EI\JAM & ASSOCIATES

Chartered Accountants
#J73 ,2"d Floor, 22"d cross, 17tl' A Main, Sector-3 HSR Layout, Bangalore - 560102
Mob 9 9 I 6 3 -8 9 8 8 0 ; E-Mai I hithi rumal esh@gmail. com
: :

INDBPENDENT AUDITORS' REPORT

To

The Members of M/s. Lincode Labs India private Limited,

Bangalore.

Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of M/s Lincode Labs India private
Limited ("the Company'), which comprise the balance sheet as at March 31, 2024, and the
Statement of Profit and Loss for the year then ended, and notes to the financial siatements,
including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required bythe Companies Act,lOB (.Act;) in
the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in Indi4 of the state of affairs of the Company as at March 31,2024, its profit
for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified under section 143
( 1 0) of the Companies Act, 2013. 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 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 responsibiliiies 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.

Key audit matters

Key audit matters are those matters that, in our professionaljudgment, 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.

Reporting of key audit matters as per SA 701 is not applicable to the Company as it is an unlisted
company.
 Informationotherthanthefinancialstatementsandauditors' reportthereon

The company's board of directors is responsible for the preparation of the other information.The
other information comprises the information included in the Board's Report including Annexures
to Board's Report, Business Responsibility
Reportbutdo esnotincludethefinanci al statements andourauditor' sreportthereon.

Our opinion on the financial statements does not cover the other information and we do
notexpres s anyformo fas suranceconclusi onthereon.

In connection with our audit of the financial statements, our responsibility is to read the
otherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwith
the standalone financial statements, or our knowledge obtained during the course of
ourauditorotherwi seapp earstobemateri al lymi s stated.

If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthis other
information, we are required to report that fact. We have nothing to report in thisregard.

Management' sresponsibilityforthefinancialstatements

TheCompany'sboardoftlirectorsareresponsible for the matters stated in section 134 (5) of the Act
with respect to the preparation of these flnancial statements that give a true and fair view of
thefinancialposition,financialperfofinance of the Company in accordance with the accounting
principles generally accepted in India, including the accounting standards specified under section
133 of the Act. This responsibility also includes maintenance of adequate
accountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingoftheassets 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 intemal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing 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 are also responsible for overseeing the Company's financial reporting
process.

Auditor' sresponsibilitiesfortheauditofthefinancialstatements

Our objectives are to obtain reasonable assurance about whether the 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 a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstaternents ise from fraud or error and are consideredmaterialif,individually or in
the aggregate, they ly be expected to influence the economic decisions of users taken
on the basis of
 As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

o Jdentify and assess the risks of material misstatement of the financial

statements, whether
duetofraudOrer0r,designandperformauditproceduresresponsivetothoserisks,and
obtain audit
evidence that is sufficient and apprbpriate to piovide a basis
for
Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanfor
our opinion.
one resulting
from elror, as fraud may invorve collusion,
forgery,intentionalomissions,misrepresentations,ortheovlrrideofinternalcontrol.

o Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditprocedures
that are appropriate in the circumstances. Under section 143(3)(i) of th"Co.panies
Act,
2013, we are also responsible for expressing our opinion on whether'tir!"o-pu.ry
has adequate
internal financial controls system in place and the operatingeffectivenessofsuchcontrols

o Evaluate the appropriateness of accounting policies used and the reasonableness

ofaccountingestimates andrel ateddi sclo suresmadebynnanagement.

t Conclude on the appropriateness of management's use of the going concem basis

ofaccounting and, based on the audit evidence obtained, a material
'irh"tfr".
uncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany,sab
ilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearer"qrri."dt
odrawattentioninourauditor'sreporttotherelateddisclosuresinthefinancial statements or, if
such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the
audit evidence obtained up to the date of our auditor'sreport. However, future events or
conditions may cause the Company to cease tocontinue asagoingconcern.

o Evaluate the overall presentation, structure, and content of the financial

statements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlying
transactions andeventsinamannerthatachievesfairpresentation.

Materialityisthemagnitudeofmisstatementsinthe financial statements that, individually or in

aggregate,makesitprobablethattheeconomicdecisionsofareasonablyknowledgeable user of the
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 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, includin g any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with govemance 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-financial
statements of the cuffent 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 extremel y rarecircumstances, we
determine that amatter 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
suchcommunication.

Report on other legal and regulatory requirements

1' AsrequiredbytheCompanies(Auditor'sReport)O rder,2020("theorder,,),issuedbythe Central

Government of India in terms of sub-siction ( 1 ) of sectio n 143 of tt
1
3,we
"Co*paniesAct,201
themattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.

2. AsrequiredbySection I 43 (3 )oftheAct,wereportthat:

(a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledge
andbeli efwereneces s aryforthepurpo s eso fouraudit.

(b) Il our opinion, proper books of account as required by law have been kept by
thecompanyso farasitapp earsfromourexaminationo ft hoiebooks
i
(c) Thebalancesheet,thestatementofprofitandlossstatementdealtwithbythisreportareinagreement
withthebookso faccount;

(d) In our opinion, the aforesaid financial statements comply the with
accountingstandardsspecifiedundersectionl33oftheAct,readwithruleToftheiompanies(Acco
unts) Rul es,20 7 4, as arnend ed fromtim etotime
;

(e) On the basis of_the written representations received from the directors as on March3
I,2024,
taken on record by the board of directors, none of the directors isdisqualified as on March
37,2024, from being appointed as a director in terms ofSectionl64(2)oftheAct;

(f) Withrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreporting the of

Company and the operating effectiveness of such controls, refer toour separate report in
"Annexure B".
Qur report expresses an unmodified opinionon the adequacy and opirating
effectiveness of the Company's intemal financialcontrolsoverfinancialreporting.

