We have audited the standalone financial statements of Anka India Limited ("the
Company"), which comprise the balance sheet as at 31st March, 2025, the statement of
Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of material 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, except for possible effects of the matters described in the Basis of Qualified Opinion
section of our report , the accompanying Standalone Financial Statements give the
information required by the Companies Act, 2013 (hereinafter referred to as "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, (hereinafter referred to as "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 ended on that date.

Basis for Qualified Opinion

> As stated in Note 7 to the financial statements, inventories amounting to
?22,50,000/- have been lying idle for more than twelve months. The
Company has not carried out an assessment of the net realisable value of
these inventories as required under the applicable accounting framework
[Ind AS 2 - Valuation of Inventories]. In the absence of adequate supporting
documentation and audit evidence, we are unable to determine whether any
adjustment is required to the carrying value of such inventories as at the
reporting date.

> As stated in Note 4 to the financial statements, intangible assets under
development amounting to ?6,99,84,393/- have been carried in the books for
more than two years without demonstrable progress in development or
indications of technical or commercial feasibility. The Company has not
carried out an impairment assessment in accordance with the applicable
accounting standards [Ind AS 38 - Intangible Assets and Ind AS 36 -
Impairment of Assets]. In the absence of such an assessment, we are unable
to ascertain whether any impairment loss is required to be recognized.

> As stated in Note 9 to the financial statements, the Company continues to
recognize the minimum alternative tax paid in previous years amounting to
Rs. 35,37,792/- as asset and expects the same to be adjusted against future
tax payments. In our view, considering the history of losses and overall
financial position of the Company, it is not prudent on part the company to
recognize the same as assets, and the same is not in consonance with the
provisions of "Guidance Note on accounting for credit available in respect of
Minimum Alternative Tax under the Income Tax Act, 1961 "

These matters are material but not pervasive to the financial statements. Accordingly, we
issue a qualified opinion.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of The Companies Act, 2013. Our responsibilities under those Standards 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 Companies Act, 2013 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 qualified opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, 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 matter described below to be the key audit matter
to be communicated in our report.

Information Other than the Financial Statements and Auditor's 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 Management

Discussion and Analysis, Board's Report including Annexures to Board's Report, Business
Responsibility and Sustainability Report, Corporate Governance and Shareholder's
Information but does not include the Standalone Financial Statements and our auditor's
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 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
Standalone Financial Statements.

The Company's Board of Directors is responsible for the matters stated in section 134(5) of
The Companies Act, 2013 ("the Act") with respect to the preparation of these standalone
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
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, 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.

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.

As part of an audit in accordance with SAs, we exercise professional judgment 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 Companies Act, 2013, we are also responsible for expressing our opinion on
whether the company has an 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 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 financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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 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.

Report on Other Legal and Regulatory Requirements

As required by The Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143 of The Companies
Act, 2013, we give in "Annexure A" a statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.

(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
the Company so far as it appears from our examination of those books except
for the issues mentioned in clause h(VI) below.

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 standalone 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
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".

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 according to the information and explanations given to us,
no remuneration has been paid by the Company to its directors during the
current year and accordingly we don't have anything to report under this
clause covering section 197(16) of the Companies Act, 2013.

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 standalone financial statements under Note 24.

II. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

III. There were no 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 it's 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(s) or entity(ies), 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) The Management has represented, that, to the best of it's knowledge
and belief, no funds (which are material either individually or in the
aggregate) 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, 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 that has 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.

V. Company had not declared any dividend for the previous year and
accordingly section 123 of the Act is not applicable and accordingly
nothing is reportable under this clause. Further the Board of Directors
have not proposed any dividend for the year.

VI. Based on our examination which included test checks, the
Company has not used an accounting software for maintaining
its books of account which has a feature of recording audit trail
(edit log) for the entire year.

For R.S.Prabhu & Associates
Chartered Accountants
FRN.127010W

Anitha Viswanathan
Partner

ICAI Mem No.113512
Date: 30^th May, 2025
Place: Vasai Road (East)

UDIN: 25113512BMIHPM3084