We have audited the accompanying Standalone Financial
Statements of Vertex Securities Limited (“the Company”), which
comprise the Balance Sheet as at March 31,2025, the Statement
of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows
for the year then ended, and notes to the Standalone Financial
Statements including a summary of material accounting policies
and other explanatory information (hereinafter referred to as
“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 accounting principles generally
accepted in India including the Indian Accounting Standards
(“Ind AS”) prescribed under section 133 of the Act, of the state
of affairs of the Company as at March 31, 2025, and its loss
(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 Standards on Auditing (“SAs”) 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 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 (“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
ICAI’s Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Standalone 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
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 report.

We draw attention to Note No. 5 to the Standalone Financial
Statements wherein the Company has provided for impairment
losses of Rs. 198.42 lacs on trade receivables as on March 31^st,
2025.

Our opinion is not modified in respect of the above matter.
Other Matter

The audit of Standalone Financial Statements for the year ended
March 31,2024 was carried out and reported by S S Khan & Co,
Chartered Accountants who has expressed unmodified opinion
vide their audit report dated April 30, 2024, whose audit report
have been furnished to us and which have been relied upon by
us for the purpose of our audit of the financial statements.

Our opinion is not modified in respect of the above matter.

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 Board’s Report, 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 in the audit or otherwise appears to
be materially misstated.

When we read such other information, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance
and to comply with the relevant applicable requirements of the
standard on auditing for auditor’s responsibility in relation to other
information in documents containing audit of the Standalone
Financial Statements. We have nothing to report in this regard.

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

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 accounting principles
generally accepted in India, including Ind AS prescribed
under section 133 of the Act, read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended.

This responsibility also includes:

i. 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;

ii. selection and application of appropriate accounting policies;

iii. making judgments and estimates that are reasonable and
prudent;

iv. 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, 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 charged with governance 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 scepticism
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 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;

• 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; and

• 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.

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 “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, to the
extent applicable, 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 Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of
Cash Flows 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 prescribed under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended;

e. On the basis of the 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 with reference to these Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
report in “Annexure B” to this report;

g. In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid/ 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. The preservation relating to the maintenance of
accounts and other matters connected therewith are
as stated in paragraph (b) above on reporting under
Section 143(3)(b) and paragraph (vii) below on reporting
under Rule 11(g).

i. 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,
as amended 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 30 on Contingent
Liabilities 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 were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company;

v. A) The management has represented to us that,

to the best of their knowledge and belief, no
funds have been advanced or loaned or
invested (either from share premium or any
other sources or kind of funds) by the company
to or in any other persons or entities, including
foreign entities (“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 to the
Standalone Financial Statements no funds
have been received by the Company from any
person or entity, including foreign entities (“the
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; and

C) Based on such audit procedures performed
as considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
management representations under subclause
(a) and (b) contain any material misstatement;

v. The company had not declared any dividend during
the financial year ended March 31,2025.

vi. Based on our examination which included test
checks, the Company has used accounting
software for maintaining its books of account,
which have a feature of recording audit trail (edit
log) facility and the same has operated throughout
the year for all relevant transactions recorded in
the respective software. Further, for the periods
where audit trail (edit log) facility was enabled and
operated throughout the year for the respective
accounting software, we did not come across any
instance of the audit trail feature being tampered
with.

vii. Based on our examination which included test
checks, we have verified the preservation of the
audit trail in accordance with Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014, as
amended. The Company has retained the audit
trail for the prior year as per statutory record
retention requirements.

For Deoki Bijay & Co
Chartered Accountants

ICAI Firm Registration No. - 313105E

Sd/-

CA Sushil Kumar Agrawal

Partner

ICAI Membership No. 059051
UDIN: - 25059051BMOZWK1005

Place: Kolkata
Date: April 30, 2025