INDEPENDENT AUDITOR'S REPORT

To

The Members of

GirlraJ Civil Developers limited

L Report on the Audit of the Standalone financial Statements

1. Opinion

a} We have audited the accompanying Standalone Financial Statements af Ginraj Civil
Developers Limited (’’the Company'), which comprise the Balance Sheet 05 at March 3],
7073, the Statement or Profit and Loss (Including Other Comprehensive Income), the Statement
of Changes In Equity ant) the Statement of Cash Flows far the year ended on that date, and a
summary of the significant accounting policies and other explanatory information (hereinafter
referred to as "the Standalone Financial Statements'¹),.

b) 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 Dy the Companies
Act, 2013 ("the Act*} In the manner so required and give a true and fair view in conformity
with the Accounting Standards prescribed under section 133 oftheAct read with the Companies
(Accounting Standards) Rules, 2015, as amended, and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 3l| 2023, the profit anti
total comprehensive income, changes in equity end itscash Rows for the year ended on that care

2. Oasis of Opinion

We conducted our audit of the Standalone Financial Statements In accordance with the Standards
on Auditing specified under section 143(1 G) of the Act (SAe). 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 Chartered Accountants of India (ICAt) together
with the Independence requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethreal responsibilities lr accordance- with these requirements and the ICAl's Code of Ethics, We
believe Chat the audit evidence we have obtained is sufficient gnd appropriate to provide a basis
for our audit opinion on the Standalone Financial Statements,

3, Information Other than the Standalone Financial Statements and Auditor’s Report

Thereon;

a) . The Company's Board of Directors is responsible for the preparation of the other in formation. The

other information comprist-s the Information included in the Management Discussion and Analysis,
Board's Report including Annexures to Board's Report, Business Responsibility Report, Corporate
Governance and Shareholder's information, but does not Indude the Standalone Financial
Statements and our auditor's report thtrreon. Our opinion on the standalone financial statements
does not cover the other information and we do not express any form of assurance conclusion
thereon.

b) in connection with our audit of the 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 no material misstatement of this other Information, we are required to
report that fact. We have nothing to report In this regard,

4, Management's Responsibility for the Standalone Financial Statements

a) 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 ftandafone Financial Statements that give a
true and fair view of the financial position, financial performance, total comprehensive Income,
changes in squltv and cash flows of the company in accordance with the accounting standard
dnu 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 the assets af 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,

b) In preparing the Standalone 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 responsible for overseeing the Company's financial reporting
process,

5, Auditor's Responsibilities for the Audit of the Standalone Financial Statements

a) Our Objectives are to obtain reasonable assurance about whether the Standalone Financial
Statements as a whole are ires from mete rial misstatement, whether due to fraud or error, and
to issue an auditor's report that includes our opinion. Reasonably 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 arl&e 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

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

l) 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 nsk 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.

11} Obtain an understanding of internal financial controls relevant to the audit In order to design
audit procedures that are appropriate in the circumstances. Under sea ion 143(3){l) of the Act,
we are also responsible For expressing our opinion on whether the Company has adequate
internal Financial controls with reference to financial statements m place and the operating
effectiveness of such controls.

ill) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management

iv} 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 tq the date of our auditor's report. However, future
events or conditions may cause the Company to cease to continue as a going concern

v) 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 uvents In a manner that achieves fair presentation

c) 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 Standalone 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 (lljj to evaluate the effect of any Identified misstatements
in the Standalone Financial Statements.

d) We communicate with those charged with governance regarding, among other rnatters, the
planned scope and timing dF the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit

ej We also provide those charged with governance with 3 statement that we have complied with
relevant ethical requirements regarding Independence, and to communicate with them all
relationships and other mat cert; that may reasonably be thought to bear on our Independence, and
where applicable, related safeguards.

II. Report on other Legal and regulatory requirements

1. As required by Section 143(3) of the Act, based on our audit we report that;

a) wo have sought and obtained a! I the Inform a don 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,
Statement of Changes in Equity and the Statement of Cash Row dealt with by this Report are in
agreement with the relevant books of account

d) In our opinion, the aforesaid standalone financial statements comply with the accounting
standard specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 201*3

e) Qn the basis of the written representations received from the directors as on March 31, 2023
taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013
from being appointed as a director in terms of Section 1G4 (2) of the Act.

f) with respect to the adequacy of the internal financial controls with reference to financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
Annexure A". Out report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls with reference to financial stetemonts.

g) With rtidpect tti the other matters to be included In the Auditor's Report In accordance with the
requirements Of section 197{1S) of the Act, as emended. In our opinion anrf to the best Of our
information and according co 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.

h) Wifi respect to the other matters to be Included In the Auditor's Report In accordance with Rule 11
or the Companies (Audit and Auditors) Rules, 2021, as amended in our opinion and to the best of our
information and according to the explanations given to us;

i) The Company nas disclosed the impact of pending litigations on its financial position in Its
Standalone financial Statements

II) Hie Company has made provision, as required under the applicable law or accounting
standards, for material Foreseeable losses, If any, on long-term contracts including denvative
contracts

in) There has been no delay In transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the company.

b)The management has represented, that, to tne best of it^hs knowledge and belief, other than
as disclosed in the notes to the accounts, no funds have been received by the company from
any pereon(s) or entlty(les), including foreign entities ["Funding Parlies"), with the
understand log, 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

cj Based on such audit procedures that Che auditor has considered reasonable and appropriate
in the circumstances, nothing has come to their notice that has caused them to believe that
the representations under sub-clause (a) and (b) contain any material mis-statement,

d)The company has not declared or paid dividend during the year in contravention of the
section 1Z3 of the Companies Act, 2013

2. As required by the Companies [Auditor's Report) Order, 2020 (“the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the
matters specified in paragraphs 3 and A of the Order.

For R H A D ft Co,
Chartered Accountants

(Firm Reg Wo, L025BSW)

(Dlnesh Banger)
Partner

M.No. 036247