We have audited the Financial Statements of KINGFA SCIENCE & TECHNOLOGY (INDIA) LIMITED (“the Company”), which
comprise the Balance Sheet as at March 31, 2026, and the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Financial
Statements, including a summary of Material Accounting Policies and other explanatory information (hereinafter referred to as
“the Financial Statements”).

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 (‘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 31,2026, 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 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 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 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 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.

Other Information

The Company's Board of Directors is responsible for the other information. The other information comprises the information
included in Management Discussion and Analysis, Board of Director's Report along with Annexures, 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 standalone Financial Statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.

When we read the Management Discussion and Analysis; Board of Directors’ Report along with its Annexures included in the
Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those
charged with governance.

Responsibilities of Management and Those Charged with Governance 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 the preparation
of these 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 Indian 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 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 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, the 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 Financial Statements

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit.

We also:

Ý Identify and assess the risks of material misstatement of the 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.

Ý 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.

Ý Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

Ý 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 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.

Ý 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.

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 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 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 except that the back-up of part of the books of accounts and other relevant books and papers
maintained in electronic mode has not been maintained on servers physically located in India and except for the matters
stated in the paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
Also refer note 40B to the financial statements.

c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes
in Equity and the Cash Flow Statement 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 the Companies (Indian Accounting Standards) Rules, 2015, 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 reference to the maintenance of accounts and other matters connected therewith, refer to our comment in
Paragraph 2 (b) above, the backup of part of the books of account and other relevant books and papers maintained in
electronic mode has not been maintained on the servers physically located in India and refer to our comment in
paragraph 2(i)(vi) below, on reporting under rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014.

g. With respect to the adequacy of the internal financial controls with reference to financial statements and the operating
effectiveness of such controls, refer to ourseparate Report in “Annexure B”.

h. As required by section 197 (16) of the Act; in our opinion and according to information and explanation provided to us, the
remuneration paid by the company to its directors is in accordance with the provisions of section 197 of the Act and
remuneration paid to directors is notin excess of the limit laid down under this section.

i. 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 Financial Statements -
Refer Note 31Ato the Financial Statements.

ii) The Company did not have any long-term contracts including derivative contracts as at March 31,2026.

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

iv) a) The management has represented to us that, to the best of its knowledge and belief, as disclosed in the Note

41(vi) to the financial statements, if any, 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, 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 to us, that, to the best of its knowledge and belief, as disclosed in the Note
41(vi) to the accounts to the Financial Statements, if any, no funds have been received by the Company from any
person(s) orentity(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.

c) Based on the information and explanation given to us and audit procedures performed as considered
reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe
that the representations made by the management and as mentioned under sub-clause (iv)(a) and (iv)(b) above
contain any material misstatement.

v) The final dividend paid by the Company during the year, in respect of the same declared for the previous years, is in
accordance with Section 123 of the Act to the extent it applies to payment of dividend.

vi) Based on our examination, the Company, has used accounting software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility and, at the application layer, the audit trail feature has been
enabled and operated throughout the year, except in case of direct changes to data tables where edit log did not
capture complete details. Further audit trail at application layer is not tamper proof however due to lack of sufficient
information, we are not able to comment whether there was any instance of the audit trail feature been tampered
with. Further audit trail functionality is not enabled at database layer to log any direct data changes, therefore, the
question of our commenting on whether the audit trail has been tampered with does notarise. Further the audit trail,
to the extent available, has been preserved by the Company as per the statutory requirements for record retention.

With respect to web applications, due to lack of availability of sufficient information, we are not able to comment
whether audit trail functionality is enabled and operated throughout the year. Consequently, the question of our
commenting on whether the audit trail has been tampered with does not arise.

Further, with respect to another accounting software used for payroll processing, based on the service organisation
report (SOC Type 2 Report) covering period 1 April 2025 to 31 December 2025 and bridge letter from service provider
covering period from 1 January 2026 to 31 March 2026, aforesaid software 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 both
at application and database layer. Further, based on the aforesaid documents, nothing has come to our attention that
causes us to believe that the audit trail feature has been tampered with during the year. Additionally, there is no
specific comment on preservation of audit trail as per statutory requirement for record retention. However based on
email communication received from Service Organisation, the audit trail has been preserved by the Service
Organisation as per the statutory requirements for record retention.

For P G BHAGWAT LLP

Chartered Accountants

Firm Registration Number: 101118W/W100682

Abhijit Shetye

Partner

Membership Number: 151638

UDIN: 26151638KM LWXK3033

Pune

May 29,2026