We have audited the standalone financial statements of Ace Edutrend Limited (“the
Company”), which comprise the Standalone Balance Sheet as at March 31, 2024, 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, 2024, 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, 2024 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, 2024 taken on record by the Board of Directors, none of the directors
is disqualified as on March 31, 2024 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.

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”.

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 2024 , Which has feature of recording Audit Trails
(Edit Log ) facility and same has operated through out 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

CA Asha Taneja

M.No. 096107

UDIN: 24096107BKFNHC2414

Place: New Delhi
Date: 28/05/2024