We have audited the accompanying Standalone Financial
Statements of Choice International Limited (the “Company”),
which comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity, the Statement
of Cash Flows for the year then ended, and notes to the
Standalone Financial Statements, including material
accounting policy information and other explanatory
information (hereinafter referred to as the “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 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 (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
Statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our
responsibilities under those SAs 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 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 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 of the current period.
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
matters described below to be the key audit matters to be
communicated in our report.

Information Other than the Standalone Financial Statements
and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Annual Report but does not include the
Standalone Financial Statements and our auditor’s report
thereon, which we obtained prior to the date of this auditor’s
report, and the Annual report, which is expected to be made
available to us after that date.

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
identified above 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 on the other
information that we obtained prior to the date of this auditor’s
report, 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.

Responsibilities of Management and Board of Directors 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, changes in equity and cash
flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards specified under section 133 of the Act.
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 Financial Statement 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, the Board
of Directors of the Company 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 the Board of
Directors either intends 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 skepticism
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 with reference to Standalone 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 Management and Board of
Directors.

• Conclude on the appropriateness of Management and
Board of Director’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.

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 Financial
Statements of 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 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 of
the aforesaid Standalone Financial Statements.

(b) In our opinion, proper books of account as required
by law relating to preparation of the aforesaid
Standalone Financial Statements have been kept by
the Company so far as it appears from our examination
of those books except that in the absence of sufficient
appropriate audit evidence we are unable to
comment whether back-up of the books of account
and other books and papers maintained in electronic
mode, have been kept in servers physically located in
India on a daily basis and for the matters stated in the
paragraph 2(h)(vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement of
Cash Flows dealt with by this Report are in agreement
with the books of account maintained for the purpose
of preparation of the Standalone Financial Statements.

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

(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
are disqualified as on March 31, 2026 from being
appointed as a director in terms of Section 164 (2) of
the Act.

(f) The reservation relating to the maintenance of
accounts and other matters connected therewith are
as stated in paragraph 2(b) above on reporting under
Section 143(3)(b) and paragraph 2(h)(vi) below as
reporting under Rule 11(g).

(g) With respect to the adequacy of the internal financial
controls with reference to Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure B”.

(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 litigation
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. There are no amounts which are required to
be transferred to the Investor Education and
Protection Fund by the Company during the year
ended March 31, 2026.

iv. a)The Management has represented that, to the best

of it’s knowledge and belief, as disclosed in the
Note 48 to the Standalone Financial Statements, 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, 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 it’s knowledge and belief, as disclosed in the
Note 48 to the Standalone Financial Statements,
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, 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 (i) and
(ii) of Rule 11(e) contain any material mis-statement.

v. The Company has neither declared nor paid any
dividend during the year.

vi. Based on our examination, which includes test
checks, the Company has used an accounting
software for maintaining its books of accounts
which has a feature of recording audit trail (edit
log) facility and the same has operated throughout
the year for all the 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 of the prior years has been preserved
by the Company as per statutory requirements
of record retention except, for the period April 01,
2023, to May 23, 2023.

Based on our examination, which includes test checks,
the Company has used two accounting software for
maintaining its books of accounts pertains to payroll
transactions and expenses approval and document
preservation. However, in the absence of sufficient and
appropriate audit evidence we are unable to comment
whether the accounting softwares has a feature of
recording audit trail (edit log) facility or whether the
same has operated throughout the year for all relevant
transactions recorded in the softwares or whether there
is any instance of audit trail feature being tampered with.
Additionally, we are unable to comment whether the audit
trail of prior years has been preserved by the Company as
per the statutory requirements of record retention.

3. In our opinion, according to information, explanations
given to us , the remuneration paid or provided by the
Company to its directors is within the limits laid prescribed
under Section 197 read with Schedule V of the Act.

For M S K A & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants

ICAI Firm Registration Number: 105047W/W101187

Sd/-

Prateek Khandelwal
Partner

Membership Number: 139144
UDIN: 26139144WKIJOE4558