(g) WithrespecttotheothermatterstobeincludedintheAuditor'sReportinaccordancewithRulel 1ofth

eCompanies(AuditandAuditors)Rules,20l4,inouropinion and to the best of our information
and according to the explanations giventous;

a. TheCompanydoesnothaveanypendinglitigationswhichwouldimpactitsfinancialposition.

b. TheCompanydidnothaveanylong-
termcontractsincludingderivativecontractsforwhichtherewereanyrnaterialforeseeableloss

untswhichwererequiredtob etransferredtothelnvestorEducationandProte
 d. Themanagementhasrepresentedthat,tothebestofitsknowledgeandbelief,otherthanasdisclo
s edinthenotestotheaccounts,

i. no funds have been advanced or loaned or invested (either fromborrowed funds or

share premium or any other sources or kind offunds) by the company to or in any
other person or entity, includingforeign entities 'Intermediaries', with the
understanding, whetherrecorded in writing or otherwise, that the Intermediary shall,
whether,directlyor indirectlylend or invest in other personsor
entitiesidentifiedinanymannerwhatsoeverbyoronbehalfofthecompany'Ultimate
Beneficiaries' or provide any guarantee, security or the
likeonb ehal fo ftheUltimateB enefi ci ari es ; and

ii. no funds have been received by the company from any

person(s)
orentity,includingforeignentities'FundingParties',withtheunderstanding, whether
recorded in writing or otherwise, that
thecompanyshall,whether,directlyorindirectly,lendorinvestinotherpersons or entities
identified in any manner whatsoever by or onbehalf of the Funding Party 'Ultimate
Beneficiaries' or provide anyguarantee, securityorthel ikeonbehalfo f
theUltimateBenefi ciaries.

iii. Basedonauditprocedurescarriedoutbyus,thatwehaveconsideredreasonableandappropri
ateinthecircumstances,nothinghascometooumoticethathascausedustobelievethattherep
resentationsundersub-clause(i)and(ii)containanymaterialmisstatement.

e.
i. Accordingtotheinformationandexplanationsgiventousandonthebasisofourexamination
o ftherecordsoftheCompany,thecompanydidnotdeclareanyfi naldividendpropo sedinthe
previousyear, hence the provisions of Section 123(l) of the Companies
Act,20 1 3isnotapplicable.

ii, Accordingtotheinformationandexplanationsgiventousandonthebasisofourexamination
oftherecordsoftheCompany,thecompanydidnotdeclareanyinterimdividendduringtheye
arhencetheprovisionsofS ection 1 23 (3 )oftheActisnotapplicable.

iii. Accordingtotheinformationandexplanationsgiventousandonthebasis of our

examination of the records of the Company, The Boardof Directors of the Company
have not proposed any final dividendforthe year.

For ENJAM & ASSOCIATES

Chartered Accountants
Firm Registration No: dt

Enjam Thirumalesu
Proprietor
MembershipNo.234214
UDIN : 242 3 421,48 J ZZCT 289 4
Place : Bangalore
Date: 2"d September ,2024
Annexure"A"tothelndependentAuditor'sReportofM/s Lincode Labs India Private Limited

R^eferredto in paragraph 1 under 'Report on other legal and regulatory requirements' of ourreport
of even date to the financial statements of the.orpuny for the yeu..nd.d March 31,2024"

i. InrespectoftheCompany'sProperty,PlantandEquipmentandlntangibleAssets:
a. In our opinion and according to the information and explanations given to us,
theCompanyismaintainingproperrecordsshowingfullparticulars,includingquantitative
details and situation of property, plant, and equipment. The
Companydoesnothaveanyintangibleassets.
b. Theproperty,plantandequipmentoftheCompanywerephysicallyverifiedbythemanagement
during the year. According to the information and explanations given
tousandasexaminedbyus,nomaterialdiscrepancieswerenoticedonsuchverifi cation.
c. In our opinion and according to the information and explanations given to us,
thecompany does not have any immovable property. Therefore, parugraph 3 (i) (c)
o ftheOrderis notapplicable.
d. TheCompanyhasnotrevalueditsproperty,plant,andequipment(includingrightofuse asset)
during the year. Accordingly,paragraph 3 (i) (d) of the Order is notapplicable.
e. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thereare no
proceedings initiated or are pending against the Company for holding anybenami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)and rules made
thereunder. Accordingly, paragraph 3 (i) (e) of the Order is notapplicable.

ii.
a. TheCompanyisaninvestmentcompany;accordingly,itdoesnotholdanyphysicalinventories.
Accordingly, paragraph 3(ii) of the companies (Auditor's
Report)Order,2 02 0isnotapplicabletothecompany.

b. TheCompanyhasnotbeensanctionedworkingcapitallimitsinexcessoffivecrorerupees,inag
gregate,frombanksorfinancialinstitutionsonthebasisofsecurityofcurrentassetsatanypointo
ftimeduringtheyear.Accordingly,paragraph3(ii)(b)oftheorderisnotapplicable.

l1l. Inouropinionandaccordingtoinformationandexplanationgiventous,theCompanyhas not made

investments inl provided any guarantee or security/ granted any loans oradvances in the
nature of loans, secured or unsecured to companies, firms,
LimitedLiabilityPartnershipsorotherparties.Accordingly,paragraph3(iii)oftheOrderisnotappli
cable.

lv. In our opinion and according to information and explanation given to us, in respect
ofloans,investments,guarantees and security, the Companyhas compliedwith
theprovisionsofsections 1 85andsection 1 S6oftheCompaniesAct,20 1 3.

