We have audited the standalone financial statements
of Updater Services Limited (the "Company") which
comprise the standalone balance sheet as at 31
March 2025, and the standalone statement of
profit and loss (including other comprehensive
income), standalone statement of changes in
equity and standalone 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, in which are included the separate
financial statements of erstwhile Stanworth
Management Private Limited ('SMPL') and Tangy
Supplies & Solutions Private Limited ('TSSPL') for
the year ended 31 March 2025, pursuant to the
scheme of Amalgamation of SMPL and TSSPL with
the Company, approved by the National Company
Law Tribunal ('NCLT') vide its Order dated 8 May
2025 with the appointed date of 1 April 2024.
The financial statements of SMPL and TSSPL
('components') for the year ended 31 March 2025
have been audited by another firm of chartered
accountants ('other auditors').

In our opinion and to the best of our information
and according to the explanations given to us, and
based on the consideration of the reports of the
other auditors on separate financial statements of
the components for the year ended 31 March 2025
, the aforesaid standalone financial statements give
the information required by the Companies Act,
2013 ("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 March 2025,
and its profit and other comprehensive income,
changes in equity 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 Act. Our responsibilities

under those SAs 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 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 along
with the consideration of the reports of the other
auditors referred to in the "Other Matters" section
below, is sufficient and appropriate to provide a
basis for our opinion on the standalone financial
statements.

Key Audit Matter

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. In addition to the
matters described in the Basis for Opinion section,
we have determined matters described below to
be the key audit matters to be communicated in
our report.

Other Information

The Company's Management and Board of Directors
are responsible for the other information. The other
information comprises the information included
in the Annual report, but does not include the
financial statements and auditor's report thereon.
The Annual report is expected to be made available
to us after the date of this auditor's report.

Our opinion on the standalone financial statements
does not cover the other information and we will
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 identified above when it becomes
available 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 the Annual report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance and take necessary
actions, as applicable under the relevant laws and
regulations.

Management's and Board of Directors'
Responsibilities for the Standalone
Financial Statements

The Company's Management and Board of Directors
are 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 state of affairs,
profit/ loss and other comprehensive income,
changes in equity and cash flows of the Company
in accordance with the accounting principles
generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under
Section 133 of the Act. This responsibility also
includes 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; 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 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,
the Management and Board of Directors are
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
the Board of Directors 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 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 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 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 the Management and Board of
Directors.

• Conclude on the appropriateness of the
Management and Board of Directors use
of the going concern basis of accounting in
preparation of standalone financial statements
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

• 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.

• Obtain sufficient appropriate audit evidence
regarding the financial statements of
components of the Company to express an
opinion on the standalone financial statements.
For the components included in the standalone
financial statements, which have been audited
by other auditors, such other auditors shall
remain responsible for the direction, supervision
and performance of the audits carried out by
them. We remain solely responsible for our
audit opinion. Our responsibilities in this regard
are further described in the section titled "Other
Matters" in this audit report.

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 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.

Other Matters

1. We did not audit the separate financial
statements of the components included in
the standalone financial statements of the
Company whose financial statements reflect
total assets (before consolidation adjustments)
of Rs. 297.20 million as at 31 March 2025, total
revenue (before consolidation adjustments)
of Rs. 684.13 million and net cash inflows
(before consolidation adjustments) amounting
to Rs. 4.91 million for the year ended on that
date, as considered in the standalone financial
statements.

The separate financial statements of the
components have been audited by the other
auditors whose reports have been furnished to
us, and our opinion in so far as it relates to the
amounts and disclosures included in respect
of these components, and our report in terms
of sub-section (3) and (11) of Section 143 of
the Act, in so far as it relates to the aforesaid
components, are based solely on the reports
of such other auditors.

Our opinion on the standalone financial
statements, and our report on the Other legal
and Regulatory Requirements below, is not
modified in respect of this matter with respect
to our reliance on the work done and the
reports of the other auditors.

2. The Company has accounted for the
amalgamation of SMPL and TSSPL with the
Company during the year ended 31 March
2025 in accordance with the Scheme of
amalgamation approved by NCLT vide order
dated 8 May 2025. The amalgamation has been
accounted by the Company by restating the
financial information in the financial statements
in respect of prior periods as if it had occurred
from the beginning of the preceding year in the
financial statements as per the requirement of
Indian Accounting Standards.

