We have audited the Standalone Financial
Statements of Kaushalya Infrastructure
Development Corporation Limited (“the
Company”), which comprise the Balance Sheet
as at 31st March, 2025 the Statement of Profit
and Loss (including Other Comprehensive
Income), Statement of Cash flow and the
Statement of Changes in Equity for the year
then ended 31st March, 2025, and notes to the
Standalone Financial Statements including a
summary of material 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 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 Indian Accounting Standards (‘Ind AS’)
specified under section 133 of the Act read with
the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles
generally accepted in India, of the state of
affairs of the Company as at 31st March 2025,
and its profit (including other comprehensive
income), its cash flows and the changes in
equity 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 specified under
section 143(10) of the Companies Act, 2013.

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 Group in accordance
with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI)
together with the independence requirements
that are relevant to our audit of the financial
statements under the provisions of the Act and
the rules there under, 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 for the financial year
ended 31st March, 2025. 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.

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

The Company’s board of directors is responsible
for the other information. The other information
comprises the information included in the
Board’s Report (and any other information or
Annual Report as the case may be) 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 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, we
conclude that there is a material misstatement
of this other information; we are required to
report that fact.

Management’s Responsibility for the
Standalone Financial Statements

The Company’s Board of Directors is
responsible for the matters stated in section
134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these
standalone financial statements that give a true
and fair view of the financial position, financial
performance 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 accounting records in accordance
with the provisions of the Act for safeguarding
of 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 statement 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.

Those Board of Directors are 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
Standards on Auditing 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 Standards
on Auditing, we exercise professional
judgement 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.

• 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.

Materiality is the magnitude of misstatements
in the standalone financial statements that,
individually or in the aggregate, makes it
probable that the economic decisions of a
reasonably knowledgeable user of the financial
statements may be influenced. We consider
quantitative materiality and qualitative factors
in (i) planning the scope of our audit work
in evaluating the results of our work, and
(ii) evaluating the effect of any identified
misstatements in the standalone 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, 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 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 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
benefits of such communication.

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 of India in
terms of sub-section (11) of section 143
of the Companies Act, 2013, we give in
“Annexure 1” a statement on the matters
specified in paragraphs 3 and 4 of the order.

2. 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.

(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 (Ind
AS) specified under section 133 of the
Act, read with the Companies (Indian
Accounting Standards) Rules, 2015, as
amended.

(e) On the basis of the written representations
received from the directors as on 31st

March, 2025 taken on record by the
Board of Directors, none of the directors
is disqualified as on 31st March, 2025
from being appointed as a director in
terms of Section 164 (2) of the Act.

(f) With respect to the matter to be included
in the Auditors’ Report under Section
197(16) of the Act, in our opinion
and according to the information and
explanations given to us, the managerial
remuneration for the year ended March
31, 2025 has been paid / provided by the
Company to its directors in accordance
with the provisions of section 197 read
with Schedule V to the Act.

(g) With respect to the adequacy of
the internal financial controls over
financial reporting of the Company
and the operating effectiveness of such
controls, refer to our separate Report
in “Annexure 2”. Our report expresses
an unmodified opinion on the adequacy
and operating effectiveness of the
Company’s internal financial controls
over financial reporting.

(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, in our opinion and to the best of
our information and according to the
explanations given to us;

i. The Company has disclosed details
regarding pending litigations in
Notes of Standalone Financial
Statements, which may have an
impact on its financial position.

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses.

iii. There was no amount 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, other than as disclosed in the
notes to the accounts, 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 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, other than as disclosed in
the notes to the accounts, 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 audit procedures which
we 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) contain any material mis¬
statement.

v. The company has not declared or paid any
dividend during the year hence provisions
of section 123 of the Companies Act, 2013
shall not be applicable.

(i) Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining
books of account using accounting
software which has a feature of recording
audit trail (edit log) facility is applicable
to the Company with effect from April 1,
2023, and accordingly, reporting under
Rule 11(g) of Companies (Audit and
Auditors) Rules, 2014 is applicable for
the financial year ended March 31, 2025.
Audit trail feature has been enabled from
July 2023, before which the company
was using a different software. On
having difficulties in the software, they
started using Tally since July 2023 with
proper Audit Trail feature in it.

For KASG & Co.

Chartered Accountants
Firm Regn. No. 002228C

Roshan Kumar Bajaj

Partner
Membership No.068523
Place: Kolkata UDIN: 25068523BMIWMI4447

Date: 30th May, 2025