KRIDHAN INFRA LIMITED

REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

QUALIFIED OPINION

WE HAVE AUDITED THE ATTACHED STANDALONE FINANCIAL STATEMENTS OF KRIDHAN INFRA LIMITED (“THE COMPANY”), WHICH COMPRISES BALANCE SHEET AS AT MARCH 31, 2025, THE STATEMENT OF PROFIT AND LOSS (INCLUDING OTHER COMPREHENSIVE INCOME), THE STATEMENT OF CHANGES IN EQUITY AND THE STATEMENT OF CASH FLOW FOR THE YEAR THEN ENDED, AND NOTES TO THE FINANCIAL STATEMENTS, INCLUDING A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION.

IN OUR OPINION AND TO THE BEST OF OUR KNOWLEDGE AND ACCORDING TO THE EXPLANATIONS PROVIDED, EXCEPT FOR THE EFFECTS/POSSIBLE EFFECTS, IF ANY, OF THE MATTERS DESCRIBED IN THE “BASIS FOR QUALIFIED OPINION” PARAGRAPH OF OUR REPORT, THE AFOREMENTIONED STANDALONE FINANCIAL STATEMENTS GIVE THE INFORMATION REQUIRED BY THE COMPANIES ACT, 2013 (THE ACT) IN THE MANNER SO REQUIRED AND GIVE A TRUE ANDFAIR VIEW IN CONFORMITY WITH THE INDIAN ACCOUNTING STANDARDS PRESCRIBED UNDER SECTION 133 OF THE ACT READ WITH COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015, AS AMENDED, (“IND AS”) AND OTHER ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN INDIA, OF THE STATE OF AFFAIRS OF THE COMPANY AS AT 31ST MARCH 2025, ITS LOSS (INCLUDING OTHER COMPREHENSIVE INCOME), CHANGES IN EQUITY AND ITS CASH FLOWS FOR THE YEAR ENDED ON THAT DATE.

BASIS FOR QUALIFIED OPINION

WE CONDUCTED OUR AUDIT 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 CODE OF ETHICS.

WE BELIEVE THAT THE AUDIT EVIDENCE OBTAINED BY US AND THE AUDIT EVIDENCE OBTAINED BY THE OTHER AUDITORS IN TERMS OF THEIR REPORTS REFERRED TO IN OTHER MATTER PARAGRAPH BELOW, IS SUFFICIENT AND APPROPRIATE TO PROVIDE A BASIS FOR OUR AUDIT OPINION ON THE STANDALONE FINANCIAL STATEMENTS.

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN:

WE EMPHASISE NOTE NO. 56 TO THE STANDALONE FINANCIAL STATEMENTS WHICH EXPLAINS THAT THE LOSS INCURRED IN PAST YEARS HAVE RESULTED IN EROSION OF COMPANY’S NET WORTH. THESE CONDITION INDICATE THE EXISTENCE OF A MATERIAL UNCERTAINTY THAT MAY CAST SIGNIFICANT DOUBT ABOUT THE COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN. HOWEVER, THE STANDALONE FINANCIAL STATEMENTS OF THE COMPANY HAVE BEEN PREPARED ON A GOING CONCERN BASIS FOR THE REASONS STATED IN NOTE NO. 56 TO THE STANDALONE FINANCIAL STATEMENTS.

EMPHASIS OF MATTER

WE EMPHASISE NOTE NO. 32 OF THE STANDALONE FINANCIAL STATEMENTS, WHEREIN THE COMPANY HAS MADE AN ASSESSMENT OF THE REALISABILITY OF ITS TRADE RECEIVABLES, INVESTMENTS AND LOANS AND ADVANCES AND BASED ON SUCH ASSESSMENT, HAS REVERSED PROVISIONS ON ACCOUNT OF REALIZATION OF RECEIVABLE OF RS. 467.75 LAKHS TOWARDS ITS OUTSTANDING TRADE RECEIVABLES, REVERSED PROVISION OF RS. 6,728.72 LAKHS TOWARDS ITS CORPORATE GUARANTEE INVOKED WHICH HAS BEEN SETTLED. THESE AMOUNTS HAVE BEEN DISCLOSED UNDER EXCEPTIONAL ITEMS.

OUR OPINION REMAINS UNMODIFIED IN RESPECT OF THE ABOVE MATTERS.

KEY AUDIT MATTERS

KEY AUDIT MATTERS ARE THOSE MATTERS THAT, IN OUR PROFESSIONAL JUDGMENT, WERE OF MOST SIGNIFICANCE IN OUR AUDIT OF THE FINANCIAL STATEMENTS OF THE CURRENT PERIOD. THESE MATTERS WERE ADDRESSED IN THE CONTEXT OF OUR AUDIT OF THE 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 PREPARATION OF OTHER INFORMATION. THE OTHER INFORMATION COMPRISES THE INFORMATION INCLUDED IN THE MANAGEMENT DISCUSSION AND ANALYSIS, BOARD’S REPORT INCLUDING ANNEXURES TO THE BOARD REPORT, BUSINESS RESPONSIBILITY REPORT, CORPORATE GOVERNANCE REPORT AND SHAREHOLDER’S INFORMATION, BUT DOES NOT INCLUDE THE STANDALONE FINANCIAL STATEMENT 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 REQUIRED TO REPORT THAT FACT. WE HAVE NOTHING TO REPORT IN THIS REGARD.

RESPONSIBILITIES OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS

THE COMPANY’S BOARD OF DIRECTORS IS RESPONSIBLE FOR THE MATTERS STATED IN SECTION 134(5) OF 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 (INCLUDING OTHER COMPREHENSIVE INCOME), CHANGES IN EQUITY AND CASH FLOWS 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 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 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.

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 CONTROL SYSTEM 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 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 ENTITY’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 ENTITY 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 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 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 Section 143(3) of the Act, we report that:

• Except for the matters stated in “Basis for Qualified Opinion” paragraph above, 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.

• Except for the matters stated in “Basis for Qualified Opinion” paragraphs above, 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 and records.

• The Standalone Balance sheet, the Standalone Statement of Profit & Loss (including other comprehensive income), Standalone Statement of Changes in Equity and the Standalone Cash Flow Statement dealt with by this Report are in agreement with the books of account.

• Except for the effects / possible effects of matters described in the “Basis for Qualified Opinion” paragraphs above, in our opinion, the aforementioned Standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015.

• On the basis of the written representation received from the directors as on March 31, 2025 taken on records by the Board of Directors, none of the directors are disqualified as on March 31, 2025 from being appointed as a Directors in terms of Section 164(2) of the Act.

• 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”.

• With respect to the 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 knowledge and according to the explanations provided, no remuneration has been paid to the directors by the Company. Hence, provisions of Section 197 of the Act does not apply.

• 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 knowledge and according to the explanations provided:

i. The standalone financial statements have disclosed the impact of the pending litigations on its financial position of the company and its associates. (Refer Note No. 42 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 delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

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 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

b) 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;

c) 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 (“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

d) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub clause (i) and (ii) of Rule 11(e) of The Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contains any material misstatement.

For B.R. Kotecha & Co.

Chartered Accountants

Firm's Regn. No. 105283W

Sd/-

CA Bakulesh R Kotecha

Proprietor

Membership No. 036309

Mumbai, Date: 30th May, 2025

UDIN: 25036309BMJOZV6857