We have audited the accompanying Standalone
Financial Statements of Monarch Networth
Capital Limited ("the Company”), which comprise
the Balance Sheet as at March 31, 2025, and the
Statement of Profit and Loss, including Statement
of Other Comprehensive Income, Statement of
Cash Flows and Statement of Changes in Equity for
the year then ended, and notes to the Standalone
Financial Statements, including material accounting
policy information 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 ("the Act”) in the manner so required and give
a true and fair view in conformity with the Indian
Accounting Standards ("IND AS”) prescribed under
section 133 of the Act read with Companies (Indian
Accounting Standards) Rules, 2015, as amended 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 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 Act and other applicable authoritative
pronouncements issued by the Institute of Chartered
Accountants of India ("ICAI”). 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
ICAI together with the ethical requirements that
are relevant to our audit of the Standalone Financial

Statements under the provisions of the Act 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 obtained by us and with the
consideration of report of the other auditors referred
to in the "Other Matters” section below is sufficient
and appropriate to provide a basis for our opinion.

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 year ended March 31, 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 communicate 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 other information. The other information
comprises the information included in the Annual
Report but does not include the Standalone Financial
Statements 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 Statements
does not cover the other information and we will 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 identified above when it becomes
available and, in doing so, consider whether the
other information is materially inconsistent with the
Standalone Financial Statements or our knowledge
obtained in the 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 under SA 720 ‘The Auditor’s
responsibilities Relating to Other Information’.

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 Act
with respect to the preparation and presentation of
these Standalone Financial Statements that give a
true and fair view of the financial position, financial
performance, cash flows and changes in equity of
the Company in accordance with the accounting
principles generally accepted in India, including the
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 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 are 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
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to
Standalone Financial Statements 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 and Board of Directors.

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 for the year
ended March 31, 2025 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.

Other Matters:

(a) The Standalone Financial Statements of the
Company for the year ended March 31, 2024,
were audited by another auditor whose report
dated May 24, 2024 expressed an unmodified
opinion on those statements.

Our opinion is not modified in respect of this
matter.

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 Act,
we give in ‘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 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, except
for the matters stated in the paragraph
2(h)(vi) below on reporting under Rule
11(g).

(c) The Balance Sheet, the Statement of
Profit and Loss including the statement
of other comprehensive income,
the Statement of Cash Flow and the
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
Financial Statements comply with the
IND AS specified under Section 133
of the Act read with the Companies
(Indian Accounting Standards) Rules,
2015 as amended.

(e) The reservation relating to the
maintenance of accounts and other
matters connected therewith are as
stated in paragraph 2 (b) above on
reporting under Section 143(3)(b) and
paragraph 2(h)(vi) below on reporting
under Rule 11(g).

(f) 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 are disqualified as on
March 31, 2025 from being appointed as
a director in terms of Section 164 (2) of
the Act.

(g) With respect to the adequacy of the
internal financial controls with reference
to Standalone Financial Statements
of the Company and the operating
effectiveness of such controls, refer to
our separate Report in "Annexure B”.

(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 has disclosed the impact
of pending litigations on its financial
position in its Standalone Financial
Statements - Refer Note 37 to the
Standalone 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 has been no delay in transferring
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company.

iv. (1) The Management has represented

that, to the best of its knowledge
and belief, as disclosed in the Note
71 to the Standalone Financial
Statements, 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
person(s) or entity(ies), including
foreign entities (“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 (“Ultimate
Beneficiaries”) or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(2) The Management has represented,
that, to the best of its knowledge
and belief, other than as disclosed
in the Note 71 to the standalone
financial statements, no funds have
been received by the Company from
any persons or entity(ies), including
foreign entities (“Funding Parties”),
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.

(3) Based on the audit procedures
performed that have been
considered reasonable and

appropriate in the circumstances,
and according to the information
and explanations provided to us
by the Management in this regard
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 (1) and (2) above, contain any
material mis-statement.

v. The final dividend paid by the Company
during the year in respect of the same
declared for the previous year is in
accordance with section 123 of the
Companies Act 2013 to the extent it
applies to payment of dividend.

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 dividend declared
is in accordance with section 123 of the
Act to the extent it applies to declaration
of dividend. (Refer Note 41 to the
Standalone Financial Statements)

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 only at application level. The
said audit trail feature has been enabled
and operated throughout the year for
all relevant transactions recorded in
the accounting software at application
level. Also, during the course of our
examination, we did not come across
any instance of audit trail feature being

tampered with at the application level.
Additionally, the audit trail of prior years
at application level has been preserved
by the Company as per the statutory
requirements for record retention.

However, with respect to the database of
the said accounting software to log any
direct changes, we are unable to comment
whether the said software has a feature of
recording audit trail (edit log) facility, nor are
we able to comment on whether the audit
trail feature has been enabled in the said
database and has been operated throughout
the year for all relevant transactions
recorded in the database with respect to the
software. Also, we are unable to comment
as to whether there was any instance of
the audit trail feature been tampered with
at database level. Additionally, we will not
be able to comment on the preservation
of the audit trail of prior years at database

level by the Company as per the statutory
requirements for record retention.

3. In our opinion, according to information,
explanations given to us, the remuneration
paid by the Company to its directors is within
the limits laid prescribed under Section 197
read with Schedule V of the Act and the
rules thereunder.

For M S K A & Associates

Chartered Accountants

ICAI Firm Registration Number: 105047W

Ajit Burli

Partner

Membership Number: 133147

UDIN: 25133147BMLAOK8433

Mumbai

May 27, 2025