We have audited the accompanying Finaneial Statements of UMA CONVERTER

which comprise of the Balance Sheet as at March 31, 2025 and the statement of profit and loss (including Othe
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then
ended and a summary of significant accounting policies and other explanatory information (hereinafter lefened

to as “Financial Statements”.

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 required by the Companies Act, 2013 (“the Act ) m the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed undei
section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ( lnd
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31
March 2025, and its profit, total comprehensive income, its cash flows and the changes in equity for the year

ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under
section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditoi s
Responsibility 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 (ICAI) together
with the ethical requi rements that are relevant to our audit of the Financial Statem ents under the provisions of the
Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAF s Code of Ethics. We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on the Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance m our audit of
the Financial Statements of the current period. These matters were addressed in the context of our audit of the
Financial Statements as a whole, and in forming 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's Board of Directors is responsible for the other information. The other information obtained at the
date of this auditor’s report is information included in the Directors’ Report including the Annexures to the
Directors’ report, 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 on the other information that we obtained prior to the date of this
auditor’s report, 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.

Management’s Responsibility for the Financial Statements ' i

The Company’s Board of Directors is responsible for the matt#^mted in^^Ln 134(5) of the Act with respect
to the preparation of these financial statements that give a tri|e'J^^^|j2|^/|)| the financial position, financial
performance including other comprehensive income, cash in equity of the Company in

accordance with the Ind AS and other accounting principles generally accepted in India. 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 statement 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. '

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor’s Responsibility 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 wi|l 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
scepticism throughout the audit. We also:

i) 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.

ii) 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 system in place and
the operating effectiveness of such controls. •

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

iv) 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.

v) 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 qualitaji^^^^m (i| planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evima^ertlTff^>^^lkof any identified misstatements in the
Financial Statements. f/'Mi __Aol *

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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 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 tenns of sub-section (11) of the 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 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, the Statement of profit and loss including Other Comprehensive Income, Statement of
Changes in Equity and Statement of Cash Flow dealt with by this Report are in agreement with the books
of account;

(d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified
under Section 133 of the Act read with relevant rules issued there under

(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 Act.

(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such control, refer to our separate report in the Annexure-B . Our report
expresses an unmodified opinion.

(g) With respect to the 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 / provided 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 other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014,as amended, in our opinion and to the best of our
information and according the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financial position in its Financial
Statements.

ii. The company has made provision, as req^^^E^the; applicable law or IND AS, for material
foreseeable losses, if any, on long term (^^t^ets~nt<^^ng^: derivative contracts.

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iii. There has been no delay in transferring amounts, 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, 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 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 any 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, to the financial

statements, no funds 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: ’

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
/“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or

• provide any guarantee, security or the like from 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 the representations under sub-clause
h(iv) (a) & (b) contain any material mis-statement.

v. The Company has not declared any dividend during the year.

vi. Based on our examination which included test checks, the Company has used 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. Flowever,
the audit trail feature is not enabled for certain direct changes to data when using certain access rights
and at the database level for the accounting software, as described in note to the financial statements.
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with in respect of the accounting software.

For Jain Chowdhary & Co.,

Chartered Accountants
Firm Registration No.ll3267W

(CATHitesh Salecha) U\(.- ___

Partner u -y ' )j

. M. No. 147413 - /

UDIN: '

Place: Ahmedabad
Date: 29th May, 2025