We have audited the accompanying Ind AS Standalone Financial Statements of M/s BLUE CLOUD
SOFTECH SOLUTIONS LIMITED (“the company”], which comprise the Balance Sheet as at 31st March,
2025, 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 on that date and notes to
financial statements including a summary of material accounting policies and other explanatory
information.

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
(“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, its Profit including total
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 financial statements 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 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 (ICAI) 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 made there under, 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 we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Information Other than the Standalone Ind AS financial statements and Auditor's
Report Thereon

The Company's management and Board of Directors are responsible for the preparation of the
other information. The other information comprises the information included in the Management
Discussion and Analysis, Board's Report including Annexure to Board's Report, Business
Responsibility Report, Corporate Governance and Shareholder's Information, 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 financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

When we read 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. We are required to
report that fact; we have nothing to report in this regard.

Management and Board of Directors Responsibility for the Ind AS Standalone financial
statements:

The Company's Board of Directors are responsible for the matters stated in section 134(5) of
“the Act” with respect to the preparation of these Ind AS Standalone financial statements that give
a true and fair view of the financial position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company in accordance with the Ind AS and other
accounting principles generally accepted in India, including the 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 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 Ind AS 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 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 also responsible for overseeing the Company's financial reporting
process.

Auditor's Responsibilities for the Audit of the IND AS Standalone Financial Statements

Our objective is to obtain reasonable assurance whether the Standalone financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an audit
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 Standards on Auditing 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 Standalone financial
statements.

As our audit is conducted in accordance with Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:

• 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.

• 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 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 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.

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

• Obtain sufficient appropriate audit evidence regarding the financial information of the entity or
business activities of the Company to express an opinion on the financial statements.

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 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.

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 Standalone 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.

Other Matter Paragraph

We did not audit the financial statements of the branch included in the standalone audited financial
results, whose financials reflect share of total assets of Rs. 13,400.09 Lakhs as at 31^st March, 2025, a
Total Revenue of Rs. 43,901.32 Lakhs and total comprehensive Income of Rs. 2,968.94 Lakhs for the
year ended 31^st March, 2025. The financial statements of US branch have been audited by the US
branch auditors whose reports have been furnished to us, and we have conducted our review to the
extent of material transactions and our opinion in so far as it relates to the amounts and disclosures
included in respect of this branch, is based solely on the report of such branch auditors.

Our opinion on the financial statements is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditors and the financial information
certified by the Board of Directors.

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 the paragraph 3 and 4

of the order.

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 Other Comprehensive
Income), The statement of Cash Flow and the Statement of changes in Equity 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 Indian
Accounting Standards specified under Section 133 of the Act, read with Relevant
Rules issued there under.

(e) On the basis of the written representations received from the directors as on 31^st
March, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31^st March, 2025 from being appointed as a director in terms of
Section 164 (2) of the Act.

(f) With respect to the adequacy of internal financial controls over financial reporting of
the company and the operating effectiveness of such controls, refer to our separate
report in “Annexure B”; 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 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.

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 which were required to be
transferred to the Investor Education and Protection Fund by the company
during the year.

iv. 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 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 (“Ultimate
Beneficiaries”) by or on behalf of the Company or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

v. The Management has represented that, to the best of its knowledge and belief,
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 (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties
or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

vi. 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 misstatement.

vii. The company has not declared or paid any dividend during the year ending
31^st March 2025.

viii. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 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.

For JMT & Associates.,

Chartered Accountants
F.R.No.104167W

Sd/-

Vijaya Pratap M

Partner

M. No: 213766

UDIN: 25213766BMIXWA5518

Place: Mumbai
Date: 27.05.2025