We have audited the accompanying Standalone Financial Statements of SHRISTI INFRASTRUCTURE DEVELOPMENT
CORPORATION LIMITED (hereinafter referred to as the 'Company') which comprise the Balance Sheet as at 31^st 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 standalone financial statements, including a summary of the
material 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, except for the possible effect
of the matters described in the 'Basis for Qualified Opinion' paragraph of our report, 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 principles generally accepted in India including Indian Accounting Standard
(Ind AS) prescribed under Section 133 of the Act, read with the Companies (Indian Accounting standards) Rules, 2015, of the
state of affairs of the Company as at 31^st March, 2025, its loss and other comprehensive income, changes in equity and its
cash flows for the year ended on that date.

Basis for Qualified Opinion

a) With reference to Note 31(18) to the accompanying standalone financial statement, the company has written back
liabilities of Rs. 4,738.82 lakhs towards unpaid interest including TDS thereon relating to F.Y. 2021-22 & 2022-23 on
borrowings from Srei Equipment Finance Limited (SREI).

Further, we draw your attention regarding non - provision and default of interest expense of Rs. 2,572.24 lakhs on the
borrowings from Srei Equipment Finance Limited for the year ended 31^st March, 2025 (Cumulative non- provisioning and
default of interest till 31^st March, 2025 for Rs. 9,890.33 lakhs) which is not in accordance with the requirements of
Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments. This has resulted understatement of finance cost
to that extent with consequential impact on other reported financials as on 31^st March, 2025.

Had the aforesaid interest expense been recognized, the finance cost for the year ended 31^st March, 2025 would have
been Rs. 4,341.94 lakhs instead of Rs. 1,769.71 lakhs. The total expenses for the year ended 31^st March, 2025 would have
been Rs. 18,904.96 lakhs instead of Rs. 16,332.72 lakhs. The Net Profit /(loss) after tax for the year ended
31^st March 2025 would have been Rs. (3,573.56 lakhs) instead of Rs. (1,001.33 lakhs). Total comprehensive Income for
the year ended 31^st March 2025 would have been Rs. (3,600.39 lakhs) instead of reported amount of Rs. (1,028.17 lakhs)
respectively. Other Equity as on 31^st March, 2025 would have been Rs. (17,805.48 lakhs) instead of reported amount of
Rs. (7,915.15) lakhs and Other current financial liability as on 31^st March 2025 would have been Rs. 12,064.15 lakhs
instead of reported amount of Rs. 2,173.82 Lakhs.

b) In the matter of Sarga Udaipur Hotels & Resorts Private Limited, a subsidiary of the company, as stated in Note 31(17) to
the standalone financial statements, that the Hon'ble National Company Law Tribunal ("NCLT"), Kolkata Bench, admitted
the Corporate Insolvency Resolution Process ("CIRP") under the Insolvency and Bankruptcy Code, 2016 (IBC) against
Sarga Udaipur Hotels & Resorts Private Limited and CIRP is initiated vide order dated 29^th April, 2022.

In view of the admission of the above subsidiary in NCLT and CIRP process, we are unable to comment on the extent of
realisability of its value of investment of Rs. 195.00 lakh and interest free loan of Rs. 1,865.79 lakhs receivable from above
subsidiary.

Similarly, we are also unable to comment on the extent of realisability of investment of Rs. 300.00 lakh and loan of
Rs. 731.36 lakh (including interest) receivable from Shristi Urban Infrastructure Development Limited, being subsidiary of
the company (which is the holding company of Sarga Udaipur Hotels & Resorts Private Limited, a company under CIRP as

mentioned above), The consequential effect of the above, on the standalone financial statement for the year ended
31^st March, 2025 is not ascertainable.

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 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 opinion on the Standalone Financial Statements.

Material Uncertainty Related to Going Concern

We draw your attention to Note 31(24) of the standalone financial statements regarding preparation of the financial statements
on going concern basis, for the reason mentioned therein. The Company has incurred losses for more than three consecutive
financial years and the net worth as on 31^st March, 2025 has been fully eroded. This indicates the existence of a material
uncertainty that may cast significant doubt on the Company's ability to continue as going concern. The appropriateness of
assumption of going concern is critically dependent upon the management view and projected future cash flows of the Company.

Our opinion is not modified in respect of this matter.

