Wo have audited the accompanying Standalone Financial Statements of STEELMAN TELECOM
LIMITED (formerly known as STEELMAN TELECOM PRIVATE LIMITED) ('the Company'), which
comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss and the statement
ol Cash Flows for the year then ended and notes to the Standalone Financial Statements, including a
summary of significant accounting policies and other explanatory information.

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 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 31st March, 2025, the profit and total
income, and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statement in accordance with the Standards on Auditing
specified under Section 143(10) of the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of 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 independence
requirements that are relevant to our audit of the Standalone Financial Statements under the
provisions of tire Act and the Rules made there under, 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 we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Standalone Financial Statements.

OTHER INFORMATION

Hie Company's Management and Board of Directors are responsible for the other information. I he
other information comprises the information included in the Company s annual report, but does not
include the financial statements and our auditors' report thereon, lire Company s annual report is
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 will 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 ideirtitied 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 ho
materially misstated. When we read the Company's annual report, if we conclude that thoio isu__

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.

MANAGEMENT'S RESPONSIBILITY FOR 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 Standalone
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 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 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, 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.

AUDITOR'S RESPONSIBILITY

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 these Standalone Financial Statements.

We have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the
Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the Standalone Financial Statements
are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the Standalone Financial Statements. The procedures selected depend on the Auditor’s
judgment, including the assessment of the risks of material misstatement of the Standalone Financial

__

^tatomonK whether due to fraud or error. In making those risk assessments, the auditor considers
internal financial control relevant to the company's preparation of the Standalone Financial
Statements that give a true and fair view in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the Standalone Financial Statements.

KI PORT ON OTHER EHGA1. AND REGULATORY REQUIREMENTS

1. As required by sub-section 3 of Section 143 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 purpose of our audit;

(h) 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) 1 he Balance Sheet, the Statement of Profit and Loss 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 Accounting
Standards specified under Section 133 of the Act, read with relevant rule issued thereunder.

(e) On the basis of the written representations received from the directors as on 31st March,
2025 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;

(0 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-A";

Ig) with respect to the other matters to be included in the Auditor's Report in accordance with
tlie 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 by the company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

(Ii) with respect to tire 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 I he C ompany did not have any pending litigations in its Standalone Financial
Statements

ii I he Company did not have any long term contract including deriv ative contract which
may lead Ur any foreseeable losses

in I here were no amounts which are required to he Irunslcrred to the Investor Education
yr ~'vV\ and Rioted ion Fund by the Company dining the period ended 31st March. 2025
¹ he Company has not declared or paid any dividend during the year

£ 1,

I be Management has represented that, to tire lnext ol its knowledge and hcliet, no
A<r(eii^^^ lumis (whir h are material either individually or in the aggregate) have Ivon 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 or entity,
including foreign entity ("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 tire 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 its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity ("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;

c. Based on the audit procedures that have been 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 (i) and (ii) of Rule 11(e), as provided under (a)
and (b) above, contain any material misstatement.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account
using accounting software which has a feature of recording audit trail (edit log) facility is applicable
to the Company with effect from April 1, 2023. Based on our examination which included test checks,
the Company has used 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. The audit trail feature has
been preserved by the Company as per the statutory requirements.

2. 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 B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

For Jay Gupta and Associates
(Erstwhile Gupta Agarwal & Associates)
Chartered Accountants
Firm's Registration No: 329(JQlh—

Shanker Gupta j|0| j *}]

Partner J^I)

Place: Kolkata Membership No: 0595.35 ___

Date: May 30, 2025 UD1N: 25059535BM1IBZC82W^I«^^