We have audited the accompanying standalone financial
statements of NISUS FINANCE SERVICES CO LIMITED (“the
Company”), which comprise the Standalone Balance Sheet
as at 31^st March, 2026, the Standalone Statement of Profit
and Loss, the Standalone Cash Flow Statement, and notes to
the Standalone Financial Statements, including a summary
of the significant accounting policies and other explanatory
information for the year then ended.

In our opinion and to the best of our information and according
to the explanations given to us the standalone financial
statements give the information required by the 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

a) In case of its Standalone Balance-sheet, of the state of
affairs of the company as at 31^st March 2026.

b) In case of Standalone Statement of Profit and Loss of the
profit for the year ended on that date.

c) In the case of the Standalone Cash Flow Statement, of
the cash flows for the year ended 31^st March 2026.

Basis for Opinion

We conducted our audit 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.

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 for the financial year
ended March 31, 2026. 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 be
communicated in our report.

Information other than the financial statements
and auditors’ report thereon

The Company''s board of directors is responsible for the other
information. The other information comprises the information
included in the company''s Annual Report but does not include
the standalone financial statement and our auditor''s report
thereon. The Annual report is expected to be made available
to us after the date of this auditor''s report.

Our opinion on the standalone financial statement does not
cover the other information and we do not express any form of
assurance conclusion there on.

In connection with our audit of the standalone financial
statement, 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.

When we read the Annual report, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

Responsibilities of Management for the Standalone
Financial Statement

The Company''s Board of Directors is 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 statement 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 the standalone financial statement that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.

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.

The Board 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 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 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 financial controls
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 system in 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 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.

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.

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 Section 143(11) of the Act, we give in
the “Annexure-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:

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

(e) On the basis of the written representations received
from the directors as on 31^st March, 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31^st March, 2026 from
being appointed as a director in terms of Section
164 (2) of the Act.

(f) 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 by the Company to its directors
during the year is in accordance with the provisions
of section 197 of the Act.

(g) 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”. Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial
controls with reference to financial statements.

(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 has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements -refer note
31 to the standalone financial statements.

performed by us on the Company which
are companies incorporated in India
whose financial statements have been
audited under the Act, nothing has
come to our notice that has caused us
to believe that the representations are
under sub clause(i) and (ii) of Rule 11(e), as
provided under (a) and (b)above, contain
any material misstatement.

v The company has not declared or paid any
dividend during the year and has not proposed
final dividend for the year.

vi Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of account
for the financial year ended 31^st March
2026 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. Additionally,
the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For SANJAY RAJA JAIN & CO.

Chartered Accountants
FRN No. 120132W

SURJEET JAIN

Partner

Place : Mumbai M. No. 129531

Date : 26/05/2026 UDIN:26129531COZGNR7109

We have audited the accompanying financial statements
of NISUS FINANCE SERVICES CO LIMITED (FORMERLY
KNOWN AS NISUS FINANCE SERVICES CO PRIVATE
LIMITED) (“the Company”), which comprise the Standalone
Balance Sheet as at 31^st March, 2025, the Statement
of Standalone Profit and Loss, the Standalone Cash
Flow Statement, and notes to the Standalone Financial
Statements, including a summary of the significant
accounting policies and other explanatory information for
the year then ended.

In our opinion and to the best of our information and
according to the explanations given to us the standalone
financial statements give the information required by
the 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

a) In case of its Standalone Balance-sheet, of the state
of affairs of the company as at 31^st March, 2025.

b) In case of Statement of Standalone Profit and Loss of
the profit for the year ended on that date.

c) In case of Standalone Cash Flow Statement, Cash
flows as at 31^st March, 2025.

Basis for Opinion

We conducted our audit 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.

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 for the financial year
ended 31^st March, 2025. 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
be communicated in our report.

Information other than the financial statements and
auditors’ report thereon

The Company''s board of directors is responsible for the
other information. The other information comprises the
information included in the company''s Annual Report but
does not include the standalone financial statement and
our auditor''s report thereon. The Annual report is expected
to be made available to us after the date of this auditor''s
report.

Our opinion on the standalone financial statement does
not cover the other information and we do not express any
form of assurance conclusion there on.

In connection with our audit of the standalone financial
statement, 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.

When we read the Annual report, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

Responsibilities of Management for the Standalone
Financial Statement

The Company''s Board of Directors is 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 statement 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 the standalone
financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or
error.

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.

The Board 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 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 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 financial controls
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 system in 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 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.

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.

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 Section 143(11) of the
Act, we give in the “Annexure-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:

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

(e) On the basis of the written representations
received from the directors as on 31^st March,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on 31^st
March, 2025 from being appointed as a director
in terms of Section 164 (2) of the Act.

(f) 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 by the Company to its
directors during the year is in accordance with
the provisions of 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 impact its financial
position.

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

iii. There were no amounts which were required
to be transfer, to the Investor Education and
Protection Fund by the Company during the year
ended 31^st March, 2025.

(iv) (a) The respective Managements of the
company which are incorporated in India,
whose standalone financial statements
have been audited under the Act, have
represented to us that, to the best of their
knowledge and belief, no funds (which are
material either individually or in aggregate)
have been advanced or loaned or invested
(either from the 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 directly or
indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company or provide
any guarantee, security or the like on behalf
of the Ultimate beneficiaries.

(b) The respective Management of the Company
and which are companies incorporated in India,
whose financial statements have been audited
under the Act, have represented to us that, to

the best of the 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, with the understanding,
whether recorded in writing or otherwise, that
the Company shall 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 audit procedures that have been
considered reasonable and appropriate in the
circumstances performed by us on the Company
which are companies incorporated in India whose
financial statements have been audited under
the Act, nothing has come to our notice that has
caused us to believe that the representations
are under sub clause(i) and (ii) of Rule 11(e), as
provided under (a) and (b)above, contain any
material misstatement.

v The company has not declared or paid any dividend
during the year and has not proposed final dividend
for the year.

vi Based on our examination, the Company has used
accounting software for maintaining its books of
account for the financial year ended 31^st March, 2025
which has a feature of recording audit trail (edit log)
facility.

For SANJAY RAJA JAIN & CO.

Chartered Accountants

FRN No. 120132W

SURJEET JAIN

Partner

M. No. 129531

Place : Mumbai

Date : 29^th May, 2025

UDIN:25129531BMLFYR5204