear ’'ora 11 re levant transac i.'on S re co rd ed in the software:

! Itc ajo t trai (edi. reg) feature Is duly enabled at the database level to comprehensfpdy log FI o r.ect data changes uyfthin the acccfu ry^gsqf^^a're'used for rnarntami rig thebpoks of accou nt

Unique Document Identification Number (UCHN) for this document it; 2-4^36593 F5KFSQK637 6

For SPARK & Assoc rates Chartered Accountants LLP

Chartered Accountants

Fir m Reg No.005313C/C400311

CA Chandresb Singhvi

Partner

Membership No. 436593 Pi ace: Indore Date:ip^,!* May, 2024

1

The Company has transferred of Rs. 52,444/ tothe Investor rducat.cn and Protect ion Fund during the vear.