1 We have audited the accompanying Standalone Financial Statement of Enfuse
Solutions Limited (Formerly known as Enfuse Solutions Private Limited) i the

Company' Ý which comprise the Standalone Balance Sneei as at 3tsl March 2025. hie
Slardalone Statement Of Prohl and Lass and Standalone Statement on Cash Flow
Statement for the year ihen ended and Notes to the Standa-pne Financial Statements
including a nummary cf me significant accounting poiic.es and othe^ explanatory
information (hereinafter referred to as the 'Standalone Financial Statements')

2 in our opinion and to the best of our information and according to the explanations given
1a us. the aforesaid standalone financial statements give the information required by the
Companies Act 2013 (the 'Act ') in the manner so required and give a hue and fair view
in conformity with the Accounting Standards prescribed unoer section 133 cf the Act read
with Companies (Accounting Standards) Rules 2014 as amended and other accounting
principles generally accepted m Ino a of the state cf affaire of the Company as at 3 let
March, 2025 and its profit and its cash flaws for the year ended on iha| date

Basis for Opinion

3 We conducted our audit of the financial statements in accordance with the Standards on
Auditing fSA's) specified under section 143(10) of the Companies Act. 2013 Ayr
responsibilities under those Standards are further described in the Auditors
Responsioilmes far the Auc^i for me Stanca one Financial Statements section cf our repoi
We are independent of the Company m accordance with the Cocte of Elhigs issued by the
Institute Of Chartered Accountants of India f'lCAL" i together with the ethical requirement?
that are recant to our aud t of the standalone financial statements unoer the provisions
of tne Companies Act 2013 end |he Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements ind the ICAi s Code of
Ethics We believe that the audit evidence we have obtained is sefficient and appropnaic-
to provide a basis for our opinion on the standalone financial statements

Emphasis of matter

4 We draw attention to Paragraph l9(h]i of this repon and Note No 36 to 1 he Standalone
Financial Statements regarding dunng the year :ne Company nas uaid total managerial
remuneration amounting to Rs 186 54 Lakhs composing of Remunerat^;on of Rs 16? D4
.Lakhs. Sit!mg fees Rs 7 00 Lakhs and Perquisite value of renl-rree accommodation of
ÝRs.t2.6D Lakhs Out of total remuneration as stated above an amount of Rs 120.78 La*hs

is exceEdirg the limits prescribed under pro visions of the Section 19? to the Companies
Act, 2013 Our opinion is net modT.frd in respect Of abovs mailer

Key Audit Matters

5 Key audit matters are those matters that, in our professional judgment were Of most
significance in our audit of tne Standalone Financial Statements of the current period
These matters were addressed Ih the content of our audit Of the standalone Financial
Statements as a whofe and in forming our op men thereon, and we do noi provide a
separate opinion on these matters. We nave determined the matters described below tc
be Key audn matters to ba communicated in our report

Description of Key Audit Matters :*

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

g The Company's Management and Board of Directors are responsible for the preparation
and presentation for other information The other information comprises the informal ion
included m the Company's annual report But does not include the standalone Finance
statements and our auditor's report thereon The Company'^ annual report s expected la
Be mads available so us a*lef the date of this auditor's report

Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thBteon ¹

a It. based on the work we have performed we conclude that there is a material
misstatement or this other information. we are required to report that fact We have nothing
to report in this regard

Managements and Board of Directors' Responsibility for the Standalone Financial

Statements

9 The Company's Board of Directors and Management is responsible for The matters stated
n section 134(5) of Ihe Companies Ael. 2013 with rasped to Ihe preparalion of these
standalone financial statements that give a true and fanr View of Ihe financial position
financial performance and cash iiows of Ihe Company >n accordance with the accounting
principles generally accepted m India, Including (he Accounting Standards specified unde^r
section 133 ot the Act This responsibility ai&o includes maintenance of adequate
accounting records in accordance with Hie provisions of the Ael far safeguarding af the
assets of 1he Company and for preventing and detecting frauds and other irregularities,
selection and application uf appropriate of accounting policies making judgments and
estimates that are reasonable and prudent and design implementation and maintenance
Of adequate .nternal Tmanc.gl controls, mat were operating effectively for ensuring ihe
accuracy gnd completeness of the accounting records relevant to me preparation and
presentation of The standalone finance statements trial g ve a true and fair view and are
free from material misstatement, whether due to fraud o^r error

