To:

The Members of PFL INFOTECH LIMITED.

Report on the Financial Statements

We have audited the accompanying Financial Statements of PFL INFOTECH LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2022 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Financial Statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these Financial Statements based on ouraudit. 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Financial Statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the Financial Statements. The procedures selected depend onthe auditor'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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Financial Statements.

Opinion

In respect of unsecured loans given by the company to various parties for interest thecompany is unable to recover both interest and principle from the respective parties andthe interest is getting accumulated to principle every year. In our opinion and to thebest of our information and according to the explanations given to us the aforesaidFinancial Statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India of the state of affairs of the Company as at 31st March 2022 itsprofit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act is in Annexure B. 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 purposes 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Financial Statements comply with the AccountingStandards 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 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference tothe financial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A".

(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: UDIN:22236372AJSPRQ3518

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 29 to the financial statements

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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. UDIN: 22236372AJSPRQ3518

Annexure A to the Auditor’s Report

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 with reference to the financialstatements of PFL INFOTECH LIMITED HYDERABAD (“the Company”) as of 31st March2022 in conjunction with our audit of the financial statements of the Company for the yearended 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 with reference to the financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI’). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to the financial statements based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the “Guidance Note”) and the Standards on Auditing to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 with reference to the financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system with reference to the financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to the financial statements included obtaining an understanding of internalfinancial controls with reference to the financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operating effectivenessof internal control based on the assessed risk. 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. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Meaning of Internal Financial Controls with Reference to the Financial Statements

A company's internal financial control with reference to the financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control withreference to the financial statements includes those policies and procedures that: 1.pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that transactions are recorded as necessary to permitPreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the Company; and

3. Provides reasonable assurance regarding prevention or timely detection ofUnauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial Statements.

Inherent Limitations of Internal Financial Controls with Reference to the FinancialStatements

Because of the inherent limitations of internal financial controls with reference tothe financial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to the financial statements to future periods are subject to the risk that theinternal financial control with reference to the financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to the financial statements and such internalfinancial controls with reference to the financial statements were operating effectivelyas at 31 March 2022 based on the internal control with reference to the financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

ANNEXURE (B)

REFERRED TO IN PARAGRAPH 1 OF INDEPENDENT AUDITOR’S REPORT OF EVEN DATE TO THEMEMBERS OF PFL INFOTECH LIMITED ON THE FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEARENDED 31ST MARCH 2022 In terms of Companies (Auditor's Report) Order 2020 issued by theCentral Government of India in terms of section 143(11) of The Companies Act 2013 wefurther report on the matters specified in paragraph 3 and 4 of the said Order that:

1) (i)

(a)The company is maintaining proper records showing full particulars includingquantitative details and situation of Property Plant & Equipment.

(b) The company is maintaining proper records showing full particulars of intangibleassets and does not have any intangible assets.

(ii) The Property Plant & Equipment have been physically verified by themanagement at reasonable intervals.

(iii) The title deeds of immovable properties shown in the financial statements areheld in the name of the company.

(iv) The company has revalued its Property Plant & Equipment or Intangible assetsor both during the year. The revaluation is based on the valuation of registered values.The change in value is not more than 10% or more in the carrying value of each class ofPPE/IA.

(v) No proceedings have been initiated against the company for holding benami propertyunder The Benami Transactions (Prohibition) Act 1988 and rules made thereunder and thedetails have been appropriately disclosed in the financial statements.

2) (i) Physical verification of inventory is not applicable and has not been conductedby Management.

(ii) The quarterly returns/statements were not filed by the company with any

3) (i) The company has made investments and granted loans or advances in the nature ofloans secured or unsecured to companies firms LLPs and other parties.

a) the aggregate amount balance outstanding from other parties is Rs. Rs.13609025/-

b) The terms and conditions are not prejudicial to the interests of the company

c) Schedule of repayment has been stipulated and that it is not regular in case ofloans granted amounting to Rs. 13609025/-

d) For over dues for more than 90 days reasonable steps have been taken for recovery

e) No loan or advance in the nature of loan granted which has fallen due during theyear has been renewed or extended or fresh loans granted to settle the over dues ofexisting loans given to the same parties. f) The Company has not granted any loans oradvances in the nature of loans either repayable on demand or without specifying any termsor period of repayment.

4) The company has not given any loans or guarantees/made any investments within theMeaning of sections 185 & 186 of The Companies Act 2013.

5) The company has not accepted any deposits from the public in terms of Section 73 to76 or any other relevant provisions of the Companies Act 2013.

6) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the products manufactured by the company.

7) (i) The company is regular in depositing undisputed statutory dues with appropriateauthorities.

(ii) According to records of the company there are no statutory dues which have notbeen paid by the company

8) (i) There are no transactions that are not recorded in the books of account to besurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961;

(ii) The company has not been declared as a willful defaulter by any bank or financialinstitution or other lender.

(iii) The term loans have not been utilised for the purposes for which they wereobtained.

(iv) The funds raised on a short term basis have not been utilised for long termpurposes.

(v) The Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures.

(vi) The Company has not raised any loans during the year on the pledge of securitiesheld in its subsidiaries joint ventures or associate companies.

9) (i) The company has not made any public offer during the year.

(ii) The company has not made any preferential allotment or private placement ofshares/debentures during the year.

10) (i) Based upon the audit procedures performed and information and explanationsgiven to us by the management we report that no fraud by the company or on the company byits officers/employees have not been noticed or reported during the course of our audit.

(ii) Report under sub-Section (12) of Section 143 of the Companies Act has not beenfiled by the auditors in Form ADT-4 as there is no reason to believe such cases with thecompany.

(iii) The auditor has not received any whistle-blower complaints during the year bythe Company.

11) The transactions entered into with related parties are in compliance with section177 & 188 of The Companies Act 2013 and the details have been disclosed in thefinancial statements as required by the applicable accounting standards.

12) (i) The company has an internal audit system commensurate with the size and natureof its business. (ii) The reports of the Internal Auditors for the period under audit hasbeen considered.

13) The company has not entered into any non-cash transactions with directors orpersons connected with directors during the year.

14) (i) The company is not required to be registered under section 45-IA of The ReserveBank of India Act 1934.

(ii) The Company has not conducted any Non-Banking Financial or Housing Financeactivities without a valid Certificate of Registration (CoR) from the Reserve Bank ofIndia as per the Reserve Bank of India Act 1934.

(iii) The Company is not a Core Investment Company (CIC) as defined under theRegulations by the Reserve Bank of India.

(iv) The Group does not have Core Investment Company as part of the Group.

15) The company has incurred cash losses of Rs. 81.34 lakhs in the Financial Year andRs. NIL in the immediately preceding Financial Year.

16) There has not been any resignation of the statutory auditors during the year.

17) On the basis of the financial ratios aging 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.

18) (i) In respect of other than ongoing projects the company has not transferredunspent amount to a Fund specified in Schedule VII to the Companies Act within a period ofsix months of the expiry of the financial year in compliance with second proviso tosub-section (5) of section 135 of the said Act.

(ii) In respect of other than ongoing projects the company has not transferred anyamount remaining unspent under section (5) of section 135 of Companies Act to specialaccount in compliance with provision of sub section (6) of section 135 of the said Act

19) There are no qualifications or adverse remarks by the respective auditors in theCompanies (Auditor’s Report) Order (CARO) reports of the companies included in theconsolidated financial statements.

20) The company is not Nidhi Company