We have audited the accompanying financial statements of
Manga! Compusolution Limited ("the Company”), which comprise
the balance sheet as at 31 March, 2025, the statement of profit and
loss, the statement of cash flows for the year then ended and notes
to the financial statements including a summary of the material
accounting policies and other explanatory information (hereinaf¬
ter 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 accounting principles generally accepted in
India, including the Accounting Standards (as) prescribed under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014, as amended, of the state of affairs of the
Company as at 31 March 2025, its profit and its cash flows for the
year ended on that date.

2 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 Companies Act, 2013 ("the Act”). 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 Accoun¬
tants of India ("ICAI”) together with the ethical requirements that
are relevant to our audit of the financial statements under the
provisions of the Act and the Rules made thereunder, 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 obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.

3 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 for the year ended 31 March 2025. These matters were
addressed in the context of our audit 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:

6 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 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 financial statements.

As part of an audit in accordance with Standards on Auditing, we
exercise professional judgment and maintain professional skepti¬
cism 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 result¬
ing from error, as fraud may involve collusion, forgery, intention¬
al 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 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 inade¬
quate, to modify our opinion. Our conclusions are based on the
audit evidence obtained upto 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 regard¬
ing, 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 require¬
ments 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.

- Unnnnl Pomm icoli iHrtn I inriitoH I Anni ini Dcirtort^- OHO/1-OR -

7 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 in terms of
Section 143(11) 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 purpose of our audit;

(b) In our opinion proper books of account as required by law
have been kept by the Company so far as appears from our
examination of those books;

(c) The balance sheet, the statement of profit and loss 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 Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014, as amended.

(e) On the basis of written representations received from the
directors as on 31 March 2025 and taken on record by the Board
of Directors, none of the directors is disqualified as on 31 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 over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate
Report in "Annexure B”;

(g) With respect to other matters to be included in the
Auditors' 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/payable
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, 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 30 of the financial statements).

ii. The Company did not have any long-term contracts
including derivative contracts having any material foreseeable
losses; and

iii. There are 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 its
knowledge and belief, as referred in the notes to the accounts,
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, 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 Benefi¬
ciaries”) 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 referred in the notes to the accounts, 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, 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 Benefi¬
ciaries; and

(c) Based on the information and details provided and other
audit procedures followed, nothing has come to our notice that has
caused us to believe that the representations under subclause
iv(a) and iv(b) contain any material misstatement.

v. As stated in note 35 to the financial statements

The Board of Directors of the Company have proposed final
dividend for the year which is subject to approval of the members
at the ensuing Annual General Meeting. The amount of dividend
proposed is in accordance with Section 123 of the Act.

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. Also, the audit trail has been
preserved by the Company as per the statutory requirements for
record retention.

For MGB & Co. LLP

Chartered Accountants

Firm Registration Number 101169W/W-100035

Sd/-

Hitendra Bhandari

Partner

Membership Number 107832
Mumbai, 26 May 2025
UDIN: 25107832BMLLWW9624