I have audited the accompanying Standalone Annual Statement of Financial Results of Silverline
Technologies Limited (hereinafter referred to as "the Company") for the quarter and year ended 31st March,
2025, attached herewith, being submitted by the Company pursuant to the requirements of Regulation
33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (hereinafter referred to as the
"Listing Regulations")

Qualified Opinion

In my opinion and to the best of my information and according to the explanations given to me, except for
the possible effects of the matters described in the Basis for Qualified Opinion section below, the standalone
financial results:

A. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with
Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations"); and

B. give a true and fair view, in conformity with the recognition and measurement principles laid down in the
applicable Indian Accounting Standards and other accounting principles generally accepted in India, of
the net profit/loss and other comprehensive income and other financial information of the Company for
the year ended 31st March, 2025.

Basis for Qualified Opinion

I have conducted the audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. I am independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (ICAI) and have fulfilled my ethical responsibilities
in accordance with these requirements. However, my opinion is subject to qualifications due to the following
matters:

The company has unsecured borrowings of for which no interest has been charged. The related
agreements and third-party confirmations are not available for review.

A reconciliation of GST credit receivables with the GST portal is pending. Until this reconciliation is
completed, the accuracy of the input tax credit and the associated liability position may be subject
to change.

Trade payables have not been classified between Micro, Small, and Medium Enterprises (MSME).
This omission may lead to non-compliance with disclosure requirements under the MSMED Act,
2006, impacting regulatory compliance and financial transparency. Further Outstanding balances
with certain suppliers have not been confirmed. Confirmation from counterparty is not available in
case of outstanding receivable.

Certain procedural gaps were observed in documentation and records. Certain sales lacked
supporting documents like E-Way Bills or Delivery Challans, and Goods Inward Reports for purchases
were not provided. Additionally, a Fixed Asset Register was not maintained.

Managements and Board of Directors' Responsibilities for the Standalone Annual Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board
of Directors of the Company are responsible for the preparation and presentation of the Statement that
gives a true and fair view of the net profit and other comprehensive income of the Company and other
financial information in accordance with the recognition and measurement principles laid down in IND AS,
prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 Statement that give a true and fair
view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the 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 the Board of Directors 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.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

My objectives are to obtain reasonable assurance about whether the standalone annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes my 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
standalone annual financial results.

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

• Identify and assess the risks of material misstatement of the standalone annual financial results, 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 my 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, I am also responsible

for expressing my opinion through a separate report on the complete set of financial statements on
whether the company 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 annual financial results 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 appropriateness of this assumption.
If I conclude that a material uncertainty exists, I required to draw attention in my auditor's report to the
related disclosures in the standalone annual financial results or, if such disclosures are inadequate,
to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my
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 annual financial results,
including the disclosures, and whether the standalone annual financial results represent the underlying
transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Statement to express an opinion on the
Statement. Materiality is the magnitude of misstatements in the Statement that, individually or in
aggregate, make it probable that the economic decisions of a reasonably knowledgeable user of the
Statement may be influenced. I 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 Statement

• I 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 I identify during my audit.

• I also provide those charged with governance with a statement that I 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 my independence, and where applicable,
related safeguards.

• I also performed procedures in accordance with the Circular No. CIR/CFD/CMD 1/44/2019 dated
29th March, 2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent
applicable.

Other Matter(s)

The standalone annual financial results include the results for the quarter ended 31st March, 2025 being the
balancing figure between the audited figures in respect of the full financial year and the published audited
year to date figures up to the third quarter of the current financial year. Our opinion on the Audit of the
Financial Results for the year ended 31st March, 2025 is qualified in respect of this matter.

For, S Parth & Co
Chartered Accountants
Firm Registration Number: 154463W

Date: 16/07/2025 CA Parth Shah

Place: Ahmedabad Proprietor

Membership Number: 198530
UDIN: 25198530BMOFZH8848