We have audited the accompanying standalone financial statements of Shivansh Finserve
Limited (the 'Company') which comprise the Balance Sheet as at March 31,2024, the Statement
of Profit and Loss (including other comprehensive income) Statement of Changes in Equity and
Statement of Cash Flows for the year then ended, and notes to the standalone financial
statements, including a summary of significant accounting policies 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 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 31,2024, its Loss, total comprehensive income, changes in equity and its cash flows for the
year then ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) as 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
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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone financial statements of the current period. These
matters were addressed in the context of our audit of the Standalone financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

We have determined that there is no key audit matter to communicate in our report.

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 and Management Discussion & Analysis (but does not include the standalone
financial statements and our auditor's report thereon).

Our opinion on the standalone financial statements does not cover the Other Information and
we will 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 identified above 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 the 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 Ind AS and accounting
principles generally accepted in India. The responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act, for safeguarding the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgement and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively or ensuring 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, 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.

The Board of Directors are also responsible for overseeing the Company's financial reporting
process.

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 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 standalone financial
statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism 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 financial 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 system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting polices used and the reasonableness of
accounting estimates and related disclosures made by the 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 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.

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

As required by the Companies (Auditor's Report) Order, 2020 (the "Order") issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we
give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable .

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 are 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 it appears from our examination of those books except for the matter
stated in the paragraph vi below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including
other comprehensive income, the Standalone Statement of Cash Flow and Standalone

Statement of changes in Equity 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 Accounting
Standards 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 March 31,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
March 31,2024 from being appointed as a director in terms of Section 164(2) of the Act.

(f) The qualifications relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph (b) above on reporting under Section 143(3)(b)
of the Act and paragraph vi below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

(g) With respect to the adequacy of internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to or separate report in
"Annexure B" to this Report.

(h) With respect to the other matters to be included in the Auditors Report in accordance
with 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 its Directors during the year is in accordance with the
provisions of Section 197.

(i) With respect to the other matters to be included in the Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditor's) Rule, 2014, 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 the financial
position of its Standalone financial statements - Refer Note 31 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 has been no delay in transferring the 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,
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 or entity, 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;

b) The management has represented that, to the best of its knowledge and
belief, no funds have been received by the Company from any persons 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
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;
and

c) Based on such audit procedures that have been 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 (a) and (b) contain any material
misstatement.

v.

(a) The company had not proposed any final dividend in the previous year, which
was declared and paid by the Company during the year.

(b) The Company has not declared and paid any interim dividend during the year
and until the date of this report.

(c) The Board of Directors of the Company have not proposed any final dividend
for the year which is subject to approval of the members in the ensuing Annual
General Meeting.

vi. Based on our examination which included test checks, the Company has used an
accounting software for maintaining its books of account, however, the feature of
recording audit trail (edit log) facility has not been enabled.

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

For, H S K & CO LLP
Chartered Accountants

ICAI Firm Registration Number: 117014W\W100685
Sd/-

CA Sudhir S. Shah

Partner

M. No. 115947

UDIN:24115947BKAPEX7999

Place: Ahmedabad
Date: May 30, 2024