We have audited the accompanying standalone Ind AS Financial Statements of Baid Finserv Limited
which comprise the Balance Sheet as at 31st March 2026, and the Statement of Profit and Loss
(including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash
Flow for the year then ended, and notes to the Standalone Ind AS Financial Statements, including a
summary of the significant accounting policies and other explanatory information (hereinafter
referred to as the 'IND AS Financial Statements').

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS 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 Companies (Indian
Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting standards
generally accepted in India, of the state of affairs of the Company as at 31^st March 2026, and its
Profit, total comprehensive income, changes in equity and its Cash Flow for the year ended on that
date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the Act).
Our responsibilities under those Standards are further described in the Auditor's Responsibilities for
the Audit of the standalone Ind AS 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 Ind AS 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 on standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone Ind AS financial statements of the current period. These matters were
addressed in the context of our audit of the standalone Ind AS 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 matters described below to be the key audit matters to be communicated
in our report.

Description of Key Audit Matters

Information Other than the standalone Ind AS Financial Statements and Auditor's 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 Annexure to
Board's Report and Management Discussion and Analysis ("MD&A") (collectively referred to as
"Other Information"), but does not include the standalone Ind AS financial statements and our
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 Ind AS 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 Ind AS 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 Ind AS financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the other information identified above, 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.

Responsibilities of Management and Those Charged with Governance for the standalone Ind AS
Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these standalone Ind AS Financial Statements that give a true and
fair view of the financial position, financial performance (including other comprehensive income),
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the accounting standards specified under Section 133 of the
Act, RBI Guidelines read with relevant rules issued thereunder 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 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 Ind AS 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 Ind AS 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.

The Board of Directors are also responsible for overseeing the Company's financial reporting
process.

Auditor's Responsibilities for the Audit of the standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS 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 Ind AS Financial
Statements.

As part of an audit in accordance with SAs specified under section 143(10) of the Act, we exercise
professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Ind AS 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 standalone Ind AS 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 Board of Directors.

• Conclude on the appropriateness of the Board of Directors' 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 Ind AS 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 financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone Ind AS 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 Ind AS 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 standalone Ind AS 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 Act, we give
in 'Annexure A', a statement on the matters specified in clauses 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 accounts 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, the Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specified
under Section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31st
March, 2026 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 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 with reference to
standalone Ind AS financial statements of the Company and the operating effectiveness
of such controls, refer to our separate Report in 'Annexure B'. 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 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 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.

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

(iii) The amounts which were transferred to the Investor Education and Protection Fund
by the Company is Rs 5,33,029/-.

(iv) (a) The Management has represented that, to the best of its knowledge and belief,
no funds which are material either individually or in the 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 or entity, 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.

(b) The Management has represented, that, to the best of its knowledge and belief, no
funds which are material either individually or in the aggregate have been received by
the Company from any person or entity, 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 Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed 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 (a) and (b) above, contain any
material misstatement.

(v) The final dividend declared and paid by the Company during the year is in
accordance with Section 123 of the Act, as applicable.

(vi) In accordance with the proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014, which mandates the utilisation of accounting software equipped with an audit
trail (edit log) facility, it is observed that the Company has not implemented the
requisite audit trail feature in its accounting software. Accordingly, we are unable to
comment on whether the audit trail feature was enabled and operated throughout the
year and whether the audit trail has been preserved as required under law.

FOR ABSM & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN NO. 015966C

Sd/-

DATE: MAY 15, 2026 ANOOP BHATIA

PLACE: JAIPUR PARTNER

M. NO.: 402527

UDIN: 26402527PVARFD9114