We were engaged to audit the accompanying standalone financial statements of Mega Nirman and Industries
Limited (“the Company”), which comprise the standalone balance sheet as at March 31, 2025, the standalone
statement of profit and loss (including other comprehensive income), standalone statement of changes in
equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial
statements, including a summary of the significant accounting policies 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 Ind AS financial statements give the information required by the Act in the manner so required
and give a true and fair view in conformity with the Ind AS and accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2025, and profit, total comprehensive income,
the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 together with the ethical requirements that are relevant to our audit of the standalone
Ind AS financial statements under the provisions of the Companies Act, 2013 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.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone Ind AS financial statements of the current period. These matters were addressed in
the context of our audit of the Standalone Ind AS financial statements as a whole, and informing 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.

Emphasis of Matters

We draw attention to the following matters disclosed in Notes 4, 5, 12, and 16 of the financial
statements:

1. The Company has written off trade payables amounting to ?560.14 lakhs during the year ended 31st
March, 2025, based on management’s assessment that these liabilities are no longer payable to the
respective vendors.

2. Based on management’s evaluation of recoverability, the Company has provided for trade
receivables amounting to ?582.95 lakhs, Recognised an impairment loss of ?80.00 lakhs on loans,
and Recognised a loss of ?20.00 lakhs on investments. The evaluation considered factors such as the
age of receivables, and credit history of the customers

Our opinion is not modified in respect of these matters

Information Other than the Standalone Ind AS financial Statements and Auditor’s Report Thereon

The Company’s management and Board of Directors are responsible for the matters stated in section 134(5)
of the Companies Act 2013 (“Act”) with respect to the preparation of these standalone financial statements
that give a true and fair view of the state of affairs, profit and other 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.

Our opinion on the standalone Ind AS 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 Ind AS 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 Ind AS 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 Responsibility for the Standalone Ind AS 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 Ind AS financial statements that
give a true and fair view of the financial position, financial performance, including other comprehensive
income, changes in equity and cash flows of the Company in accordance with accounting principles
generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed 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 of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of 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
Ind AS 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 Ind AS 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 also responsible
for overseeing the company’s financial reporting process. Audit trail compliance is also primarily the
responsibility of the Management.

Auditor’s Responsibilities for the Audit of Standalone Ind AS financial Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 Ind AS 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 Ind AS 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 internal financial
controls with reference to 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 Ind AS 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 Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS 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 Ind AS financial statements for the financial year
ended March 31, 2025 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 (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central
Government in terms of section 143 (11) of the Act, 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 standalone balance sheet, the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and the standalone
statement of cash flows dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors and taken on record by
the Board of Directors, none of the directors are disqualified as on 31 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 Control with reference to Financial
Statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B” Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s internal financial controls over financial
reporting.

g) In our opinion 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.

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 the impact of pending litigations on its financial position in
its standalone Ind AS financial statements - Refer Note 33 to the Standalone Ind AS
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 during the year ended March
31, 2025.

(iv) a) The Management has represented that, to the best of its knowledge and belief, other
than as disclosed in notes to 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 or entity, including foreign entity (‘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, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity (‘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 the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our attention that has caused us to believe that
the 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 not declared or paid any dividend during the year

(vi) Based on our examination in respect of the Company, the feature of recording audit trail
(edit log) facility was not enabled at the database layer to log any direct data changes for
the accounting software used for maintaining the books of account.

For ANSK & Associates
Chartered Accountants
(Firm’s Registration No. 026177N)

Sd/-

CA Akhil Mittal
Partner

(Membership No. 517856)

Place: New Delhi
Date: 15/05/2025
UDIN: 24517856BKHCCM8525