To the Members of

M/s NIKS TECHNOLOGY LIMITED

1. Report on the Financial Statements

We have audited the accompanying financial statements of M/s. NIKS TECHNOLOGYLIMITED ("the Company") which comprises the Balance Sheet as at March 312022 the Statement of Profit and Loss and statement of cash flows for the year endedMarch 31 2022 and a summary of significant accounting policies and other explanatoryinformation.

2. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stMarch 2022 the profit and total income changes in equity and its cash flows for the yearended on that date.

3. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor’s Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

4. Management’s Responsibility for the Standalone Financial Statements

Management is responsible for the matters stated in Section 134(5) of the CompaniesAct 2013 (‘the Act’) with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceof the Company in accordance with the Accounting principles generally accepted in Indiaincluding the Accounting Standards specified under section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing thecompany’s financial reporting process.

5. Auditor’s Responsibility for the Audit of the Financial Statements

Our objective is to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor’s report that includes our opinion on these financial statements.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theAuditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

6. Report on Other Legal and Regulatory Requirements

6.1 As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

6.2 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 bestof 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 theCompany so far as it appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and cash flow statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under the Section 133 of the Act read with rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312022 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of section 164 (2) ofthe Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" and

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The company does not have any pending litigations which would impact its financialposition;

(ii) The company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection fund by the company.

h) with respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and according to the information and explanations given to us thecompany has not paid any remuneration to its directors during the current year.

1. PROPERTY PLANT & EQUIPMENT AND INTANGIBLE ASSETS [Clause 3(i)]:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its Property Plant and Equipment.

(b) The company is maintaining proper records showing full particulars of intangibleassets.

(c) As explained to us these Property Plant and Equipment have been physicallyverified by the management at reasonable intervals; no material discrepancies were noticedon such verification.

(d) The title deeds of immovable properties are held in the name of the company.

(e) The Company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets or both during the year.

(f) No proceedings have been initiated or are pending against the company for holdingany Benami property under the "Benami Transactions (Prohibition) Act 1988 and Rulesmade thereunder.

2. INVENTORY [Clause 3(ii)] a According to the information and explanations givento us the physical verification of inventory has been conducted at reasonable intervalsby the management and in our opinion the coverage and procedure of such verification bythe management is appropriate; and no discrepancies of 10% or more in the aggregate foreach class of inventory were noticed. b At any point of time of the year the Company hasnot been sanctioned working capital limits in excess of Rs. 5 crores in aggregate frombanks or financial institutions on the basis of security of current assets; and hence thisclause is not applicable.

3. LOAN GIVEN BY COMPANY [Clause 3(iii)]

The company has not made investments in provided any guarantee or security or grantedany loans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties during the year. The company has notprovided loans or not provided advances in the nature of loans to any other entity duringthe year. The aggregate amount during the year and balance outstanding at the balancesheet date with respect to such loans or advances and guarantees or security tosubsidiaries joint ventures and associates – NIL The aggregate amount during theyear and balance outstanding at the balance sheet date with respect to such loans oradvances and guarantees or security to parties other than subsidiaries joint ventures andassociates are as follows:

The investments made guarantees provided security given and the terms and conditionsof the grant of all loans and advances in the nature of loans and guarantees provided arenot prejudicial to the company’s interest; In respect of loans and advances in thenature of loans the schedule of repayment of principal and payment of interest has notbeen stipulated. If the amount is overdue state the total amount overdue for more thanninety days and whether reasonable steps have been taken by the company for recovery ofthe principal and interest- The schedule of repayment of principal and payment of interesthas not been stipulated. There is no loan or advance in the nature of loan granted whichhas fallen due during the year has been renewed or extended or fresh loans granted tosettle the overdue of existing loans given to the same parties The Company has granted anyloans or advances in the nature of loans either repayable on demand or without specifyingany terms or period of repayment:

4. LOAN TO DIRECTORS AND INVESTMENT BY COMPANY [Clause 3(iv)]

In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security. 5. DEPOSITS [Clause 3(v)]According to the information and explanation given to us the company has not accepteddeposits from the public during the financial year under audit. Accordingly the paragraph3(v) of the order is not applicable to the company and hence not commented upon.

