We have audited the standalone financial statements of ALFAVISION OVERSEAS (INDIA) LIMITED (“the
Company”), which comprise the balance sheet as at 31 March 2025, and the statement of profit and loss (including
other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended,
and notes to the standalone financial statements, including a summary of the significant 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
standalone financial statements give the information required hy the Companies Act, 2013 (“Act”) in the manners
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, its profit including other comprehensive income, changes
in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statement in accordance with the Standards on Auditing (SAs),
as specified under Section 143(10) other 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 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 we have obtained 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
standalone financial statements for the financial year ended 31 March,2025. 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 matter described below to be the key audit matter to be communicated in our report. We
have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these matters. Accordingly our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
standalone financial statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the accompanying standalone financial
statements.

Other Information

The Company’s management and Board of Directors are responsible for the other information. The other
informationcomprises the information included in the Company’s annual report, but does not include the standalone
financial statements and ourauditors ’ report thereon.

Our opinionon the standalone financial statements does notcover the other information and we do not express any
formofassurance conclusion thereon.

In connection with our audit of the standalone financialstatements, our responsibility is to read the other informationand,
in doing so, consider whether the other informationis materially inconsistent with the standalone financialstatements or
our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on thework we have
performed, we conclude that there is a material misstatement of this other information, we are required toreport that fact.
We have nothing to report in this regard.

Responsibility of Management for the StandaloneFinancialStatements

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 standalone financial statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
(IndAS) specified under Section 133 of the Act read with [the Companies (Indian Accounting Standards) Rules,
2015, as amended. 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 the 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, 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.

Going Concern

In preparing the standalone financial statements, managementand Board of Directors are responsible for assessing
theCompany’s ability to continue as a going concern, disclosing,as applicable, matters related to going concern
and using thegoing concern basis of accounting unless management eitherintends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.Board of Directors is also responsible for overseeing
theCompany’s financial reporting process.

Auditor’s Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance aboutwhether the standalone financial statements as a wholeare
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
ouropinion. Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in
accordancewith SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud
or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to
influence the economicdecisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exerciseprofessional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatementof the standalone financial statements, whether due
tofraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidencethat

is sufficient and appropriate to provide a basisfor our opinion. The risk of not detecting a
materialmisstatement resulting from fraud is higher than forone resulting from error, as fraud may involve
collusion,forgery, intentional omissions, misrepresentations, orthe override of internal control.

• Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are
appropriate in the circumstances. Under Sectionl43(3)(i) of the Act, we are also responsible forexpressing
our opinion on whether the company hasadequate internal financial controls with referencetostandalone
financial statements in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand
related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, basedon
the audit evidence obtained, whether a materialuncertainty exists related to events or conditions thatmay cast
significant doubt on the Company’s abilityto continue as a going concern. If we conclude thata material
uncertainty exists, we are required todraw attention in our auditor’s report to the relateddisclosures in the
standalone financial statementsor,if such disclosures are inadequate, to modify ouropinion. 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 theCompany to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including
thedisclosures, and whether the standalonefinancialstatements represent the underlying transactions
andevents in a manner that achieves fair presentation.

We communicate with those charged with govemanceregarding, among other matters, the planned scope
andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that
weidentify during our audit.

We also provide those charged with governance with astatement that we have complied with relevant
ethicalrequirements regarding independence, and to communicatewith them all relationships and other matters
that mayreasonably be thought to bear on our independence, andwhere applicable, related safeguards.

From the matters communicated with those charged withgovemance, we determine those matters that were of
most significance in the audit of the standalonefinancialstatementsfor the financial year ended 31 March, 2025 and
is therefore the keyaudit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosureabout 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 doingso would reasonably be
expected to outweigh the publicinterest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors ’ 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 1 ” 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, were report that:

a) We have sought and obtained all the informationand explanations which to the best of ourknowledge and

belief were necessary for thepurposes of our audit;

b) In our opinion, proper books of account asrequired by law have been kept by the Companyso far as it appears
from our examination ofthose books;

c) The balance sheet, the statement of profit and loss (including othercomprehensive income), the statement of
changes in equity and the statement of cash flows dealt with by this reportare in agreement with the books of
account;

d) In our opinion, the aforesaidstandalonefinancialstatements comply with the Accounting
Standardsspecifiedunder Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules,
2015, as amended;

e) On the basis of the written representationsreceived from the directors as on 31 March 2025 taken on record by
the Board of Directors, noneof the directors is disqualified as on 31 March, 2025 from being appointed as a
director in termsof Section 164(2) oftheAct;

f) With respect to the adequacy of the intemalfinancial controls with reference to standalone
financialstatements of the Company and the operatingeffectiveness of such controls, refer to our separate
report in “Annexure 2”to this report;

g) In our Opinion, the managerial remuneration of the year ended 31 March, 2025 has been paid/provided by the
Company to its Directors the provisions of Section 197 read with Schedule V to the Act;

h) With respect to the other matters to be included in the Auditors’ Report in accordance with Rulel 1 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 has no pending litigations therefore not required to disclosed the impact of pending
litigations on its financial position in its standalone financial statements;

ii. The Company has made provision as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-termcontracts including derivative contracts.

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

i) The Turnover of the entity is not matching with the GST Portal as some excess sales is shown on

the GST Portal which will be adjusted in 25-26 in GST Returns and same will be shown correctly
in GSTR-9ofF.Y. 24-25.

iv. a. The management has represented that,to the best of its knowledge and belief, no funds have been

advanced or loaned orinvested (either from borrowed funds orshare premium or any other sources
or kind of funds) by the Company to or in any other person or entity, 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. The management has represented that, to the best of its knowledge and belief, no funds have been
received by the Company from any person or entity, including foreign entities (“Funding
Parties”), withthe understanding, whether recorded inwriting or otherwise, that the
Companyshall, whether, directly or indirectly, lendor invest in other persons or entitiesidentified
in any manner whatsoever by oron behalf of the Funding Party (“UltimateBeneficiaries”) or
provide any guarantee, security or the like on behalf of the UltimateBeneficiaries; and

c. Based on such audit procedures that wereconsidered reasonable and appropriate inthe
circumstances, nothing has come toour notice that has caused us to believe thatthe representations
under sub-clause (a)and (b) contain any material misstatement.

v. The dividend declared/paid during the year and subsequent to the year-end by the Company is in compliance

with Section 123 oftheAct.

For CA. S.N. Gadiya & Co.

CharteredAccountants

FRN: 002052C

(CA. S.N. Gadiya & Co.)

Place: Indore Proprietor

Date: May 30,2025 M No: 071229

UDIN: 25071229BMIGYG9398