We have audited the accompanying financial statements of Inani Securities Limited (''the Company'') which
comprise the Balance Sheet as on 31^st March 2025, the statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of changes in Equity for the year then
ended and notes to the financial statements including a summary of the 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 so
required and given a true and fair view in conformity with the Indian Accounting Standards prescribed under
section 133 of the Act (''Ind-As") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31^st 2025, and its profit and 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 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 financial statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by Institute of
Charted Accountants of India together with the ethical requirements that are relevant to our audit of the
Financial Statements under the provision of the Act, and the Rules there under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that
audit evidence obtained is sufficient and appropriate to provide a basis for our opinion 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 financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and forming our opinion thereon, and we do not provide a separate
opinion on these matters. We have determined the matter described below to the key audit matter to be
communicated in our report.

Description of key Audit Matters

Information Other than the financial statement and Auditor's Report Thereon.

The Company's management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board's Report,
including Annexure to Board Report Business Responsibility and Sustainability report, Corporate Governance
and shareholder's information and Company's Annual Report, but does not include the financial statements
and our Auditor's Report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained during the course in 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 the regard.

Managements and Board of Director's Responsibility for the financial statements:

The Company's Management and Board of Directors are responsible for the matter stated in section 134(5) of
the Act with respect to the preparation of these financial statements that give a true and fair view of the state
of affairs, profit (including other comprehensive income), changes in equity and cash flow of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind-AS) specified under section 133 of the 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, section 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 accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, the Management and 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 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 is also responsible for overseeing the Company's financial reporting process.

Auditors Responsibilities 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 risk of material misstatements of 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 the 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 omission, misrepresentation, or the override of the internal control.

• Obtain an understanding of internal financial controls relevant to 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 financial statement in place and the operating effectiveness of such control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimate
and related disclosures made by management and the Board of Directors.

• Conclude on the appropriateness of management and Board of Directors use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to
events or conditions that may cast significant doubt on the Company's ability to continue as 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 financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

• Materiality is the magnitude of misstatements in the Financial Statement that individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial
Statement may be influenced. We consider quantitative materiality and quantitative 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 misstatement in the Financial Statement.

We communicate with those charged with governance regarding, among other matter, 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 matter that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matter 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 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 section 143 (11) of the Act, we give in the "Annexure A'' a statement on the
matter specified in paragraphs 3 and 4 of the order, to the extent applicable.

(A)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 audit of our audit of the aforesaid Financial Statements.

b) In our opinion, proper books of account as required by law have kept by Company so far as it 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 Statement of Cash Flow dealt with this Report are in agreement with the
relevant 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 March 31^st 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31^st 2025 from being
appointed as director in terms of Section 164(2) of Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B''.
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the company's internal
financial controls with reference to Financial Statement.

g) With respect to the other matters to be included in the Auditors Report in accordance with the requirement
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 provision of section 197 of the act.

B) With respect to the other matters, to be included in the Auditors 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 as at 31^st March 2025 on its financial position

in its 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; and

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 such audit procedures as 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 iv (i) and iv (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. As stated in note number 36 to the Financial Statement, No Dividends on equity shares were declared/
proposed and paid by the Company during the year.

vi. Based on our examination, which included test checks, the company has used accounting software's for
maintaining its books of accounts for the financial year ended March 31^st 2025 which has feature of recording
audit trial (edit Log) facility and the same has operated throughout the year for all the relevant transactions
recorded in the software's. Further, during the course of our audit we did not come across any instance of the
audit trial feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules,2014 is applicable from April 1^st 2023, reporting
under rule 11(g) of the Companies (Audit and Auditors) Rules 2014 on preservation of audit trail as per the
statutory requirement for record retention is not applicable for the financial year ended March 31^st 2025.

Sd/-

For G D Upadhyay & Co.,

Chartered Accountants
Firm Regd No. 005834S

G.D. Upadhyay

Partner

Place: Hyderabad Membership No. 027187

Date: 29/05/2025 UDIN: 25027187BMOWLK3984