1. We have audited the accompanying financial
statements of Afcom Holdings Limited (the Company),
which comprise the Balance Sheet as at 31st March,
2025, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and notes to
the financial statements, including a summary of the
significant accounting policies and other explanatory
information.

2. In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid 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 accounting principles
generally accepted in India, of the state of affairs of
the company as at 31st March, 2025, and the profit,
and its cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit of financial statements in
accordance with the Standards on Auditing (SAs)
as specified under section 143(10) of the Act. 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 together with the ethical
requirements that are relevant to our audit of the
financial statements under the provisions of the Act
and the Rules thereunder, 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 audit opinion
on the Financial Statements.

Key Audit Matters

4. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the context
of our audit of the 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.

Information Other than the Financial Statements and

Auditor's Report Thereon

5. The Company's Board of Directors is responsible for
the preparation of the other information. The other
information comprises the information included in
the Company's Board Report including Annexures
but does not include the financial statements and our
auditor's report thereon.

6. Our opinion on the financial statements does not
cover the other information and we do not express
any form of assurance conclusion thereon.

7. 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
during the course of our audit or otherwise appears
to be materially misstated.

8. If, based on the work we have performed, we conclude
that there is no material misstatement of this other
information, we are required to report that fact and
we have nothing to report in this regard.

Management's Responsibility for the Financial

Statements:

9. The Company's Board of Directors is responsible
for the matters stated in Section 134(5) of the Act
with respect to the preparation of these financial
statements that give a true and fair view of the financial
position, financial performance, changes in equity
and cash flows 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 judgements
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.

10. 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.

11. The Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial

Statements:

12. Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
or 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 financial
statements.

13. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit We also:

i. 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 involvecollusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

ii. 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 Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to financial statements in place and the operating
effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

iv. 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.

v. 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.

14. Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of
a reasonably knowledgeable user of the financial
statementsmaybeinfluenced.Weconsiderquantitative
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 financial statements.

15. 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.

16. 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.

Report on Other Legal and Regulatory Requirements:

17. 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,
based on our audited financial statements, we give in
Annexure - A a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent
applicable

18. 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 it
appears from our examination of those books.

iii. 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 books of account.

iv. In our opinion, the aforesaid financial statements
comply with the Accounting Standards specified
under Section 133 of the Act read with the Rule 7 of
Companies (Accounts) Rules, 2014, as amended.

v. On the basis of the written representation received
from the directors as on 31st March, 2025, taken
on records by the Board of Directors, none of the
directors are disqualified as on 31st March, 2025,
from being appointed as a Director in terms of Section
164(2) of the Act.

vi. Reporting 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 control over financial
reporting.

vii. 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/provided by the Company to its
directors during the period is in accordance with the
provisions of section 197 read with Schedule V to the
Act.

viii. 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,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note No.25 (Other Notes to
Accounts) to the financial statements.

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

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 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 performed
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.

v. The Company did not declare or paid any dividend
during the period.

vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable from 1
April 2023.Based on our examination which included
test checks, the Company has used accounting
software for maintaining its books of account, which

have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the respective software

vii. Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the
respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

For P P N and Company
Chartered Accountants

Firm's Registration No: 013623S
Peer Review Certificate No.013578

sd/-
D Hitesh

Place: Chennai Partner

Date: 27th May, 2025 M. No: 231991

UDIN: 25231991BMKRNO2050