We have audited the accompanying
standalone financial statements of
B.R.Goyal Infrastructure Limited (“the
Company") which comprise the
Standalone Balance Sheet as at 31^st March,
2026, the Standalone Statement of Profit
& Loss, Standalone Statement of Cash
Flow of the Company for the year then
ended notes to the financial statements
including a summary of the significant
accounting policies and other explanatory
information (hereinafter referred to as
“standalone financial statements").

In our opinion and to the best of our
information and according to the
explanations given to us, the aforesaid
standalone financial statements give the
information required by the Companies
Act, 2013 (‘the Act'') in the manner so
required and give a true and fair view in
conformity with the Accounting
Standards (AS) prescribed under section
133 of the Act and other accounting
principles generally accepted in India:

a) In the case of the Balance Sheet, of the
state of affairs of the Company as at 31^st
March, 2026;

b) In the case of the Statement of Profit and
Loss, of the profit for the year ended on
that date and

c) In the case of the Cash Flow Statement,
of the cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit of the standalone
financial statements in accordance with
the Standards on Auditing (SA''s) and other
pronouncements issued by the Institute of
Chartered Accountants of India (‘ICAI'')
specified under section 143(10) of the Act.
Our responsibilities under those standards

are further described in the Auditor''s
Responsibilities for the Audit of the
Standalone Financial Statements section
of our report. We are independent of the
Company in accordance with the Code of
Ethics issued by the ICAI together with the
ethical requirements that are relevant to
our audit of the standalone financial
statements under the provisions of the Act
and the rules thereunder, and we have
fulfilled our other ethical responsibilities 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 on the standalone
financial statements.

Key Audit Matters

We have determined that there are no key
audit matters to communicate in our
report.

Information Other than the Standalone
Financial Statements and Auditor’s
Report Thereon

The Company''s Management is
responsible for the preparation of the
other information. The other information
comprises the information included in
management analysis, company
performance report but does not include
the standalone financial statements and
our auditor''s report thereon.

Our opinion on the standalone financial
statements does not cover the other
information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the
standalone financial statements, our
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
misstatement of this other information;
we are required to report that fact. We
have nothing to report in this regard.

Management’s Responsibility for the
Standalone Financial Statements

Management is responsible for the
matters stated in section 134(5) of the Act,
with respect to the preparation and
presentation of these standalone financial
statements that give a true and fair view
of the financial position, financial
performance and cash flows of the
Company in accordance with the AS
specified under section 133 of the Act and
other accounting principles generally
accepted in India.

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 for preventing and
detecting fraud 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 internal
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 statements
that give a true and fair view and are free
from material misstatement, whether due
to fraud or error.

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

Auditor’s Responsibilities for the Audit
of the Standalone Financial Statements

Our objectives are to obtain reasonable
assurance about whether the standalone
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.
Misstatements can arise from fraud 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 standalone financial
statements.

As part of an audit in accordance with SAs,
we exercise professional judgment and
maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of
material misstatement of the
standalone financial statements,
whether due to fraud or error,
design and perform audit
procedures responsive to those
risks, and obtain audit evidence
that is sufficient 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 control.

• Obtain an understanding of
internal financial controls relevant
to the audit in order to design
audit procedures that are
appropriate in the circumstances.
Under section 143(3)(i) of the Act,
we are also responsible for
expressing our opinion on whether
the Company has adequate
internal financial controls with
reference to standalone financial
statements in place and the
operating effectiveness of such
controls.

• Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting
estimates and related disclosures
made by management.

• Conclude on the appropriateness
of management''s use of the going
concern basis of accounting and,
based on the audit evidence
obtained, whether a material
uncertainty exists related to events
or conditions that may cast
significant doubt on the
Company''s ability to continue as a
going concern. If we conclude that
a material uncertainty exists, we
are required to draw attention in
our auditor''s report to the related
disclosures in the standalone
financial statements or, if such
disclosures are inadequate, to
modify our opinion. Our
conclusions are based on the audit
evidence obtained up to the date
of our auditor''s 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
standalone financial statements,
including the disclosures, and
whether the standalone financial
statements represent the
underlying transactions and
events in a manner that achieves
fair presentation.

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 control 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 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.

Report on Other Legal and Regulatory
Requirements

As required by the Companies (Auditor''s
Report) Order, 2020 (“the Order") issued
by the Central Government of India in
terms of sub-section (11) of section 143 of
the Act, we give in the “Annexure A", a
statement on the matters specified in the
paragraph 3 and 4 of the Order, to the
extent applicable.

