ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

CARO 2020 Report for ABC Private Limited

Financial Year: 2023-24

Auditor: Demo Auditor LLP

Report Date: 2026-05-03

3(i) - Property, Plant and Equipment

Based on the uploaded records, the available evidence indicates the company has not maintained records over property, plant and equipment. Subsequent expenditure related to an item of property, plant and equipment is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing property, plant and equipments, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred. Gains or losses arising from derecognition of property, plant and equipments are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised. Abc Private Limited Notes to Financial Statements for the year ended March 31, 2025 (All amounts in INR millions, unless stated otherwise) 33 The Company is in the process of reconciling the balance as per books with the GST Returns. The Company does not expect any impact on account of it. 34 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property. 35 The Company do not have any transactions with companies struck off. 36 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

Title Deeds Table

Property	Held In Name	Remarks
Industrial Plot	Company Name	No exception noted

3(ii) - Inventory and Working Capital

Based on the uploaded records, the inventory verification and working-capital reporting position can be summarized as follows. 91,674,431.35 Other current liabilities 7 7.76 3.45 7,758,116.34 3,450,117.93 45,837,215.67 Short term provisions 8 1.01 1.72 1,014,547.41 1,714,405.00 88.31 17.30 88,313,888.82 17,297,729.21 Total 838.46 1,338.42 838,449,481.59 1,338,420,323.19 Assets Non-current assets Property, plant and equipments 9 5.24 5.15 5,238,433.51 5,150,347.35 Property plant and equipments Other non-current assets 10 69.44 1.73 69,437,267.14 1,734,000.00 74.68 6.88 74,675,700.65 6,884,347.35 Current assets Investments 11 617.92 1,183.58 617,911,065.63 1,183,584,876.09 Trade receivables 12 9.63 4.91 9,635,292.90 4,912,489.21 Cash and bank balances 13 113.01 6.64 113,006,689.33 6,637,307.61 Other current assets 14 23.22 136.41 23,220,734.52 136,401,302.18 763.78 1,331.54 763,773,782.38 1,331,535,975.09 Total 838.46 1,338.42 838,449,483.03 1,338,420,322.44 1.44 (1) Summary of corporate information and significant accounting policies 1 & 2 The accompanying notes are an integral part of the financial statements. Trade Receivables Turnover Ratio Sales (net) / Average trade receivables 38,331,744.55 7,273,891.06 5.27 36,304,166.00 2,456,244.61 14.78 -64% Refer note Trade Payable Turnover Ratio Purchases, net / Average trade payables 510.73 45.84 11.14 176.88 8.41 21.04 -47.04% Trade payables increased significantly due to higher operational activity, resulting in a lower turnover ratio. Trade Payable Turnover Ratio Purchases, net / Average trade payables 510,731,608.03 45,837,215.67 11.14 176,883,406.00 8,407,643.64 21.04 -47% Refer note 4,682,081.00 Net Capital Turnover Ratio Sales (net) / [current assets - current liabilities] 38.33 675.46 0.06 36.30 1,314.24 0.03 105.44% The ratio increased owing to a significant reduction in working capital, driven by mutual fund redemptions and higher trade payables.

3(iii) - Investments, Guarantees and Loans

Based on the uploaded records, the loan and advance records reviewed for the year show the following position. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions If an investment is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is the fair value of the securities issued. If an investment is acquired in exchange for another asset, the acquisition is determined by reference to the fair value of the asset given up or by reference to the fair value of the investment acquired, whichever is more clearly evident. Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

3(iv) - Compliance with Sections 185 and 186

Based on the uploaded records, the records reviewed suggest compliance with Sections 185 and 186 subject to the evidence summarized below. 2 Basis for preparation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year. The financial statements have been prepared as per the Schedule III of Companies Act, 2013. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions

3(v) - Deposits

Based on the uploaded records, the deposit-related documents reviewed indicate the following status. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions 2 Basis for preparation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year. The financial statements have been prepared as per the Schedule III of Companies Act, 2013.

