We have audited the accompanying Financial Statements of Manugraph India Ltd (“the Company”), which
comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then
ended and a summary of material accounting policy information and other explanatory information (hereinafter
referred to as “the Financial Statements”).

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 Indian Accounting Standards prescribed under
Section 133 of the Act read with the 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 loss, total comprehensive (loss), its cash flows and the changes in equity for the year ended on
that date.

Basis for opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under
Section 143 (10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s
Responsibility 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 thereunder and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on the Financial Statements.

Key audit matters

Key audit matter is the matter that, in our professional judgement, was of most significance in our audit of the
Financial Statements of the current period. This matter was addressed in the context of our audit of the Financial
Statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on this
matter. We have determined the matter described as above to be the key audit matter to be communicated in our
report.

Emphasis of matter

a. We draw attention to note no. 29 of the Financial Statements which describes management's assessment of
exceptional items and its impact on the operations and financial results of the Company.

Our opinion is not modified in these matters.

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

The Company’s Board of Directors is responsible for the other information. The “Other Information” comprises
of the Report of the Board of Directors, Management Discussions and Analysis, Corporate Governance, but does
not include 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 or 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.

Management's responsibility and those charged with governance for the 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 Financial Statements that give a true and fair view of the financial position, financial
performance, including other comprehensive income, cash flows and changes in equity of the Company in
accordance with the Ind AS and other accounting principles generally accepted in India. 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, the Management is responsible for assessing the ability of the Company
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the 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 also responsible for overseeing the financial reporting process of the Company.
Auditor's responsibility for the audit of the 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 can 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
scepticism throughout the audit. We also:

a) 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.

b) Obtain an understanding of internal financial 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 with reference to
financial statements in place and the operating effectiveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

d) Conclude on the appropriateness of use of the going concern basis of accounting by the Management and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related
disclosures in the 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.

e) 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.

f) Obtain sufficient appropriate audit evidence regarding the financial information of the Company to express
an opinion on the Financial Statements.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in the aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements
may be influenced. We consider quantitative materiality and qualitative factors in

i) planning the scope of our audit work and evaluating the results of our work and

ii) to evaluate the effect of any identified misstatements in the Financial Statements.

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.

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 must not be
communicated in our report because the adverse consequences of doing so will reasonably be expected to
outweigh the public interest benefits of such communication.

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 the attached Annexure
“A” 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, based on our audit 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 accounts as required by law have been kept by the Company so far as it
appears from our examination of those books.

c. Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of
Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the books
of accounts.

d. In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133 of
the Act save and except our observations

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. With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in Annexure B. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the internal financial
controls over financial reporting of the Company.

g. With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information
and according to the explanations given to us, the remuneration paid by the Company to its Directors
during the year is in accordance with the provisions of Section 197 of the Act.

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 has disclosed the impact of pending litigations on its financial position in its Financial
Statements. Refer note 35 to the Financial Statement.

(ii) The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.

(iii) There has been no delay in transferring amounts, 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, other than as
disclosed in 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 persons or entities, 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 (“Ultimate Beneficiaries”)
by or on behalf of the Company 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
note to the accounts, no funds have been received by the Company from any persons or entities,
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding
Parties or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that has 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 in a) and b) above, contain
any material misstatement.

(v) The Company has not declared or paid dividend during the year, except unpaid dividend of previous
years.

(vi) Based on our examination which included test checks, the Company, in respect of financial year
commencing on April 01, 2024, 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. 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 such feature is enabled.

For Desai Shah & Associates

Chartered Accountants

ICAI Firm Registration Number: 118174W

Sd/-

Yagnesh Mohanlal Desai

Partner

Membership Number: 034975 Place: Mumbai

UDIN: 25034975BMIOLH8655 Date: May 29, 2025