In our opinion and according to the information and explanations given to us, theCompany
has not y deposits or amounts which are deemed to be
depositsduringt n gly,p ar agraph3 (v) o fthe Ord eri sno t app li cab 1 e.
 vl. The Central Government of India has not prescribed the maintenance cost of
recordsundersub-
section( 1 )ofsection 1 48oftheActforanyoftheactivitiesofthecompanyandaccordinglyparagraph
3 (vi)oftheordorisnotapplioable.

vll. In respect of Statutory dues, in our opinion and according to the information
andexplanations giventous :

a. Amounts deducted/ accrued in the books of account in respect of undisputedstatutory

dues including goods and services tax, provident fund, employees' stateinsurance,
income-tax, sales-tax, service tax, duty of customs, duty of excise,value added tax,
and other material statutory dues have been
general I yre gul arlydepo sitedduringtheyearbythe Companywiththe
appropri ateauthorities.
b. Noundisputedamountspayableinrespectofgoodsandservicestax,providentfund,
employees' state insurance, income-tax, sales-tax, service tax, duty
ofcustoms,dutyofexcise,valueaddedtax,cessandothermaterialstatutorydueswereinarre
arsasatMarch3l,2}24foraperiodofmorethansixmonthsfromthedatetheybecamepayabl
e.
c. There are no statutory dues referred to in sub-clause (a), which have not
beendepositedonaccountofdispute.

vI11. Inouropinionandaccordingtotheinformationandexplanationsgiventous,therearenotransaction
snotrecordedinthebookso faccountthathavebeensurrenderedor
disclosedasincomeduringtheyearinthetaxassessmentsunderthelncomeTaxAct,l9il$3of1961).
Accordingly,par agr aph3 (vi ii)oft heOrderisnotapplicable.

lx, lnouropinionandaccordingtotheinformationandexpl anations giventous,

a, The company has not taken any loans or borrowings during the year,
ac c ord in lyp ar a gr aph3 (i x ) o ft h e Ord eri snotappl i cab I e.
g

b. The Company has not been declared wilful defaulter by any bank or
alinstitutionorgovernmentoranygovemmentauthority.
fi nanci
c. The Company has not taken any term loan during the year and there are
nooutstanding term loans at the beginning of the year and hence, reporting
underclause3 (ix)(c)oftheOrderisnotapplicable.
d. OnanoverallexaminationofthefinancialstatementsoftheCompany,noshort-
termfundswereraised andutilizedfor long
termpurpo ses. Accordi ngly,p ar agraph3 (ix)(d)oftheOrderisnotapplicable.
e. Thecompanydoesnothaveanysubsidiariesandhence,reportingunderparagraph3(ix)(e)o
ft heOrderi snotappli cable.
f, The Company has not raised any loans during the year and hence reporting
onclause3 (ix)(f)oftheOrderisnotapplicable.
x.
In our opinion and according to the information and explanations given to us,
theCompany has not raised any money by way of initial public offer or further
publicoffer (including debt instruments) during the year. Accordingly, paragraph 3 (x) (a)
oftheO icable.
b. In our ing to the information and explanations given to us,
theC referential allotmentorprivateplacemento fsharesorconvertib
:2&1214
ttenorlare / .*
 le debentures (fully, partly, or optionally convertible) during the
year. Accordingly,paragraph3 (x) (b) o ftheorderi snotappli cabl e.

x1.
a' To the best of our knowledge and according to the information and
explanationsgiventous,nofraudbytheCompanyomomaterialfraudontheCompanybyanype
rsonhasbeennoticedorreportedduringtheyear.Accordingly,paragraph3(xi)
(a) oftheOrderisnotapplicable.
b. No report of section 143 of the Companies Act has
under sub-section (12)
beenfiledinFormADT-4asprescribedundemrlel3ofCompanies(AuditandAuditors)
Rules, 2014 with the Central Government, during the year and up to thedateofthis
report.
c. To the best of our knowledge and according to the information and explanationsgiven
to us, no whistle-blower complaints, have been received by the Companyarrirgtt
"year.
xl1. TheCompanyisnotaNidhiCompanyandaccordingly,Paragraphs3(xii)oftheOrderis
notapplicable.

xiii. In our opinion and according to the information and explanations given to us,
with the related parties are in compliance with sectio n I7i and 188 of
thetransactions
theAct. Where applicable, the details of such transactions have been disclosed in
thefi nancial statements asrequiredbytheappli cableaccountingstandards.

xlv. In our opinion and according to the information and explanations given to us,
thecomp anyi snotrequiredtoappointaninternal
auditorundersectionl38ofCompaniesAct,20l3.Accordin gly,paragraph3(xiv)oftheOrderisnot
applicable.

xv. In our opinion and according to the information and explanations given to uS,
theCompanyhasnotenteredintonon-
cashtransactionswithdirectorsorpersonsconnectedwiththem.Accordingly,paragraph3(xv)ofth
eOrderisnotappli cabl e.

xvl.
a. In our opinion and according to the information and explanations given to
us, theC ompanyi snotrequiredtoberegi steredunders ection45 -
IAoftheReserveBankoflndiaAct 1 93 4.
b. In our opinion and according to the information and explanations given tous,the
Company has not conducted any Non-Banking Financial or Housing Financeactivities
without a valid Certificate of Registration (CoR) from the Reserve
Banko flndiaaspertheReserveB ankoflndiaAct,T 93 4.
c. In our opinion and according to the information and explanations given to us,the
Company is not a Core Investment Company (CIC) as defined in theregulations
made by the Reserve Bank of India. Accordingly, paragraph 3 (xvi)
(c) o ftheOrderi snotapplicable.
d. In our opinion and according to the information and explanations given to
us,theCompanyisnotaCorelnvestmentCompany(CIC)anditdoesnothaveanyothercomp
aniesintheGroup.Accordingly,paragraph3(xvi)(d)oftheorderisnotapplicable.
xvtl. TheCompan lo ssesinthefi nanci alyearandintheimmediatelyprecedingfi na
ncialyear.
 xviii. There has been no resignation of the statutory auditors during the year.
Accordingl y,p ar agr aph3 (xviii) o ftheOrderi snotapplicabl e.

xix, Inouropinionandaccordin$otheinformationandexplanati6nsgiventousandonthebasisofthefin
ancialratios,ageingandexpecteddatesofrealisationoffinancialassetsand payment of financial
liabilities, other information a..o*parrying the
financialstatements,ourknowledgeoftheboardofdirectorsandmanagementplans,therearenoma
terialuncertaintyexistsasonthedateoftheauditreportthatCompanyisnotcapibleof meeting its
liabilities existing at the date of balance sheet as and when they fall
duewithinap eriodo foneyearfromtheb al ancesheetdate.

