We have audited the accompanying financial statements of ADVANCE MULTITECH
LIMITED(“the Company”), which comprise the Balance Sheet as at March 31, 2024,
and the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended
and a summary of the significant accounting policies and other explanatory information.

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 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, 2024 and its profit, total comprehensive
income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the standard on
auditing specified u/s. 143(10) of the act (SAs). Our responsibilities under those
standards are further described in the auditor’s responsibilities for the audit of financial
statements section of our report. We are independent of the company in accordance with
the code of ethics issued by ICAI together with Independence Requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the
rules made there under, 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 we have obtained is sufficient and appropriate to provide the basis for our
audit opinion on the financial statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, 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 standalone financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. There is no key audit matter with respect to financial statements to be
communicated in our report.

Information other than Financial Statements and Auditor’s Report thereon

The company’s Board of Directors’ are responsible for the preparation of the other
information. The other information comprises the information included in the
management discussion and analysis, board’s report including annexure to board’s report,
Business responsibility report, Corporate governance and Shareholder’s information but
does not include the financial statement and our auditor’s report thereon.

Our opinion on the financial statements does not cover the information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course
of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is material
misstatement of this other information, we are required to report the fact. We have
nothing to report in this regard.

Responsibilities of Management and those charged with governance for the
standalone 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 financial
statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, cashflows and changes in equity of the Company
in accordance with the Indian Accounting Standards (Ind AS) prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our
audit. In conducting our audit, we have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made there under and the
Order issued under section 143(11) of the Act.

As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional Scepticism throughout the audit. We 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 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.

• 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 bank has
adequate internal financial controls with reference to financial statements 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 in the standalone financial statements
made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 a 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 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.

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 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 to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, based on our audit 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, 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) In our opinion, the afore said financial statements comply with the Indian
Accounting Standards prescribed 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 of the
Company 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) As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014, for the financial year
commencing April 1, 2023, every company which uses accounting software for
maintaining its books of account, shall use only such accounting software
which has a feature of recording audit trail of each and every transaction,
creating an edit log of each change made in the books of account along with the
date when such changes were made and ensuring that the audit trail cannot be
disabled.

Based on our examination which included test checks, performed by us on the Company,
have used accounting software for maintaining their respective books of account for the
financial year ended March 31, 2024 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 except following :

(i) The feature of recording audit trail was not enabled at the database layer to log any
direct data changes for the accounting software used for maintaining the books of
accounts relating to general ledger and consolidation process

(ii) The audit trail was not enabled for certain changes which were performed by users
having privilege access rights, for the accounting software used for maintaining the books
of accounts relating to the general ledger.

Further, for the period audit trail (edit log) facility was enabled and operated for the
respective accounting softwares, we did not come across any instance of the audit trail
feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023,reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014
on preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31, 2024.

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 the requirements of Section 197(16) of the Act, as amend:

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. The Ministry of Corporate
Affairs has not prescribed other details under Section 197(16) which are required to be
commented upon by us.

i) 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:

i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.

ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts.

iii. There has been no delay in transferring amounts, 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, 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
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, 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;

(c) Based on the 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
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.

v. No dividend is proposed and hence reporting under this clause is not
required.

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
“Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

Suresh R Shah & Associates
Chartered Accountants
FRN:110691W

Place: Ahmedabad Mrugen K Shah

Date: 24-05-2024 (Partner)

M. No.: 117412

UDIN: 24117412BKAHPK6928