We have audited the accompanying standalone Ind AS financial statements of CUBICAL FINANCIAL SERVICES LIMITED (‘the
Company’), whichcomprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss, the Cash Flow Statement
and the Statement of Changes in Equity for the year then ended, and notesto the financial statements, including a summary of
significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standaloneInd AS
financial statements give the information required by the Companies Act, 2013, as amended (‘the Act’) in the mannerso required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of thestate of affairs of the
Company as at 31 March 2024, its profit/ Loss including other comprehensive income, its cash flows and thechanges in equity
for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone IndAS financial statements in accordance with the Standards on Auditing (SAs),
asspecified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the
‘Auditor’sresponsibilities for the audit of the Financial Statements’ section of our report. We are independent of theCompany in
accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with theethical requirements
that are relevant to our audit of the financial statements under the provisions of the Act and the Rulesthereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the 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 of the current period. These matters were addressedin 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 report.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements
and our auditor’s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,we are required
to report that fact. We have nothing to report in this regard.

Responsibility of Management’s for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to thepreparation
of these standalone Ind AS financial statements that give a true and fair view of the financial position, financialperformance
including other comprehensive income, cash flows and changes in equity of the Company in accordance withthe accounting
principlesgenerally accepted in India, including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act

read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.This responsibilityalso includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and applicationof appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design,implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring theaccuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone Ind ASfinancial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements, Management is responsible for assessing the Company’s ability
tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
ofaccounting unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternativebut
to do so.

Those charged with governance are also responsible for overseeing the Company’s financial reporting process.Auditor’s
Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole
arefree 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
SAswill always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of userstaken on the basis of these standalone Ind AS financial statements.

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

(a) Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether dueto fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resultingfrom fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations,
or the override of internal control.

(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriatein
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whetherthe
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
relateddisclosures made by Management.

(d) 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 auditors’ 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
auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.

(e) Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the
disclosures, and whether the standalone Ind AS 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 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
theaudit 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 thoughtto
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 mostsignificance
in the audit of the standalone Ind AS financial statements for the current period andare therefore the key audit matters. We
describe these matters in our auditors’ report unless law or regulation precludespublic disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not becommunicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh thepublic 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 ‘I’ 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 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 including the Statement of Other Comprehensive Income, the
Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books
of account;

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with Section 469 of Companies Act,2013

(e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the
Board of Directors, none of the directors is disqualified as on31^stMarch, 2024 from being appointed as a director in
terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of internal financial control over financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate report in “Annexure II”. Our Report
expresses an unmodified opinion on the adequacy and effectiveness of the company’s internal financial controls
over financial reporting.

(g) With respect to the other matters to be included in the Auditors Report in accordance with 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.

(h) 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 on its financial position in its financial statements.

ii. According to the information and explanations provided to us, the Company did not have any long-term contracts
including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

iv. (a) The management has represented that other than those disclosed in the notes to accounts,

I. 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;

II. No funds (which are material either individually or in the aggregate) have been received by the Company from any erson
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;

(b) 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 (I) and (II) above, contain any material misstatement.

v. As per Management’s representation received that to the best of its knowledge and belief, the company has not
declared or paid dividend either final or interim in nature during the year.

vi. Based on the MCA Notification dated 24.03.2021, read together with the MCA Notification dated 31.03.2022, it
is mandatory to have an audit trail feature in accounting software effective from 01.04.2023 (beginning with FY
2023-24).

Upon examination, which included a test check, we found that the company has used accounting software with an audit trail
(Edit Log) feature to maintain its books of accounts. This feature has been operational throughout the year for all relevant
transactions recorded in the software. During our audit, we did not encounter any instances of tampering with the audit trail
feature.

For . STRG & Associates
CHARTERED ACCOUNTANTS
Firm Regn No. 014826N

Place : DELHI (CA Rakesh Gupta)

Date:24.05.2024 Partner

UDIN :24094040BKAOII1268 M No.094040