We have audited the standalone financial statements
of AAA Technologies Limited (“the Company”), which
comprise the Balance Sheet as at 31st March 2025,
the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows ended on that
date, and a summary of significant accounting policies
and other explanatory information (hereinafter referred
to as “the 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 prescribed under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended (“Ind AS”)
and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March
31, 2025, profit and total comprehensive income, changes
in equity and its cash flows for the year ended on that
date.

Basis for Opinion

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 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 opinion.

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
the matters described below to be the key audit matters
to be communicated in our reports.

Revenue Recognition

The Company derives revenue primarily from activities in
IS Audit, Information Security Audit, Cyber Security Audit, IT
Assurance & Compliance and IT Governance.

Revenue is recognised on the basis of services rendered
to clients. Revenue is recognized upon transfer of control
of promised services to customers in an amount that
reflects the consideration they expect to receive in
exchange for those services. Arrangement for services
is either on a fixed price, fixed-timeframe or on a time
basis.

Use of the percentage-of-completion method requires
the Company to determine the actual efforts or costs
expended to date as a proportion of the estimated
total efforts or costs to be incurred. Efforts or costs
expended have been used to measure progress towards
completion as there is a direct relationship between input
and productivity. The estimation of total efforts or costs
involves significant judgment and is assessed throughout
the period of the contract to reflect any changes based
on the latest available information.

This estimate has a high inherent uncertainty and requires
consideration of progress of the contract, efforts or costs
incurred to-date and estimates of efforts or costs required
to complete the remaining contract performance
obligations over the term of the contracts. This required a
high degree of auditor judgment in evaluating the audit
evidence and a higher extent of audit effort to evaluate
the reasonableness of the total estimated amount of
revenue recognized on contracts.

Our audit procedures related to estimates of total
expected costs or efforts to measure the completion of
contracts included the following, among others:

• We tested the effectiveness of controls relating to the
recording of efforts or costs incurred and estimation
of efforts or costs required to complete the remaining
contract performance obligations.

• We selected a sample of contracts with customers
measured using the percentage-of-completion
method and performed the following:

• Verified the payment terms agreed with the
customers based on the degree of completion
of the contract, schedule of deliveries and
achievement of different milestones.

• Relied on management's estimate of the progress
towards satisfying the performance obligation by
comparing actual efforts or costs incurred based
on representations submitted by them.

• Relied on the management's efficacy in
maintaining internal control over every contract
completion method which as confirmed by them
is different for each contract. We have also relied
on estimate for consistency with the status of
delivery of milestones and customer acceptances
and sign off from customers to identify possible
delays in achieving milestones, which require
changes in estimated costs or efforts to complete
the remaining performance obligations.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

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 statements that 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 the 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 of 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 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 the Board of Directors 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 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 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.

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. From the matters communicated with
those charged with governance, we determine those
matters that were of most significance in the audit of the
standalone financial statements of the current period
and are therefore the key audit matters. We describe
these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

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 Companies Act, 2013, we give in the Annexure “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:

a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purpose of our audit;

b) In our opinion proper books of account as required
by law have been kept by the Company so far as
appears from our examination of those books

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

d) In our opinion, the standalone financial statement
comply with the Ind AS specified under Section
133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

e) On the basis of written representations received
from the directors as on March 31, 2025, and taken
on record by the Board of Directors, 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) 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',

g) In our opinion and to the best of our information
and according to the explanations given to us,
the managerial remuneration paid or provided
by the company to its directors during the year is
in accordance with the provisions of Section 197
read with Schedule V of the Act.

h) In our opinion and to the best of our information
and according to the explanations given to us, we
report as under with respect to other matters to
be included in the Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014:

i. The impact of pending litigation has been
duly disclosed in the standalone financial
statements, if any.

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

iii. There has not been any occasion in case of
the Company during the year under report to
transfer any sums to the Investor Education
and Protection Fund; hence the question of
delay in transferring such sums does not
arise

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 (which are material either
individually or in the aggregate) 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 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. (a) The final dividend proposed in the previous

year, declared and paid by the Company
during the year is in accordance with
Section 123 of the Companies Act, 2013,
as applicable.

(b) The Board of Directors of the Company
have proposed final dividend for the
year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The amount of dividend
proposed is in accordance with section
123 of the Companies Act, 2013, as
applicable.

vi. Based on our examination which included
test checks, the company has used an
accounting software for maintaining its
books of account 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 audit trail feature
being tampered with.

FOR VANDANA V. DODHIA & CO.

CHARTERED ACCOUNTANTS

sd/-

Dated: 02nd May 2025 VANDANA V. DODHIA

Place: MUMBAI PARTNER

MEMBERSHIP NO. : 104000
FIRM REG No: 117812W
UDIN: 25104000BMLCWT7188