We have audited the accompanying standalone financial statements of ALACRITY SECURITIES
LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement
of Profit and Loss, Statement of change in Equity and Cash Flow Statements for the year then ended,
and a summary of significant accounting policies and other explanatory information.

Emphasis on Other Matters

Attention is invited to Note no. 26 of Notes to Account which states that Liabilities in respect of
Gratuity and leave encashment are being accounted for on payment basis which is not in
conformity with the accounting standard 15 relating to employee's benefit.

Opinion

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, of the state of affairs of the Company as at March 31, 2025,
and Profit and its cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are 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 with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Companies Act, 2013 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.

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, 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. We have determined
that there are no key Audit matters to be communicated in our report.

4. Information Other than the Standalone Financial Statements 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
Governance 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 or 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 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 material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

5. Management's Responsibility for the 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 ('the act') with respect to the preparation of these
financial statements that give a true and fair view of the financial position and financial
performance 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 Companies (Accounts) Rules, 2014.

This responsibility includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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; design, implementation and
maintenance of adequate internal financial controls, that are 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.

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

6. 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 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.

7. 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", 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 further 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 purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company
so far as appears from our examination of those books;

c) the Balance Sheet, Statement of Profit and Loss and 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 applicable Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules 2014;

e) on the basis of written representations received from the directors as on March 31, 2025, and
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". Our report expresses an unmodified opinion, on the adequacy and operating
effectiveness of the Company's internal financial controls over financial reporting.

g) With respect to other matters to be included in Auditors' Report in accordance with
requirements of Section 197(16) of the Act, as amended:

h) In our opinion and to the best of our information and according to the explanations given to
us, the remuneration paid by the Company to its Directors during the year is in accordance
with the provisions of Section 197 of the Act. and

i) In our opinion and to the best of our information and according to the explanations given to
us, we report as under with respect to other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i. The Company has disclosed the impact of pending litigations on its financial position in
its financial statements - Refer Note 25 to the financial statements.

ii. The Company did not have any long-term contracts including derivative
contracts; as such the question of commenting on any material foreseeable
losses thereon does not arise

iii. There has not been any occasion in case of the Company during the year under report to
transfer any sums to the Investor Education and Protection Fund, so the question of
delay in transferring such sums does not arise.

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 persons or entities, 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,

b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the company from any persons or entities, 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; and

c) Based on the audit procedures that were considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (a) and (b) contain any material misstatement.

v. The company has not paid any dividend during the year.

vi. Based on our examination which included test checks, the Company has used
an accounting software for maintaining its books of account 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 the audit trail
feature being tampered with.

For CLB & ASSOCIATES
Chartered Accountants
FRN: 124305W
Sd/-

CA S. Sarupria

Partner

M. No 035783

Place: Mumbai

Date: 27.05.2025

UDIN: 25035783BMOUVD6996