Asthecompanyisnotrequiredtocomplywithsectionl 3 5oftheCompanies Act,2013 ,paragraph3(

xx) o ft heOrderisnotappli cable.

xxl. In our opinion and according to the information and explanations given to us,
theCompanydoesnothaveinvestmentsinsubsidiaries,/associatesorjointventure
compani es. Accordingly,p ar agr aph3 (xxi) o ftheOrderi snotappli cabl e.

For ENJAM & ASSOCIATES

Chartered Accountants
Firm Registration No: 019458q - -

W
Enjam Thirumalesu
Proprietor
MembershipNo.234214
UDIN : 242 342[4BJZZCT 289 4
Place : Bangalore
Date :2"d September,2024
 Annexure'oB"tothelndependentAuditoro sReport
(Referedtoinparagraph2(f)under'Reportonotherlegalandregulatoryrequirements,secti0n
ofourreporttotheMembersofM/s Lincode Labs Iidia priiate
timitedofevendate)

Reportontheinternalfinancialcontrolsoverfinancialreportingunderclause(i)ofsub-
section3 ofsection 1 43 oftheCompaniesAct,20 1 3 (,,theA;1,,)

wehaveauditedtheintemalfinancialcontrolsoverfinancialreportingofM/s
Lincode Labs India private
Limited("the company") as at March 37, 2024, in conjunction with our audit of the
fi nanci al statementso ft he c ompanyfortheyearendedonthatJate.

Management'sresponsibilityforinternarfi nanciarcontrors

TheBoardofdirectorsoftheCompanyisresponsibleforestablishingandmaintaininginternal
financial
controls based on the internal control over financial reiorti"g
established by the
".it".i;
CompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteon
Audit of
Internal Financial controls over Financial Reporting issued by the Institute
Accountants oflndia.Theseresponsibilitiesincluaeihedeslgn,implemlntationand
of Chartered
maintenance of
adequate internal financial controls thatwereoperatinleffectivelyforensuringthe
orderly and
efficient conduct of its business, the safeguarding of its assets, the preventionand
detection of
frauds and errors, the accuracy and completenJss of the accounting
records,and the timely
preparation of reliable financial information, as required under the
CompiniesAct,2013.
Auditors' responsibility

o^ur responsibility is to express an opinion on the intemal financial

controls over financialreporting
9f ^th9 Company based on our audit. We conducted our audit in accordance with
theGuidanceNoteonAuditoflnternalFinancialControlsOverFinancialReporting(the,,Guidance
Note,,)
issued by the Institute of Chartered Accountants of India and the standardin
auditing prescribed
under Section 143 (10) of the Companies Act,2013, to the extentapplicable to an
audit of intemal
financial controls- Those standards and the guidance noterequire that we comply with
ethical
requirements and plan and perform the audit to obtain reasonabli assurance about
whlther adequate
internal financial controls over financial reporting were established and maintained and
if such
controls operated effectively in all material respects.

our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system over financial reporting and their operating effectivenlss.
Our
audit of internal financial controls overfinancialieportingincludedobtaininganunderstanding of
internal financial controls over financial reporting, assessing the risk that i material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control
based
ontheassessedrisk.Theproceduresselecteddependontheauditor'sjudgement,includingthe assessment
of the risks of material misstatement in the financial statements, whether due to fraud orerror.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasis for our

audit opinion on the Company's internal financial control system over financialreporting.
 Meaning of internal financial controls over financial reporting

A company's internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company's internal financial control over financial reporting includes those policies and procedures
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorisations of management and directors of
the company; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the company's assets that could have a material
effect on the financial statements.

Inherent Limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls over financial reporting, including
the possibility of collusion or improper management of override of controls, materialmisstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future periods are subjectto the risk that the
internal financial control over financial reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and according to the information and explanations given to us, the Company has, in
all material respects, an adequate internal financial control system over financial reporting and such
internal financial controls over financial reporting were operating effectively as at March 31,2024,
based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.

For ENJAM & ASSOCIATES

Chartered Accountants
Firm Registration No: 0[

Enjam Thirumalesu
Proprietor
MembershipNo.2342I4
UDIN : 2 423 421 4B J ZZCT 289 4
Place : Bangalore
Date : 2'd September,2l24
 {_tF*c### L&ffi# nruffi,A p,q&v&yffi LI!l*fi?ffiffi
N*'7*14fi1' &ttt Fr**r, grig#d€-*pus, K*digeh&rii &saiil R$*rJ. F{ebb#t,ffifinsei*ro-$s*
093
gpTCl
CIN: U74999KA201 23058
BALANCE SHEET AS AT 31ST MARCH, 2024

Amounts in Hundreds
PARTICULARS

) Share Holders' Funds

(a) Share Capital
1 0,000.00
(b) Reserves and Surplus
-'1,31,096.08
(c) Money received against share warrants

Share application money pending allotment:

Non-Current Liabilities
(a) Long-Term Borrowings
(b) Deferred Tax Liabitity
(c) Other Long-Term Liabilities
(d) Long Term Provisions

Current Liabilities
(a) Short Term Borowings
2,04,940.22 2,19,656.90
(b) Trade Payabtes
Total Outstanding dues of micro enterprises and small enterprises
Others
15,778.84 34,414.44
(c) Other Current Liabilities
76,274.66 85,624.95
(d) Short Term Provisions
2,314.71 2,375.42

TOTAL

) Non Current Assets

(a) Property,plant and Equipment
(i) Tangible Assets
1,209.87 1,370.87
(ii) lntangible assets
(iii) Capital work-in-progress
(iv) lntangible assets under development
(b) Other Non Current Assets
49,242.62 62,610.15
(c) Deferred tax assets (net)
109.07 50.60
(d) Long term loans and advances

(2) Gurrent Assets 64,031.62

(a) lnventories
(b) Trade Receivables
(c) Cash and cash equivalents 1,15,738.32
(d) Other Current Assets 15,530.21
10,801.74

TOTAL

accompanying notes are an art of financial statements

Per our report of even date

For and on behalf of the board
For ENJAM & ASSOCTATES
LINCODE LABS INDIA PRIVATE LIMITED
Chartered Accountants
t\\
Firm Reg No. 0194685
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M.No:Zi4?14 RA"'ESH KRISHNASWAMY IYENGAR