10 in preparing 1he standalone financial statements, management is resncnsible tor
assessing the Company's ability io continue as a going concern disclosing, as applicable
matters related to going concern and using the going concern basis of accounting unless
managemeni either intends to liquidate Ihe Company or So tease operations or has no
realistic alternative but to do so

11 The Board of Directors and Managements aSso responsible for over$epmg the Company s
fmanoal reporting process

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

12. O u r objecti ve & ? re to obta in reason a bf e ass u^-ance a bout whet her the slandaione fi ngnci a¹
statements as a whole are f'ee from material rT'Sstalemenl, whether due to frauc cr error,
and to issue an auditors report lha: includes our opinion Reasonable assurance is a nigh
level or assurance, but is not a guarantee that an audit conducted m accordance wiih 5A&
will always detect a material misstatement when it exists. Misaiatemants can arise from
fraud or error and are oons.dered 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 standalone financial statements

13. As part ot an audit in accordance with SAs we exercise professional judgment and
maintain professional skepticism th rough out the audil We aisc

* Obtain an understanding of internal control relevant to the audit in order lo design
audit procedures tea¹: are appropriate In the circumstances Under section 143(3).;n
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

* Evaluate the appropriateness of accounting policies used anu the reasonableness
of accounting estimates and rented n is closures matte by management ar.d Board
of Directors.

* Conclude OP the appropriateness of management's use Of the gcmg 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 5 ability to continue as a going concern If we conclude that a material
uncertainty exists, we are required to draw attention n pur auditor's report to thE
rented disclosures in The financial statements or if such disclosures ere inadequate
to modify our opinion Cur conclusions are based on the audit evidence obtained up
to the date of our aud^,tor^J6 report However, future evenls or conditions may cause
the Company to cease to continue as a going concern

Ý Evaluate the overall presentation structure and content of the standalone financial
statements inducing ihe disclosures and whether the financial statemonte
represent the underlying transactions and events in a manner lhal achieves Fair
presentation

U Materiality is the magnitude of misstate me nis in the standalone financial statements that
individually or in aggregate makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may bo influenced We
consider quantitative mater.ality and qualitative factors rn (i) planning the scope of our audit
work and in evaluating the results of outwork; and hi i to evaluate the effect of any identified
misstaiemenls in the standalone financial statements

15 We communicate with those charged with governance regarding, among other matters
Ihe planned scope and timing of the audit and significant audit findings Including any
significant defic encies m Internal control that we identify during our audit

16 We also provide those charged with governance with a statement that we have complied
with relevant ethical requirement regarding independence and to communicate WLte
them ell relationships and ether matters lhat may reasonably be Ihought to bear or. our
independence and where applicable, related safeguards ²

Report on Other Legal and Regulatory Requirement²

19. As required by 1he Companies (Auditor's Repom Order 3020 ft²¹® Order¹! issued by the
Central Government of India m terms of sub-section < 11 > of section m3 of the Companies
Act. 2013. we give in the 'Aonexure - A' a statement an the matters specified in
paragraphs 3 and a of the Order, to ihe extent applicable

19 As required by Section 143(3) of the Act. report that

a We have sought and obtained oil Lhe information and expiations 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 n appears Iron our examination of those books except for the
matters stated in the paragraph 20(f) below on reporting under Rute 11(g) of the
Companies (Audit and Auditors? RuEes, 2014

c The Standalone Balance Sheet. Ihe Standalone Statement of Profit and Loss and
the Standalone Statement of Cash Flow dealt with oy this Report are m agneemenl
with the books of account

d In our opinion, the aforesaid standalone 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 1st
April 2025 taken oh record by the Board or Directors none of the directors is
disqualified as on 3"s1 March 2025 from being appointed as a director in terms of
Section 164 (2) of !he Act

f The modifications relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph l9(bi above on reporting under
Sed ion 14 3 (3) f b) of the Act a nd pa: agra ph 20f f) Del o w on report mg un cte r R ute 11 i g)
of the Companies (Audit and Auditors) Rules. 2Q14

g With respect to the adequacy ol the internal financial controls with reference to these
standalone financial statements and lhe ope rat mg effectiveness of such controls
refer to our Separate Report In Annexure E' to this report

h With respect to the matter to be included in the Auditor's Report under section
197(16) or the Act

