We have audited the accompanying standalone financial statements
of 'INFOLLION RESEARCH SERVICES LIMITED (hereinafter referred to
as 'the Company’), which comprise the Standalone Balance Sheet as
at 31st March, 2026, the Standalone Statement of Profit and Loss,
Standalone Cash Flow Statement and Standalone Statement of
Changes in Equity for the Financial Year ended then, and a summary
of significant accounting policies and other explanatory information
(hereinafter referred to as the “Standalone Financial Statements¹’).

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 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 31st March 2026, its Profit and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit 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
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 together
with the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the
Companies Act, 2013 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 on the Financial Statements.

Emphasis of Matter

We draw attention to Note No. 34 to the accompanying standalone
financial statements, which describes that on November 21, 2025,
the Government of India notified the four Labour Codes - the Code
on Wages, 2019, the Industrial Relations Code, 2020, the Code on
Social Security, 2020, and the Occupational Safety, Health and
Working Conditions Code, 2020 - consolidating 29 existing labour
laws. The Ministry of Labour & Employment has published draft
Central Rules and related FAQs to enable an assessment of the
financial impact arising from these regulatory changes.

As stated in the said Note, the Company has performed a preliminary
assessment of the potential impact of the Labour Codes on its
standalone financial statements. Based on the current evaluation and
information available, the Company does not expect any material
impact at this stage, and accordingly, no significant adjustments have
been recognised in the standalone financial statements. The
Company will continue to monitor the finalization of the Central and
State Rules and related clarifications and assess the impact, if any, on
its standalone financial statements and recognize the same as and
when determinable in accordance with the applicable accounfing
standards.

Our opinion is not modified in respect of this matter.

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.

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

The Company’s Board of Directors is responsible for the preparation
of 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, Corporate
Governance and Shareholder’s Information, 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 of our 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 other information, we are required to
report the fact. We have nothing to report in this regard.

Management Responsibility 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 Companies Act, 2013 (“the Act¹’) with
respect to the preparation and presentation 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 the Companies (Accounts) Rules, 2014, as
amended. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets 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,
implementafion 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 financial statements, management is responsible for
assessing the Company’s ability to confinue as a going concern,
disclosing, as applicable, matters related to going concern and using
the going concern basis of accounfing unless management 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.

Auditor’s Responsibility 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 skepticism throughout the audit.
We also:

Identify and assess the risks of material misstatement of the
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 accounfing 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
entity’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 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 entity 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
Statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the
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 control that we identify during our audit.

We also provide the management and 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.

Other Matter

We draw attention to the fact that the corresponding figures for the
year ended March 31, 2025 (referred to as the “corresponding
financial information¹’), included in the accompanying standalone
financial statements and prepared in accordance with the recognition
and measurement principles laid down in the applicable Accounting
Standards specified under Section 133 of the Companies Act, 2013,
were audited by the predecessor auditor, whose report dated April
22, 2025 expressed an unmodified opinion on those figures.

Our opinion on the standalone financial statements is not modified in
respect of the above matter.

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 sub-section (11) of section 143 of the Act, we give in the

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 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 Company does not have any branch and accordingly,
reporting under this clause is not applicable to the Company.

d) The Standalone Balance Sheet and the Standalone Statement
of Profit and Loss dealt with by this Report are in agreement
with the books of account.

e) In our opinion, the aforesaid Standalone financial statements
comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

f) In our opinion and to the best of our information and
according to the explanations given to us, we have not
observed any matter to be reported that has an adverse
effect on the functioning of the Company.

g) On the basis of written representations received from the
directors as on March 31, 2026 taken on record by the Board
of Directors, none of the directors is disqualified as on March
31, 2026, from being appointed as a director in terms of
Section 164(2) of the Act.

h) In our opinion, there is no qualification, reservation or
adverse remark relating to the maintenance of accounts and
other matters connected therewith.

i) Pursuant to Notification No. G.S.R. 464(E) dated June 5, 2015
and as amended by Notification No G.S.R. 583(E) dated 13th
June 2017 the requirement for reporting on internal financial
controls over financial reporting of the Company and the
operating effectiveness of such controls is applicable to the
company. 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-B.

j) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements 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 provisions of Section 197 of the Act.

k) In our opinion and to the best of our information and
according to the explanations given to us, we report as under
with respect to other matters to be included in the Auditor’s
Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014:

i. The Company does not have any pending litigations which
would impact its financial position.

ii. The Company did not have any long-term contracts
including derivatives contracts for which there were any
material foreseeable losses.

iii. There were no amounts which required to be transferred
by the Company to the Investor Education and Protection
Fund.

iv. The Company did not declare or pay dividend during the
year and therefore the compliance under section 123 of
Companies Act is not applicable to the company.

v. (a) The Management has represented that, to the best of
its knowledge and belief, no funds 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(s) or entity(ies),
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 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 have been received
by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties’’), with the
understanding, whether recorded in writing or
otherwise, that the Company 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, nothing has come to our notice that has
caused us to believe that the representations under Rule
11(e), as provided under (a) and (b) above, contain any
material misstatement.

vi. Based on our examination which included test checks, the
company has used an accounting software for
maintaining its books of account 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 software. Further, during
the course of our audit we did not come across any

instance of audit trail (edit log) feature being tampered
with. Additionally, the audit trail has been preserved by
the company as per the statutory requirements for
record retention.

For PRANV & ASSOCIATES

Chartered Accountants
FRN:037916N

_SdA_

(Vikas Goel)

Partner
M. No. 513905

Place: New Delhi

Dated: 16 April 2026

UDIN: 26513905JVDYWI1723