We have audited the accompanying Standalone Financial Statements of Kiran Vyapar Limited (“the Company”),
which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then
ended, and notes to the financial statements, including a summary of the material accounting policy information and
other explanatory information (hereinafter referred to as “the 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 Indian Accounting Standards prescribed under Section 133 of the Act and
other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2025, its
profit (including other comprehensive income), the changes in equity and its 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 (SAs)
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 Institute of Chartered Accountants of India
(“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 made thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone
Financial Statements of the current year. These matters were addressed in the context of our audit of the Standalone
Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. We have determined the matter described below to be the key audit matter to be communicated in our report.

Information other than the Standalone Financial Statements and Auditor’s Report Thereon (“Other
Information”)

The Company’s management and Board of Directors are responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis and Board’s Report
including Annexures thereto, 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 or 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 Standalone Financial
Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, 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.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the
Act with respect to the preparation of the Standalone Financial Statements that give a true and fair view of the
financial position, financial performance including total comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets 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 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 Standalone 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 and Board of Directors are 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 the management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors is also 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 control 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 based on our audit.

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

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements of the current year 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 extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefit of such communication.

Other Matters

The audit of Standalone Financial Statement for the year ended 31st March, 2024 included in the Standalone Financial
Statements of the current year, prior to giving effect to the adjustments described in Note 48 to the Standalone Financial
Statements relating to the de-recognition of the Company’s investment in subsidiaries and associates on account of their
merger with the transferee company, was carried out and reported by M/s B. Chhawchharia & Co., Chartered Accountants,
who has expressed an unmodified conclusion vide their audit report dated 14th May, 2024. This report has been furnished
to us and which has been relied upon by us for the purpose of our audit of the Standalone Financial Statements. We have
reviewed the adjustments to reflect the effects of the de-recognition of the Company’s investment as described in Note 48
to restate the Standalone Financial Statements for the year ended 31st March, 2024. In our conclusion, such adjustments
are appropriate and have been properly applied. We further state that we were not engaged to audit, review or apply any
procedures to the Standalone Financial Statements of the company for the year ended 31st March, 2024 other than with
respect to the above adjustments and accordingly, we do not express an opinion or review conclusion or any other form
of assurance on the Financial Statements for the year ended 31st March, 2024.

Our conclusion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government 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.

2. (A) As required by Section 143 (3) of the Act, 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 Standalone Financial Statements;

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

c) the Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement
of Changes in Equity and the Statement of Cash Flows 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 Indian Accounting Standards
specified under Section 133 of the Act;

e) on the basis of the written representations received from the directors of the Company as on 31st March,
2025 and taken on record by the Board of Directors, none of the directors are disqualified as on 31 st March,
2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f) 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”;

g) With respect to other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act (as amended), in our opinion and to the best of our information and according to
the explanations given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

h) 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 in Note 28 to the Standalone Financial Statements the impact of pending
litigations on its financial position.

ii. the Company did not have any long-term contract including derivative contract for which there were any
material foreseeable losses.

iii. there has been no delay in transferring the amounts required to be transferred to the Investor Education
and Protection Fund by the Company in accordance with the relevant provisions of the Act and the
Rules made thereunder.

iv. (a) The management has represented , to the best of its knowledge and belief and as disclosed in

Note 42 to the Standalone Financial Statements, no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the company
to or in any other person or entity, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and belief, and as disclosed in
Note 42 to the Standalone Financial Statements, no funds have been received by the Company
from any person or entity, including foreign entities (“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 the audit procedures performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) or (b) above,
contain any material misstatement.

v. According to the information and explanations given to us, the final dividend proposed in the previous year,
declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

As stated in note 36 of the Standalone Financial Statements, the Board of Directors of the Company
have proposed final dividend for the year which is subject to the approval of the members at the ensuing
Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

vi. Based on our examination which included test checks, the company has used an accounting software
for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year ended 31st March, 2025 for all relevant transactions recorded
in the software. Further, during the course of our audit we did not come across any instance of audit trail
feature being tampered with and the audit trail has been preserved by the Company as per the statutory
requirements for record retention.

For V. SINGHI & ASSOCIATES
Chartered Accountants
Firm Regn. No. : 311017E

(SUNIL SINGHI)
Partner

Place : Kolkata Membership No. 060854

Date : 26th May, 2025 UDIN : 25060854BMOURB2719