We have audited the standalone financial statements of Ace Edutrend Limited (“the
Company”), which comprise the Standalone Balance Sheet as at March 31, 2025, and
the Standalone Statement of Profit and Loss (including other comprehensive income),
Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows
for the year then ended, and notes to the standalone financial statements, including a
summary of the significant 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, the aforesaid standalone 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, of
the state of affairs of the Company as at March 31, 2025, and loss and other
comprehensive income, changes in equity and its cash flows for the year ended on that
date subject to the matters described under “ Basis for Qualified Opinion” section of
our report.

Basis for Qualified Opinion

a. In the absence of appropriate evidence and underlying
documents/agreements/contracts or independent report of the third party authority we
are unable to comments on the appropriateness of the Loan & Advances, Trade
receivables and Trade Payables.

b. We draw your attention that in the absence of Fixed Asset Register and no physical
verification report by the management / third party, we are unable to comment on the
existence of the Fixed Assets.

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 of India
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 we have obtained is
sufficient and appropriate to provide a basis for our qualified opinion.

Key Audit Matters

The audit matters are those matters that, in our professional judgment, 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.

Note 15(c) to the Standalone Financial Statements- “Provision for Contingencies” as at
March 31, 2025 the Company has exposures towards litigations relating to various
matters as set out in the aforesaid Notes.

Significant management judgment is required to assess such matters to determine the
probability of occurrence of material outflow of economic resources and whether a
provision should be recognized, or a disclosure should be made. The management
judgment should also supported with legal advice in certain cases as considered
appropriate.

As the ultimate outcomes of the matters are uncertain and the positions taken by the
management are based on the application of their best judgment relating to
interpretation of law regulations, it is considered to be a Key Audit Matter.

Other Information

The Company’s management and Board of Directors are responsible for the other
information. The other information comprises the information included in the
Company’s annual report, but does not include the standalone financial statements and
our auditors’ 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 statement 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.

Management’s 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 respect to 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(IND AS) specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

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.

In preparing the standalone financial statements, management and Board of Directors
are 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. The Board of Directors is
also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility

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 user taken on basis of these standalone financial statements.

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

i. Identify and access the risk of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risk, 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.

ii. 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 standalone financial statements in
place and the operating effectiveness of such controls.

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

iv. 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
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.

v. 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

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 safeguard.

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 of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the ‘Annexure A’, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 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.

c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the statement of change in equity and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account, subject to the matter
described under “basis for qualified opinion” section of our report.

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.

e. 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.

f. According to the information and explanation given to us, the company had not paid
managerial remuneration thus Section 197 of the Companies Act.2013 is not
applicable.

g. 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”.

3. 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 pending litigations on its financial statements Refer point
15 (c ) of the financial statement.

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 which were required to be transferred 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, other
than as disclosed 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 invested in other person 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 other
than as disclosed in the notes to the accounts, no funds have been received by the
company from any person 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 person 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 have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that representations, as provided under (a) and (b) above, contain any material
misstatement.

d) Based on our examination, which included test checks, the company has used
accounting software for maintaining its books of accounts for financial year ended
March 31^st 2025, Which has feature of recording Audit Trails (Edit Log) facility and
same has operated throughout the year for all relevent transaction recorded in the

software. Further during the course of the our audit we did not come across any
instance of the audit trails features be tempered with.

For Asha & Associates
Chartered Accountants
FRN:024773N

Sd/-

CA Asha Taneja
M. No. 096107

UDIN: 25096107BMOYWY9185

Place: New Delhi
Date: 21/05/2025