We have audited the accompanying financial statements
of M/s. MARKOLINES PAVEMENT TECHNOLOGIES LIMITED
(Formerly known as Markolines Traffic Controls Limited)
("the Company"), which comprises the Balance Sheet as
at March 31, 2025, the Statement of Profit and Loss and
statement of cash flows for year ended on 31st March,
2025, and a summary of significant accounting policies
and other explanatory information.

2. OPINION

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
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 accounting principles generally
accepted in India, of the state of affairs of the company
as at 31st March, 2025, the profit and total income, and its
cash flows for the year ended on that date.

3. BASIS FOR OPINION

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) ol
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 financial
statements under the provisions of the Companies Act
2013 and the Rules there under, 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.

4. OTHER INFORMATION

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's
annual report, but does not include the financial statements
and our auditors' report thereon. The Company's annual
report is expected to be made available to us after the
date of this auditor's report. Our opinion on the standalone

financial statements does not cover the other information
and we will 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 identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. When we
read the Company's annual report, if we conclude that
there is a material misstatement therein, we are required
to communicate the matter to those charged with
governance and take necessary actions, as applicable
under the relevant laws and regulations.

5. MANAGEMENT'S RESPONSIBILITY FOR THE
STANDALONE FINANCIAL STATEMENTS

Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ('the Act') with
respect to the preparation of these 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, read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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
judgements 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 financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the 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.

6. AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF
THE FINANCIAL STATEMENTS

Our objective is 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 on
these financial statements.

We have taken into account the provisions of the Act, the
accounting and auditing standards and matters which
are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the
Standards on Auditing specified under Section 143(10)
of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free from material misstatement.

An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend
on the Auditor's judgment, including the assessment
of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal
financial control relevant to the company's preparation
of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating
the appropriateness of the accounting policies used and
the reasonableness of the accounting estimates made by
the Company's Directors, as well as evaluating the overall
presentation of the financial statements.

7. REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

7.1 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 Act, we give in the "Annexure A" statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

7.2 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
purpose 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, Statement of Profit and Loss
and cash flow statement 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 Accounting Standards
specified under the Section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received
from the directors as on March 31, 2025 and taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 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 over financial reporting of the
company and the operating effectiveness of such
controls, refer to our separate report in "Annexure
B", and

g) 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 does not have any pending
litigations which would impact 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 were no amounts which were required
to be transferred to the Investor Education and
Protection fund by the company.

(iv) The Company has not declared dividend during
the year .

(v) a. 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 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
notice 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.

(vi) Proviso to Rule 3(l) 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. Based

on our examination which included test checks,
the company has used 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 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.

Additionally, the audit trail has been preserved by
the Company as per the statutory requirements
for record retention.

h) 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 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.

For Jay Gupta & Associates

(Erstwhile Gupta Agarwal & Associates)
Chartered Accountants
Firm's Registration No: 329001E

Sd/-

Jay Shanker Gupta

Partner

Membership No: 059535
UDIN: 25059535BMHBXQ5236
Date: 15 May, 2025
Place: Kolkata