1. We have audited the accompanying Standalone
Financial Statements of Allied Digital Services
Limited (hereinafter referred as "the Company”),
which comprise the Standalone Balance sheet as
at March 31, 2025, the Standalone Statement of
Profit and Loss (including Other Comprehensive
Income), Standalone Statement of Changes in
Equity and the Standalone Statement of Cash
Flows for the year then ended, and notes to the
Standalone Financial Statements, including a
summary of material accounting policies and
other explanatory information (hereinafter
referred to as " Standalone Financial Statement”).

2. In our opinion and to the best of our information
and according to the explanations given to us,
except for the possible effects of the matter
described in the Basis for Qualified Opinion
section of our report, the aforesaid Standalone
Financial Statements give the information
required by the Companies Act, 2013, as
amended ("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 other comprehensive
income, changes in equity and its cash flows for
the year ended on that date.

BASIS FOR QUALIFIED OPINION

3. We draw attention to:

a. Note no. 42 to the Standalone Financial
Statements, which explains the non -
compliance with the requirements of the
Ind - AS 8, "Accounting Policies, Changes

in Accounting Estimates and Errors”, for the
matters described therein.

b. Note No. 10(a) to the Standalone Financial
Statements, which explains that the
Company is in process of reconciling a
difference of approximately A 610 lakhs
between Input Tax Credit (ITC) under Goods
and Services Tax (GST) and the records
available on GST portal. In the absence of
a reconciliation statement and supporting
documentation, we were unable to verify
the correctness and recoverability of the ITC
recognised.

c. Note No. 8(d) to the Standalone Financial
Statements, which explains that the
Company has given interest free loans
to certain companies, which is in non -
Compliance of Section 186(7) of Companies
Act, 2013. The amount outstanding as on
March 31, 2025 is A 11,625 lakhs.

We conducted our audit of the Standalone
Financial Statements in accordance with the
Standards on Auditing ("SAs”), as 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
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 ofIndia ("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 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 obtained by us
is sufficient and appropriate to provide a basis
for our qualified opinion on the Standalone
Financial Statements.

KEY AUDIT MATTERS

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the Standalone Financial Statements of the financial year ended March 31, 2025. 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 matter described below to be the key audit matter to be communicated in our
report.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR'S REPORT THEREON

6. The Company’s Board of Directors is responsible
for the preparation of the other information. The
other information comprises the information
included in the Annual Report but does not
include the Standalone Financial Statements
and our auditor’s report thereon. These Annual
Report is expected to be made available to us
after the date of our auditor’s report.

Our opinion on the Standalone Financial
Statements does not cover the other information
and we will 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 identified above when
it becomes available and, in doing so, consider
whether the other information is materially
inconsistent with the Standalone 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 material misstatement therein, we
are required to communicate the matter to those
charged with governance and take appropriate
actions necessitated by the circumstance and
the applicable laws and regulation.

MANAGEMENT'S RESPONSIBILITY

FOR THE STANDALONE FINANCIAL
STATEMENTS

7. The accompanying Standalone Financial
Statements has been approved by the
Company’s Board of Directors. 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 Standalone Financial
Statements that give a true and fair view of
the financial position, financial performance
including other comprehensive income, changes
in equity and cash flows of the Company in
accordance with the accounting principles
generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015,
as amended. 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 Standalone Financial
Statements that give a true and fair view and are
free from material misstatement, whether due
to fraud or error.

8. 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
the management either intends to liquidate
the Company or to cease operations, or has no
realistic alternative but to do so.

9. The Board of Directors are also responsible for
overseeing the Company’s financial reporting
process.

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

10. Our objectives are to obtain reasonable
assurance about whether the Standalone
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 Standalone
Financial Statements.

11. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional scepticism throughout the audit.
We also:

11.1. 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.

11.2. 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) the
Act, we are also responsible for expressing
our opinion on whether the Company has
adequate internal financial controls in
place and the operating effectiveness of
such controls.

11.3. Evaluate the appropriateness of accounting
policies used and the reasonableness
of accounting estimates and related
disclosures made by the management.

11.4. Conclude on the appropriateness of the
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.

11.5. 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.

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 Standalone 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 Standalone Financial
Statements.

12. 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.

13. 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.

14. From the matters communicated with those
charged with governance, we determine those
matters that were of most significance in the
audit of the Standalone Financial Statements
for the financial year ended March 31, 2025 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

15. The standalone financial statements of the
Company for the year ended March 31, 2024
were audited by the predecessor auditor, who
have expressed an unmodified opinion on those
standalone financial statements vide their audit
report dated May 23, 2024.

Our opinion is not modified in respect of this
matter.

REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS

16. 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 and on the basis of such
checks of the books and records of the Company
as we considered appropriate and according to
the information and explanations given to us, we
give in the “Annexure A”, a statement on the
matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

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

a. We have sought and except for the matters
described in the Basis for Qualified Opinion
Section, 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
matters described in the Basis of Qualified
Opinion above and except for the matters
stated in the paragraph 18(f) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

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 Flow dealt with
by this Report are in agreement with the
books of account.

d. Except for the possible effects of the matters
described in the Basis for Qualified Opinion
section, in our opinion, the aforesaid
Standalone Financial Statements comply

with the Ind AS specified under Section
133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as
amended.

e. The matters described in paragraph 3 under
the Basis for Qualified Opinion section,
in our opinion, may have an effect on the
functioning of the Company.

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

g. With respect to the adequacy of the internal
financial controls with reference to these
Financial Statements of the Company and
the operating effectiveness of such controls,
refer to our separate Report in "Annexure
B”, wherein we have expressed a modified
opinion.

h. In our opinion, the managerial remuneration
for the year ended March 31, 2025 has
been paid/provided by the Company to its
directors in excess of the limit prescribed
in provisions of Section 197 read with
Schedule V to the Act. We understand that
the excess amount paid/provided shall be
placed for approval of the Board of Directors
and shareholders in due course.

18. 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, we report as under:

a. The Company has disclosed the impact of
pending litigations as at March 31, 2025
on its financial position in its Financial
Statements - Refer Note 35 to the
Standalone Financial Statements;

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

c. There has been delays in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by

the company during the year. Refer Note 47
to the Standalone Financial Statements;

d. (a) The management has represented to

us 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
person(s) or entity(ies), including
foreign entities ("Intermediaries”), with
the understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, whether, directly
or indirectly lend to 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. (Refer note 41(k)).

(b) The management has represented
that, to the best of its knowledge and
belief, no funds 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, 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; (Refer
note 41(k)); 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.

e. The Board of Directors of the Company have
proposed dividend for the year which is
subject to the approval of the members at
the ensuing Annual General Meeting.

f. Based on our examination, which included
test checks, the Company has used 2
accounting software(s) for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility but

was not enabled throughout the year in respect these accounting software(s). Hence, the required
provisions of the Act regarding audit trail for these software(s) have not been complied with in all
aspects.

Further, we are unable to comment if there are any instance of audit trail feature being tampered with,
since such feature was not enabled.

Since the audit trail functionality was not enabled during the year, the question of its retention does not
arise, and accordingly, we are unable to comment thereon.

For Singhi & Co.

Chartered Accountants
Firm Registration Number: 302049E

Place: Mumbai Shweta Singhal

Date: May 30, 2025 Partner

UDIN: 25414420BMLEKL9536 Membership No: 414420