6. COST RECORDS [Clause 3(vi)]

As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7. STATUTORY DUES [Clause 3(vii)]

(a) The company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax duty of customsduty of excise value added tax cess and any other statutory dues to the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 31 2022 for a periodof more than six months from the date on when they become payable. (b) According to theinformation and explanations given to us there are no dues of income tax or sales tax orservice tax or duty of customs or duty of excise or value added tax which have not beendeposited on account of any dispute.

8. SURRENDERED OR DISCLOSED AS INCOME [Clause 3(viii)]

There are no such transactions which are not recorded in the books of account whichhave been surrendered or disclosed as income during the year in the tax assessments underthe Income Tax Act 1961.

9. REPAYMENT DUES [Clause 3(ix)]

In our opinion and according to information and explanations given to us the companyhas not defaulted in the repayment of loans or borrowings to financial institutions banksand government. The company has not issued any debentures. The company is not a declaredwillful defaulter by any bank or financial institution or other lender. The company hasnot taken any term loan and hence this clause related to utilization of term loan is notapplicable to the company. The company has not taken any short-term loan and hence thisclause related to utilization of short-term loan is not applicable to the company. TheCompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures. The Company has not raisedloans during the year on the pledge of securities held in its subsidiaries joint venturesor associate companies.

10. UTILISATION OF INTIAL AND FURTHER PUBLIC OFFER [Clause 3(x)]

In our opinion and according to information and explanations given to us the Companyhas not raised any money by way of initial public offer or further public offer (includingdebt instruments) for the financial year ended on 31^st March 2022. The Companyhas not made any preferential allotment or private placement of shares or convertibledebentures (fully partially or optionally convertible) during the year.

11. FRAUD AND WHISTLE-BLOWER COMPLAINTS [CLAUSE 3(xi)]

To the best of our knowledge and according to the information and explanations given tous no fraud by the company or any fraud on the Company by its officers or employees hasbeen noticed or reported during the year.

No report under sub-Section (12) of Section 143 of the Companies Act has been filed bythe auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government. Whistle-blower complaints have not been receivedduring the year by the Company.

12. NIDHI COMPANY [Clause 3(xii)]

In our opinion and according to information and explanations given to us clause (xii)of para 3 to Companies (Auditor's Report) Order 2020 w.r.t. Nidhi Company is notapplicable to company. Accordingly the paragraph 3(xii) of the order is not applicable tothe company and hence not commented upon.

13. RELATED PARTY TRANSACTION [Clause 3(xiii)]

In our opinion and according to information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

14. INTERNAT AUDIT: [CLAUSE 3(xiv)]

The company have an internal audit system commensurate with the size and nature of itsbusiness and internal audit report has been considered by us.

15. NON-CASH TRANSACTION [Clause 3(xv)]

In our opinion and according to information and explanations given to us the companyhas not entered into any non-cash transactions with directors or persons connected withhim. Accordingly the paragraph 3(xv) of the order is not applicable to the company andhence not commented upon.

16. REGISTER WITH RBI ACT 1934 [Clause 3(xvi)]

The company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934. Accordingly the paragraph 3(xvi) of the order is not applicable to thecompany. The Company has not conducted any Non-Banking Financial or Housing Financeactivities during the year. The Company is not a Core Investment Company (CIC) as definedunder the Regulations by the Reserve Bank of India.

17. CASH LOSSES [Clause 3(xvii)]

The Company has not incurred cash losses in the Financial Year 2021-22 and in theimmediately preceding financial year.

18. RESIGNATION OF STATUTORY AUDITORS [Clause 3(xviii)]

No auditor has resigned from the post of the statutory auditors during the period underreview.

19. MATERIAL UNCERTAINTY ON MEETING LIABILITIES [Clause 3(xix)]

On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements the auditor’s knowledge of the Board of Directors andmanagement plans we are of the opinion that no material uncertainty exists as on the dateof the audit report that company is capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date.

20. TRANSFER TO FUND SPECIFIED UNDER SCHEDULE VII OF COMPANIES ACT 2013 [Clause 3(xx)]

The provision relating to transfer to fund specified under schedule vii of theCompanies Act 2013 is not applicable to the company.

21. ADVERSE REMARKS IN CONSOLIDATED FINANCIAL STATEMENTS [Clause 3(xxi)] Thecompany is not required to prepare consolidated financial statements for the period underreview accordingly the paragraph 3(xxi) of the order is not applicable to the company.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s. NiksTechnology Limited ("the Company") as of March 31 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (ICAI).