We have audited the accompanying Standalone Financial Statements of E Factor Experiences
Limited, which comprise the Balance Sheet as at 31st March, 2025 and the Statement of Profit
and Loss Account & Cash Flow statement for the year then ended, and a summary of the
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 Standards prescribed under section 133 of the Act read with
relevant rules and accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2025, and its profit 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 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 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 Accountant of India 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 there under, 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 of our opinion.

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.

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 Board's Report, including

Annexure to Board's Report, Business Responsibility Report 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 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.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH
GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the matters stated in Section 134 (5) of
the Companies Act, 2013 (“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 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 Standalone Financial Statements that give a true and fair view
and are free from material mis-statement, whether due to fraud or error.

In Preparing the Standalone Financial Statements, management is responsible for assessing
the Company's ability to continue as 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.

The boards 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 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 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 decision of users taken on the basis of these Standalone 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 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
Companies Act, 2013, 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 estimated and related disclosure made by management.

• Conclude on the appropriateness of management's use of 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 conclusion is 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 on the Standalone Financial
Statements, including the disclosures, and whether the Standalone Financial Statements
represent the underlying transaction and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in 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 influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the Standalone 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 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 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.

Report on Other Legal and Regulatory Requirements

1. 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, Statement of Profit and Loss and Cash flow Statements 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 Companies Act, 2013 read
with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representation received from the directors as on 31st
March, 2025 taken on record by the board of directors, none of the director is
disqualified as on 31st March, 2025 from being appointed as director in terms of
section 164 (2) of the Companies Act' 2013.

f- With respect to the adequacy of the internal financial controls with reference to
Standalone Financial Statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company's
internal financial controls with reference to Standalone Financial Statements.

9- In our Opinion the managerial remuneration for the year ended March 31 2025 has
been paid by Company to it directors in accordance with the provision of section 197
read with schedule V to 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) Rule, 2014, in our
opinion and to the best of our information and according to the explanations given
to us

(i) he Company has disclosed the impact of pending litigations on its financial
position in its Standalone Financial Statements. Refer Note 25 (vii) 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; and

(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 (which are material either individually or in the aggregate) 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 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 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 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) of companies (Audit and Auditors) Rules 2014, as provided under
(a)and (b) above, contain any material misstatement.

(v) As stated in the note 25,the Final dividend paid by Company during the year in
the respect of same declared for the previous year is in accordance with section
123 of the Act to the extent it applies to the payment of dividend.

(vi) Based on our examination, which included test checks, the company has used
accounting software for maintaining its books of accounts for the financial year
ended March 31,2025 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.

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.

For Ellahi Goel & Company.

Chartered Accountants
Firm Registration No.: 005147N

MANSOOR ELLAHI - FCA
(MEMBERSHIP No. 83750)
(PARTNER)

UDIN: 25083750BMNRNB8712

Place: New Delhi
Date:26 th May 2025