We have audited the accompanying financial statements
of DEVSON CATALYST LIMITED (Formerly known as
DEVSON CATALYST PRIVATE LIMITED) (“the Company"),
which comprise the Balance Sheet as at 31/03/2026, the
Statement of Profit and Loss, for the period ended, and
a summary of the material accounting policies and other
explanatory information.

Auditor's Opinion

In our opinion and to the best of our information and ac¬
cording to the explanations given to us, the aforesaid fi¬
nancial statements give the information required by the
Companies Act, 2013 (“the Act") in the manner so re¬
quired and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the
state of affairs of the Company as at 31/03/2026, and its
Profit for the period ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Stan¬
dards 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 Financial Statements section of our re¬
port. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Char¬
tered Accountants of India together with the ethical re¬
quirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules
there under, and we have fulfilled our other ethical re¬
sponsibilities 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.

Information Other than the Standalone Financial State¬
ments and Auditor's Report Thereon

• The Company's Board of Directors is responsible for
the preparation of the other information. The other
information comprises the information included in

the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report,
Business Responsibility Report, Corporate Gover¬
nance and Shareholder's Information, but does not
include the standalone financial statements and our
auditor's report thereon.

• 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 finan¬
cial statements, our responsibility is to read the oth¬
er information and, in doing so, consider whether
the other information is materially inconsistent with
the standalone financial statements or our knowl¬
edge obtained during the course of our audit or oth¬
erwise appears to be materially misstated.

• When we read such other information as and when
made available to us and if we conclude that there
is a material misstatement therein, we are required
to communicate the matter to those charged with
governance.

Responsibility of Management and Those Charged with

Governance (TCWG)

• 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 state¬
ments 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, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also in¬
cludes maintenance of adequate accounting re¬
cords in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregu¬
larities; selection and application of appropriate ac¬
counting policies; making judgments and estimates
that are reasonable and prudent; and design, im¬
plementation 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 mis¬
statement, whether due to fraud or error.

• In preparing the financial statements, manage-

ment is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applica¬
ble, matters related to going concern and using the going
concern basis of accounting unless management either
intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

• The Board of Directors are also responsible for
overseeing the Company's financial reporting pro¬
cess.

Auditor's Responsibility

• 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 al¬
ways detect a material misstatement when it exists.

• Misstatements can arise from fraud or error and are
considered material if, individually or in the aggre¬
gate, they could reasonably be expected to influence
the economic decisions of users taken on the basis
of these financial statements.

• As part of an audit in accordance with SAs, we ex¬
ercise professional judgement and maintain profes¬
sional skepticism throughout the audit. We also:

o Identify and assess the risks of material mis¬
statement of the financial statements, wheth¬
er 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 misstate¬
ment resulting from fraud is higher than for
one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, mis¬
representations, or the override of internal
control.

o Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the circum¬
stances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opin¬
ion on whether the company has adequate in¬
ternal financial controls system in place and
the operating effectiveness of such controls.

o Evaluate the appropriateness of accounting
policies used and the reasonableness of ac¬
counting estimates and related disclosures
made by management.

o Conclude on the appropriateness of manage¬
ment's use of the going concern basis of ac¬
counting and, based on the audit evidence ob¬
tained, 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 re¬
quired to draw attention in our auditor's re¬
port to the related disclosures in the financial
statements or, if such disclosures are inade¬
quate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to
the date of our auditor's report. However, fu¬
ture events or conditions may cause the Com¬
pany to cease to continue as a going concern.

o Evaluate the overall presentation, structure
and content of the financial statements, in¬
cluding the disclosures, and whether the fi¬
nancial statements represent the underly¬
ing transactions and events in a manner that
achieves fair presentation.

• We communicate with those charged with gover¬
nance regarding, among other matters, the planned
scope and timing of the audit and significant audit
findings, including any significant deficiencies in in¬
ternal control that we identify during our audit.

• We also provide those charged with governance
with a statement that we have complied with rele¬
vant 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 mat¬
ters 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 regu¬
lation precludes public disclosure about the matter
or when, in extremely rare circumstances, we de¬
termine 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.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditors' Report) Or¬
der, 2020(“the Order") issued by the Central Govern¬
ment of India in terms of sub section (11) of section
143 of the Act. We give in the “Annexure A" state¬
ment 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.

(c) The Balance Sheet, the Statement of Profit and
Loss, and 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 un¬
der 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 as on 31/03/2026 taken on record
by the Board of Directors, none of the directors is
disqualified as 31/03/2026 from being appointed as
a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in
the Auditor's Report in accordance with the require¬
ments 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 remu¬
neration paid by the Company to its directors during
the year is in accordance with the provisions of sec¬
tion 197 of the Act.

(g) With respect to the adequacy of the internal finan¬
cial controls over financial reporting of the Compa¬
ny 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, 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.

ii. The Company has made provision, as required
under the applicable law or accounting stan¬
dards, for material foreseeable losses, if any,
on long-term contracts including derivative
contracts.

iii. There has been no delay in transferring
amounts required to be transferred, to the In-

vestor 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 the notes to the accounts, no
funds have been advanced or loaned or invest¬
ed (either from borrowed funds or share pre¬
mium or any other sources or kind of funds)
by the company to or in any other person(s) or
entity(ies), including foreign entities (“Inter¬
mediaries"), with the understanding, whether
recorded in writing or otherwise, that the In¬
termediary shall, whether, directly or indirect¬
ly lend or invest in other persons or entities
identified in any manner whatsoever by or on
behalf of the company (“Ultimate Beneficia¬
ries") 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, other than as dis¬
closed in the notes to the accounts, no funds have
been received by the company from any person(s)
or entity(ies), including foreign entities (“Funding
Parties"), with the understanding, whether record¬
ed in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatso¬
ever 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 audit procedures which we considered
reasonable and appropriate in the circumstances,
nothing has come to their notice that has caused
them to believe that the representations under sub¬
clause (i) and (ii) contain any material misstatement.

v. The company has not declared or paid any dividend
during the period in contravention of the provisions
of section 123 of the Act.

vi. The accounting software used by the company to
maintain its Books of account did not have a feature
of recording audit trail (edit log) facility throughout
the period. The company has an established process
of regularly identifying shortcomings, if any, and up¬
dating technological advancements. The shortcom¬
ings identified during the course of audit are being
reviewed and corrective action is being taken wher¬
ever required. Notwithstanding the above, the Com¬
pany has implemented adequate internal financial
controls and maker-checker processes, including
Segregation of duties between data entry, verifica¬
tion, and authorization, Review and approval of all
accounting entries by competent personnel, Peri¬
odic reconciliations and exception reporting, Doc-

umentation and retention of supporting evidence
for all transactions, These controls were designed
and operated effectively to ensure that the financial,

statements present a true and fair view of the state
of affairs of the Company, Company has started Au¬
dit trail (edit log) facility from October 2025.

FOR O.M.M.S & Associates

(Chartered Accountants)

Reg No. : 0135149W

CHINTAN R OZA

(Partner)

Date : June 05, 2026

Membership No. : 147132

Place : Ahmedabad UDIN : 26147132MMVVQD4105