We have audited the accompanying standalone Ind AS financial statements of QGO FINANCE LIMITED { ‘the Company*), which comprise the Balance Sheet as on 31st March, 2024, the Statement erf Profit and Loss and Cash Flow statement to* the year ended, and a summary of significant accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanations grven to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act') in the manner so required and guve a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards ( Ind AS') specified under Section 133 of the Act, of the state of affairs (financial position) of the Company os at 31 March 2024, and its profit and its cash liows toi the year ended on that dale

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under Section 143{ 10) of the AcL

Our lesponsibilities under those standards arc further described in the Auditor s Responsibilities for the Audit of the Financial Statements section of our report We are independent of the Company In accordance wnh the Code of Ethics issued by the Institute of Chartered Accountants of Inma < ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and I he rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code ot Ethics. We believe that tire audit evidunce we have obtained is sufficient and appropriate to provide a basis for our opinion

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

The Company's Board of Directors is responsele tor the preparation at the other information The other information comprises the infoimation included in the Management Discussion and Analysis, Board's Report inducting Amexures to Board's Report, Business Responsibility Report. Corporate Governance and Shareholder's information, but does not Indude the standalone flnan-dai statements and our auditor’s report thereon

Our opinion on Che standalone financial statements does not cover the other information and we do not express any form ot assurance conclusion thereon.

In connection with our audit of ihe standalone finanoal statements our responsibility is to read the other rnformation and in doing so, consider whether the other information is materially inconsistent with the standalone 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 materia! misstatement of this other information wa are required to report that fact We have nothing to report in this icgard.

information, we are required to report that tact. We have nothing to report m this regard.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Management and Board of Directors of the Company are responsible for the matters stated in section 134(5) of the Companies Act. 2013 f the act ) with respect to the preparation of these standalone Ind AS 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 pr.nciples generally accepted in India, including the Accounting Standards (Ind AS> specified uncer Section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules 2015 (as amended).

This responsibility also Includes maintenance of adequate accounting records m accoi dance withlhe provisions of the Act for safeguarding the assets of the Company and for preventing arx) detecting frauds and othei irregularities. selection and ap plication of appropnaie accounting policies; making lodgement and estimates that are reasonaoie and prudent, design, implementation and maintenance of adequate internal financial control, that ara operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements Inc AS that give a true and fair view and are free from material misstatement, whether due to fraud or error

In prepanng the financial statements, management is responsible for assessing the Company's ability to continue us 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.

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

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 levef of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and ane consid ered material if, individually or in the aggregate, they oould reasonably be expected to nftuence the economic decisions of users taken on the basis of these financial statements

As part of an audll in accordance with Standards on Auditing, 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 Dne result-

vide a basis for our opinion The nsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may invoke collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate n the circumstances Under section 143(3)(I> of the Act, we are also responsible tor expressing our opinion on whether the Company has adequate internal financial controls system in place and tne operating effectiveness of such controls,

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made hy 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 01 conditions that may cast significant doubt on the Company's ability to oominue as a going conoern 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 a ud.1 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.

Materiality is the magnitude of misstatements m 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 be nfiuenced. We consider quantitative materiality & qualitative factors in;

Planning the scope of our audit work and in evaluating the results of our work and

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 n internal control that we identity during our audit

We also provide those charged w.tn governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate wdh them all relationships and other matters that may reasonably tie 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 auefrt of the standalone financial statements of the current penod 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

Report on Other Legal and Regulatory Requirements

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 Companies Act. 2013, we give In the Annexure "A” statement on the matters specified in paragraphs 3 and 4 of the Order.

Further to our comments m Annexure A, as required by section 143<3> of the Act, we further report that:

1 We have sought and obtained a!! the Information and explanations which lo the best of our knowledge and belief were necessary for the purpose of our audit

2 In our opinion proper books of account as required by taw have been kept by the Company so far as appears from our examination of those Cooks.

3 The Balance Sheet Statement of Profit and Loss, and cash flow statement dealt with by this Report are in agreement with the booits of account.

4 in our opoion tne aforesaid standalone financial statement comply with the applicable Accounting Stancards specified under section 133 of the Act, read with the rule 7 of the Companies (Accounts) Rules 2015 (as amended)

5 On the basis ot wntten representations received from the directors as on 31st March, 2024, and taken on record by the Board of Directors, none of the directors is disqualified as 31st March. 2024, from being appointed as a director in terms of section 164(2) of the Act.

6. We have atso audited the Internal financial controls over financial reporting (IFCOFR) ol the Company as on 31st March 2024 in conjunction with our audit of the standalone financial statements of the Company tor the year ended on that date and our report as per Annexure B’ expressed an unmodified opinion.

7. In our opinion and to the best of our information and according to the explanations given to us. we report as urKler with respect to other matters to be included in the Auditor s Report in accordance with the Rule 11 d the Companies (Audit and Auditors) Rules, 2D15 (as amended|

i. The Company does not have any pending litigations which would impact on its financial position in its standalone Ind AS financial statements.

ii The Company did not have any long-term contracts including denvative contracts, as such toe question of commenting on any material foreseeable losses thereon does nol arise.

iii There tras not been an occasion in case of the Company dunng the year under the report to transfer any sums to toe Investor Education and Protection Fund The Question of delay in transferring such sums does not arise

tv (a) The management has represented that, to the best of It's knowledge and belief other than as disclosed in the notes to the accounts, no funds have been advanced oi loaned or 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 person(s) or entity(ies), including foreign enbties ('intermediaries’) with the understanding, whether recorded in writing or other/nse. that the intermediary shall, whether, directly or indirectly lend or Invest m other persons or entities identified m any manner whatsoever by or on behatf of the company (‘Ultimate Beneficiaries ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The management has represented that, to the best of it's knowledge and belief other than as disclosed m the notes

to the accounts, no funds have boon received by the company from any persons) or entlty(ies). including foieign entitles (‘Funding Parties'), with the understanding, whether recorded in writing on otherwise, that die company shall, whether, directly or mdl-icctly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Finding 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 thai has caused them to betieve that the representations under sub-clause (a) and (b) contain any matehal mis statement

(d) The company has declared and paid dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013

(e) Based on our examination, which includes test checks, the company has used accounting software’s for maintaining its books of account for the financial year ended March 31. 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for ail relevant transaction recorded in the software's. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3( 1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023. reporting under Rule 11(g) of the Companies (Audit and Auditois) Rules. 2014 on pieservation of audit tiail as per the statutoiy requirement for record retention is not applicable for tbc financial year ended Match 31.2024.

8 As required by Section 197(16) of the Act. we report that the Company has paic remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act

For Subramaniam Bengali & Associates Chartered Accountant FRN 127499W

CA - P. Subramaniam Partner

Place : Mumbai

Date: 13.05.2024 Mem No. 43163 UDIN NO : 24043163BKFAYF2124