1. We have audited the accompanying financial statements of Elantas Beck India Limited (the
"Company"), which comprise the Balance Sheet as at December 31, 2024, 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 accounfing policy informafion and other explanatory informafion.

2. In our opinion and to the best of our informafion and according to the explanafions given to us, the
aforesaid financial statements give the informafion required by the Companies Act, 2013 (the
"Act") in the manner so required and give a true and fair view in conformity with the accounfing
principles generally accepted in India, of the state of affairs of the Company as at December 31,
2024, and total comprehensive income (comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Audifing (SAs) specified under
Secfion 143(10) of the Act. Our responsibilifies under those Standards are further described in the
"Auditors' Responsibilifies for the Audit of the Financial Statements" secfion of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Insfitute 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 responsibilifies 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

4. Key audit matters are those matters that, in our professional judgement, 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

5. The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the 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 in the 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.

Responsibilities of Management and those charged with governance for the Financial Statements

6. 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, changes in equity and cash flows of the Company in
accordance with the 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 of the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements 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.

7. 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. Those Board of
Directors are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the audit of the Financial Statements

8. 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.

9. As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional scepticism 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 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 with reference to financial statements 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 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.

10. 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.

11. 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.

12. 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 regulafion 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 communicafion.

Report on other legal and regulatory requirements

13. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-secfion (11) of Secfion 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.

14. As required by Secfion 143(3) of the Act, we report that:

(a) We have sought and obtained all the informafion and explanafions 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 relafing to preparation of the
aforesaid financial statements have been kept by the Company so far as it appears from our
examinafion of those books, except that the backup of certain books of account and other
books and papers maintained in electronic mode has not been maintained on a daily basis on
servers physically located in India during the year and the matters stated in paragraph
14(h)(vi) below on reporfing under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amended) ("the Rules"). (Also, refer note 42 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 Statement of 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 Accounfing Standards
specified under Secfion 133 of the Act.

(e) On the basis of the written representafions received from the directors as on December 31,
2024, taken on record by the Board of Directors, none of the directors is disqualified as on
December 31, 2024, from being appointed as a director in terms of Secfion 164(2) of the Act.

(f) With respect to the maintenance of accounts and other matters connected therewith,
reference is made to our remarks in paragraph 14(b) above on reporfing under Secfion
143(3)(b) of the Act.

(g) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effecfiveness of such controls, refer to our
separate Report in "Annexure A".

(h) 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, in our opinion and to the best of
our informafion and according to the explanafions given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in
its financial statements - Refer note 34(a) to the financial statements.

ii. The Company was not required to recognise a provision as at December 31, 2024 under
the applicable law or accounting standards, as it does not have any material foreseeable
losses on long-term contract. The Company did not have any derivative contracts as at
December 31, 2024.

iii. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company during the year.

iv. (a) The management has represented that, to the best of its knowledge and belief, as

disclosed in note 43(vi) 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 person(s) or enti'ty(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 that, to the best of its knowledge and belief, as
disclosed in the note 43(vi) to the financial statements, no funds have been received
by the Company from any person(s) or enti'ty(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 audit procedures that we 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 (a) and (b) contain any material
misstatement.

v. The dividend declared and paid during the year by the Company is in compliance with
Section 123 of the Act.

vi. Based on our examination, which included test checks, the Company has used two
accounting software for maintaining its books of account:

a) In respect of the core accounting software used by the Company, which has a feature
of recording audit trail (edit log) facility has operated throughout the year for all
relevant transactions recorded in the software, except for certain information or
data recorded in the software and modification by certain users with specific access,
for the period January 01, 2024 to September 27, 2024.

The audit trail feature was not enabled at the database level to log any direct data
changes for the period January 01, 2024 to October 08, 2024 and for the remaining

period of the year while this was enabled, the audit log of modification does not
contain pre-modified values. However, based on our audit procedures, we did not
notice any modification in the audit logs.

Further, during the course of performing our procedures, we did not notice any
instance of audit trail feature being tampered with. (Also, refer note 42 to the
financial statements).

b) The other accounting software (MS Excel) used by the Company did not have a
feature of audit trail (edit log) facility and, therefore, the question of our
commenting on whether the audit trail had operated during the year or was
tampered with, does not arise. (Also, refer note 42 to the financial statements).

15. The Company has paid/ provided for managerial remuneration in accordance with the requisite
approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016

Sarah George
Partner

Membership Number: 045255
UDIN: 25045255BMPQPA4997
Place: Mumbai
Date: February 18, 2025