Gallops Enterprise Ltd Auditor Reports

To the Members of

Gallops Enterprise Limited

Report on the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of Gallops Enterprise Limited ("the C01"npany") which comprises the Balance Sheet as at March 31, 2025, the S tatement 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 financial statements, including a summary of significant accounting policies and o ther explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information req uired by the Act in the manner so required and give a bue and fair view in conformity with the Ind AS and accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and profit/ loss, total comprehen sive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducled our audiL in accordance with the Standards on Audiling (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Audito rs 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 together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirem ents and the Code of Ethics. We believe that th e audit evidence we hav!" obtained is sufficient and appropriate to provide a basis for our opnuon.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of ni.ost significance in our audit of the Ind AS financial s tatements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. We have not observed any matters that classifies as the key audit matter to be conm1Unicated in our audit report.

Information Other than the Financial Statements and Auditors Report Thereon

TI1e Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsi bili ty Report, COlporate Gove rnance and Shareholders Tnformation, but does not includ e the standalone financial statements and our auditors 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.

Tn connection with our audit of the finalKial statements, o ur 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, we conclude that there is a material misstatem ent of this other information, we are required to report that fact. We have nothi11g to report in this rega rd .

Responsibilities of Management and those charged with governance for the Ind AS financial statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a lrue and fa ir view of the fin an cial position, financial performance including other comprehensive income, change in equity and cash flows of the C:ompilny in accordance with the Indian Accow1ting Stll1dards (lnd AS) and accounting principles generally accepted in India, specified 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 implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and d esign, implementation and maintenance of adequate internal financial conhols that w ere operating effectively for ensuring the accuracy and completeness 6f the accounting records, relevant to the p reparation and presentation of the lnd AS financial statement that give a true and fair view and are free from material misstatement, wlrether due to fraud or ~ITOr.

In preparing the lnd AS financial statements, management is resp onsible for assessing the Companys 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 op erations, or has no realistic alternative but to do so.

The Boa rd of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of Ind AS Financial Statement

Our objectives a re to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from m~terial misstatement, whether due to fraud or error, and to issue an auditors 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 d etect a m aterial misstatem ent when it exists. Misstatements can arise from fra ud 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 lnd AS financial statements.

As part of an audit in accord ance with SAs, we exercise professional judgment and mai ntain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS finaLlcial statements, whether due to haud OJ error, design and perform audit procedures responsive to those risks, and obtain audit evidence tha t is sufficien t 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 conh?ol.

• Obtain an wlderstanding of internal conhol relevant to the audit in order to design audit procedures that are appropriate in the circumstimces. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressiJl g our opinion 011 whether the company has internal financial conhols with reference to Financia l Statements in place and the opfrating effectiveness of su ch controls.

• Evaluate the appropriatcneGG of accounting policies used and the reasonableness o f accounting estimates and related disclosures made by m ana gement.

• CUIIl:lude un the appropriateness of managements use of the going concern basis of accOLmtiJlg and, based on the audit evidence obtained, whether a materia l ll11certainty exists related to events or conditions that may cast Significant doubt on the Compan ys ability to continue as a going concern. If we conclude that a material wlcertainty exists, we are required to draw attention in our auditors report to the related disclos ures in the Ind AS financial statements or, if such disclosures are inadequate, to m odify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors 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 Ind AS financial statements, including the disclosures, and whether the Ind AS fin ancial statements represent the wlderlying hansactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our a udit work and in evaluating the results of our work; and (ii) to eva luate the effect of any identified misstatem ents 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 contiol 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 independen ce, and to commw1ica te with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safegu~rds.

From the matters communicilted with those charged with governance, we determine UlOse lIIalters that were of most significance in the audit of the Ind AS tinancial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extiem ely rare circumstances, we determine that a matter should not be communicated ill our report because the adverse ronSfl " fl1reS of doing so would reasonably be expected to outweigh the public interest benefits of such communica tion.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) O rder, 2020 ("th e Ord er"), 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 extentapplicable.

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 uur knowledge and belief were necessary fur the purposes ot 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 thos~.

c)The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreemen t with the books of accoun t d) ln our opinion, the aforesaid Ind AS financial statem ents comply with the Indian Accounting Standards specified under Section 133 of the Act.

e)On the basis of the written representa tions received from the directors as on 31st March, 2025 taken on record by the Board of Directors, n one 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 Conhol w ith reference to Financial Statem ents of the Company and the operating effectiveness of such conhols, refer to our separate Rep ort in Annexure B

g) In our opinion and to the best of our information and according to the explanations given to us, the rem lmeration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other m atters to be included in the Auditors Repor t m accordance w ith Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion (lnd to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would have impact on its financial positions in its Ind AS financial statem ents,

ii)The Company did not have any long-term contracts includin g deriva tive conhacts for which there w ere a ny material foreseeable losses,

iii)There w ere no amounts which are required to be hansferred, to the Investor Education and Protection Fund by the Company,

ivY

a, The Management has represented that, to the best of its knowledge and belied, no flUlds (which are material either individually or in the aggrega ted) have been advanced or loan ed or invested (either from borrowed funds or sh are premiwn or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (" Intermed ia ries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary sha ll, whether, directly or indirectly lend or invest in otller persons or entities identified in any maimer whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security . or the like on behalf of tile Ultimate Beneficiaries;

b. The MaIlagement has represented, tllat, to the best of its knowledge and belief, no funds (which are material eitller individually or in the aggrega te) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), wi til tile tUlderstanding, whetller 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 FWlding Party ("Ultimate I:leneficiaries") or provide any guarantee, secmity or the like on behalf of the Ultima te Beneficiaries;

c. Based on such audit procedures tllat have been considered reasonable and . appropriate in tile circumstances, nothin g has come lo our nolice that has caused us to belive 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 or paid any divided during the year.