We draw attention to Note No 36 tc the Standalone Financial Siatements regard-ng
the Company has paid total managerial remuneration amounting to Rs 136.64 Lakh:,
during the year which is comprising of Remuneration of Rs.167 04 Lakhs Sitting
fees Rs 7 00 Lakhs and Perquisite value of rent-free accommodation of Rs 12 60
Lakhs. Out of total managerial remuneration as stated above an amount of
Rs 120 7S Lakhs rs exceeding me limits prescribed under provisions of the Section
19/ to the Companies Act, 2013

2G. With respect Id the other matters to te included m jhe Auditor's Repon m accordance with

Rule 11 of the Compan as (Audit and Auditors? Rules. 2014. as amended In our opinion

and to the besi of our information and according to the explanations given to us

3 The Company does not Have any pending litigations as at 31s1 March, 2025 which
Mould imoact its financial position

b. ^Tfl(J Company dm not have any (ong-lerrn contracts including derivative contracts for
which there were any matersi fores eeaole losses

c There were no amounts which were required to be transferred by the Company lo
the Investor Education and Protection Fund

d (i) The Management has represented Thai, to the best of its knowledge and belief
as disclosed in Ihe Note no 4 l(iv)tA) lo lhe standalone financial statements no
funds (which are maienai either individually or in lhe aggregate: nave been
Advanced or loaned or invested (eithe^- from borrowed funds 0^r Share premium
or any Other sources or kind Of funds) by the Company to or in any Other person
or enlily, including foreign entity (intermediaries") with the understanding
whether recorded in writing ur otherwise that The Intermediary shall, whether
direclly or indirectly fend or invest in other persons or entities In any manner
whatsoever by or on behalf of The Company I "Ultimate Beneficiaries") or provide
any guarantee security or The hke cm behatf of The Ultimate Beneficiaries;

(ii) The Management has represented that to the best of rts knowledge and belief
as disclosed r 1ho Note no 41(iv)(B) to the star da'one financial Statements no
funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entrty including foreign entity
("Funding Parties"), with the understanding, whether recorded jp writing or
otherwise that the Company shall, whether, directly or indirectly, lend or invest
m other persons or entities icentified \n any manner whatsoever by or on behalf
of the Fund.ng Partyi Ultimate Beneficiaries . or provide any guarantee security
or the like on behalf of the Ultimate Beneficiaries

(Si) Based on the aud't procedures that have been considered reasonable and
appropriate in the circumstances nothing has come to our nonce Ihai has
caused us !o beleve Thai the representations under sub-clause (i) and (m) of
Puts t T<e> as provided under (i) arid (n) above contain any materials
misstatement

e The Company has not declared or pa4 any dividend during the year and has not
proposed final dividend for ihe year

f The reporting under Rule 11(g) of the Companies (Audit and Auditors) Ru^es 2014 is
applicable from 1 April 2023

hi) The Company has maintained Property. Plant and Equipment register in
Microsoft Excel worksheet for which audit; trail (edit Jog) facility is not
available. Hence, we are unable to comment on audit trail feature of the said
records.

Subject to above m our opinion proper books nf account slating [rue 4 fair states
of affairs of the Company, as required under Sec 126 i j of the Companies Aci. 2Q1 3
has been maintained by the company for the financial year 2024-25

ForR R Shah & Associates

' ÝÝ Chartered Accountants

/f "Ý

l . Firm's regcslratiqr number 112007W

fens:* £? 7\

V\|jU«n JxC • Ly-\

Place Mumbai Partner

Dale 29th May. 2025 Mem bershtp N o. 102620

UDIN 251021,26 V 6? ^LJJ

1

In connection with out audit Of the standalone financial statements, our responsibility is to
read the other information dentified above whan it becomes available and in doing so
consider whether the other information is materially inconsistent with Ihe financial
statements or our knowledge obtained during the course ol our audit or otherwise appears

to be materially misstated

2

7 From ihe matters communicated with those charged with governance, we determine thosr-
matte^r5 that were of most significance in ihe audit of the standalone financial statements
of the current period and are therefore Ihe key audit matters We desenbe these matters
Ýn our auditors report unless law or regulation precludes public drsefosure aboui The rhatfe^f
or when m extremely rare circumstances we determine that a matter shcuid not be
communicated in our report because ihe adverse consequences of ricirg sc would
- reasonably be expected to outweigh ihe public interest benefits of such com mum cal ion