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Director
ENJAM THIRUMALESU
DIN:02188979
Proprjetor
n
lCAl M.No.234214 ,t:lV
uorN:{4Q 3 t+atb. B:t zzffFlk /ffi,\
Date:2nd September,2024
U
RITIKA NIGAM
Place. Bangalore
Direclor
DIN:06476351
 LlNfrfrffiffi *-AffiS lNMffi PRE\i&Tffi ilM'Tmm
No.7*l4f i, 4(h F,*pr, Srigrd*"#p**, Kodigohalli Main ffi*p*ct, l.lebbal, ffi a* ga i ore-$$S S$2
CIN:U74999KA201 9pTC1 23058
PROFIT AND LOS$ FOR THE PERIOD 2fi23-24

Amounts in Hundreds
PARTICULARS

1 INCOME FROM OPERATIONS

(a) Revenue from operations

(b) Other lncome 9,01,091.25

Total lncome

2EXPENSES

(a) Cost of materials consumed

(b) Purchase of traded goods
(c) Changes in inventories of finished goods, work_in_progess
and stock in trade
(d) Employee benefits expenses
6,03,964.28 5,93,145.1 8
(e) Finance Cost
391.96 295.37
(f) Depreciation and amortization expenses
681.00 599.73
(g) Other Expenses
2,38,333.87 2,91 ,823.92

Total Expenses

Profit before extraordinary item and taxes

Extraordinary ltem
Profit before tax
14,837.72

Tax Expense:
Less: (1) Current tax (MAT)
2,314.71
(2) Deferred Tax
-58.47
(3) Short provision of tax of earlier years
22.45
12,559.03
Add: (1) MAT Credit Entiflement
2,314.71
(2) Depreciation Adjustment A/C

Net profit for the period

Earnings per share - Basic & Diluted in t

: The accompanying not,es are an integral part ot tne fin-ancial statements

Per our report of even date

For and on behalf of the board
LINCODE LABS INDIA PRIVATE LIMITED

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RA^'ESH KRISHNASWAMY IYENGAR

lCAl M.No.234214
:a+a3kt I 4 B 5 zzcr tg 9l+
 LINGODE LABS INDIA PRIVATE LIMITED
No.70/401,4th Floor, Brigade-Opus, Kodigehalli Main Road, Hebbal,Bangalore-560 092
Cl N:U74999KA201 9PTC1 23058
Amounts in Hundreds
Note Notes Annexed to and Forming Part of Balance Sheet
As at As at
31st March 2024 31st March 2023
3

a. Authorisied Share Capital

100,000 Equity Shares of {10! each '10,000.00 10,000.00
b. lssued and Subscribed Capital
100,000 Equity Shares of t'l0/- each 10,000.00 10,000.00

Paid up Capital
1 00,000 Equity Shares of {1 0/- each 10,000.00 10,000 00

i) The Reconciliation of number of shares: No. of Shares

Number of shares at the beginning
Number of shares allotted during the year 1,00,000.00 1,00,000

Number of shares at the end 1.00.000 1,00,000

ii) The Reconciliation of share capital:
lssued and subscribed capital at the beginning
Add: Share Capital lssued 10,000 10,000

Share Capital at the end 1 0,000 1 0,000

The details of holding more than 5% of shares

No. of shares/ No. of shares/
% of Holding % of Holding
Name of the Share holders

Krishnaswamy lyengar 76,000 76,000

76 76
Ritika Nigam 8,000 8,000
8 8
Manjunath 6,000 6,000
6 6
Krishna Pratap 4,000 4,000
4 4
Manoj Kumar 4,000 4,000
4 4
Reddy 2,000 2,000
2 2
tne aetaits of Promoters holding
It.
I
No. of shares/ No. of shares/
I
% of Holding % of Holding
Name of the Promoter holder
Rajesh Krishnaswamy lyengar 76000 76,000
76 76
Ritika Nigam 8000 8,000
8 o

Manjunath P 6000 6,000

b 6
Krishna Pratap 4000 4,000
4 4
Manoj Kumar 4000 4,000
4 4
Yasoda Reddy 2000 2,000
2 2

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;)' A
 Amounts in Hundreds
As at As at
Note Notes Annexed to and Forming Part of Balance Sheet 3'tst March 2024 31st March 2023
4 RESERVES AND SURPLUS:
Surplus in statement of Profit and Loss
Opening Balance '1
,45,969.82 -1,60,104.10
Add: Net Profit transferred from statement of Profit and Loss 14,873.74 14,134.29

Closing Balance .1,31,096.08 -1,45,969.82

5 SHORT TERM BORROWINGS:

Manjunath P 80,400.00 94,400.00
Prathap Krishna 1,03,699.99 I ,1 1 ,700.00
Rajesh K I 2,405.93 1,918.27
Ritika Nigam 17,1 83.69 10,492.20
Credit Card(HDFC) 1,250.61 1,146.43
2.04.940.22 2,19,656.90

6 OTHER CURRENT LIABILITIES:

PT Payable 98.00 136.00
Salary Payable 34,875.43 34,848.43
TDS Payable 31,950,39 38,446.68
PF Payable '1
,837.50 2,512.50
Audit Fees Payble 300.00 200.00
Advance Received From Customers 7.213.35 9,481.35
76.274.66 85,624.95

7 SHORT.TERM PROVISIONS:
Provision for lncome Tax 2,314.71 2,375.42

9 Other Non Gurrent Assets

Rental Deposit 1,830.00 31,507.40
TDS Receivable 2,355.91 2,203.07
GST Receivable 45,056.71 28,899.68
49,242.62 62,610.15

10 CASH AND CASH EQUIVALENTS:

Cash on Hand 740.67 835.1 0
Axis Bank 7,916.01 1 ,989.17
HDFC Bank 5,412,90 2,684.36
lClCl Bank 12,940.58 10.02'1.59
27,010.',t6 15,530.21

