We have audited the accompanying standalone financial
statements of Ashika Credit Capital Limited (“the Company"),
which comprise the Balance Sheet as at 31st March, 2026, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year then ended, and
notes to the standalone financial statements including a
summary of material accounting policy information and
other explanatory information (hereinafter referred to as
"standalone financial statements").

In our opinion and to the best of our information
and according to the explanations given to 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 true and fair
view in conformity with the accounting principles generally

accepted in India including the Indian Accounting Standards
(“Ind AS") prescribed under section 133 of the Act, read with
the Companies (Indian Accounting Standards) Rules, 2015,
as amended, of the state of affairs of the Company as at
31st March, 2026, its profit (including other comprehensive
income), its changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards
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 Standalone 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 standalone
financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical
responsibilities 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 on the standalone financial statements.

Emphasis of Matter

We draw attention to the following matters in the notes to the
standalone financial statements:

1. Note 33(a) to the standalone financial statements
with regard to the Scheme of Amalgamation involving
merger of Yaduka Financial Services Limited ("YFSL"),
being the Transferor Company, with and into the
Company ("the Scheme"), as approved by the Hon'ble
National Company Law Tribunal vide their order dated
November 04, 2025. The Company has prepared the
accompanying standalone financial statements after
giving effect of the Scheme as per the accounting
treatment prescribed under the Scheme in accordance
with the accounting principles given under Appendix C
of Ind AS 103, Business Combinations. Accordingly, the
comparative financial information has been restated to
reflect the aforesaid business combination, as further
described in the said note.

2. Note 33(b) to the standalone financial statements with
regard to the Composite Scheme of Amalgamation
involving merger of (i) Ashika Commodities & Derivatives
Private Limited ("ACDPL" or "Transferor Company"),
Wholly Owned Subsidiary of Ashika Global Securities
Private Limited ("AGSPL" or "Amalgamating Company"
or "Transferee Company"), with and into AGSPL and

(ii) AGSPL with and into the Company ("the Composite
Scheme"), as approved by the Hon'ble National
Company Law Tribunal vide their order dated May 08,
2026. The Company has prepared the accompanying
standalone financial statements after giving effect
of the Composite Scheme as per the accounting
treatment prescribed under the Composite Scheme
in accordance with the accounting principles given
under Appendix C of Ind AS 103, Business Combinations.
Accordingly, the comparative financial information
has been restated to reflect the aforesaid business
combination, as further described in the said note.

Our report is not modified in respect of these
matters.

Other Information

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Board's Report including Annexures to Board's
Report, Report on the Corporate Governance but does not
include the standalone financial statements, consolidated
financial statements and our auditor's report thereon. The
above mentioned information are expected to be made
available to us after 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 thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
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.

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.

Responsibilities of Management and Those
Charged with Governance for the Standalone
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 standalone financial statements
that give a true and fair view of the financial position,
financial performance (including other comprehensive
income), changes in equity and cash flows of the Company
in accordance with the accounting principles generally
accepted in India, including Ind AS prescribed under section
133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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 judgements 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
standalone financial statements that give a true and fair
view and are free from material misstatement, whether due
to fraud or error.

In preparing the standalone financial statements, Board
of Directors 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 the Board of
Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those Board of Directors is also responsible for overseeing
the Company's financial reporting process.

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

Our objectives are to obtain reasonable assurance about
whether the standalone 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 this standalone
financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
scepticism throughout the audit. We also:

♦ Identify and assess the risks of material misstatement
of the standalone 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. 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.

♦ 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 standalone 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 standalone financial statements, including the
disclosures, and whether the standalone 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.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements of the current year 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 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.

Other Matter

a) In accordance with the Scheme referred to in Note 33
to the standalone financial statements, the reported
figures for the comparative period presented has
been restated to include the financial information
of YFSL. Such financial information of YFSL, which
has been included for the purpose of restatement of
comparative period i.e. for the year ended 31st March,
2025, was audited by the then Statutory Auditor of YFSL
under the accounting principles generally accepted in
India i.e. Previous IGAAP, who had issued an unmodified
audit report dated June 30, 2025 on such financial
statements. Further, the then Statutory Auditor of YFSL
has vide their review report dated February 04, 2026
reviewed the Ind AS adjustments done to the aforesaid
financial statements for the year ended 31st March,
2025. The said report was furnished to us and has been
relied upon by us.

We have reviewed the adjustments made by the
management consequent to the amalgamation of YFSL
with the Company to arrive at the restated figures for
the year ended 31st March, 2025.

b) In accordance with the Composite Scheme referred to
in Note 33 to the standalone financial statements, the
reported figures for the comparative period presented
has been restated to include the financial information of
ACDPL and AGSPL. Such financial information of ACDPL

and AGSPL, which has been included for the purpose
of restatement of comparative period i.e. for the year
ended 31st March, 2025, the financial information of both
ACDPL and AGSPL was audited by their then respective
Statutory Auditor, who had issued an unmodified
audit report dated June 21, 2025 and June 30, 2025
respectively on such financial statements. The said
report was furnished to us and has been relied upon
by us.

We have reviewed the adjustments made by the
management consequent to the amalgamation of
ACDPL and AGSPL with the Company to arrive at the
restated figures for the year ended 31st March, 2025.

Our opinion is not modified in respect of these matters.

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 section 143(11) of the Act, we report
in "Annexure 1", 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, 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 (including Other Comprehensive Income),
the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this report
are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS prescribed
under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules,
2015, as amended;

e. On the basis of the written representations
received from the directors as on 31st March, 2026,
and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st
March, 2026 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 with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to ou r separate
report in "Annexure 2";

g. With respect to the other matter 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/provided 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 standalone financial statements -
Refer Note 32 on Contingent Liabilities 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) (a) The management has represented that,

to the best of its knowledge and belief, 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 entity(ies), including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, whether,
directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever by or on
behalf of the Company ("Ultimate

Beneficiaries") or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries;

(iv) (b) The management has represented
that, to the best of its knowledge and
belief, no funds have been received
by the Company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the 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 any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries;

(iv) (c) Based on the audit procedures that are
considered reasonable and appropriate
in the circumstances, nothing has come
to our notice that has caused us to

For DHC & Co.

Chartered Accountants
ICAI Firm Registration No.

Pradhan Priya Dass

Partner

Membership No. 219962
UDIN: 26219962GJVXYW7270

Place: Bengaluru
Date: May 17, 2026

believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above,
contain any material misstatement.

(v) The Company has not declared nor paid any
dividend during the year. Hence, reporting
the compliance with section 123 of the Act is
not applicable.

(vi) Based on our examination which included
test checks, the Company has used an
accounting software for maintaining its
books of account for the financial year
ended 31st March, 2026 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
and the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.