Emphasis of Matter

a) With reference to Note 31(16) to the standalone financial statements, in the matter of Sarga Hotel Private Limited, an
erstwhile material subsidiary of the company, an order from Hon'ble National Company Law Tribunal (NCLT), Kolkata was
pronounced on 4^th January 2024, wherein the resolution plan was approved for the said company Sarga Hotel Private
Limited. The said order of NCLT was uphold by the Hon'ble National Company Law Appellate Tribunal (NCLAT), New Delhi
vide its order dated 4^th of April 2024. The company has filed Civil Appeal before the Hon'ble Supreme Court of India and
the matter is sub judice. Accordingly, the balances of Sarga Hotel Pvt Ltd, have been carried as appearing in the books of
the company.

b) Refer Note 31(15) to the standalone financial statement regarding an arbitration w.r.t dispute between Rishima SA
Investments LLC, Mauritius ("Claimant") and the Company in respect of which the Arbitration Tribunal has issued a Final
award in favour of the Claimant for payment of an amount of Rs.76,100 lakhs with interest calculated till 30.04.2019
amounting to Rs.1,390 lakhs and in case the same cannot be enforced in any Court or Tribunal a sum of Rs. 16,020 lakhs
with interest calculated till 30^th April, 2019 amounting to Rs. 2,621 lakhs towards the value of their investment in
Sarga Hotel Pvt. Ltd, a subsidiary of the Company together with aggregate costs, damages, etc. of Rs. 1,808 lakhs.
Pending outcome of the enforcement proceedings before Hon'ble High Court of Delhi and based on the legal opinion
obtained by the Company, the management does not consider necessary to make any provision in this respect.

c) As stated in Note 31(20) to the standalone financial statement regarding Corporate guarantee of Rs. 72,522.05 lakhs
was given by the Company for loan granted by the lenders to its erstwhile Subsidiary, Sarga Hotel Private Limited. One of
the lenders have filed an application under Section 7 of IBC for the corporate guarantee extended by the Company for the
debt of Sarga Hotel Private Ltd. Subsequent to such application the Resolution Plan in respect of Sarga Hotel Private
Limited has already been approved by Hon'ble NCLT, Kolkata.

d) As referred in Note 31(19) to the standalone financial statement, certain balances of Trade Receivables, Trade payables,
borrowings, Other Receivable / Payable etc. are subject to confirmation/reconciliation. The reported standalone financials
might have consequential impact which remains unascertained.

Our opinion is not modified in respect of this matter.

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 year ended 31^st 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. We have determined the matters described below to be the key audit matters to be
communicated in our report.

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

The Company's Board of Directors is responsible for other information. The other information comprises the information
included in the Board's Report including Annexures to Board's Report, Business Responsibility 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 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.
We have nothing to report in this regard.

Responsibility of the Management 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 with
respect to the preparation of these financial statements that give a true and fair view of the financial position and financial
performance and cash flow of the Company in accordance with the accounting principles generally accepted in India,

including the Indian Accounting Standards specified under Section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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, the 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 Board of Directors 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's Responsibilities for the Audit of the Standalone Financial Statements

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. 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 scepticism
throughout the audit. We also:

• Identify and assess the risks of the 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 Companies Act, 2013, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls system 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 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 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 Financial Statements that, individually or in 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 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, 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 the Annexure A, a Statement on the

matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 Cash Flow
Statement and the Statement of Changes in Equity dealt with by this Report agree with the books of accounts.

d) Except for the possible effect of the matters described in the "Basis of Qualified opinion "paragraph of our
report, in our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) The matter described in the Basis for Qualified Opinion and Emphasis of Matter paragraph to this report, may
have an adverse effect on the functioning of the Company.

f) On the basis of the written representations received from the directors as on 31^st March, 2025 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.

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 B". Our report expresses
a qualified opinion on the adequacy and operating effectiveness of the Company's internal financial controls
over financial reporting.

h) In our opinion, the managerial remuneration for the year ended 31^st March, 2025 has been paid / provided by
the Company to its directors is in accordance with the provisions of Section 197 read with Schedule V to the
Act.

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 in its standalone
financial statements. Refer Note 31 (1) 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;

iii) There has been no delay in transferring amounts 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, as disclosed in the

notes to the accounts, no funds (which are material either individually or in the aggregate) 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(s) or entity(ies),
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, as disclosed in the
notes to the accounts, no funds have been received by the Company from any person(s) or
entity(ies), 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

(c) Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our attention that causes us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.

v) The Company has neither declared nor paid dividend during the year, hence compliance of Section 123
of the Companies Act, 2013 does not arise.

Based on our examination, which included test checks, the Company has used an accounting software(s) for maintaining its
books of account for the financial year ended March 31, 2025 which have the feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the software systems.
Further, during the course of our audit we did not come across any instance of the 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 R. Kothari & Co. LLP

Chartered Accountants

FRN:307069E/E300266
Sd/-

CA. Manoj Kumar Sethia

Partner

Place: Kolkata Membership No.:064308

Date: 28^th day of May, 2025 UDIN: 25064308BMKYXG2695