We have audited the accompanying financial statements of C2C Advanced Systems Limited ("the
Company"), which comprises the Balance Sheet as at March 31, 2025 and the Statement of Profit and
Loss, Statement of Changes in Equity and Statement of Cash Flows for the year then ended and a
summary of significant accounting policies, notes to accounts 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 Accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and
its profit and other comprehensive income, changes in equity and cash flow for the year then ended.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified u/s 143(10) of
the Companies Act, 2013 ('The Act"). Our responsibilities under those Standards are further described
in the Auditor's Responsibilities for the Audit of the 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
financial statements under the provisions of the Act and the Rules there under, 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.

Emphasis of Matter

We draw attention to Note No. 35(e) to the Ind AS Financial Statements of the company. Based on some
complaints, National Stock Exchange ("NSE") had ordered a limited review of the company through an
Independent Auditor. NSE had appointed BDO ("reviewer") for the same and the report of the reviewer
is available on the portal. Thereafter, NSE sought clarifications from the company on the observations
of the reviewer as mentioned in their report for which company has given detailed submission to NSE
with relevant supporting documents/evidences and opinions in March 2025. No action or any monetary
penalty has been ordered by NSE as on date of signing of Ind AS Financial Statements.

Based on the advice of external legal counsels, no adjustment has been considered in these Ind AS
Financial Statements by the management in respect of above matter. Our Opinion is not modified in
respect of this matter.

Information Other than the Financial Statements and Auditor's Report Thereon:

The Company's Management is 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 Statements and our auditor's report
thereon.

Our opinion on the 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 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 a material misstatement therein,
we are required to communicate the matter to those charged with governance and take necessary
actions, as applicable under the relevant laws & regulations. We have nothing to report in this regard.

Responsibility 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 Act with
respect to the preparation of these financial statements that give a true and fair view of the financial
position and financial performance of the Company in accordance with accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the Act. 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 the 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 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 management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

Board of Directors are also responsible for overseeing the company's financial reporting process.
Auditor's Responsibility for 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 the
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 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 company has adequate internal financial controls with reference
to Standalone 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 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 Financial Statements that, individually or in the
aggregate, make it probable that the economic decisions of a reasonably knowledgeable user of the
Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and evaluating the results of our work, and (ii) evaluating the
effect of any identified misstatements in the 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 the mall 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 auditors' 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, 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 purpose 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, Statement of changes in equity & Statement
of Cash Flow dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone 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 written representations received from the directors as on March 31, 2025, and 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) 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 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
provision of section 197 of the Act.

(g) 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 does not have any pending litigation which would impact its financial position.

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, 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 or entity,
including foreign entities ("intermediaries") with the understanding, whether recorded in
writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest
in other person or entity identified in any manner whatsoever by or 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
have been received by the company from any person or entity 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 entity
identified in any manner whatsoever by or 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 were considered reasonable and appropriate in the
circumstances, nothing has come to the notice that has caused us to believe that
representations under sub-clause (a) and (b) contain any material misstatement.

v) The Company has neither declared nor paid any dividend during the year.

vi) Based on our examination, the company has used accounting software for maintaining of its
books of account which has the feature of recording audit trail (edit log) facility in terms of
the Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 and the same was used
throughout the year for all relevant transactions except for Maintaining the inventory records,
for which the company is using spreadsheets.

(h) 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, we give in the
Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

(i) With respect to the adequacy of the Internal Financial Controls with reference to the financial
statements of the company and the operating effectiveness of such controls, refer to our
separate report in Annexure-B.

For LABS & Associates

Chartered Accountants
Firm Registration No. 021131C

SD/-

CA Rohit Gupta

Partner

Membership No. 571943

Place: New Delhi
Date: 30^th May 2025

UDIN: 25571943BMHWJU8681