We have audited the standalone Ind AS financial statements of Indo Thai Securities Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including other comprehensive income), Statement of
Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "the financial statements").

ln 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, profit, total comprehensive income, changes in equity and cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards 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 opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There is no key audit matter to be
communicated in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises
the information included in the Management's Discussion and Analysis and Board's Report including Annex
ures to Board's Report, Corporate Governance and Shareholder's Information, 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.

ln 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 in the
audit, or otherwise appears to be materially misstated.

If based on the work we have performed on the other information obtained prior to the date of this auditor's report, 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 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 financial statements that give a true and fair view of the financial position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles
generally accepted in India. 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; makingjudgments 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.

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

Those Board of Directors are 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 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 judgement and maintain professional skepticism throughout
the audit. We also:

• 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.

• Obtain an understanding of internal financial controls 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 system 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.

• 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 ability of the Company 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the annual financial statements that individually or in aggregate, make it
probable that the economic decisions of reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning to scope our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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 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

i. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section
143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

ii. 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 of the financial statements.

b. ln our opinion, proper books of accounts 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 accounts maintained
for the purpose or preparation of the financial statements.

d. ln our opinion, the aforesaid financial statements comply with the Ind AS specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

e. The company has not informed about the presence of any operational Branch which requires Audit u/s 143(8) of the Act.

f. On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section
164(2) of the Act.

g. On the basis of the examination if the Books of accounts and other records shown to us for the purpose of the Audit and
other such documents asked during the course of the Audit, the Auditor has no observation or adverse comment, apart from
those mentioned in the relevant paras if any, on the financial transactions or matters which may have any adverse effect on
the functioning of the company.

h. On the basis of the examination of the Books of Account and other records shown to us for the purpose of the Audit and
other such documents asked during the course of the Audit, we found no material reason to report any qualification,
reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith, apart from
the matters already mentioned in the relevant paras, if any.

i. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure-B".

j. With respect to the matter to be included in the Auditors' Report under section 197(16) of the Act, as amended:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its
managing director during the year is in accordance with the provisions of section 197 of the Act.

k. 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, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has pending litigations on its financial position in its Standalone Financial Statements, Please refer note no.
34 ;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable
losses, on long-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, 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, other than as disclosed in the noted of
the accounts, no funds have been advanced or loans 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 entities, 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 ultimate
beneficiaries;

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 entities, 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 by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of ultimate beneficiaries; and

c. Based on audit procedures as 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) contain any material
misstatement.

v. As stated in the financial statements:

i. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance
with section 123 of the Companies Act, 2013.

ii. No interim dividend was declared and paid by the company during the year.

iii. The Board of Directors of the Company has not proposed dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting.

vi. Based on our examination which included test checks and in accordance with requirements of the Implementation
Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, the Company has used
accounting software for maintaining its books of account, which have 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.

The audit trail (edit log) feature is duly enabled at the database level to comprehensively log all direct data changes within
the accounting software used for maintaining the books of account.

Unique Document Identification Number (UDIN) for this document is 25436593BM3HUO5716

For SPARK & Associates Chartered Accountants LLP

Chartered Accountants
Firm Reg No. 005313C / C400311

CA Chandresh Singhvi

Partner

Membership No. 436593
Place: Indore
Date: 30^th May, 2025