We have audited the accompanying financial statements of Tips
Music Limited (Formerly known as Tips Industries Limited) ("the
Company"), which comprise the Balance Sheet as at March 31,2026,
and the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash
Flows for the year then ended, and notes to the financial statements,
including material accounting policy information 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 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 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 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.
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
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 Board's Report and Management Discussion and Analysis, but
does not include the financial statements and our auditor's report
thereon, which we obtained prior to the date of this auditor's report,
and the Board's Report and Management Discussion and Analysis,
which is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other
information and we do not and will 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 identified above and,
in doing so, consider whether the other information is materially
inconsistent with the 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.

When we read the Board's Report and Management Discussion
and Analysis, 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 BOARD OF DIRECTORS
FOR THE 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 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 financial statement 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 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 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.

We give in "Annexure A" a detailed description of Auditor's
responsibilities for Audit of the Financial Statements.

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
B" 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
financial statements.

(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, the back-up of the books of
account and other books and papers maintained in electronic
mode are kept in servers physically located in India, except
such backups are not taken on holidays/weekends.

(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
financial statements.

(d) In our opinion, the aforesaid financial statements comply
with the Ind AS 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 modification 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(j)(vi) below on reporting under Rule 11(g).

(g) 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 C"

(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 has disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note 37 to the 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, to the
Investor Education and Protection Fund by the Company
during the year ended March 31,2026.

(iv) a. To the best of our knowledge and belief, as
disclosed in the note 37(15)(b) to the 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 persons or entities,
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. To the best of our knowledge and belief, as disclosed
in the note 37(15)(c) to the financial statements, no
funds have been received by the Company from
any persons or entities, 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 interim dividend declared and paid by the Company
during the year and until the date of this audit report is in
accordance with section 123 of the Companies Act 2013.

(vi) Based on our examination, which included test checks,
the Company has used an accounting software for
maintaining its books of account 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 audit
trail feature being tampered with. Additionally, the audit
trail of prior years has been preserved by the Company
as per the statutory requirements for record retention.

In our opinion, according to information and
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 No. 105047W/W101187

Nitin Tiwari
Partner

Membership No.: 118894
UDIN: 26118894DTHMXQ2594

Place: Mumbai
Date: April 23, 2026