11 OTHER CURRENT ASSETS

Salary Advance 298.32
MAT Credit 13.116.45 10.801 .74
13,414.77 10,801.74

\r&
 LINCODE LABS INDIA PRIVATE LIMITED
No.70/401, 4th Floor, Brigade-Opus, Kodigehalli Main Road, Hebbal,Bangalore-560 092
Cl N : U74999KA20'l 9PTC 1 23058
Amounts in Hundreds
Notes Annexed to and Forming Part of provisional profit & Loss As at As at
Note 31st March 31st March
Statement
2024 2023

12
Exports Sales 7,68,981.77 7,97 ,865.02
Local Sales 89,227.05 99,731.23
SEZ Sales 3,495.00
8,58,208.92 9,01,091.25

13
lSalaries, Wages and Bonus 5,69,813.6't 5,59,020.93
lrmptoyee lnsurance 8,'153.95 6,'159.38
'Software Development & Maintenance 12,584.91 14,430.54
Staff Welfare Expenses 13,411.81 13,534.33
6,03,964.2E 5,93,145.18

14 FINANCE GOSTS:
Financial Charges 391.96 295.37
391.96 295.37

15 OTHER EXPENSES:
Audit Fees 300.00 200.00
Business Promotion 8,611.51 40,271.12
Boarding & Lodging Charges 5,143.08 5,952.85
Consumables 88,394.11 88,582.24
Courier Charges 1,404.23 952.28
Freight Charges 521.41 192.60
Telephone & lnternet Charges 911.82 499.79
Power & Fuel 406.93 426.51
Office Rent&Work Stations 88,822.47 1,11,587.47
Professional Charges 4,585.00 15,823.86
Travelling Expenses 30,793.36 18,396.46
Office Expenses 1,848.24 2,361.63
Repairs & Maintanance 2,765.67
Rates and Taxes 394.95 137.23
Printing and Stationery 530.17 747.10
Misc Expenses 0.11 37.93
TDS Late payment Fees & lnterest 1,384.17 5j41.87
Fluctuation Loss I ,516.65 512.98

2,38,333.87 2,91,823.92

\.\&
LINCODE LABS INDIA PRIVATE LIMITED
No'70/401,4th Floor, Brigade-opus, Kodigehalli Main Road, Hebbal,Bangalore-560
0g2
CIN:U74999M20'l 9PTC123058

FIXED ASSETS:-

'angible Assets

1,467.80
641,23

Equipments 348.77
197.48

737.50
371 .15

are no intangible assets the Company

For LINCODE LABS INDIA PRIVATE L|M|TED

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RAJESH KRISHNASWAMY IYENGAR RITIKA NIGAM
Director Director
 LINCODE I.ABS INDIA PRIVATE LIMITED
No.70/401,4th Floor, Brigade-Opus, Kodigehalli Main Road, Hebbal,Bangalore-S60 092
CIN:U74999KA2019PT C123058

Notes to accounts fotming patt of the Financial Statements fot the yeat ended Match 3'1.r 2022
Cotpotate Infotmation
Lincode Labs India Private Lrmited is a Ptivate incorporated on 01 April 2079.\t is classified as Non-golt company
and is registered at Registrar of Companies, Bangalore.

2 Significant Accounting Policies

a) Basis of ptepatation
The financial statements of the Company have been prepared in accotdance with the Geneta\ Accepted Accounting
Principles in India (Indian GAAP), to comply in all material respects with the Accounting Standards specified under
Sectionl,33oftheCo's Act2013 readwrthRuleTof theCo's(Accounts)Rules2014andtherelevantprovisionsof
the Co's Act201,3. The financial statements have been prepared under the historical cost convention on an accrual
basis.

b) Use of estimates
The preparation of financial statements in conformrry wrth Indian Gi\r\P requires the managemeflt to make
judgments, estimates and assumptions that affect the reported amounts of revenues, exPenses, assets and liabilitres
and the disclosure of contingent liabilities, at the end of the reporung period. Although these estimates are based on
the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates
could resultin the outcomes requiringamaterial adjustment to the carrying amouflts of assets or liabilities in future
petiods.

c) Tangible fixed assets

Fixed assets are stated at cost, less accumulated depreciation and impatment losses if any. 'I'he cost comprises the
purchase price, borrowing costs if capitaltzaaon criteria are met and directly atributable cost of bringing the asset to
its working condition for the intended use.
Subsequent expenditure related to an item of fi-xed asset is added to its book value only if it increases the future
benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on
existing flxed assets, rncluding day-to-day tepair and maintenance expenditure and cost of replacing parts, 2re charged
to the statement of profit and loss for the period dunng which such expenses are incurred.
Gains or losses alsing from de recognition of fixed assets are measured as the difference berween the net disposal
proceeds and the carrying amount of the asset and are recognized in thc statement of profit and loss when the asset is
derecognized.

d) Depreciation
Depreciation on fi-xed assets is provided as per usefui Jife specified rn Schedule II of the Co's Act 2013. Depreciation
is calculated on a pro rata basis from the date of addition. On assets sold, etc during the year depreciation is provided
upto to the date of sale/discatd.

e) Revenue tecognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the
reveflue can be reliably measured and no srgruficant uncertainty exists regatding reahzation of the consideration.
Revenue for services rendered is recognized on accrual basis as related services are rendered.

\,\j?
 LINCODE LABS INDIA PRIVATE LIMITED
No.70/401,4th Floot, Brigade-Opus, Kodigehalli Main Road, Hebbal,Bangalore-S60 092
CIN:U74999KA2019PTC123058

Notes to accounts fotming patt of the Financial Statements fot the yeat ended March 31r2022
Foteign currency ff anslation
(i) Initial Recognition
Forergn crurency transactions are tecorded in the reporting currency, by applying to the foreign currency amount the
exchange rate between the teporting currency and the foreign currency at the date of the transactron.
(ri) Conversion
Foreign currency monetary items are reported using the closrng rate. Non-monetary items which arc ca:ried in terms
of historical cost denominated in a foreign cuffency are reported using the exchange rate at the date of the
transaction; and non-monetary items which ate carried at faja value or other similat valuation denominated in a
foreign cuffeocy are repotted using the exchange rates that existed when the values were determined.

