We have audited the accompanying Standalone Financial Statements of Emerald Finance 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 change in Equity and the Statement of Cash Flows Statement for the year
ended on that date , and notes to the financial statements including a summary of significant accounting policies 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 prescribed under 133 of
the Act, read with the companies '("Ind AS")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 and its Profit and its Cash Flow 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 ("SA"s)
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 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 the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our 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 informing our opinion thereon, and we do not provide a
separate opinion on these matters.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company Board of Director's is responsible for the other information. The other information Comprises the
information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's
Report, Business Responsibility and Sustainability Report corporate Governance and Shareholder's Information, but
does not include the Consolidated Financial Statements, 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.

Responsibilities of Management Those Charged with the Governance for the Standalone 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 Standalone Financial Statements that give a true and fair view of
the financial position, financial performance including other comprehensive income, cash flows and change in equity
of the Company in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standard Ind AS specified under Section 133 of the Act, read with the provision of the Companies ( Indian
accounting Standards) Rules, 2015 as amended . This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for
preventing and detecting the 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 presentations of the Standalone Financial
Statements that give a true and fair view and free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management and Board of Directors is responsible for assessing
the Company's ability to continue as a going concern, disclosing, as applicable, matter relating to going concern and
using the going concern basis of accounting unless management either intents to liquidate the company or to cease
operation, or has no realistic alternative but to do so.

The Company's Board of Directors is also responsible for overseeing the company's financial reporting process.

Auditor's Responsibility for the Audit of 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 financial 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 the management.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of
the requirements specified under Regulation 33 of the Listing Regulations

• 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.

• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing
Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the
Group to express an opinion on the Financial Results. We are responsible for the direction, supervision and
performance of the audit of financial information of such entities included in the Financial Results of which we are the
independent auditors.

• 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 Statements may be influenced. We consider quantitative materiality and qualitative 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
misstatements in the Standalone Financial Statements.

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 Financial controls 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 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 Requirement's

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 the Annexure A, a statement on the matters
specified in the paragraph 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 purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from
our examination of those books.

c) The Balance Sheet, Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in
Equity , and Statement of Cash Flow Statement 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 Indian Accounting
Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies(Accounts)

Rules, 2014;

e) On the basis of 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 Companies Act, 2013.

f) 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". Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal
financial controls with reference to Standalone Financial Statements.

g) with respect to other matters to be included in the Auditors Report in accordance with the requirements of section
197(16) of the Act as amended: ,In our Opinion and to the best 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 Section197 read with schedule V of the Act.

h) With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of Companies (Audit
and Auditors)Rules, 2014 in our opinion and to the best of our information and according to explanations given to us:

I. There is no pending litigations against /for the Company.

II. There is no long term contracts including derivative contracts and

III. There have been no delay in transferring amounts which are required to be transferred to

be transferred to the Investor Education and Protection Fund by the company.

IV (a)The management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in aggregate) have been advanced or loaned or
Invested (either from borrowed funds or share premium or any other sources or kinds 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:

• Directly or indirectly lend or invest in other persons or entities identified in a manner whatsoever
("Ultimate Beneficiaries") by or on behalf of the Company Or

• Provide any guarantee , security or the like to or 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 aggregate) have been received by the Company from any persons or entities , including
foreign entities ("Funding Parties") , with the understanding, whether recorded in writing or otherwise , that the
Company shall:

• Weather directly or indirectly lend or invest in other persons or entities identified in a manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") S or

• Provide any guarantee , security or the like to or 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 representations under sub-clause (i) and (ii) of Rule 11(e)

,as provided under (a) and (b) above contain any material misstatement; and

V. 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 amount of dividend proposed is in
accordance with section 123 of the Act, as applicable.

VI. Based on our examination, which included test checks, the Company has used accounting software's for
maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording

audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded
in the softwares. Further, during the course of our audit we did not come across any instance of the audit trail
feature being tampered with.

FOR S.LAL. BANSAL&CO
CHARTERED ACCOUNTANTS
Firm No. 0002664N

SHAM LAL BANSAL

PLACE:CHANDIGARH Partner

DATED: May 22, 2025 Membership No. 081569

UDIN :25081569BMJREE8645