We have audited the accompanying standalone
financial statements of Ashika Credit Capital Limited

("the Company"), which comprise the Balance Sheet
as at 31st March, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes
to the standalone financial statements including a
summary of material accounting policy information
and other explanatory information (hereinafter
referred to as "standalone financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone 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 including the Indian Accounting
Standards ("Ind AS") prescribed under section 133 of

the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, of the state of
affairs of the Company as at 31st March, 2025, its loss
(including other comprehensive income), its changes
in equity and its cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's
Responsibilities for the Audit of the Standalone
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 standalone 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
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 standalone
financial statements.

Other Information

The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the Board's
Report including Annexures to Board's Report, Report
on the Corporate Governance but does not include
the standalone financial statements, consolidated
financial statements and our auditor's report thereon.
The above mentioned information are expected
to be made available to us after the date of this
auditor's report.

Our opinion on the standalone 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 standalone
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent with
the standalone financial statements or our knowledge
obtained in the 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.

Responsibilities of Management and
Those Charged with Governance for the
Standalone Financial Statements

The Company's Board of Directors is responsible
for the matters stated in section 134(5) of the Act
with respect to the preparation of these standalone
financial statements that give a true and fair view
of the financial position, financial performance
(including other comprehensive income), changes in
equity and cash flows of the Company in accordance
with the accounting principles generally accepted
in India, including Ind AS prescribed 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 standalone
financial statements that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.

In preparing the standalone financial statements,
Board of Directors 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 the Board of Directors either
intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit
of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance
about whether the standalone 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 this standalone financial statements.

As part of an audit in accordance with SAs, we exercise

professional judgment and maintain professional

skepticism throughout the audit. We also:

♦ Identify and assess the risks of material
misstatement of the standalone 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.

♦ 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, we are also responsible for
expressing our opinion 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
made by management.

♦ Concludeontheappropriatenessof 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 standalone
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 standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

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
standalone financial statements of the current year
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.

Other Matter

The audit of the financial statements for the year
ended 31st March, 2024, was carried out and reported
by DMKH & Co., vide their unmodified audit report
dated May 13, 2024, whose report has been furnished
to us by the management and which has been
relied upon by us for the purpose of our audit of the
standalone financial statements.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory
Requirements

(1) As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of section 143(11) of
the Act, we report in "Annexure 1", a statement on
the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

(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 best of 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 the
Company so far as it appears from our
examination of those books;

c. The Balance Sheet, the Statement of Profit
and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity
and the Statement of Cash Flows dealt with
by this report are in agreement with the
books of account;

d. In our opinion, the aforesaid standalone
financial statements comply with the Ind AS
prescribed under section 133 of the Act read
with the Companies (Indian Accounting
Standards) Rules, 2015, as amended;

e. On the basis of the written representations
received from the directors as on 31st March,
2025, and taken on record by the Board of
Directors, none of the directors is disqualified
as on 31st March, 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 with reference to financial
statements of the Company and the
operating effectiveness of such controls,
refer to our separate report in "Annexure 2";

g. With respect to the other matter to be included
in the Auditor's Report in accordance with
the requirements of section 197(16) of the Act,
as amended:

In our opinion and to the best of our
information and according to the

explanations given to us, the remuneration
paid/provided by the Company, to one of
its directors, during the year is in excess of
the limits laid down under section 197 of the
Act. However, the company has obtained
necessary approvals from the shareholders
of the company by way of Special Resolution.

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 has disclosed the
impact of pending litigations on its
financial position in its standalone
financial statements - Refer Note 30 on
Contingent Liabilities to the standalone
financial statements;

(ii) The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses.

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

(iv) (a) 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 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 Company ("Ultimate
Beneficiaries") or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(iv) (b) The management has represented
that, to the best of its knowledge
and belief, no funds have been
received by the Company from any
person(s) or entity(ies), 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 Party
("Ultimate Beneficiaries") or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(iv) (c) Based on the audit procedures that

are 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), as provided
under (a) and (b) above, contain
any material misstatement.

(v) The Company has not declared nor paid
any dividend during the year. Hence,
reporting the compliance with section
123 of the Act is not applicable.

(vi) Based on our examination which
included test checks, the Company
has used an accounting software for
maintaining its books of account for the
financial year ended 31st March, 2025

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 and the audit trail has
been preserved by the Company as
per the statutory requirements for
record retention.

For DHC & Co.

Chartered Accountants
ICAI Firm Registration No. 103525W

Pradhan Priya Dass

Partner

Place: Bengaluru Membership No. 219962

Date: 10th May, 2025 UDIN: 25219962BMHXJC5507