1. We have audited the accompanying financial statements of NORTHLINK FISCAL

AND CAPITAL SERVICES LIMITED (‘the Company’), which comprise the Balance
Sheet as at 31 March 2025, and the Statement of Profit and Loss (including 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.

2. In our opinion and to the best of our information and according to the explanations given
to us, the 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 the 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, 2025, and its profit, total comprehensive
income, its cash flows and the changes in equity for the year then ended.

Basis of Opinion

3. We conducted our audit of the financial statements in accordance with the Standards

on Auditing (SAs) specified undersection 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditors’ Responsibility 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 (ICAI) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for our audit opinion on
the financial statements.

Emphasis of Matter

4. As mandated under section 138 of the companies Act 2013 and rules 13 of the companies (Accounts)

rules, 2014, every listed company is required to appoint an internal auditor.

However, we have not received any such reports from the internal auditor for the year under review.
SEBI vide order no. order/ BS/ RG/ 2022-23/ 29227-29233 dated September 13, 2023 has initiated
penalty on the following persons w.r.t. notice dated EAD-1/SM/LD/53175/2022, dated October 18,
2022.

Management has initiated legal actions for the recovery of outstanding dues and is actively following
up with defaulters. They are confident of recovering these dues and hence, have not made any
provisions for doubtful debts.

Balances of debtors, creditors, security deposits, and the status and activities of
MSMEs are subject to confirmation from the respective parties. The confirmations form
these parties are pending.

The company has not conducted the income tax audit under section 44AB of the
income tax Act, 1961, for the financial years 2022-23 (AY 2022-23), 2023-24 (AY
202425). As no penalty proceedings have been initiated by the income tax department,
no provision for penalties has been made in the financial statements.

Our opinion is not modified in report of this matter.

Key audit matters

5. As all the matters are duly disclosed in the accompanying notes to accounts and
financial statements so no other matters as a key audit matter is communicated.

Information other than Financial Statements and Auditors report thereon

6. The Company's Board of Directors is responsible for the preparation of other
information. The other information comprises the information included in the
Company’s annual report, but does not include the financial statements and our
auditors’ 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.

Management's Responsibility for the Financial Statements

7. 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, cash flows and changes in equity of the Company in
accordance with the Ind AS 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 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 statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

8. In preparing the 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 responsible for overseeing the Company's financial
reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

9. 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 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 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.

10. 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 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 financial 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.

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

• 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.

11. 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.

12. 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.

13. 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 auditors’ 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

14. As required by the Companies (Auditors’ Report) Order, 2020 ("the Order”) issued by
the Central Government in terms of sub-section (11) of section 143 of the Act, we give
in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

15. 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 other
comprehensive income, the statement of change in equity, and the Cash Flows
dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

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
are disqualified as on March 31, 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 with reference
to financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure A”. 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 Auditors’ 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 has disclosed the impact of pending litigations on its
financial position in its financial statements, if any; - Refer Note 26 of
the notes to financial statements;

ii. The Company has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on long¬
term contracts including derivative contracts.

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 that, to the best of its knowledge
and belief, 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, 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
behalf of the Ultimate Beneficiaries.

(b) The management has represented that, to the best of its knowledge and
belief, 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, 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; and

(c) Based on such procedures that we considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused to believe that the representations under sub-clause (a) and (b)
contain any material misstatement.

16. With respect to the other matters to be included in the Auditors’ 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/provided by the Company to its directors during the
year is in accordance with the provisions of section 197 read with Schedule V of the
Act.

The company has neither declared and/or paid any dividend during the previous year
nor in current year.

For RAJIV RAJINDER & CO.

Chartered Accountants
Firm’s Registration No. 016366N

Sd/-

Rajiv Kumar

Partner

Membership No. 096902
UDIN: 25096902BMGRVI5934

Ludhiana, 14 August 2025