We have audited the accompanying financial statements ofCUBICAL FINANCIAL SERVICES LIMITED (‘the Company’), whichcomprise
the Balance Sheet as at 31^st March 2025, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes
in Equity for the year then ended, and notesto the financial statements, including a summary of significant accounting policies and
other explanatory information. (in which are included the returns for the year ended on the date)

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, as amended (‘the Act’) in the mannerso required and give a true and fair view
in conformity with the accounting principles generally accepted in India, of thestate of affairs of the Company as at 31 March 2025,
its profit including other comprehensive income, its cash flows and thechanges 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 (SAs), asspecified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’sresponsibilities for the audit of
the Financial Statements’ section of our report. We are independent of theCompany in accordance with the ‘Code of Ethics’ issued
by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rulesthereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our auditopinion on the 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 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 the matters
described below to be the key audit matters to be communicated in our report.

Information Other than the 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 Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility Report, Corporate Governance 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 report that fact. We have nothing to report in this regard.

Responsibility of Management's 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 thepreparation of
these financial statements that give a true and fair view of the financial position, financialperformance including other comprehensive
income, cash flows and changes in equity of the Company in accordance withthe accounting principlesgenerally accepted in India,
including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. This responsibilityalso includes maintenance of adequate accounting records in accordance

with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and applicationof 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 theaccuracy 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, Management is responsible for assessing the Company’s ability tocontinue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless Management either
intends to liquidate the Company or to cease operations, or has no realistic alternativebut to do so.Those charged with governance
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 arefree from material
misstatement, whether due to fraud or error, and to issue an auditors’ 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 SAswill always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

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

(a) Identify and assess the risks of material misstatement of the financial statements, whether dueto fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resultingfrom fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.

(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriatein the
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whetherthe Company
has adequate internal financial controls system in place and the operating effectiveness of such controls.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures
made by Management.

(d) 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 auditors’ 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 auditors’ report. However,
future events or conditions may cause the Company to cease to continue as a going concern.

(e) 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 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of theaudit 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 thoughtto 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 mostsignificance in the
audit of the financial statements for the current period andare therefore the key audit matters. We describe these matters in our
auditors’ report unless law or regulation precludespublic disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh thepublic 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 the ‘Annexure I' 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, 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 the Statement of 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 account;

(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section
133 of the Act, read with Section 469 of Companies Act,2013

(e) On the basis of the written representations received from the directors as on 31^st March, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on31 “March, 2025 from being appointed as a director in terms
of Section 164 (2) of the Act.

(f) With respect to the adequacy of internal financial control over financial controls over financial reporting of the company
and the operating effectiveness of such controls, refer to our separate report in “Annexure II”. Our Report expresses an
unmodified opinion on the adequacy and 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 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, 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 on its financial position in its financial statements.

ii. According to the information and explanations provided to us, the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.

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 other than those disclosed in the notes to accounts,

I. 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 entity (“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;

II. No funds (which are material either individually or in the aggregate) have been received by the Company from any person or
entity, including foreign entity (“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;

(b) 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(e), as provided under
(I) and (II) above, contain any material misstatement.

v. As per Management’s representation received that to the best of its knowledge and belief, the company has not declared
or paid dividend either final or interim in nature during the year.

vi. Based on the MCA Notification dated 24.03.2021, read together with the MCA Notification dated 31.03.2022, it is
mandatory to have an audit trail feature in accounting software effective from 01.04.2023 (beginning with FY 2023-24).

Upon examination, which included a test check, we found that the company has used accounting software with an audit trail (Edit Log)
feature to maintain its books of accounts. This feature has been operational throughout the year for all relevant transactions recorded
in the software. During our audit, we did not encounter any instances of tampering with the audit trail feature.

For STRG & Associates
Chartered Accountants
FRN: 014826N

CA Rakesh Gupta
(Partner)

M. No. 094040

UDIN: 25094040BMHUFH8527

Place: New Delhi
Date: 21/05/2025