We have audited the accompanying Standalone financial statements of PCS
TECHNOLOGY LIMITED (“the Company”) which comprise the standalone
Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and
Loss (Including Other Comprehensive Income), the Standalone Statement of
Changes in Equity and the Standalone Cash Flow Statement for the year then
ended, and notes to the standalone financial statements, including a summary of
the significant accounting policies 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, 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 31 March
2025, and profit and 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
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 there under, 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 (‘KAM’) 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 Financial Statements and Auditors’ Report
Thereon:

The Company’s management and Board of Directors are responsible for the
other information. The other information comprises the information included in the
Company’s annual report, but does not include the standalone financial statements
and our auditors’ report thereon.

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 and, in doing so, consider whether the other
information is materially inconsistent with the standalone financial statements or
our knowledge obtained in audit or otherwise appears to be materially misstated.

If, based on 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 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 state of affairs,
profit/loss (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. 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 statements 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, management and Board of
Directors 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 management 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 Responsibility 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 user 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 scepticism throughout the audit. We also:

1. 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.

2. Obtain an understanding of internal financial controls 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.

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

4. 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 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.

5. Evaluate the overall presentation, structure and content of the Standalone
IND AS financial statements, including the disclosures, and whether the
Standalone IND AS financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the standalone 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 standalone
financial statements

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 the current period and are therefore 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

1) As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”)
issued by the Central Government of India in terms of Section 143(11) 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) (A) 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
Company so far as it appears from our examination of those books.

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

d) In our opinion, the aforesaid standalone financial statements comply with the
Ind AS specified under Section 133 of the Act.

e) On the basis of written representations received from the directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the directors
is disqualified as on 31st 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 with reference
to standalone financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”.

(B) 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 as at 31 March
2025 on its financial position in its standalone financial statements -Refer Note
26 to the standalone financial statements.

ii. 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, and

d(i).The Management has represented that, to the best of its knowledge and
belief, 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) The Management has represented, that, to the best of its knowledge and belief,

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;

(iii) 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 (a) and (b) above, contain any material
misstatement.

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

(C) Based on our examination which included test checks, the Company has used
accounting software for maintaining its books of account for the year ended
31st March, 2025 which 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. Further, during the course of our audit, we did
not come across any instance of the audit trail feature being tampered with
and the audit trail has been preserved by the Company as per the statutory
requirements for record retention

(D) With respect to the matter to be included in the Auditors’ Report under Section
197(16) of the Act:

In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid

to any director is not in excess of the limit laid down under Section 197 of the Act.
The Ministry of Corporate Affairs has not prescribed other details under Section
197(16) of the Act which are required to be commented upon by us.

For Vinod K Mehta & Co.,

Chartered Accountants

(Firm Registration No. : 111508W)

Divyesh V Mehta
Partner

Membership No.:044293
Mumbai

Date: 27-05-2025

UDIN: 25044293BMLCPD9527