As required by Section 143(3) of the
Companies Act 2013, we report that:

a) We have sought and obtained all the
information and explanations,
which to the best of our knowledge
and belief were necessary for the
purposes of our audit of the
accompanying standalone financial
statements.

b) In our opinion, proper books of
account as required by the law have
been kept by the Company so far as
appears from our examination of
those books.

c) The Balance Sheet, Statement of
Profit and Loss dealt with by this
report are in agreement with the
books of account.

d) In our opinion, the aforesaid
standalone financial statements
comply with the AS specified under
Section 133 of the Act.

e) We do not have any observation or
comment on the financial
statements or matters which have
any adverse effect on the
functioning of the Company.

f) We do not have any adverse
qualification, reservation or adverse
remark relating to the maintenance
of accounts and other matters
connected herewith.

g) On the basis of the written
representations received from the
directors and taken on record by the
Board of Directors, none of the
directors is disqualified as on 31^st
March 2026 from being appointed

writing or otherwise, that
the intermediary shall,
whether, directly or
indirectly lend or invest in
other persons or entities
identified in any manner
whatsoever by or on behalf
of the Company (‘the
Ultimate Beneficiaries'') or
provide any guarantee,
security or the like on
behalf the Ultimate
Beneficiaries;

b. The management has

represented that, to the
best of its knowledge and
belief , no funds have been
received by the Company
from any person or entity,
including foreign entities
(‘the Funding Parties''), with
the understanding,

whether 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 Funding Party
(‘Ultimate Beneficiaries'') or
provide any guarantee,
security or the like on
behalf of the Ultimate
Beneficiaries; and

c. Based on such audit

procedures performed as
considered reasonable and
appropriate in the
circumstances, nothing has
come to our notice that has
caused us to believe that
the management

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 declared

dividend of ^ 0.25 per share for

the year ended 31^st March 2026.

vi. Based on our examination,

which included test checks, the

Company has used accounting
software for maintaining its
books of account for the
financial year ended 31^st March,
2026 which has a feature of
recording audit trail (edit log)
facility and the same has
operated throughout the year
for all relevant transactions
recorded in the software.

Further, during the course of
our audit we did not come
across any instance of the audit
trail feature being tampered
with during the course of our

audit and the audit trail has
been preserved by the
Company as per the statutory
requirements for record
retention.

vii. As required by the Companies
(Amendment) Act, 2017, in our
opinion, according to
information, explanations
given to us, the remuneration
paid by the Group to its
directors is within the limits
laid prescribed under section
197 of the Act and the rules
thereunder.

For A B M S & Associates
Chartered Accountants
Firm’s Registration No.: 030879C

CA.(Dr.) Abhay Sharma
Partner

Membership No.: 411569
Date: 30^th May, 2026
Place: Indore

UDIN: 26411569JPTFFL2751

B.R.Goyal Infrastructure LimitedReport on the Audit of Standalone FinancialStatementsOpinion

We have audited the accompanying standalone financial statements of B.R.Goyal Infrastructure Limited ("the Company") which comprise the Standalone Balance Sheet as at 31^st March, 2025, the Standalone Statement of Profit & Loss, Standalone Statement of Cash Flow of the Company for the year then ended, notes to the financial statements including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (''the Act'') in the manner so required and give a true and fair view in conformity with the Accounting Standards (AS) prescribed under section 133 of the Act and other accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31^st March, 2025;

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SA''s) and other pronouncements issued by the Institute of Chartered Accountants of India (''ICAL) specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the

standalone financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities 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 on the standalone financial statements.

Key Audit Matters

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s Management is responsible for the preparation of the other information. The other information comprises the information included in management analysis, company performance report but does not include the standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our 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 misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management''s Responsibility for the Standalone Financial Statements

Management is responsible for the matters stated in section 134(5) of the Act, with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of

the financial position, financial performance and cash flows of the Company in accordance with the AS specified under section 133 of the Act and other accounting principles generally accepted in India.

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 for preventing and detecting fraud 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 internal 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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. Misstatements can arise from fraud 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 standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient 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 control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 control 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 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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Companies Act 2013, we report that:

a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit of the accompanying standalone financial statements.

b) In our opinion, proper books of account as required by the law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Statement of Profit and Loss dealt with by this report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the AS specified under Section 133 of the Act.

e) We do not have any observation or comment on the financial statements or matters which have any adverse effect on the functioning of the Company.

f) We do not have any adverse qualification, reservation or adverse remark relating to

the maintenance of accounts and other matters connected herewith.

g) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March 2025 from being appointed as a director in terms of section 164(2) of the Act.

h) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

i) With respect to the other matters to be included in the Auditor''s Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position as at 31^st March 2025 in its standalone financial statements -Refer Note 34 to the standalone financial statements;

ii. The Company did not have any longterm contracts including derivative contracts for which there were any material foreseeable losses as at 31^st March 2025;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company.

iv.

a. The management has represented that, to the best of its knowledge and belief , no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person or entity, including foreign entities (''the intermediaries''), with the understanding, whether recorded in writing or otherwise, that the

intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (''the Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief , no funds have been received by the Company from any person or entity, including foreign entities (''the Funding Parties''), with the understanding, whether 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 Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management 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 neither declared nor paid any dividend during the year ended 31^st March 2025.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended 31^st March, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with during the course of our audit and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

vii. As required by the Companies (Amendment) Act, 2017, in our opinion, according to information, explanations given to us, the remuneration paid by the Group to its directors is within the limits laid prescribed under section 197 of the Act and the rules thereunder.