(rii) Exchange Differences

Exchange diffetences atisrng on the settlement of monetary items or on repoting Company's monetary items of
Company at rates different ftom those at which they were initially recorded during the petiod are recognised as
income or as expenses in the period rn which they arise.

g) Income taxes
Tax expense comprises current and deferred tax.
Current income tax is measured at the amount expected to be paid to the tax authorities in accordance wrth the Indian
Income Tax Act, 1961 enacted in India. Deferred income taxes reflects the rmpact of timing differences between
taxable income and accounting income for the year orig,inating during the current year and reversal of timing
differences for the earlier years.

Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date.
Defered tax assets ate recognised for deducuble timing differences only to the extent that there is reasonable
certainty that sufficient fuhrte taxable income will be available against which such deferred tax assets can be realised.
At each reporting date the Company re-assesses unrecognised deferred tax assets. It recognises unrecognised deferred
tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient
future taxable income will be available against rvhich such deferred tax assets can be realised.

h) Retitement and othet employee benefits

Retirement benefits in the form of provident fund is a defined contribution scheme and the contributions are charged
to the statement of profit and loss account for the yearwhen the contributions are due. There are no other obligations
other than the contribution payable to the respective funds. The company has no obligation, other than the
contribution payable to the provident fund.
Gratuity liabijity is a defined benefit obligauon are charged to the statement of Profit & Loss account for the year
when the contributions are due .

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 LINCODE LABS INDIA PRIYATE LIMITED
No.70/401,4th Floor, Brigade-Opus, Kodigehalli Main Road, Hebbal,Bangalore-S60 092
CIN:U74999KA2019PT C123058

Notes to accounts fotming patt of the Financial Statements fot the yeat ended March 31r 2022
i) Earnings/ (losses) per shate
Basic eatnings per shate are calculated by dividing the net profit or loss for the year attributable to equity shareholders
by thp weighted average number of equity shares outstandrng during the period.

For the Pu{pose of calculating diluted earnings per share, the net profit or loss for the year attributable to equrty
shareholders and the weighted average number of shares outstanding dunng the year are adjusted for the effects of all
dilutive potential equity shates.

f) Ptovisions
A provision is recognised when an enterprise has a present obtgation as a result of past event, it is probable that an
outflow of resources embodying economic benefits wrll be requued to setde the obligauon and a reliable estimate can
be made of the amount of the obligation. Provisions are flot discounted to its present value and are determined based
on best estimate requued to settle the obligauon at the reporting date. These are reviewed at each reporting date and
adjusted to reflect the current best estimates.

k) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence ud1 be confumed by the
occrurence or non-occnrrence of one or more uncertarn futute events beyond the control of the comparry or a
preseflt obligauon that is not recognized because it is not probable that an outflow of resoutces will be requred to
setde the obligation. A contingent Jiability also arises in extremely rare cases where there is a liabitty that cannot be
recognized because it cannot be measured rehably. The company does not tecognize a contingent liabdity but
discloses its existence in the financial statements.

l) Cash and cash equivalents

Cash and cash equivalents for the pulposes of ftnancial statemeflt comprise cash at bank and in hand .

\.\&
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 LINCODE LABS INDIA PRIVATE LIMITED
No.70/401, 4th Floor, Brigade-Opus, Kodigehalli Main Road, Hebbal,Bangalore-560 092
CIN : U74999KA201 9PTC123058
Notes forming part ofthe Financial Statements for the year ended March 31,2024
Amounts in Hundreds
m) Value of Imports -CIF basis 37-Mar-24 3l-Mat-23
Raw Materials Nil Nil
Components & spare parts Nit Nil
3apital Goods Nil Nrl

n) Expenditure in Foreign Currency 31-Mar24 3]-j[,.{at-23

Royalty/Iinow hou, Nil Nil
Professional fees Nil Nil
Intetest Nrl N11

Odrers such as travel etc N1i Nil

,) Indigenous & Imported Raw Materials, Spare 3L-lillar24 3L-Mar-23

Imported rarv materials, spare parts & Nil Nil
Indigenous rarv materials, spare parts & Nil Nil
Total
Percentage of imrrorted to total cor:sumDtiol Nit Nil
Pcrccntagc of indiqcnous to total consrunDtiorl Nil Nrl

p) Remittances of dividends in foreign 37-Mar-24 31-Mat-23

Diridends remitrcd in foreign currcncics m thc Nil Ni1
Total numbcr of non-resident shareholders N1l Nil
Total number of shares held by non-rcsidcnts N1l Nil
Year to which the dir.idends related Nil N1l

q) Eamings in Foreign Currency : 31-Mar-24 3I-Mat-23

Commission income Nil Ni
Export of Goods on Il.O.R basis Nil N1l
Sen.ice s 7,68,982 7.97.865
Itoyalty/Knorv how Nil Nil
Professional fecs N11 Nrl
Interest & dividcnd NiI Nil
Sthers Incomc etc N1l Nil
fotal Nil Nil

r) Related party Disclosures

Related Parties and their
Description of
Name of Related Party
relationship
Raiesh Kdshnaswarnv I1,gasa1 Director
Ihtika Nigam 1)ircctor
Maniunath P Director
I(rishna Pratarr Dtrcctor
Lincode Labs Inc Common Managemcnt

ii) The transactions with Related Parties

Nature of Transaction 3L-Mar-24 31-Mar-23
Remuneration to Mr. Rajesh Krishnaswamy Iyengar 42,000.00
Remuneratron to Mrs.Ritika Nigam 30,000.00 30,000.00
Sales to Lincode Labs Inc 7.52.678.80 5.37,536.55

xi) Balances to Related

Name of Related Partv 3l-Mat-24 3l-Mar23
Due to lr{anjunath P 80,400.00 94,400.00
Due to Rajesh K I 2,405.93 1,918.2"/

