We have audited the financial statements of Lippi Systems Limited ("the company"),
which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), Statement of changes in equity and
Statement of cash flows for the year ended and notes to the Financial Statements
including a summary of material 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 as required by the
Companies Act, 2013, as amended ("the Act") in the manner so required and give a
true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("Ind AS") & other accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st March, 2025, its loss (including
other comprehensive income), its cash flows and the changes in equity 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 ("the Act"). Our
responsibilities under those SAs 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 the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our
audit of the 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 Code of Ethics. We believe that the audit evidence
obtained by us, is sufficient and appropriate to provide a basis for our opinion.

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. As the entity
had very limited operations during the financial year, in our opinion, there are no key
audit matters that require significant auditor's attention.

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, Business Responsibility Report, Corporate Governance and Shareholder's
Information, but does not include the financial statements and our auditor's report
thereon. The above-mentioned reports comprising of other information are expected
to be made available to us after the date of this auditor's report.

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 identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the 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 this regard.

When we read the above-mentioned reports comprising other information and if we
conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and describe actions
applicable in the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the
Financial Statements

The Company's Management is responsible for the matters stated in section 134(5) the
Act with respect to the preparation of these Ind AS financial statements that give a true
and fair view of the financial position, financial performance, cash flows and changes in
equity statement of the Company in accordance with the Accounting principles
generally accepted in India, including the Accountant Standards (Ind AS) referred to in
section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015
(as amended). This responsibility 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 judgements and estimates
that are reasonable and prudent, and design, implementation and maintenance of
adequate internal financial control that we are operating effectively for ensuring the
accuracy and completeness of accounting records relevant to the preparation and
presentation of the Ind AS 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 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.

The Board of Directors are responsible for overseeing the Company's financial
reporting process.

Auditor's 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 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 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 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 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 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 control with reference to financial
statements 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 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 sub-section 11 of section 143 of
the Act, we give in the Annexure-A statement on the matters specified in
paragraphs 3 and 4 of the Order.

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 it appears from our examination of those books.

c. The Balance Sheet, Statement of Profit and Loss (including other
comprehensive income), Cash Flow Statement and Statement of Change in
Equity dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Ind AS financial statements comply with the Accounting
Standards (Ind AS) referred to in section 133 of the Companies Act, 2013 read
with Companies (Indian Accounting Standards) Rules, 2015, as amended.

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 finance controls with reference

to financial statements of the Company and the operating effectiveness of
such control, refer to our separate Report in "Annexure-B". Our report does
not express modified opinion on the adequacy and operating effectiveness of
the Company's internal financial controls with reference to financial
statements.

g. 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.

h. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014, in
our opinion and to the best of our information and according to explanations
given to us by the management, the requirements of the same are duly
complied with as under:

i. As informed to us, 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 were required 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, as disclosed in Note 27 to the financial statements 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, as disclosed in Note 27 to the financial statements, 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 performed 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
sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has
not proposed final dividend for the year.

vi. Based on our examination which included test checks, the company has used
Tally Prime accounting software for maintaining its books of accounts which
has a feature of recording audit trail (edit log) 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 feature being tampered with in respect of accounting software and
the audit trail has been preserved by the company as per the statutory
requirements for record retention.

3. 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 according to the information and explanations given to us, the
remuneration paid to any director by the company is not in excess of the limits
laid down under section 197 of the Act.

For Ashok Dhariwal & Co.

Chartered Accountants

(Registration No. 100648W)

(CA Ashok Dhariwal)

Partner

Place: Ahmedabad Membership No. 036452

Date: 30/05/2025 UDIN: 25036452BMKTGN4869