Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 186

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 186
---
 consultancy services including but not limited to business planning, drafting of risk and compliance manuals, and assistance in sourcing talents.

We identified the accounting for revenue recognition as a critical audit matter due to the high variety of services included in corporate secretarial and regulatory consultancy service. This led to a high degree of auditor judgment, subjectivity and significant audit effort was required in performing procedures to evaluate management’s determination of distinct performance obligation that should be accounted for separately versus together and the timing of when revenue is recognized.

The primary procedures we performed to address this critical audit matter included:

| Ø | Obtained                                                                                  
 and understood the service agreements of corporate secretarial and regulatory consultancy 
 services provided;                                                                        |

| Ø | Performed                                                                                       
 walkthroughs of sales and purchase transactions to confirm the working flow of the key business 
 cycles;                                                                                         |

| Ø | Obtained                                                                                  
 and assess the reasonableness of revenue recognition memo including analysis of principal 
 versus agent along with the management’s conclusion;                                      |

| Ø | Tested                                                                               
 the mathematical accuracy of management’s calculations of revenue and the associated 
 timing of revenue recognized in the consolidated financial statements.               |

| Ø | Tested                                                                        
 the revenue cut-off test of a period before and after the balance sheet date. |

/s/ Simon & Edward, LLP

We have served as the Company’s auditor since 2022.

PCAOB ID: 2485

Rowland Heights, California

February 28, 2025

| F-2 |

<div align='center'>ENIGMATIG LIMITED (FORMERLY KNOWN AS DESFRAN HOLDINGS LIMITED)

CONSOLIDATED BALANCE SHEETS</div>

|                                                                                               |     |              As 
 of September 30 |           |     |           |           |   |     |      |           |   |
|                                                                                               |     |            2024 |           |     | 2023      
 (As       
 restated) |           |   |     | 2022 |           |   |
|                                                                                               |     |             US$ |           |     | US$       |           |   |     |  US$ |           |   |
| ASSETS                                                                                        |     |                 |           |     |           |           |   |     |      |           |   |
| Current assets                                                                                |     |                 |           |     |           |           |   |     |      |           |   |
| Cash and cash equivalents                                                                     |     |                 | 1,593,037 |