Audited Financials Statement for the period 1.4.2025 to 15.10.2025 and Statement of Affairs as on 16.10.2025 and 31.3.206

SGN&CO CHARTERED ACCOUNTANTS Independent Auditor's Report To Trupal Kumar Patel (Liquidator) Ushdev International Limited (In Liquidation w.e.f 16.10.25) 1. Report on the Audit of the Standalone Financial Statements for the Financial Year Ended 31 March 2026, Including the Financial Statements for the Period Ended 15 October 2025 and the Statements of Affairs as at 16 October 2025 and 31 March 2026 We were engaged to audit the accompanying standalone financial statements of Ushdev International Limited ('the Company'), which comprise: (a) the Balance Sheet as at October 15, 2025, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flows for the period from April l, 2025 to October 15, 2025; (b) the opening Statement of Affairs as at October 16, 2025, prepared consequent to commencement of liquidation; (c) the closing Statement of Affairs as at March 31, 2026; (d) the Statement of Profit and Loss for the period from October 16, 2025 to March 31, 2026 and for the year ended March 31, 2026; and (e) the notes to the standalone financial statements, including material accounting policy information and other explanatory information. The above financial statements and Statements of Affairs are collectively referred to as the "Standalone Financial Statements". Part I- Financial statements up to October 15, 2025 The first part comprises the Balance Sheet as at October 15, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the period from April 1, 2025 to October 15, 2025, together with the related notes, including material accounting policy information and other explanatory information. These financial statements have been prepared on a going concern basis, considering that up to October 15, 2025 the Company continued to remain under the CIRP and the approved resolution plan was pending implementation. Accordingly, this part reflects the assets, liabilities, income and expenses of the Company on the basis applicable immediately before commencement of liquidation. Part II-Statement of Affairs as at October 16, 2025 Pursuant to the order of the Hon'ble National Company Law Tribw1al admitting the Company into liquidation with effect from October 16, 2025, the going concern basis ceased to be appropriate from that date. Accordingly, the second part comprises the Statement of Affairs as at October 16, 2025, prepared on a liquidation basis of accounting as the Company is no longer considered a Going Concern. For determining the estimated realisable or liquidation values of assets, the Comp an ~---=c-=-­ Management has relied upon the asset valuation report furnished to and accepte dr:n. the Liquidator. For determining the estimated settlement amounts, classification" , presentation of liabilities and claims, the Company has relied upon the Stakeholder Office No. 78 7th Floor, Kalpataru Avenue Opp ESIS Hospital Akruli Road Kandivali East Mumbai Email - accounts@sgnco.in SGN&CO CHARTERED ACCOUNTANTS Consulting Committee List and the related claim records made available by the Liquidator. The Statement of Affairs as at October 16, 2025 represents the opening financial position of the Company under liquidation and includes the reclassification and restatement adjustments considered necessary on transition from the going concern basis to the non-going-concern basis, having regard to the applicable provisions of the Companies Act, 2013, applicable Indian Accounting Standards, the Insolvency and Bankruptcy Code, 2016 and the IBBI (Liquidation Process) Regulations, 2016. Part III - Statement of Affairs and financial results as at and for the period ended March 31,2026 The third part comprises the Statement of Affair~ as at March 31, 2026, the Statement of Profit and Loss for the period from October 16, 2025 to March 31, 2026 and for the year ended March 31, 2026, together with the related notes and explanatory information. As the Company continued to remain under liquidation as at March 31, 2026, the Statement of Affairs has been prepared on a liquidation basis of accow1ting. The values of assets have been carried or updated with reference to the asset valuation report furnished to and accepted by the Liquidator, together with subsequent realisations, recoveries and other movements up to the date of report. The liabilities and claims have been recorded or updated with reference to the Stakeholders Consulting Committee List and related claim records, together with subsequent admissions, revisions, accruals, payments and settlements up to the date of report, having regard to the applicable provisions of the Companies Act, 2013, applicable Indian Accounting Standards, the Insolvency and Bankruptcy Code, 2016 and the IDDI (Liquiuatiun Process) Regulations, 2016. Notwithstanding the commencement of liquidation, income continued to arise during the liquidation pe:rind fr.-1111 lht> Llpt'raiion, preservation, mana.gcmcnt and realisation of the Company's assets and activities, recovery of receivables and other incidental sources. At the same time, expenses continued to be incurred for maintaining and administering the Company, pr~s~rving and realising its assete, complying with statutory requirements and conducting the liquidation process. Accordingly, the Statement of Profit and Loss for the post-liquidation period records such income, orP.rating and admini~trative cxpr.n~r.~, liquidation-tdaltu t::x.pen!::e!::, and the adJUStments arising from the restatement of assets and liabilities on the liquidation basis having regard to the applicable provisions of the Companies Act, 2013, applicable Indian Accounting Standards, the Tnsolvency and Bankruptcy Code, 2016 and the IBBI (Liquidation Process) Regulations, 2016. 2. Disclaimer of Opinion We were engaged to audit the accompanying Standalone fmancial statements and Statement of Affairs of Ushdev International Limited ('the Company') for the financial year ended March 31, 2026. Having regard to the change in the status of e~ Company from the Corporate Insolvency Resolution Process ('CIRP') to liquid [?' <? du n. n g th e fi m anc1. a l year, th e accompanym. g stan d a I o ne fi m anc1. a1 statemf1 e t~~F .R :J. W ~* Office No. 78 71h Floor, Kalpataru Avenue Opp ESIS Hospital Akruli Road Kandivali East Mumbai Email-accounts@.§.gnco.in SGN&CO CHARTERED ACCOUNTANTS comprising the financial statements as at 15 October 2025 prepared on a going concern basis and the Statement(s) of Affairs prepared on a liquidation basis from 16 October 2025 onwards. We do not express an opinion on the accompanying Standalone Financial Statements of the Company, comprising the Balance Sheet as at 15 October 2025 prepared on a going-concern basis, the Statement of Affairs as at 16 October 2025 and 31 March 2026 prepared on the liquidation basis of accounting, and the related statements and notes. Because of the significance of the matters described in the "Basis for Disclaimer of Opinion" section and the Annexures to our report, we have uul been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these Standalone Financial Statements. 3. Basis for disclaimer of opinion During the period, the Company has incurred a Net loss of Rs. 1573.31 lakhs resulting into negative net worth ofRs. 3,22,333.14lakhs as at October 15,2025. The net cwTent liabilities stand at Rs. 3,28,133.34 lakhs as at October 15, 2025. Further we refer to Note 3 to the financial statements regarding a Corporate Insolvency Resolution Process (CIRP) initiated against the Company vide an order of the Mumbai Bench of National Company Law Tribunal (NCLT) dated May 14, 2018 under the provisions of Insolvency and Bankruptcy Code, 2016 ('Code'). Under the CIRP, Committee of Creditors (COC) in their meeting on June 24, 2021 voted in favour of Resolution Plan. NCLT vide its or [Showing first 8,000 characters — download PDF for full document]