vi)The reporting und er Rule lI(g) of the Compa nies (A udit and Aud ito rs) Ru les, 2014 is applicable from 1 April 2023.

Based on our examination which included test checks, the company has used accowlting software for maintaining its books of account for tile year ended 31^st March 2025 which has a feature of recording audit trail (edit log) facili ty aIld the same has operated throughout tile year for all relevant haI1Sactions recorded in tile respective software. Further, during tile com se of our audit, we did not come across any instance of audit trail fea ture being tempered with and the audit hail has been preserved by tile company as per tile statutory requirements fur record retention.

Annexure A referred to in paragraph 1 of the section on "Report on other legal ai\d regulatory requirements" of our report of even date

1. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

(a)

A. The Company has maintained proper records showing full particulars, including quantitative details and situation of the Property, Plant and Equipment.

B. The company does not carry intangible assets during the financial year, hence reporting w1der clause 3 (i) (a) B is not applicable to the company.

(b) All the assets have been physically verified by the m.anagement during the year and no disci-epancy was no ticed on such verification.

(c) The Company does not have any immovable property as on balance sheet date hence reporting under clause 3 (i) (c) is not applicable to the company.

(d) The company has not revalued any Property, Plant and Equipment or intangible assets during the year, hen ce reporting under clause 3 (i) (d) is not applicable to the. company.

(e) No Proceeding have been initiated during the year or are pending against the Company as at March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

11. In respect of the Companys Inventories:

(a) The company has the inventory of shares of listed/ unlisted companies which are under DMAT form and the holding statement as at the year end is verified by the company.

(b) The Company has not been sanctioned any working capital limits at any points of time during the year, from banks or financial institutions on the basis of security of security of current assets and hence reporting under clause 3 (ii)(b) of the order is not applicable.

lll. In our Opinion and According to information and explanation given to us by the managem ent, the Company has not made inveshnents in, provided any guarantee or security or granted any loans or advances in the nature of loans secured or unsecured, to companies, firms, Limited Liability Parh1erships or any other parties hence, reporting under clause 3(iii) (a) to (f) of the Order is not applicable.

iv. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 or section 186 of the Companies Act, 2013 in respect of loans, inveshnents, guarantees, and securities provided, as applicable

v. The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

vi. As informed to us, the main tenance of Cost Records has not been specified by the Cenhal Government under sub-section (1) of Ser.tion 14R of th e Act, in respect of the activities carried on by the company.

VII. In respect of statutory dues:

(a) Accordillg .tu infurmation and explanations given to us and on the basisof ou r examination of the books of account, and records, the Company has .been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, DutY of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and ex planations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2025 for a period of more than six months from the date on when they become payable.

(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.

viii. In our opinion and according to the information and explanations given to us, there were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

IX. In our opinion and according Lo Lhe inforlllatiun <lnd explanations given to us, in respect of loa ns taken and funds raised:

(a) The company has not taken any loans or other borrowings from any lender. Hence reporting under clause 3(ix)(a) of the Order is not applicable.

(b) The company has not been declared willful defaulter by any bank or fin ancial institutions or government or an y government authority.

(c) The company has not taken any term loan during the yea r and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the company, no funds are raised on short term basis h ave, prima facie, not been used d uring the yc"r for lon g-teim purposes by the company.

(e) On an overall examination of the fin ancial stiltements of the company, thc company has not taken any funds from any entity or person on account of or to meet the o bligations of subsidiaries.

x. In respect of m on ey raised:

(a) Based upon the audit procedures performed and the ill formation and explanations given by the management, the company has n ot raised moneys by way of initial public offer during fhe year and hence reporting under cla use 3(x)(a) of the Order is not applicable.

(b) DlIIing the year, the company has Ilut made any preferentia l allotment or priva te placem ent of shares or convertible debentures (fully or partly or optionally) an d hence reporting under clause 3(x)(b) of the Order is not applicable. .

xi. In respect of fraud:

(a) No fraud by the company and no material fraud on the company has been noticed or reported during the year.

(b) No rep ort under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Cenhal Government, during the yea r and up to the date of this report.

(c) We have ta ken into consideration the whistle blower complaints received by the company during the year (and upto the date of this report), while determining the nature, timing and extent of our audit procedures

XIl . The Company is not a N idhi Company hence reporting under clause 3 (xii) of the

Order is not applicable.

xiii. [n our opinion, all b?ansactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

XIV. In respect of Internal Audit System:

(a) In our op1111On the company has an ad equate internal. audit system commensurate with the size and the nature of its business.