3(vi) - Cost Records

Based on the uploaded records, the materials reviewed suggest the following position on prescribed cost records. 7,247,130.00 Rent Software expense 60.21 34.34 60,206,847.38 34,344,841.18 Software expense Travelling and conveyance expenses 4.79 4.17 4,785,577.10 4,165,868.82 Travelling and conveyance expenses Advertisement and sales promotion 385.24 79.32 385,244,438.06 79,324,468.96 Advertisement and sales promotion " Legal and professional fees (Refer note ""A"" below) " 42.40 46.21 42,404,813.57 46,207,012.22 Legal and professional fees Rates and taxes 1.36 1.22 1,363,527.80 1,220,793.74 Rates and taxes Office expense 1.86 1.02 1,857,592.72 1,020,486.60 Office expenses Business cost 0.86 0.89 855,763.60 886,237.30 Business cost Debit balance written back 0.31 - 308,393.41 - Debit balance written back Miscellaneous expenses 0.87 0.37 875,202.94 373,914.97 Miscellaneous expenses Total 506.58 174.79 506,582,008.59 174,790,753.79 A. Although these estimates are based on the management’s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. (b) Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria's are met, and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

3(vii) - Statutory Dues

Based on the uploaded records, the statutory dues evidence reviewed indicates the following regularity and outstanding matters. 50.22 29.32 - - - 79.54 50,210,913.97 29,330,310.50 - - - 79,541,224.47 -0.60 Check As at March 31, 2024 Particulars Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Undisputed: (a) Total outstanding dues of micro enterprises and small enterprises 0.24 0.49 - - - 0.73 237,021.00 491,850.00 - - - 728,871.00 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 9.94 1.46 - - - 11.40 9,940,709.33 1,463,625.50 - - - 11,404,334.83 Disputed: (a) Total outstanding dues of micro enterprises and small enterprises - - - - - - - - - - - 10.18 1.95 - - - 12.13 10,177,730.33 1,955,475.50 - - - 12,133,205.83 -0.45 Check (This space has been intentionally left blank) 21 Trade receivables ageing schedule As at March 31, 2025 Not Due Less than 06 Months 06 Months to 01 Years 01 to 02 Years 02 to 03 Years More than 03 years Total Not Due Less than 06 Months 06 Months to 01 Years 01 to 02 Years 02 to 03 Years More than 03 years Total Undisputed Trade Receivables - Considered Good 5.16 4.47 - - - - 9.63 5,162,406.00 4,472,886.90 - - - - 9,635,292.90 Undisputed Trade Receivables - Considered Doubtful - - - - - - - - - - - - - - Disputed

Statutory Dues Table

Particulars	Amount	Remarks
GST > 6 months	432000	Outstanding at year end

3(viii) - Undisclosed Income

Based on the uploaded records, the year-end records reviewed indicate the following on undisclosed income matters. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit and loss. Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit and loss. Deferred tax liabilities are recognised for all taxable timing differences.

3(ix) - Borrowings and Defaults

Based on the uploaded records, the borrowing schedules and lender correspondence support the following position on repayment and default. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions Abc Private Limited Notes to Financial Statements for the year ended March 31, 2025 (All amounts in INR millions, unless stated otherwise) 33 The Company is in the process of reconciling the balance as per books with the GST Returns. The Company does not expect any impact on account of it. 34 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property. 35 The Company do not have any transactions with companies struck off. 36 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

Default Schedule

Lender	Amount	Days Delayed
State Bank	0	0

3(x) - Funds Raised

Based on the uploaded records, the financing documents reviewed indicate the following use of funds position. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions If an investment is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is the fair value of the securities issued. If an investment is acquired in exchange for another asset, the acquisition is determined by reference to the fair value of the asset given up or by reference to the fair value of the investment acquired, whichever is more clearly evident. Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

3(xi) - Fraud Reporting

Based on the uploaded records, the review of records and communications indicates the following on fraud reporting. 39 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, 40 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions Abc Private Limited Notes to Financial Statements for the year ended March 31, 2025 (All amounts in INR millions, unless stated otherwise) 33 The Company is in the process of reconciling the balance as per books with the GST Returns. The Company does not expect any impact on account of it. 34 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property. 35 The Company do not have any transactions with companies struck off. 36 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

