Trust Fintech Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED STANDALONE FINANCIAL STATEMENTS OF TRUST

FINTECH LIMITED

The Board of Directors Trust Fintech Limited

11/4, Infotech Park, Gayatri Nagar, Nagpur 440022

Independent Auditors Examination Report on Restated Financial Statements in connection with the proposed Initial Public Offering on SME Platform ("IPO" or "SME IPO") of Trust Fintech Limited (Formerly Known as Trust Systems and Software (I) Private Limited)

Dear Sir,

1. This report is issued in accordance with the terms of our agreement dated 07 January, 2024.
2. We have examined, the attached Restated Financial Statements, expressed in Indian Rupees in Lakhs of Trust Fintech Limited (Formerly Known as Trust Systems and Software (I) Private Limited) (the "Company" or the "Issuer"), comprising:
1. the "Restated Statement of Assets and Liabilities" as at September 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021;
2. the "Restated Statement of Profit and Loss" for the period ended September 30, 2023, for years ended March 31, 2023, March 31, 2022 and March 31, 2021;
3. the "Restated Statement of Cash Flows" for the period ended September 30, 2023, for years ended March 31, 2023, March 31, 2022 and March 31, 2021; and
4. the "Notes to the Restated Financial Statements" for the period ended September 30, 2023, for years ended March 31, 2023, March 31, 2022 and March 31, 2021;

(Hereinafter together referred to as the the "Restated Financial Statements"), as approved by the Board of Directors of the Company at their meeting held on 21 October, 2023 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP")/Red Herring Prospectus ("RHP")/ Prospectus prepared by the Company in connection SME IPO of NSE Limited ("NSE").

3. These restated summary statements have been prepared in accordance with the requirements of
1. Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act") as amended from time to time;
2. Paragraph (A) of Clause 11 (I) of Part A of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended to date (the "SEBI ICDR Regulations") issued by the Securities and Exchange Board of India (the "SEBI"); and
3. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

Managements Responsibility for the Restated Financial Statements

4. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for the purpose of inclusion in the Draft Red Herring Prospectus/Red Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), SME platform of stock exchanges NSE Limited ("NSE") , BSE Limited ("BSE") and Registrar of Companies (Mumbai), where the equity shares of the Company are proposed to be listed

("Stock Exchanges"), in connection with the proposed IPO. The Restated Financial Statements have been prepared by the Management of the Company in accordance with the basis of preparation stated in Note 2 forming part of ‘Significant Accounting Policies of the Restated Financial Statements.

The Board of Directors of the Company is responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. The Board of Directors of the Company are also responsible for identifying and ensuring that the Company complies with the Act, the ICDR Regulations and the Guidance Note.

Auditors Responsibilities

5. We have examined such Restated Financial Statements taking into consideration:
1. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 08 December, 2023 in connection with the proposed SME IPO of equity shares of the Company;
2. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
3. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements; and
4. The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the proposed IPO of equity shares of the Company.
6. These Restated Financial Statements have been compiled by the Companys management from:

Audited special purpose interim financial statements of the Company as at and for the period ended September 30, 2023 prepared in accordance with the Accounting Standards as applicable, and the presentation requirements of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 (IGAAP) which was approved by the Board of Directors at their meeting held on 24 October, 2023 and

Audited Financial Statements of the Company as at and for years ended March 31, 2023, March 31, 2022 and March 31, 2021, prepared in accordance with the IGAAP which has been approved by the Board of Directors at their meeting held on 31 August ,2023, 05 September, 2022 and 02 November, 2021 respectively.

7. For the purpose of our examination, we have relied on:

Auditors reports issued by M/s. Rodi Dabir And Company dated 24 October, 2023 on the special purpose Interim financial statements of the Company as at and for the three months period ended June 30, 2023, and

Auditors Report issued by M/s. Rodi Dabir and Company, dated 31 August, 2023, 05 September, 2022 and 02 November, 2021 on the financial statements of the Company as at and for the years ended March 31, 2023, March 31, 2022 and March 31, 2021 respectively, as referred in Paragraph 6 above.

Opinion

8. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Statements:
1. have been prepared after incorporating adjustments for the change in accounting policies, material errors and regrouping / reclassifications, if any, retrospectively in the financial years ended March 31, 2023, March 31, 2022 and March 31, 2021 to reflect the same accounting treatment as per the accounting policies and grouping / classifications followed as at and for the three months period ended September 30, 2023.
2. does not contain any qualifications requiring adjustments.
3. have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note.

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9. The Restated Financial Statements does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph 6 above
10. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued, nor should this report be construed as a new opinion on any of the financial statements referred to herein.
11. We have no responsibility to update our report for events and circumstances occurring after the date of the report

Restriction on Use

12. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document in connection with the proposed SME IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For Abhijit Kelkar and Company Chartered Accountants FRNNo:121920W

CA Kalpesh Bhute Partner

Membership No 178818

Place: Nagpur Date: 07/01/2024

UDIN: 24178818BKCYBF1728