We have audited the accompanying financial statements of M/s.
Almondz Global Securities Limited (“the Company") which
comprises the Balance Sheet as at March 31, 2025, the Statement
of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity, thestatement of cash flowsfor the
year then ended, and notes to 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 financial statements give
the information required by the Companies Act, 2013 ("the Act") in
the manner sorequired 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, its cash
flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Our responsibilities
under those standards are further described in the Auditor's
Responsibilities for the Audit of the FinancialStatements 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 (‘ICAI’) together with the ethical requirements that are relevant
to our audit of the 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 we have obtained 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 Ind
AS financial statements for the financial year ended March 31, 2025.
In our opinion, there are no key audit matters to be communicated in
our report.

Information other than the 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 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 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 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 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 as required under SA 720
'The Auditor's Responsibilities Relating to Other Information".

Management Responsibility for the 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 financial statements 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 ofthe Act. 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 implementation and
maintenance of 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 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.

Those Board of Directors 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
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 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
appropriateto provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher
than forone resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
overrideof internal control.

• Obtain an understanding of internal financial control relevant to
the audit in order to design audit procedures that areappropriate
in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion onwhether 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 relateddisclosures
made by the 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 onthe
Company’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required todraw
attention in our auditor’s report to the related disclosures in
the standalone financial statements or, if such disclosuresare
inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of ourauditor'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 statementsmay be influenced. We
consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit workand 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 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 requirementsregarding
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 most significancein 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 extremelyr are circumstances, we
determine that a matter should not be communicated in our report
because the adverse consequencesof 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 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.

c. The Balance Sheet, the Statement of Profit and Loss including
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 financial statements comply

with the Ind-AS specified under Section 133 of the Act.

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

f. With respect to the adequacy ofthe internal financial controls
over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in
“Annexure A”. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness ofthe company's
internal financial controls over financial reporting.

g. With respect to the matters to be included in the Auditor's
Report in accordance with the requirements of the 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 ofthe 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 financial
statements - Refer Note 40 to the financial statements.

ii) As informed to us, the company did nothave any long¬
term contracts including derivative contracts for which
there were any material foreseeable losses.

iii) As informed to us, the company has no amount for
transferring to the Investor Education and Protection
Fund by the Company.

iv) (a) The respective Managements of the Company and

its subsidiaries which are companies incorporated
in India, whose 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 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 or any of such subsidiaries 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 any of such subsidiaries ("Ultimate
Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the Company and
its subsidiaries which are companies incorporated
in India, whose 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 the
aggregate) have been received by the Company or
any of such subsidiaries from any person or entity,
including foreign entity ("Funding Parties"), with

the understanding, whether recorded in writing
or otherwise, that the Company or any of such
subsidiaries 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 the audit procedures that have been
considered reasonable and appropriate in the
circumstances performed by us on the Company
and its subsidiaries 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 under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v) With respect to Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014:

The Company has maintained its books of account using
accounting software which has a feature of recording

audit trail (edit log) facility. The audit trail feature has
been operated throughout the year for all transactions
recorded in the software, and the audit trail has not
been tampered with. The audit trail has been preserved
by the Company as per the statutory requirements for
record retention.

2. 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-B a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

For Mohan Gupta & Company
Chartered Accountants
FRN:-006519N

CA Mohan Gupta

Place: New Delhi Partner

Date: 26-05-2025 M.No.082466

UDIN: 25082466BMTFEY2395