3(xii) - Nidhi Company

Based on the uploaded records, for the Nidhi-related requirements, the evidence reviewed indicates the following. 50.22 29.32 - - - 79.54 50,210,913.97 29,330,310.50 - - - 79,541,224.47 -0.60 Check As at March 31, 2024 Particulars Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Undisputed: (a) Total outstanding dues of micro enterprises and small enterprises 0.24 0.49 - - - 0.73 237,021.00 491,850.00 - - - 728,871.00 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 9.94 1.46 - - - 11.40 9,940,709.33 1,463,625.50 - - - 11,404,334.83 Disputed: (a) Total outstanding dues of micro enterprises and small enterprises - - - - - - - - - - - Encashment Total 19.30 5.75 19,302,558.00 5,754,221.00 6 Trade payables: As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024 - Total outstanding dues of micro enterprises and small enterprises - 0.73 - 728,871.00 - Total outstanding dues other than micro enterprises and small enterprises 79.54 11.40 79,541,225.07 11,404,335.28 Total 79.54 12.13 79,541,225.07 12,133,206.28 Trade payables (Note : Refer note 20 for ageing schedule) 7 Other current liabilities: As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024 Statutory liabilities 7.54 3.39 7,539,390.00 3,392,721.58 Statutory Dues Credit card 0.22 0.06 218,726.34 57,396.35 Credit card Total 7.76 3.45 7,758,116.34 3,450,117.93 8 Short

3(xiii) - Related Party Transactions

Based on the uploaded records, the related-party registers and disclosures reviewed indicate the following compliance position. 50.22 29.32 - - - 79.54 50,210,913.97 29,330,310.50 - - - 79,541,224.47 -0.60 Check As at March 31, 2024 Particulars Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Undisputed: (a) Total outstanding dues of micro enterprises and small enterprises 0.24 0.49 - - - 0.73 237,021.00 491,850.00 - - - 728,871.00 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 9.94 1.46 - - - 11.40 9,940,709.33 1,463,625.50 - - - 11,404,334.83 Disputed: (a) Total outstanding dues of micro enterprises and small enterprises - - - - - - - - - - - Encashment Total 19.30 5.75 19,302,558.00 5,754,221.00 6 Trade payables: As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024 - Total outstanding dues of micro enterprises and small enterprises - 0.73 - 728,871.00 - Total outstanding dues other than micro enterprises and small enterprises 79.54 11.40 79,541,225.07 11,404,335.28 Total 79.54 12.13 79,541,225.07 12,133,206.28 Trade payables (Note : Refer note 20 for ageing schedule) 7 Other current liabilities: As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024 Statutory liabilities 7.54 3.39 7,539,390.00 3,392,721.58 Statutory Dues Credit card 0.22 0.06 218,726.34 57,396.35 Credit card Total 7.76 3.45 7,758,116.34 3,450,117.93 8 Short

3(xiv) - Internal Audit

Based on the uploaded records, the internal audit materials reviewed support the following conclusion. Undisputed Trade Receivables - Considered Good - 4.91 - - - - 4.91 - 4,912,489 - - - - 4,912,489 Undisputed Trade Receivables - Considered Doubtful - - - - - - - - Disputed Trade Receivables - Considered Good - - - - - - - - Disputed Trade Receivables - Considered Doubtful - - - - - - - - Total Rs. - 4.91 - - - - 4.91 - 4,912,489 - - - - 4,912,489 - Check (This space has been intentionally left blank) 50.22 29.32 - - - 79.54 50,210,913.97 29,330,310.50 - - - 79,541,224.47 -0.60 Check As at March 31, 2024 Particulars Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Not Due Less than 01 year 01-02 years 02-03 years More than 03 years Total Undisputed: (a) Total outstanding dues of micro enterprises and small enterprises 0.24 0.49 - - - 0.73 237,021.00 491,850.00 - - - 728,871.00 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 9.94 1.46 - - - 11.40 9,940,709.33 1,463,625.50 - - - 11,404,334.83 Disputed: (a) Total outstanding dues of micro enterprises and small enterprises - - - - - - - - - - -