The corresponding figures for the year ended
31 March 2024, in so far it pertains to the
components, were audited by other auditors
whose report dated 11 May 2024 for SMPL
and 14 May 2024 for TSSPL had expressed an
unmodified opinion.

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

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, based on our audit
and on the consideration of reports of the other
auditors on separate financial statements
of the components, as noted in the 'Other
Matters' paragraph, 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 A. As required by Section 143(3) of the Act,
based on our audit and on the consideration
of report of the other auditors on separate
financial statements of the components, as
noted in the 'Other Matters' paragraph, 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 accounts
as required by law have been kept by
the Company so far as it appears from
our examination of those books and the
reports of the other auditors except for
the matters stated in the paragraph 2(B)
(f) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules,
2014.

c. The standalone balance sheet, the
standalone statement of profit and loss
(including other comprehensive income),
the standalone statement of changes in
equity and the standalone 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 specified under Section 133 of the Act.

e. On the basis of the written representations
received from the directors as on 31
March 2025 taken on record by the
Board of Directors, none of the directors
is disqualified as on 31 March 2025 from
being appointed as a director in terms of
Section 164(2) of the Act.

f. the qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph
2(A)(b) above on reporting under Section
143(3)(b) and paragraph 2(B)(f) below
on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014.

g. With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".

B. 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 information
and according to the explanations given to
us and based on the consideration of the
reports of the other auditors on separate
financial statements of the components, as
noted in the "Other Matters" paragraph:

a. The Company has disclosed the impact
of pending litigations as at 31 March
2025 on its financial position in its
standalone financial statements - Refer
Note 32 to the standalone financial
statements.

b. The Company has made provision, as
required under the applicable law or
accounting standards, for material
foreseeable losses, if any, on long-term
contracts including derivative contracts
- Refer Note 5 and Note 15 to the
standalone financial statements.

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

d (i) The management has represented
that, to the best of its knowledge
and belief, other than as disclosed
in the Note 41 to the standalone
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.

(ii) The management has represented
that, to the best of its knowledge
and belief, as disclosed in the Note
41 to the standalone 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 Parties ("Ultimate
Beneficiaries") or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(iii) 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 sub-clause (i)
and (ii) of Rule 11(e), as provided
under (i) and (ii) above, contain any
material misstatement.

e. The Company has neither declared nor
paid any dividend during the year.

f. Based on our examination which
included test checks and that performed
by the auditor of the components,
except for instances mentioned below,
the Company and the components
have used accounting software for
maintaining its books of account which
have the feature of recording audit trail
(edit log) facility and the same has
operated throughout the year for all the
relevant transactions recorded in the
accounting software:

• The feature of audit trail (edit log)
was not enabled at the database
layer of the accounting software for
the entire audit period.

• The feature of audit trail (edit log)
was not enabled at the application
layer for certain fields of tables for
payroll, procurement, revenue,
property, plant and equipment and
financial reporting processes.

• In respect to components, the audit
trail has been enabled throughout
the year.

Further, where audit trail (edit log) facility was
enabled for the respective accounting software,
we and the other auditors did not come across any
instance of the audit trail feature being tampered
with during the course of our audit. Additionally,
except where audit trail (edit log) facility was
not enabled in the previous year, the audit trail

has been preserved by the Company as per the
statutory requirements for record retention.

C. With respect to the matter to be included in
the Auditor's Report under Section 197(16)
of the Act:

In our opinion and according to the
information and explanations given to us
the remuneration paid by the Company to
its directors during the current year is in
accordance with the provisions of Section
197 of the Act. The remuneration paid to

any director is not in excess of the limit
laid down under Section 197 of the Act.
The Ministry of Corporate Affairs has not
prescribed other details under Section
197(16) of the Act which are required to be
commented upon by us.

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/W-100022

Sd/-
K Sudhakar

Partner

Place: Chennai Membership No.: 214150

Date: 24 May 2025 ICAI UDIN:25214150BMODGQ8220