We have audited the accompanying standalone financial statements of P.E. Analytics Limited
("the company"), which comprise the balance sheet as at March 31, 2025, the statement of
profit and loss, the cash flow statement for the year then ended, notes to the financial
statements, a summary of the significant accounting policies and other explanatory
information.

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 Act in the manner
so required 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 March 31, 2025, its
profit and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) 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
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 matters are those matters that, in our professional judgement, were of most
significance in our audit of the Standalone financial statements of the current period. 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.

Other Information

The Company's management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Company's
annual report, but does not include the financial statements and our auditors' report
thereon. The annual report is expected to be made available to us after the date of this
auditors' report.

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 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 annual report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance and
take necessary actions, as applicable under the relevant laws and regulations.

Responsibility of Management for the Audit of the standalone 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 and presentation 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, read with Rule 7 of the Companies (Accounts) Rules, 2014.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 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, 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.

The board of directors are also responsible for overseeing the Company's financial reporting
process.

Auditor's responsibility for the Audit of 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 SAs, 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.

• 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.

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.

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 "Annexure A", a statement on the matters specified in paragraph 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 the cash flow statement
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 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".

g) 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 all-pending litigations which would impact its
financial position. Refer Note 41 of Notes to the Standalone Financial Statements.

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 which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. The management has represented that to the best of its knowledge and belief,
other than as disclosed in the notes to 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(s) or entities, including foreign entities ("Intermediaries"), with the understanding
that the intermediary shall whether directly or indirectly lend or invest in other persons
or entities identified in any manner by or on behalf of the company (Ultimate
Beneficiaries) or provide any guarantee, security or the like on behalf of ultimate
beneficiaries;

• no funds have been received by the company from any person(s) or entities including
foreign entities ("Funding Parties") with the understanding that such 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 guarantee, security or the like on behalf of the Ultimate beneficiaries; and

• Based on the audit procedures performed, nothing has come to our notice that has
caused us to believe that the above representations given by the management contain
any material mis-statement.

v. No dividend declared or paid during the year by the group during the year.

vi. With respect to matter to be included in Auditors' Report under Section 197(16) of the Act,
as amended: In our opinion and according to information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any of its directors is
not in excess of the limit laid down under Section 197 of the Act.

vii. 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) capability and the same has
operated throughout the year for all relevant transactions recorded in the software.
Furthermore, based on written representations and our audit procedures, we did not find
any instances of tampering with the audit trail features and the audit trail has been
preserved by the company as per the statutory requirements for record retention except for
the below mentioned exceptions noted during our assessment and evaluation.

a. The feature of audit trail was enabled from 10th May, 2023 onwards and have not been
disabled since then.

b. As a result, the audit trail of the period before 10th May, 2023 cannot be generated or
preserved.

For Singhi Chugh & Kumar Harsh Kumar

Chartered Accountants Partner

FRN: 013613N Sd/-

M. No. 088123

Place: New Delhi

Date: 16-05-2025

UDIN: 25088123BMJAKK6532