3(xv) - Non-cash Transactions

Based on the uploaded records, the records reviewed indicate the following on non-cash transactions with directors. of units - March 31, 2025: Nil - March 31, 2024: 75,79,283.29) (NAV - March 31, 2025: Nil - March 31, 2024: INR 13.54) Total 617.92 1,183.58 617,911,065.63 1,183,584,876.09 12 Trade receivables: As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024 Secured, considered good - - Unsecured, considered good 9.63 4.91 9,635,292.90 4,912,489.21 Trade receivables Doubtful - - - - 9.63 4.91 9,635,292.90 4,912,489.21 Check Less: Provision for doubtful receivables - - - - - - Provision for doubtful debts Total 9.63 4.91 9,635,292.90 4,912,489.21 (Note : Refer note 21 for ageing schedule) 13 Cash and bank balances: As at March 31, 2025 As at March 31, 2024 As 10.18 1.95 - - - 12.13 10,177,730.33 1,955,475.50 - - - 12,133,205.83 -0.45 Check (This space has been intentionally left blank) 21 Trade receivables ageing schedule As at March 31, 2025 Not Due Less than 06 Months 06 Months to 01 Years 01 to 02 Years 02 to 03 Years More than 03 years Total Not Due Less than 06 Months 06 Months to 01 Years 01 to 02 Years 02 to 03 Years More than 03 years Total Undisputed Trade Receivables - Considered Good 5.16 4.47 - - - - 9.63 5,162,406.00 4,472,886.90 - - - - 9,635,292.90 Undisputed Trade Receivables - Considered Doubtful - - - - - - - - - - - - - - Disputed

3(xvi) - RBI Registration

(a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. The Company is not a Non-Banking Financial Company (NBFC) and does not carry on the business of a non-banking financial institution. (b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certificate of Registration from the Reserve Bank of India. (c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, the provisions thereof are not applicable. (d) The Company does not have more than one CIC as part of the Group. Accordingly, the provisions thereof are not applicable.

3(xvii) - Cash Losses

The Company has incurred cash losses during the current financial year ended March 31, 2025. The net loss for the year (as per the Statement of Profit and Loss) is Rs. 64,18,26,881.90. After accounting for non-cash items such as depreciation of Rs. 40,90,468.89, share-based payment (ESOP) expense of Rs. 5,72,91,543.69, and other non-cash adjustments, the Company has incurred significant cash losses during the current year and in the immediately preceding financial year. The losses are primarily on account of substantial investments in technology platform development, talent acquisition, user acquisition (advertisement and sales promotion), and growth-phase operating expenses in the nature of a start-up company, and the Management has confirmed that the Company has adequate funding to continue as a going concern.

3(xviii) - Resignation of Statutory Auditors

There has been no resignation of the statutory auditor during the year. Accordingly, the provisions of clause (xviii) of the Order are not applicable to the Company.

3(xix) - Material Uncertainty

Based on the information and explanations provided and our evaluation of the financial statements, although the company has incurred significant losses during the current and preceding financial years, management has confirmed the availability of adequate funding and has demonstrated plans to sustain operations. Accordingly, no material uncertainty exists that casts significant doubt on the company’s ability to continue as a going concern.

3(xx) - Corporate Social Responsibility

Based on the information and explanations provided, the company does not meet the applicability criteria prescribed under Section 135 of the Companies Act, 2013 (net worth, turnover, or profit thresholds). Accordingly, the provisions relating to Corporate Social Responsibility are not applicable to the company.

3(xxi) - Consolidated Financial Statements

According to the information and explanations given to us, the Company has used accounting software for maintaining its books of account for the year ended March 31, 2025, which has a feature of recording audit trail (edit log) facility. The audit trail feature has operated throughout the year for all relevant transactions recorded in the software. No instance of the audit trail feature being tampered with was noted in respect of the accounting software. The audit trail has been preserved by the Company as per the applicable statutory requirements for record retention.