We have audited the accompanying standalone financial
statements of M/s. Avonmore Capital & Management Services
Limited ("the Company") which comprises the Balance Sheet
as at March 31,2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes In
Equity, the statement of cash flows for the year ended on that
date, and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information,
(herein after referred to as the 'Ind AS financial statements’)

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid Ind AS 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, profit and 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 ind AS Financial Statements in
accordance with the Standards on Auditing 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
file Ind AS 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 (he 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 we have
obtained is sufficient and appropriate to provide a basis for our
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the standalone
Ind AS financial statements for the financial year ended March
31, 2025. In our opinion, there are no key audit matters to be
communicated in our report.

Information other than the Financial Statements and Auditor’s
Report thereon

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 ind AS
financial statements and our auditor's report thereon. The Annual
Report is expected to be made available to us after the date of
this auditor's report.

Our opinion on the Ind AS 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 Ind AS 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 Ind AS financial
statements, or our knowledge obtained in the 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 as required under
SA 720 'The Auditor's Responsibilities Relating to Other
Information”.

Management Responsibility for the 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 respeclto the preparation of these Ind AS financial statements
that give a true and fair view of the financial position, financial
performance, 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
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 implementation and maintenance
of 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 Ind AS 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 ol 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 Responsibility 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 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 skepticism
throughout the audit. We are 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
appropriateto provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than forone resulting from error, as fraud may involve
collusion, forgery, Intentional omissions, misrepresentations,
or the overrideof internal control,

• Obtain an understanding of internal financial control relevant
to the audit 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 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 the 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
onthe Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required
todraw 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 ourauditor'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.

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 workand in evaluating
the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the standalone financial statements.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of theaudit
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 oommunicate 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 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 fo
outweigh the public interest benefits of such communication.

Our opinion on the standalone financial statements is not modified
in respect of the above matter on the comparative financial
information.

Report on Other Legal and Regulatory Requirements

1. 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 ihe purposes of our audit.

b. In our opinion, proper books of account as required by
law have been kept by the Company.

c. The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Cash Flow
Statement and Statement of Changes i n Equity dealt with
by this Report are in agreement with the books of
account.

d. In our opinion, the aforesaid financial statements comply
with the IndAS specified under Section 133 of the Act.

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 si March 2025 from being appointed as a director
in terms of Section 164 (2) of the Act.

f. With respect to the matters to be included in the Auditor’s
Report in accordance with the requirements of the 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.

g. 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 A". Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the company's internal financial controls
over financial reporting.

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 33 to the financial
statements.

ii) As informed to us, the company did nothave any
long-term contracts including derivative contracts
tor which there were any material foreseeable
losses.

iii) As informed to us, the company has no amount for
transferring to the Investor Education and Protection
Fund by the Company.

iv) (a) The Management has represented that, to the

best of its 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 or
entity, including foreign entity (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 Ihe
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, no funds
(which are material either individually or in the
aggregate) have been received by the

Company from any person or entity, including
foreign entity (“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;

v) With respect to Rule 11 (g) of the Companies (Audit
and Auditors) Rules, 2014: The Company has
maintained its books of account using accounting
software which has a feature of recording audit trail
(edit log) facility. The audit trail feature has been
operated throughout the year for all transactions
recorded in the software, and the audit trail has not
been tampered with. The audit trail has been
preserved by the Company as per the statutory
requirements tor record retention.

2. 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 ot the Companies
Act, 2013, we give in the Annexure-B a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

For Mohan Gupta & Company
Chartered Accountants
FRN: -006519N

CAMimanshu Gupta

Partner

Place: New Delhi M.No.527863

Date: 30.05.2025 UDIN: 25527863BMMKMH7325