We have audited the accompanying financial statements of Dar Credit & Capital Ltd.
(“the Company”), which comprise the Balance Sheet as at 31st March 2025, the Statement
of Profit and Loss, and the Cash Flow Statement for the year ended on that date, and a
summary of the significant accounting policies and other explanatory information
(hereinafter referred 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”) in the manner so required and give a true and fair view in conformity
with the Accounting Standards prescribed under Section 133 of the Act read with the rule
of the Companies Accounts Rule 2014, as amended, and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March 2025, and
its profit and its cash flows 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 Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditor's Responsibilities for the
Audit of the Financial Statements section of our report We are independent of the Group
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the independence requirements that are relevant to our audit
of the 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 audit opinion on the financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most
significance in 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.
We have determined that there are no reportable key audit matters.

Information Other than the Financial Statements and Auditors' 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 Board's
Report including Annexures to Board's Report 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 this other information; we are required to communicate the matter to
those charged with governance.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134 (5)
of the Act with respect to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance, and total comprehensive
income and cash flows of the company in accordance with the 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 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, the 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 Group or to cease operations or has no

realistic alternative but to do so.

The Board of Directors is 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
statementsas 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 aguarantee 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 financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3) °f
the Act, we are also responsible for expressing our opinion on whether the Company has
an adequate internal financial controls system 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 Group 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 the 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 in evaluating the results of our work, and (ii) evaluating the effect of any
identified misstatements in the 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 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 Companies
Act, 2013, we give in “Annexure 1” a statement on the matters specified in paragraphs 3 and
4 of the order.

2. As required by Section 143(3) of the Act, based on our audit, 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, and the Statement of Cash Flows
dealt with by this report are in agreement with the books of account;

d. In our opinion, the aforesaid Financial statements comply with the accounting standards
specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules,
2014;

e. On the basis of the written representations received from the directors as on 31st March
2025 taken on record by the Board of Directors, none of the directors are disqualified as on
31st March 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 controls, refer to our separate
Report in “Annexure 2”. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal financial controls over financial
reporting.

g. With respect to the 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 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 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 to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial
position except the one already mentioned in Para 3(vii) to Annexure-i of Independent
Auditor's Report;

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

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

iv. The management has represented that other than those disclosed in the notes to
accounts:

a. 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,
whether, 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. 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, whether, 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 such audit procedures that are 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) contain any material misstatement.

v. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 mandates that companies
maintaining books of account using accounting software with an audit trail (edit log)
feature must comply from April 1, 2023. Accordingly, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 is applicable for the financial year ending
March 31,2025.

Although the audit trail feature has been enabled in the accounting software, verification
of changes made within the system is currently limited due to a software issue.
Specifically, the date and details of edits cannot be independently verified through the
edit log until the exact transactions that were modified are identified.

vi. The dividend declared or paid during the year by the company is in compliance with
section 123 of the Companies Act, 2013.

For KASG & Co.

Chartered Accountants

Firm Registration No: 002228C)

Roshan Kumar Bajaj

Place: Kolkata ^(PARTNER)

Date: 29th May, 2025 Membership No. - 068523

UDIN - 25068523BMIWMF3193