1. We have audited the accompanying financial statements of Shikhar Consultants Ltd
(the “Company”), which comprise the Balance Sheet as at 31-03-2025 and the
Statement of Profit and Loss and Cash Flow Statement for the year then ended, and
a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. 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 standalone 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 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding 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 financial statements
that give a true and fair view and are free from material misstatement, whether due
to fraud or error.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these financial statements based on
our audit.

4. We have taken into account the provisions of the Act and the Rules made there
under including the accounting standards and matters which are required to be
included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified
under Section 143(10) of the Act and other applicable authoritative pronouncements
issued by the Institute of Chartered Accountants of India. Those Standards and
pronouncements require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the
amounts and the disclosures in the financial statements. The procedures selected
depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial control relevant to
the Company’s preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of the accounting policies used

and the reasonableness of the accounting estimates made by the Company’s
Directors, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified audit opinion on the financial statements.

Non-Qualified Opinion

8. In our opinion, and to the best of our information and according to the explanations
given to us, the accompanying standalone financial statements give the information
required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at 31-03-2025, and its profit and loss and its cash flows
for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor’s Report) Order, 2020’, issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act
(hereinafter referred to as the “Order”), and on the basis of such checks of the books
and records of the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure B a statement on
the matters specified in paragraphs 3 and 4 of the Order.

10. 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 and the Statement of Profit and Loss and the Cash Flow
Statement, dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the accompanying financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014; and

(e) On the basis of the written representations received from the directors as on 31¬
03-2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31-03-2025 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 over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in Annexure A.

(g) 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 knowledge and belief and according to the
information and explanations given to us:

(i) The Company does not have any pending litigations as at 31-03-2025 which
would impact its financial position.

(ii) The Company did not have any long-term contracts including derivative
contracts as at 31-03-2025.

(iii) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended 31¬
03-2025.

For M/s BMAKS & Associates
Chartered Accountants

FRN No. 0121927W

SD/-

Rajesh B. Sonagra
Partner

Mem. No: 116854

UDIN: 25116854BMJKZG4564

Date: May 29, 2025
Place: Mumbai