We have audited the accompanying Standalone Financial Statements of Magellanic Cloud Limited (hereinaf¬
ter referred to as “the Company”), which comprise the Standalone Balance Sheet as at March 31, 2025, and
the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone State¬
ment of Changes in Equity and Standalone Statement Cash Flow for the year then ended, and notes to the
Financial Statements, including a summary of the material accounting policies and other explanatory informa¬
tion (hereinafter referred to as the “Financial Statements”).

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, as amended(“the
Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Stan¬
dards prescribed under Section 133 of the Act, (“Ind AS””) and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2025 and its profit including other comprehen¬
sive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (“the
SAs”) specified under sub-section (10) of section 143 of the Act. Our responsibilities under those SAs are
further described in the Auditors' 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 Char¬
tered Accountants of India (“the ICAI”) together with the ethical requirements that are relevant to our audit
of the 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 ICAI's Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our audit
opinion on the Standalone Financial Statements.

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, 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.

The Company's Board of Directors are responsible for the preparation of the other information. The other
information comprises the information included in the Annual Report but does not include the Standalone
Financial Statements and our auditors' report thereon. The other information is expected to be made avail¬
able to us after the date of this auditors' report. 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 iden¬
tified 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 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements.

The Company's Board of Directors are responsible for the matters stated in sub-section (5) of Section 134 of
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, other comprehensive income, changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) 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 oper¬
ating 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 and Board of Directors are 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 liqui¬
date the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors
are also responsible for overseeing the Company's financial reporting process.

Auditors’ Responsibilities for the Audit of the Standalone Financial Statements

1. 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. Misstate¬
ments 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.

2. 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 misstate¬
ment 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 proce¬
dures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on the internal financial controls with reference to the standalone financial
statements 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 condi¬
tions that may cast significant doubt on the Company's ability to continue as a going concern. If we
conclude that 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 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 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.

3. 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 stand¬
alone 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.

4. 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.

5. 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 safe¬
guards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the Central Govern¬
ment 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 paragraphs 3 and 4 of the Order.

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

(i) 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.

(ii) 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 except for the matters stated in the paragraph 2(viii)(f)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014,

(iii) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehen
sive Income), the Standalone Cash Flow Statement and Standalone Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account.

(iv) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified
under Section 133 of the Act.

(v) On the basis of written representations received from the directors as on March 31, 2025 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;

(vi) The modifications relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph 2(ii) above on reporting under Section 143(3)(b) of the Act and paragraph 2(viii)

(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(vii) With respect to the adequacy of the internal financial controls with reference to Financial Statements of
the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure
B”;

(viii) With respect to the other matters to be included in the Auditors' 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 accord
ing to the explanations given to us:

a. The Company has disclosed the impact of pending litigations on its financial position in its Standalone
Financial Statements- Refer note 27 to the standalone financial statements.

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

c. There were no amounts which were required to be transferred to the Investor Education and Protec
tion 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) by the Company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”) with the understanding , whether recorded in writing or otherwise, that the Inter
mediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatso¬
ever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) 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(s) or entity(ies), 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;

e. The final dividend paid by the Company during the year in respect of the same declared for the
previous year is in accordance with section 123 of the Companies Act 2013 to the extent it applies to
payment of dividend. As stated in Note No.9 to the Standalone financial statements, the Board of
Directors of the Company have proposed final dividend for the year which is subject to the approval
of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1st
April 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 the relevant transactions recorded. The
feature of audit trail (edit log) facility was not enabled at the data base level to log any direct data.
Further, duting the course of our audit we did not come across any instance of audit trail feature
being tampered with,

The company has preserved the audit trail from 14 July 2023 in compliance with statutory record
retention requirements, except at database level.

3. In our opinion and to the best of our information and according to the explanations given to us, the
managerial remuneration paid / provided by the Company to its directors during the year is in accordance
with the provisions of Section 197 read with Schedule V of the Act.

a) The Statement includes comparative figures of the company for the year ended March 31, 2024 which have
been audited by the predecessor's auditor M/s Bhuta Shah & Co LLP vide their report dated May 08, 2024 in
which they have expressed unmodified conclusion.

For SGCO & Co. LLP

Chartered Accountants

Firm Registration Number: 112081W/W100184

Sd/-

Suresh Murarka

Partner

Membership Number: 044739
UDIN: 25044739BMLAKI1559
Date: May 05,2025