We have audited the accompanying standalone financial statements of Armee Infotech Limited (the “Company”), which
comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including Other Comprehensive
Loss), the Statement of Changes in Equity and the 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 (hereinafter referred to as standalone financial statements').
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 by the Companies Act, 2013 (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”)
and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,
2026 and its profit, total 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 statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards 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 (ICAI) 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 made thereunder, 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 obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Board's Report including Annexures to the Board's Report, but does not
include the standalone financial statements and our auditors' report thereon. The other information is expected to
be made available to us after the date of this auditors' report.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information
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. 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 as required under SA 720 'The Auditors'
responsibilities relating to other Information'. We have nothing to report in this regard.
Management's responsibility 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 financial position, financial performance, including total comprehensive income, changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in India, including the Ind
AS specified under section 133 of the Act and the rules thereunder, 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 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 management or Board of Directors either intend 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 scepticism
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 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
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 as a going concern.
• 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.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, make 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 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.
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', 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, 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 as at March 31, 2026, the Statement of Profit and Loss (including Other Comprehensive
Loss), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended dealt with
by this Report are in agreement with the books of account.
(d) In our opinion, the standalone financial statements comply with the Ind AS specified under section 133 of the
Act and the Rules thereunder, as amended.
(e) On the basis of the written representations received from the directors as on March 31, 2026, taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2026, 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 with
reference to the financial statements and the operating effectiveness of such controls, refer to our separate
Report in Annexure B' to this report.
(g) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements
of sub-section (16) of Section 197 of the Act, as amended, we report that to the best of our information and
according to the explanations given to us, 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, in our opinion and to the best of our information and according
to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements. Please refer Note No. 31.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
(iii) The Company was not required to transfer any amount to the Investor Education and Protection Fund
during the year.
(iv) (a) The management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in aggregate) 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) The management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in aggregate) 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; and
(c) 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 of the Companies (Audit and Auditors) Rules, 2014, as provided
in (a) and (b) above, contain any material misstatement.
(v) (v) The Company has not declared or paid dividend during the year, and hence, reporting under sub¬
clause (f) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014, is not applicable.
(vi) Based on our examination, which included test checks, the Company has used an accounting software
for maintaining its books of account for the financial year ended March 31, 2026 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. Further, during the course of our audit, we did not come across
any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved
by the Company as per the statutory requirements for record retention.
For Kantilal Patel & Co.,
Chartered Accountants
Firm's Registration No.: 104744W
Jinal A. Patel
Partner
Membership No.: 153599
Place: Ahmedabad
Date: April 29, 2026
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