We have audited the Ind AS Financial Statements of EFC (I)
Limited ("the Company”), which comprise the Balance Sheet as at
March 31, 2025, and the Statement of Profit and Loss, including
the Statement of Other Comprehensive Income, the Statement of
Cash Flows and the Statement of Changes in Equity for the year
then ended, and notes to the Financial Statements, including a
summary of significant accounting policies and other explanatory
information for the year ended on that date.

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Ind AS Financial Statements
give the information required by the Companies Act, 2013, as
amended ("the Act”) in the manner so 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 March 31, 2025,

and its profit including Other Comprehensive Income, its Cash Flows
and the Changes in Equity for the year ended on that date.

Basis for Opinion

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

Other Information

The Company's Board of Directors is responsible for the other
information. The other information comprises the Board's Report
("other information”), but does not include the Ind AS Financial
Statements and our auditor's report thereon.

Our opinion on the 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 Ind AS Financial Statements,
our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the Ind AS 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
report that fact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS
Financial Statements

The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("the Act”) with
respect to the preparation of these Ind AS 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
accounting Standards (Ind AS) 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 implementation and maintenance
of 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 Ind AS Financial Statement that give a true and
fair view and are free from material misstatement, whether due to
fraud or error.

In preparing the 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.

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

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

Our objectives are to obtain reasonable assurance about whether
the 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 Standard on Auditing (SA's) 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 Ind AS
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 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
Companies Act, 2013, 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 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 Ind AS Financial Statements, including the disclosures
and whether the Ind AS 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.

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 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;

(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, and the Statement of Cash Flow 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 Ind AS Financial Statements
comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules,2015, as amended;

(e) On the basis of the written representations received
from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors is
disqualified as on 31 March 2025 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 these Ind AS Financial Statements and the
operating effectiveness of such controls, refer to our
separate Report in "Annexure B”;

(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 to Ind AS Financial Statements.

ii. The Company did not have any long- term
contracts including derivative contracts for which
there were any material foreseeable losses to Ind
AS Financial Statements

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

iv. (a) The Management has represented that,

to the best of its knowledge and belief, as
disclosed in the financial statements, during
the year 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 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, as
disclosed in the financial statements, during
the year no funds 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) of Rule 11(e) contain any
material misstatement.

v. The Company has not declared or paid any equity dividend during the year.

vi. During the course of our audit, based on our examination which included test checks, we observed that the Company
has used an accounting software that has the capability to record an audit trail (edit log) feature and the same have been
operated throughout the year for all relevant transactions recorded in the software, except for payroll records for which the
audit trail was not operative throughout the year.

For Mehra Goel & Co

Chartered Accountants

FRN: 000517N

Roshan Daultani

Partner

Membership No.: 137405

UDIN : 25137405BMIZVC7216

Place : Pune

Date : May 29, 2025