For A B M S & Associates Chartered Accountants

Firm''s Registration No.: 030879C

CA. Abhay Sharma Partner Membership No.: 411569 Date: 29th May, 2025 Place: Indore

UDIN: 25411569BMHGCH1270

We have audited the accompanying standalone financial statements of B. R. Goyal Infrastructure Limited
(''the Company”) which comprise the Standalone Balance Sheet as at 31^st March, 2024, the Standalone
Statement of Profit & Loss, Standalone Statement of Cash Flow of the Company for the year then ended
notes to the financial statements including a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "''standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (‘the Act’) in
the manner so required and give a true and fair view in conformity with the Accounting Standards (AS)
prescribed under section 133 of the Act and other accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2024;

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing (SA’s) and other pronouncements issued by the Institute of Chartered Accountants of India
(‘ICAI’) specified under section 143(10) of the Act. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
ICAI together with the ethical requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical
responsibilities 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 on the standalone
financial statements.

Key Audit Matters

We have determined that there are no key audit matters to communicate in our report.

The Company’s Management is responsible for the preparation of the other information. The other
information comprises the information included in management analysis, company performance report but
does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our 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 materiallymisstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this regard.

IManagement’s Responsibility for the Standalone Financial Statements

Management is responsible for the matters stated in section 134(5) of the Act, with respect to the
preparation and presentation of these standalone financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with the AS
specified under section 133 of the Act and other accounting principles generally accepted in India.

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 for preventing and detecting fraud
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
internal 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 statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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 responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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.
Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient 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 control.

/ f

• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures thatare appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Company has adequate internal
financial controls with reference to standalone financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the standalone financial statements or, if such

¦ disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence
obtained up to the date of our auditor’s report. However, future events or conditionsmay cause
the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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
control 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 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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A”,
a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Companies Act 2013, we report that:

a) We have sought and obtained all the information and explanations, which to the best of our
knowledge and belief were necessary for the purposes of our audit of the accompanying standalone
financial statements.

b) In our opinion, proper books of account as required by the law have been kept by the Company
so far as appears from our examination of those books.

c) The Balance Sheet, Statement of Profit and Loss dealt with by this report are in agreement with the
books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the AS specified under
Section 133 of the Act.

e) We do not have any observation or comment on the financial statements or matters which have any
adverse effect on the functioning of the Company.

f) We do not have any adverse qualification, reservation or adverse remark relating to the
maintenance of accounts and other matters connected herewith.

g) On the basis of the written representations received from the directors and taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed
as a director in terms of section 164(2) of the Act.

SSnuN.

h) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to ourseparate
Report in “Annexure B''\

i) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11
of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best
of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position as at 31
March 2024 in its standalone financial statements - Refer Note 33 to the standalone financial
statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses as at 31 March 2024;

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the company.

iv.

a. The management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or securities
premium or any other sources or kind of funds) by the Company to or in any person or
entity, including foreign entities (‘the intermediaries’), with the understanding, whether
recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (''the Ultimate Beneficiaries’) or provide any guarantee, security or
the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any person or entity, including foreign entities
(‘the Funding Parties’), with the understanding, whether 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 Funding Party
(‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalfofthe
Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
management 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 neither declared nor paid any dividend during the year ended 31 March 2024.

vi. Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended March 31,2024 which
has a feature of recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software. Further, during the course of our
audit we did not come across any instance of the audit trail feature being tampered with.

vii. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2021 is applicable from April 1,
2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2021 on
preservation of audit trail as per the statutory requirements for record retention is not applicable
for the financial year ended March 31, 2024.

viii. As required by the Companies (Amendment) Act, 2017, in our opinion, according to
information, explanations given to us, the remuneration paid by the Group to its directors is
within the limits laid prescribed under section 197 of the Act and the rules thereunder.

For LVA & Associates

Chartered Accountants

Firm’s Registration No.: 32S977F

(f%

CAMayankJain J§)

Partner

Membership No.: 433456^^^ Access
UDIN: 24433456BKAEZU8297

Date: 2 May 2024
Place: Indore