We have audited the accompanying financial statements
of ELITECON INTERNATIONAL LIMITED ("the Company”),
which comprise the balance sheet as at 31st March 2025,
the statement of profit and loss, statement of changes
in equity and statement of cash flows for the year
ended, and notes to the financial statements, including
a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and
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 the accounting principles
generally accepted in India of the state of affairs of the
Company as at 31st March, 2025, and the net profit
(including other comprehensive income), 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 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
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 ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
the audit evidences we have obtained are sufficient and
appropriate to provide a basis for our opinion.

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. We have determined the
matters described hereunder to be key audit matters 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
Discussion and Analysis, Board’s Report including
Annexure to Board’s Report, Business Responsibility
Report, Corporate Governance and Shareholder’s
Information, but does not include the financial statements
and the 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.

In 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 during the course of our 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 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,
changes in equity and cash flows of the Company in
accordance with the applicable accounting standards and
the 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;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance
of adequate internal financial controls, that are operating
effectively for insuring 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 misstatements,
whether due to fraud or error.

In the 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 is also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain a reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue our 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 due to fraud or error and
are considered material if, individually or in 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 the SAs, we
exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

(i) 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 one
resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations or
the override of internal control.

(ii) Obtain an understanding of the internal 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.

(iii) Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

(iv) 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 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.

(v) 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.

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 controls 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 reasonable be thought to bear on our
independence, and where applicable, relevant safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the 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, 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

1. As required by the Companies (Auditor’s Report)
Order, 2020 (‘the Order’), as amended, issued by the
Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in Annexure A,
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 and proper returns adequate for the
purposes of the audit have been received from
branches not visited by us;

c. the Balance Sheet, the Statement of Profit and
Loss, Statement of Changes in Equity and the
Cash Flow Statement dealt with by this report
are in agreement with the books of accounts;

d. In our opinion, the aforesaid financial statements
comply with the applicable accounting standards
specified under Section 133 of the Act;

e. On the basis of the written representations
received from the directors as on 31st March,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on
31stMarch, 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 B. Our report
expresses an unmodified opinion on the
adequacy and operating effectiveness of the
Company’s internal financial controls with
reference to financial statements.

g. 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 disclosed the impact, if
any of pending litigations on its financial
position, in its financial statements [Refer
note no. 25(1) of the financial statements].

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

iii. The Company is not required to transfer
any amount to the Investor Education and
Protection Fund.

iv. (a) The management has represented

that, to the best of its knowledge and
belief, other than as disclosed in the
notes to the accounts, 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;

(b) The management has represented,
that, to the best of its knowledge and
belief, other than as disclosed in the
notes to the accounts, 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

the same has been operated throughout the
year for all relevant transactions recorded
in the software. Further, during the course
of our audit and the audit trail feature has
not been tampered with and the audit
trail has been preserved as per statutory
requirement for record retention.

h. In our opinion and according to the information
and explanations given to us, the company
has paid remuneration to its director during
the current financial year in accordance with
the provisions laid down under section 197 of
the Act, read with Schedule V of the Act are
being complied.

FOR V.N. PUROHIT & CO.

Chartered Accountants

Firm Regn. No. 304040E

O.P. Pareek

Partner

Membership No. 014238

UDIN: 25014238BMJMBW5986

New Delhi, 27th day of May 2025