1. We have audited the accompanying Standalone Financial
Statements of Kalpataru Limited ('the Company'), which
comprise the Standalone Balance Sheet as at 31 March
2025, and 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 ended on that
date, and notes to the Standalone Financial Statements,
including a summary of material accounting policy
information and other explanatory information ('the
Standalone Financial Statements').

2. 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
prescribed under section 133 of the Act read with the
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 31 March 2025, and its Profit and Other
Comprehensive Income, Changes in Equity and its Cash
Flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing ('SAs') specified under section 143(10) of the
Act. Our responsibilities under those SAs 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 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.

Key Audit Matter

4. 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 year.
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.

Other Information

5. The Company's 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 Standalone Financial
Statements and our auditors' report thereon. The Other
Information is expected to be made available to us after
the date of this auditor's report.

6. Our opinion on the Standalone Financial Statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.

7. 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, to 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. 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.

8. When we read the 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 appropriate action as applicable
under the relevant laws and regulations.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

9. 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 State of
Affairs, Profit and Other Comprehensive Income, Changes
in Equity and Cash Flows of the Company in accordance
with the Indian Accounting Standards prescribed under

section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, and
other accounting principles generally accepted in
India. 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 of the appropriate
accounting software for ensuring compliance with
applicable laws and regulations including those related
to retention of audit logs; 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.

10. In preparing the Standalone Financial Statements,
the Board of Directors 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

11. The Board of Directors is also responsible for overseeing
the Company's financial reporting process.

Auditor's responsibilities for the audit of the
Standalone Financial Statements

12. 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.

13. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

13.1. 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.

13.2. Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 14-3(3)0) the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to Standalone Financial Statements in place and
the operating effectiveness of such controls.

13.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by the
Management.

13.4. Conclude on the appropriateness of the
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.

13.5. 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.

14. 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.

15. 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.

16. 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 year 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.

Other Matters

17. We did not audit the financial information relating to the
Company's share of profit in 2 (two) LLPs amounting to
'112 lakhs and share of loss in 6 (six) LLPs/partnership
firms amounting to '399 lakhs for the year ended 31
March 2025. These financial statements have been
audited by other auditors whose reports have been
furnished to us by the Management, and our opinion,
insofar as it relates to the amounts and disclosures
included in respect of these entities, is based solely
on the reports of the other auditors. Our opinion is not
modified in respect of this matter.

Report on Other Legal and Regulatory
Requirements

18. 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' a statement on the
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

19. As required by Section 143(3) of the Act, we report that:

19.1. 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.

19.2. In our opinion, proper books of accounts as required
by law have been kept by the Company so far as it
appears from our examination of those books except
for the matters stated in paragraph 20.8 below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended)

19.3. The standalone balance sheet, the standalone
statement of profit and loss including other
comprehensive income, the statement of changes
in equity and the standalone cash flow statement
dealt with by this Report are in agreement with the
books of account.

19.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

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

19.6. The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 19.2 above on
reporting under Section 143(3)(b) and paragraph
20.8 below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

19.7. 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'.

19.8. I n our opinion and according to the information
and explanations given to us, the remuneration
paid by the Company to its director during the
current year is in accordance with the provisions
of Section 197 of the Act.

20. 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:

20.1. The Company has disclosed the impact of pending
litigations as at 31 March 2025 on its financial
position in its Standalone Financial Statements
- Refer Note 33(I) to the Standalone Financial
Statements.

20.2. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses- Refer Note 33(I)(e)
to the Standalone Financial Statements

20.3. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.

20.4. The Management has represented , to best of
their knowledge and belief, that 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(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.

20.5. The Management has represented, to best of their
knowledge and belief, that 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.

20.6. 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 para 20.4 and 20.5 contain any material
misstatement.

20.7. In our opinion and according to information
and explanation given to us, the Company has
not declared or paid dividend during the year,
accordingly compliance with section 123 of the Act
by the Company is not applicable.

20.8. Based on our examination which included test
checks, the company has used an accounting
software for maintaining its books of accounts
which has a feature of recording audit trail (edit log)
facility and the same was operational throughout
the year for all relevant transactions recorded in the
software, except for the following observations:

(a) The audit trail logs at the database level,
which would capture direct data changes or
modifications to administrative rights, were
not available for our verification, although
restrictions on database administrator access
have been implemented using Privileged
Access Management (PAM) solution and
with the retention of log of recordings of any
accessibility.

Further, during the course of our audit, we did not
come across any instance where the audit trail
feature was enabled, had been tampered with.

Additionally, the Company has preserved the audit
trail in accordance with statutory record retention
requirements, to the extent where features have
been enabled, excluding audit trail logs at the
database level.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Bharat Jain

Partner

ICAI Membership No: 100583
UDIN: 25100583BMKXMA4972

Place: Mumbai
Date: 16 July 2025