(b) We have considered the internal a udiL reports fur the year under audit, issu ed to the company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. Based upon the audit procedures performed and tlte information and explanatiO!lS given by the managem enl, lhe cUlllpany has not entered into any non-cash transactions with directors or persons connected with him. Hence, PlOV isiulis uf section 192 of the Compani~s Act, 2013 are not applicable to the company

XV I.

(a) In our opinion, the company is not required to be registered under section 45 fA of the Reserve Bank of India Act, 1934 and hence rep orting under clause 3 (xv i) (a) to (c) of the Order are nol applicable.

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3 (xvi) (d) of the Order is not applicable.

xvii. The company has incurred cash losses of Rs. 8.90 lakhs during the financial year covered by our audit and Rs. 7.28 lakhs in immediately preceding financial year.?

xviii. There has been no resignation of the statutory auditors of the? company during the year.

XIX. On the basis of the finan cial ratios, ageing and expected dates of realization of financial assets and payment of financialliabiIities, other information accompan ying the financial statements and our knowledge of the Board of Dir~(tors ~nci Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attentions, which ca uses us to believe that an y material uncertainty exists on the date of the audit report indicating that the company is no t capable of meeting its lia bilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viabili ty o f the company. We furth er state that our reporting is based on the facts upto the da te of the audit report and we neither give any guarantee nor any assurance that all liabilities falliIig due within a period of on e year from the balance sheet date, w ill get discharged by the company as and when they fall due. .

xx. In our opinion and according to the iI1formation and explanations given to LI S, the provisions of section 135 of the Companies Act. 2013 are not applicable to the company and hence reporting under clause 3(xx) (a) and (b) of the order is not applicable.

XX I. According to the information and explanations given to us, there have been no qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) rep orts of the companies included in the consolidated financial statements.

ANNEXURE B REFERRED TO IN PARAGRAPH 2 (f) OF THE SECTION ON "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

To the Members of Gallops Enterprise Limited

We have audited the internal financial controls over financial reporting of Gallops Enterprise Limited (" the Company") as of March 31, 2025 which is based on criteria established in Internal Contiol- Integrated Framework issu ed by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO 2013 criteria) in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date,

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial contiols based on the internal contiol over financia l reporting criteria established under the COSO 2013 criteria, which considers the essential components of internal contiol stated in the Guidance Note on Audit of Internal Financial Contiols over Financial Reporting issued by the Institute of Chartered Accountants of India , These responsibilities include the design, implementation and maintenance of adequate internal financial contiols that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the sa feguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation ?,of reliable financial information, as required under the Companies ACL, 2013,

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted OUl audit in accordance with the Guidance Note on Audit of Internal Financial Contiols Over Financial Reporting (the "Guidance Note") and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, and both issued by the Institute of Chartered Accountants of India, Those Standards and the Guidance Note require that we comply with ethica l requirements and plan and p erform the audit to obtain reasonable assurance about whether adequate internal financial contiols over financial reporting was established and maintained and if such controls operated effectively in all material respects,

Our audit involves performing procedures to obtain audit evidence about th e adequacy of the internal financia l contiols system over financial reporting and their operating effectiveness, Our audit of internal fi nancial contiols over financial reporti ng incl ud<!d obtaining an lU1derstanding of internal financial controls over financial reporting, assessing the risk that a material w eakness exists, and testing and evaluating the d esign and operating effectiveness of internal contiol based on the assessed risk. The procedures selected dep end on the auditors judgement, including the assessment of the risks of material misstatemen t of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal finan cial controls system over financial reporting,

Meaning of Internal Financial Controls Over Financial Reporting

A companys iJltelllal fiwmcial contiol over financial reporting is a process designed to provide reasonable assurance regarding the reliability of fi nancial reporting and the preparation of financial statements for external purposes in accord ance w ith epnAril lly accepted accounting principles. A companys internal financial contiol over financia l reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the tiansactions and dispositions of the assets of the compan y; (2) provide reasonable assurance that transactions are record pd as nfcfssa ry to permit preparation of financial sta tements in accurdance with generally accepted accounting principles, and that receip ts and expenditurps of thf company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assu rance rega rding prevention or timely detection of unauthorized acquisition, LIse, or disposition of the companys assets that could have a material effect on the financia l statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of in ternal fina ncial controls over financial reporting, including the possibility of collusion or improper management override of con tio ls, material misstatements due to error or fraud may occur and not be d etected . Also, projections of any evaluation of the internal financial contiols over financial reporting to future periods are subject to the risk that the internal financial contiol over financial reporting may become inadequate beca use of chan ges in conditions, or that the degree of compliance with the p olicies or procedures may d eteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal fina ncial cOllbols system over financial reporting. and such internal financial conbols over financial reporting w ere operating effectively as at March 31, 2025, based on the internal conbol over financial reporting in C OSO 2013 criteria, considering the essential components of internal control stated in the Guidance Note o n Audit of Internal Financial Conbols Over Financial Reporting issued by the Institute of Chartered Accountants of India.