We have audited the accompanying Standalone Financial Statements of M/s.OLYMPIC CARDS LIMITED
("the Company”) which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income),the Statement of Changes in Equity, the Statement of Cash Flows
for the year then ended, and the Notes to the Standalone Financial Statementsincluding a summary of the
Significant Accounting Policies and Other Explanatory Information(hereinafter referred to as "Standalone
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 in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards ("Ind-AS")
prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015,
as amended, ("Ind-AS") andother accounting principles generally accepted in India, of the state of affairs of
the Company as at 31st March 2025, LOSS,total comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Qualified Opinion

We refer to the Standalone Financial Statements, regarding Non-Confirmation of Balances of Trade
Receivables, Trade Payables, Advances from customers, Advances made to Suppliers for the financial year
ended 31.03.2025.

Our audit procedures included requests for direct confirmations of balances of customers and suppliers to
verify the balances owed to or by the Company as at year-end. However, we were not provided with the details
to obtain such confirmations. As a result, we are unable to conclude whether adjustments to the balances
shown thereunder are required.

Total Balances as on 31.03.2025 of Trade Receivables is ' 233.64 (In Lakhs),Trade Payables is ' 981.48 (In
Lakhs), Advances from Customers - ' 237.97 (In Lakhs) Advances to Suppliers ' 34.76 (In Lakhs) and Loan
from Related Parties of Rs.1159.88 (In lakhs) for all which the management has not provided any
confirmation.

We conducted our audit of the Standalone Financial Statements 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 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 together with the ethical requirements that are
relevant to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013
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 for our opinion on the Standalone Financial Statements.

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 Annexures to Board’s
Report but does not include theStandalone 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.

When we read the reports containing the other information, if, based on the work performed, we
conclude that there is a material misstatement therein, we are required to communicate the matter to the Board
of Directors and take necessary actions as per applicable laws and regulations.

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
communicate in our report.

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 the Standalone Financial Statements that give a true
and fair view of the financial position, financial performance, changes in equity an cash flows of the
Company in accordance with the Indian Accounting Standards prescribed under section 133 of the Act ("Ind-
AS")read with the Companies (Indian Accounting Standards) Rules 2015, as amended, ("Ind-AS")and other
accounting principles generally accepted in India.

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, the 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 liquidate
the company or to cease operations, or has no realistic alternatives but to do so.

The Board of Directors is responsible for overseeing the company’s financial reporting process.
Auditor’s Responsibilities for the Audit of 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 a high level of assurance, but is not a
guarantee that an audit conducted in accordance with Standards on Auditing (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 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 with respect to Standalone Financial Statementsin 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 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 theStandalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represent the underlying
transactions 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 the users of theStandalone 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.

Other Matter

M/s. OLYMPIC CARDS LIMITED was audited by the predecessor auditor who has expressed qualified
opinion on the Standalone Financial Statementsfor the year ended 31.03.2024 and the current year Auditor is
not responsible for any of the balances reported for the financial year ended 31.03.2024.

The Comparative Ind-AS financial information of the Company, for the year ended 31st March 2024,
included in this Standalone Financial Statements, are based on previously issued Standalone Financial
Statements prepared in accordance with the Companies (Indian Accounting Standards) Rules 2015, and other
accounting standards generally accepted in India which was audited by the predecessor auditor who has
expressed Qualified Opinion. Our opinion on theStandalone Financial Statements and our report on Other
Legal and Regulatory requirements below is not modified in respect of the above matter.

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”a
Statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.

2. A) As required by Section 143(3) ofthe 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 except for the matters effected in the Basis for Qualified
Opinion section.

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 booksexcept for the matters effected in the Basis for Qualified
Opinion section and certain matters in respect of audit trail as stated in the paragraph 2(B)(vi) below;

c) The Standalone Financial Statements consisting of Balance Sheet,Statement of Profit and Loss
(including Other Comprehensive Income), Statement of Changes in Equity and the Statement of Cash
Flow 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 Indian Accounting
Standards prescribed under section 133 of the Act read Companies (Indian Accounting Standards)
Rules 2015 there under as amended except for the matters effected in the Basis for Qualified Opinion
Section.

e) On the basis of the written representations received from the directors of the Company as on March 31,
2025 taken on record by the Board of Directors that 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) The Qualifications relating to the maintenance of accounts and other matters connected therewith in
respect of audit trail are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of
the Act and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

g) 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".

h) With respect to the other matters to be included in the Auditors’ report in accordance with Section
197(16) of the Act, in our opinion and to the best of our information and according to the explanations
given to us, the 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 to the Act. The remuneration paid
to any director is not in excess of the limit laid down under Section 197 of the Act;

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:

i) The Company does not have any pending litigations which would affect its financial position.

ii) The Company did not have any long-term contracts including derivative contracts as at March 31,
2025 for which there were any materials foreseeable losses.

iii) The company is not required to transfer any amount 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 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, security or like on behalf of the
Ultimate Beneficiaries;

(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 what so ever 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 such audit procedures that we 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 the rules as provided under (a) and (b) of the above contain any material misstatement.

v) Based on the information and explanation provided by the management and on the records examined by us,
the company has not declared or paid any dividend during the year, hencereporting under this clause is not
applicable

vi) Based on our examination which included test checks, the company has not used an accounting software
for maintaining its books of account which has a feature of recording audit trail (edit log) facility.

For Subramanian &Associates
Chartered Accountants
Firm’s Registration No :012360S

Date : 28.05.2025 CA B Kamalesh

Place : Chennai Partner

Membership No: 245976
UDIN: 25245976BMIPAW4031