Workmates Core2Cloud Solution Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

1. We have audited the accompanying Financial Statements of WORKMATES
CORE2CLOUD SOLUTION PRIVATE LIMITED (“the Company”) which comprise
the Balance Sheet as at 31^st March 2024, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, a summary of the material accounting policies and other
explanatory information which we have signed under reference to this report.

2. 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 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 31^st March 2024, its profit and its cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act (“SAs”). Our responsibilities under those SAs 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 (“ICAI”) together with the ethical
requirements that are relevant to our audit of the 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 ICAI’s code of ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our
qualified opinion.

The Company’s Board of Directors is responsible for the preparation of the other information
The other information comprises the information included in the Board’s Report, including

Annexures to Board’s Report, 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

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

8. The Company’s Board of Directors are 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, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the SAs. 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.

9. 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.

10. The Board of Directors is 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 judgment and maintain
professional skepticism throughout the audit. We also:

(a) Identify and assess the risks of material misstatement of the 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.

(b) Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

(d) 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.

(e) 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.

\\ e 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.

14. 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.

15. 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

16. As required by the Companies (Auditor''s Report) Order, 2020 issued by the Government of
India in terms of Section 143 (11) of the Act, we give in Annexure I to this report, a statement
on the matters specified in paragraphs 3 and 4 of the said order.

17. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained ail 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 appears from our examination of those books.

(c) I he Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
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 in 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 none of the
Directors is disqualified as on 31^st March 2024 from being appointed as a Director in
terms of Section 164(2) of the Act.

(f) Our report on the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls is given in
Annexure II to this report.

(g) With respect to other matters to be included in the Auditors 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) We have not come across any pending litigation which would impact its
financial position.

(ii) The Company was not required to make provision under the applicable laws
or accounting standards for material foreseeable losses on long term contracts
including derivative contracts.

(iii) There are no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

(iv) 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 any or in any other persons or entities, including foreign entities
(‘’intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediaries 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 Beneficiary”) or provide any
guarantee, security’ or the like on behalf of the Ultimate Beneficiary.

(v) The management has represented that, to the best ot 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 persons or entities identified in
any manner whatsoever by or on behalf of the Funding Parties ( Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(Vi) Based on such audit procedures that 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 (iv) and (v)
contain any material misstatement.

(vii) No dividend was declared or paid during the year by the Company.

(vm) As examined by us during the course of our audit which included test
checks the Company has used accounting software for maintaining its
books of account which has a feature of recording audit trail facility for all
transactions. Creation of an edit log, for changes made in the books of
account along with the dates of change to ensure that the audit trail cannot
be disabled, has been implemented by the Company.

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

M CHOUDHURY & CO.

Chartered Accountants

FRNo.: 302186E

B Choudhury

Partner

Membership No.: 052066

Date: 2 september 2024

Place: Kolkata

UDIN: 24052066BKCOHP8820