We have audited the accompanying financial statements of QGO Finance Limited ("the
Company"), which comprise the balance sheet as at March 31, 2025, and the Statement of
Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and notes to the financial statements,
including a summary' of material accounting policies information and other explanatory
information (together referred to as"Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid hid AS financial statements give the information required by the Companies
Act, 2013, as amended, ("Act") in the manner so required and give a true and fair view in
conformity with the Indian Ao^tmting Standards prescribed under Section 133 of the Act
read with the Companies (Indian Accounting Standards} Rules, 2015 as amended ("Ind AS'¹¹)
and other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, its profit including other comprehensive income, changes in
equity and its cash flow's for the year then ended.

11, basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance witli the Standards
on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under
those 5As are further described in the Auditors' Responsibilities for the Audit of the Ind AS
financial statements' section of our report. We are independent of the Company in accordance
with the Cotie of Ethics issued by tho Institute of Chartered Accountants of India ("[CAT"}
together with the ethical requirements that are relevant to our audit of the Ind AS financial
statements under the provisions of the Act, and the rules thereunder, and we have fulfilled
our of her ethical responsibilities in accordance with these requirements arid the Code of
Ethics, Wc believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our opinion on Ind AS financial statements.

Ill, Key Audit Matters

Key audit matters are' those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Ind AS financial statements of the financial vear
ended March 31, 2025. These matters were addressed in the context of ow audit of the
Standalone Ind AS 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
kev audit mailers to be communicated in our report.

IV, Information Other than the Standalone Ind AS Financial Statements and Auditors' Report
thereon

The Company's management and Board of Directors is responsible for the preparation of the
other Information, The other information included in the Annual Report which also comprises
the information included in the Company's Directors' Report including Ajmexnjtys J» Board-1
Report, Management Discussion and Analysis and Report on Corporate Governance but docs
not include the Standalone Ind AS Financial Statements and our auditors'¹ report thereon. The
Annual Report is expected to be made available to us after the date of this Audit Report.

Our opinion on the Standalone End AS Financial Statements does not cover the other
information and we do not and will not express any form of assurance conclusion thereon.

In connection with our and it of the standalone Ind AS Financial Statements, our responsibility
is to read the other information identified above and, in doing so, consider whether the other
information is materially inconsistent with the Standalone Ind AS Financial Statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the annual report, if based on the work we have performed and if we conclude
that there is a material misstatement of this other information, we are required to report that
fact to those charged with governance and take appropriate actions in accordance with
Standards on Auditing. We have nothing to report in this regard,

V. Management’s responsibility for the Ind AS Financial Statements

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 Ind AS Financial Statements thai give a true and
fair view of the financial position, financial performance including other comprehensive
income, changes in equity and cash flows of the Company in accordance with tire accounting
principles generally accepted in India including the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of
lire 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
Ind AS Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error,

in preparing the Ind AS Financial Statements, management is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters relaLed to
going concern and using I ho going concern basis of accounting unless lire 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.

Our objectives are to obtain reasonable assurance about whether the Financial Statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditors' 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 t>e expected to
influence the economic decisions of users taken on the basis of these Ind AS Financial
Statements,

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

* Identify and assess the risks of material misstatement of the Ind AS 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) the Act, we
are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls 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 the management.

* Conclude on the appropriateness of the 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 auditors' report to the related disclosures in the
Ind AS 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 auditors'
report, I lowever, future events or conditions may cause the Company to cease to continue
as a going concern.

* Evaluate the overall presentation, structure and content of tire Ind AS Financial
Statements, including the disclosures, and whether the ind AS Financial Statements
represent the underlying; transactions and events in a manner that achieves fair
presentation.

We comnuinicaLe with those charged with governance regarding, among other matters, Lhe
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

Wc also provide those charged with governance with a statement that wc have complied with
relevant ethical requirements regard ing in dependence, 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.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Financial Statements of the current
year and arc therefore the key audit matters. We describe these matters in our auditors¹' report
unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstands, we determine;that a matter should not he communicated in our report
because the adverse consequences of doing so w ould reasonably be expected to outweigh the
public interest benefits of such communication.

VII. Other Matter

Tire ind AS financial statements of the Company for the vear ended March 31,2024, included
in these Ind AS financial statements, have been audited by the predecessor auditors, Messrs
Bengali & Co, Chartered Accountants, who expressed an unmodified opinion on those
statements on May 13,2024.

Our Opinion is not modified in respect of these matters.

VI1L Report on Other Legal and Regulatory' Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order¹"), issued by
tire Central (Government of India in lernvs of sub-section (11) of Section 143 of the Act and
on the basis of such checks of the books arid records of the Company as we considered
appropriate and according to the information and explanations given to us, we give in
the "Anncxure A", a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

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,
si) In our opinion, proper books of account as required by law have been kept by Ihe
company so far as it appears from our examination of those books except for the
matters staled in the paragraph 17,6 below on reporting under Rule 11(g).

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

iv) In our opinion, Lhe aforesaid Ind AS Financial Statements comply wiLh the Ind AS
specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended,

v) On the basis of the 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 is on March 31, 2025 from being appointed as a director in terms ot
Section 164(2) of the Act.

vi) With respect to the adequacy ot the internal financial controls with reference to Ind
AS Financial Statements oi the Company and the operating effectiveness of such
controls, refer to our separate report in "Annexure B"_

vii) In our opinion, the managerial remuneration for the year ended March 31, 2025
has been paid / provided by the Company to its directors in accordance with the
provisions of Section 197(16) read With Schedule V to the Act,

With respect to the other matters to be included in the Auditors' Report in accordance with
Rule 11 of Hie 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, we report as
under:

i) The Coi n pany d oes n ot hov e .1 n y pen ding Iiti gation s w hioh w o'uld ha ve an imp at¹1
on its financial position as at March 31, 2025 in its Standalone Ind AS 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 he transferred to the investor
Education and Protection Fund by the Company.

iv) a) The management has represented to us 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 per son (s) or entity (ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shah, whether, directly or indirectly lend to 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 lhaL, to Lhe besL of its knowledge and befiet,
no funds 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, tend 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;
and

c) Based on such audit procedures that we considered reasonable and appropriate
111 the circumstances; nothing has come to our notice that has caused us to believe
that the representations under sub-clause (a) and (b) contain any material
misstatement.

v) The Board of Directors of the Company have proposed interim dividend for the
quarter ended March 3'!, 2025 and paid interim dividend in past 3 quarters.

vi) Based on our examination which included lest checks, the Company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility except in respect of maintenance of Fixed
Asset records and payroll records which are not maintained in the accounting
software and wherein the accounting software did not have audit trail feature
enabled for the same. The Audit trail facility has been operating throughout the
year for all relevant transactions recorded in the software/application. Further,

during the course of our audit we did not come across any instance of audit trail
feature being tampered with in respect of the accounting sofhvave.

For the previous financial vear (April 1, 2G23 to March 31,2G24), the audit trail has
been preserved by the Company in accordance with statutory record retention
requirements except in respect of the transactions as mentioned above, where the
audit trail is not maintained and hence not retained.

For R. C KESHA MW ALA & CO,
CHARTERED ACCOUNTANTS
FRN: 108B32W

MANJSII R. RESITAMWALA

Mumbai: 26¹¹¹ May. 2025 PARTNER

UDIN: 251065&BMTDVJ6623 MEMBERSHIP NO.lO^eh