We have audited the accompanying financial statements of the Ntys Rama Telecom Limited
(Formerly known as Rama Telecom Private limited) ("The Company"), which comprise
the Balance Sheet as at 31st March 2025, the statement of Profit & Loss and the statement of
Cash Flow for the year then ended 31*‘ March 2025, and notes to the financial statements,
including 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 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 31st March 2025, and its profit and cash Hows 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 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 (ICAI) together
with the ethical requirement that are relevant to our audit of the Financial Statement under
the provisions of the Act and the rules thereunder, and we have fulfilled our 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.

Key Audit Matters

Key Audit Matters arc those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statement for the current period. These
matters were addressed in the context of our audit of standalone financial statement as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these* matters. Reporting of key audit matters as per SA 701, Key Audit Matters are not
applicable to the Company as it is an unlisted company.

Information Other than the 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 Board's
Report including Annexure to the Board Report, Business Responsibility Report but does
not include the financial statements and our auditor's report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the 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 concluded 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.

Management's Responsibility for the 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 of the 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. 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 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 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.

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The Board of Directors are 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 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 anti 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.

As part of an audit in accordance with SAs, 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 one resulting from error, as fraud may involve 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 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 system 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 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 financial statements,
including the disclosures, and whether the 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 financial statements of the current
period 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.

Emphasis of Matters

We draw attention to Note 52 to the financial statements in relation to outstanding balances
of trade receivables, trade payables and loan and advances which are subject to
confirmation and subsequent adjustments if any.

Refer Note 7.1 of the financial statement as on 31st March 2025, where in non-receipt of
MSME declaration from vendors is mentioned, due to such unavailability of information we
are unable to comment on the MSME related disclosures provisions.

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 "Annexure A", a statement on the matters specified in the paragraph 3 and 4 of
the order.

2. A) As required by section 143(3) of the Act, we report that:

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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 and the statement of Cash Flow
dealt with by this Report are in agreement with the relevant books of account;

d) In our opinion, the aforesaid 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 written representations received from the directors, as on 31* 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.

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.

B) 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, in our opinion and
to the best of our information and according to the explanations given to us;

a) The Company does not have any pending litigations as at 31* March 2025 which
would impact its financial position;

b) The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses; and

c) There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.

d) i. 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) during the year 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:

• Directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of
Company or

• Provide any guarantee, security or the like to or on behalf of the Ultimate

Beneficiaries. .—

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ii. 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
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the company shall:

• Directly or indirectly, lend or invest in other persons or entities identified in

any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
funding party or

• Provide any guarantee, security or the like form or on behalf of the Ultimate

Beneficiaries; and

iii. Based on such audit procedures as considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe
that representations under sub clause (d) (i) and (d) (ii) contain any material
misstatement.

e) The Company has not declared or paid any dividend during the year.

f) The reporting under Rule 11(g) of the companies (Audit & Auditor) Rules, 2014 is

applicable from 1 April 2023.

The feature of recording audit trail (edit log) facility was not enabled at the database
level to log any direct data changes for the accounting software used for maintaining
the books of accounts. The feature of recording audit trail (edit log) facility was not
operated throughout the year for all relevant transactions recorded in the respective
software.

C) With respect to the other matters 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 by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

For Agrawai Uma Shankar & Co.

(Chartered Accountants)
Firm's Registra^jpjji No.: 326700E

CA Un^S^nkaTAgrawal
Partner

Membership No: 066497
UDTN No.: 25066497BMHFYZ4857

Place: Kolkata
Date: 28.05.2025