We have audited the accompanying financial statements of New Swan Multitech Limited (“the company”)
which comprises the Balance Sheet as at March 31, 2025, the statement of profit and loss, the cash flow
statement and the statement of changes in equity for the year ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.

Auditor’s Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Financial Statements give the information required by 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 profits, its cash flows and the changes in equity for the year
ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements, in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Companies Act, 2013. 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 Companies Act, 2013 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 Financial Statements.

Emphasis of Matter

Based on the identification of Micro and Small Enterprises by the entity, representation made by the
entity and test checks done by us as per standards on auditing issued by ICAI, the entity has not made
provision for interest payable u/s 16 of MSMED Act in current reporting year as well as previous
reporting year. The information of MSME has been given in respect of such vendors to the extent they
could be identified as “Micro and Small enterprises” on the basis of information available with the
Company. (Refer No. 29 of Notes to the Accounts) . These matters were addressed in the context of our
audit of the Financial Statements as a whole and in forming our opinion there on, we do not provide a
separate opinion on these 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 Financial Statements as a whole and in forming our opinion thereon, we do not provide a
separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our
report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
Financial Statements section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on the accompanying
Financial Statements

Responsibility of Management and Those Charged with Governance (TCWG)

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 and presentation of these Financial Statements that
give a true and fair view of the financial position, financial performance, cash flows and changes in equity
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 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.

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.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

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 judgement and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, to design and perform audit procedures responsive to those risks, and to 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 Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has 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 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 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 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 financial statements, including the
disclosures, and whether the 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 aggregate,
makes 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 in evaluating the results of our work; and (ii) to evaluate 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 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 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 the Companies (Auditors’ 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 statements on the matters specified in paragraphs 3 and 4 of the order, to the extent applicable.

As required by Section 143 (3) of the Act, we report to the extent applicable 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 of aforesaid financial statements.

(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 account, the cash flow statement and statement
of changes in 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 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) With respect to the adequacy of the internal financial controls over financial statements of the
Company and the operating effectiveness of such controls, refer to our separate report in "Annexure
B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls with reference to financial statements and

(g) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid
/provided by the Company to its directors in accordance with the provisions of section 197 read with
Schedule V to the Act;

(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, as amended, in our opinion and to the best of
our information and according to the explanations given to us:

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

ii. The company did not have any long term contracts including derivative contracts for which there
is any foreseeable losses.

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 respective management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds (which are either 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 holding company
to or in any other person(s) or entity(ies), 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 persons or entities identified in any manner

whatsoever by or on behalf of the holding company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The respective management has represented, that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds(which are either material either
individually or in the aggregate) have been received by the holding company from any person(s)
or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the holding 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 audit procedures which we 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) under (a) and (b) above, contain any
material misstatement.

v. The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.

vi Based on our examination carried out in accordance with the Implementation Guidance on

Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (Revised 2024 Edition) issued by the Institute of Chartered Accountants of India, which
Included test checks, we report that the company has used an accounting software for
maintaining its books of account 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. Further, during the course of our audit we did not come across any instance of audit
trail feature being tampered with. Our examination of the audit trail was in the context of an
audit of Financial Statements carried out in accordance with the Standard of Auditing and only
to the extent required by Rule 11(g) of the Companies (Audit and Auditors) Rules,2014. We
have not carried out any audit or examination of the audit trail beyond the matters required by
the aforesaid Rule 11(g) nor have we carried out any standalone audit or examination of the
audit trail.

For SUKHMINDER SINGH & CO.

Chartered Accountants

Sukhminder Singh
(Partner)

Membership No: 093100
Firm Registration No: 016737N
UDIN: 25093100BMLMGU1602
Date: 30/05/2025
Place: Ludhiana