Due to Ritika Nigam 77,183.69 10,492.20

Due to Prathap Krishla 1,03,699.99 1,1 1,700.00

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, qlP

M.it0:2:[i$2i4
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v
3"( ,r*uo'-r*,
li' )n
 s Eamings\ (Loss ) per share :

Particulars 31-Mar-24 3l-Mar-23

{
Net Prolit /(I-oss ) after Tax 14,873.74 14.134.2c.
Number of Shares outstandiflg dunng the year 1,00.000.00 1,00,000.0{
Earnings/ (Loss) Per Share (R$ 01 0.14
\omirral Value o[Shrres (Rs) 1 1

t Contingent Liabilities Not Provided For - NIL

Estrmated Amount of Contracts remalnrng to bc executed on Capital accouflt, net of ach-ances & Not provicled lor -Nil

Sundry Crcditots rncludc Rs. Nil bcing tlrc total amount duc to Small Scalc Industral LJndcrtakings.

Segrncnt Reporbng-'lhs Company's busincss activit)' falls rvithin a singlc prirlary busincss scgrncnr md also thcrc is no significant
rcportable geographical scttncflt and hence disclosurc required by AS-17 does not arisc

Previous yeus ltgures have beea recasted/restated to conform to thc clnssification of thc current period

Z Figures are rounded off to the nearest rupees

Closing balances of debarrs, creditors and loans and advances are subject to confi{mation
^)
ab) fie Compaly has uief lstApril 2014 computed depreciation in accordance with the useful life of rhe asser as per sch II of the Co's Act
2013. As per Note I,.Jo.7 of Prt C of Schedule II of the Co's Act 2013, the crrying amounts of assets as at 1st Apil 2014 has been
depreciated as follo\is:

a) Catrying value of asslet has been depreciated over the remaining useful life of the asset aid recognised in the P&L a/c
b) In case whete the re4naining useful life of the asset is njl the crrying amormt of the asset aftet retaining the tesidual value has been
expensed in the Statdment of Profit & Loss.

ac) Transfer Pricing:

The Company has eltablished a comprehensive system of maintelance of infomation ard documents as required by the transfer pricing
legislation under sec{ions 92-92F of the Income Ta:i Act,l 961 . Since the larv required existence of such rnformation and documentation to
be contemporaneou$ in nature, the Company is in the process of updating the documentation for the mternational transactions entered
into with the associa]ted enterprises. T'he n:ranagement is of the opinion that its intemauonal transactions are at arm's length so that the
aforesaid legslatrr:n,ivrll not have arry'tmprct on the financial statcments, prticulady on the amount of ta-x expenses md that of provision
for tuation.

ad) Amounts due to Micro, Small & Medim

(a) Principal amt due and Iriterest amt due - Nil
ft) Interest u/s 16 of N{SMED Act 2006 and payment rnade beyond the appointed day- Nil
paid
(c ) Amount of interest due & payable for penod of delay now paid excl (b) abor.e- Nil
(d) Amount of interest accrued and remaining unpaid as at 31-3-2024- Nil .

(e) Amt of intetest rematlng due and payable until such date when thc interest ue acn:ally pard - NrJ

Per our report of even date

For ENJAM & ASSOCIATES For and on behalfofthe Board ofDirectors
Chrtered Accountants
Fimr Reg No. 0194685

\,\J)a-
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ENJANT'IHIRU}vL{LESU RAJESH KRISHNASS/AMY NIGA]
Proprietor I)ircctor
ICAI M.No.234214 DTN:02188979
uorN: )[]lhf I b g aLZCT ?gqF
Date:2nd Seprember,2024
Place: Bangalore
 LINCODE I.ABS INDIA PRIVATE LIMITED
No'70/401, 4th Floor, Brigade-opus, Kodigehalli Main Road, HebbalrBangalore -s60 0g2
CIN:U74999KA2019PTC123058

40,RATIO'S
Relevant Para ofthe CARO 2020 - 3(xix)

Explanation for Change in Ratio by

Particulars Numerator/Denominator March3l,2024 March 31,2022 Change in %o Morethan 257o as compared to
preceding year.

Ratro
Current Assets
lCurent 0.43 0.42 -2.620,',o
Currcnt Liabiliries

'lbtal Debts
lDebt-Equity Ratio -2.47 -2.52 't.l99i
Equity

Itetun on lJquiry Itatio Profit after Tax

-2.89''," -2.4lah -14.614,
Avcrage Sharchoider's F)qui ty

'lirtal'l-urnor.cr
Trade receiyables turno\rer ratio 2.11 1.92 -9. I 0!i,
Avcragc ;\ccount ]l.eceivablc

'l'otal Tunover
Net capital tunor-er ratio -5.00 -4.51 -9.ti89'o
Net Working Capital

Net proht ratio Net Proht

1 .73r.', 1.69"/" -2.26"i
Total'furnoyer

Rcturn on Capital employed EB]1'

-12.25. o -11.200 -8.6uo o
Capital Empbycd

\-\?
LINCODE LABS INDIA PRIVATE LIMITED
ASSESSMENT Yf,AR: 2024-25

DEPRECIATION AS PER I.T. TAX AC]"I96I

NAME OFTHE ASSET OPENNC IDDITIONS lnnnUcrr, TOTAL CLOSNG
Up lo
0+0c12023
31.03.2024
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
l.Computm 40 65 1.84 520.00 1,t-t t.84 364.74 807. I I

2.Elsrical Equipnots l0 82.85 82.8s 8.29 74.57

3.Fumiure & Piftitrgs l0 830.79 830.79 83.08 14'7.7t

TOTAL 1,565.49 520.00 2,085.19 456.r 0 r,629.39

\.\&
LINCODE LABS INDIA PRIVATE LIMITED

CALCULATION OF DEFERRED TAx AS ON 3,I.03.2024

as per books as on 31-03-2024

1,209.87

as per lT rules as on 31-03-2024 '1,629.39

Timing difference
419.52
Deferred Tax Liabitity @ 26%
-1 09.07

Asset to be withdrawn
109.07

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