We have audited the accompanying Standalone Financial Statements of NIRAJ CEMENT STRUCTURALS LIMITED
(the “Company”), which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), and the Statement of Cash Flows for the year ended on that date and a
summary of 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 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 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, of the state of affairs of the Company as at 31st March, 2025 and its Profits, total
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (“SA”s)
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 ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone
Financial Statements.

Emphasis of Matter

(1) We draw your attention to note No. 45 of the financial statements Niraj Cement structural Limited has booked
turnover and costs related to joint venture entities and partners in the books of account. However the whole
projects have been handled by joint venture partners/entities and related TDS and GST complied by Joint venture
partners/entities. Also, no TDS has been deducted on advance payments made to contractors.

(2) We draw your attention to note No. 35 of the financial statements of Niraj Cement structural Limited has reversed
contractual revenue and corresponding subcontracting costs and other direct expenses in the year ended 31st
March, 2021, mainly due to adoption of prudent accounting practices and various contractual reasons. The
corresponding disputed receipts and payments transactions relating to the said contracts are still unsettled and
reflected in the financial statements under the head "Other Current Liabilities" and "Other Current assets". The
Company is in process of resolving the disputes.

(3) We draw your attention to note No. 33 of the financial statements of Niraj Cement structural Limited, the office of
the Director General of GST Intelligence (DGGI) had carried out a Search and seizure operations at the office of
the Company at Mumbai on 6th January, 2021 under the provisions of Section 67 (1) and (2) of CGST Act. The
company has challenged the entire search and seizure proceedings and filed a writ petition with the Honourable
Gujarat High Court and the matter is sub-judice in law. In View of this we are unable to comment on financial
liabilities, arising out of the said proceedings. The Company has deposited Rs.108.40 Lakhs under protest, which
is adjusted by department against disputed dues, no provision is made in the books as the company has
challenged the action of the department in the Honourable Gujarat High Court.

(4) We draw your attention to note No. 41 of the financial statements of Niraj Cement structural Limited, the balances
of trade payables, trade receivables, advances received, advances given, GST liabilities / Input credits, and
Income Tax assets (Net of liabilities) are subject to reconciliation and confirmation. The management is the
process of reconciling the same.

(5) We draw your attention to note No. 34 of the financial statement, As per lnd AS 109 "Financial instrument" the
company is required to consider "Provision for Expected Credit Loss" on all financial assets on the basis of
expected probability of Recoverability of such financial instrument. During the year, company has written off

Rs.37.02 lakhs and has provided Rs.2,769.36 Lakhs (Rs.4,243.58 Lakhs Previous year) as Expected Credit Loss
(ECL), has setoff in financial statement Rs.2,769.36 Lakhs (Rs.3,379.70 Lakhs - Previous year) in General
Reserve & surplus and Net Balance Rs. NIL Lakhs (Rs.863.88 Lakhs - Previous year) as an Expected Credit
Loss. As per management explanation, the receivable and advance is in dispute and for balance receivable and
advances, the management is following up with the parties and is hopeful for recovery. But in the absence of
adequate basis/ supporting documents, we are unable to comment on the measurement of carrying amount of all
the financial assets appearing in the financial statements as on 31st March, 2025.

(6) We draw your attention to Note No 35, As per Management's Explanation Income Tax Assets (Net) amount of
Rs. 2,442.95 Lakhs (Rs. 2,091.06 Lakhs - Previous year) has been shown under Other Non-Current Assets out of
which an amount of Rs. 837.80 Lakhs has been recovered/adjusted by the Income Tax Demand for the
Assessment Year 2008-09 and 2007-08, further against the due refund of AY 2014-15 to 2022-23. Management is
of the opinion that the department has made erroneous additions which requires rectification and is taking time as
the matter is very old. However, Management is confident of getting rectification done before the end of financial
year 2025-26 and pending demand pertaining to Assessment Year 2007-08.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the
Standalone 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 other information. The other information comprises the
information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's
Report, Corporate Governance and Shareholder's Information, but does not include the consolidated Standalone
Financial Statements, Standalone Financial Statements 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 are required to report that fact. We have nothing to report in this regard.

Management's Responsibilities 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 Standards 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 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, 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 is 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 scepticism
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 financial 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 controls system 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 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.

• 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 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 (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.

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) 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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flows 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 Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st 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 controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial
controls over financial reporting.

g) 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.

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, as amended, in our opinion and to the best of our information
and according to the explanations given to us:

1) The Company has disclosed the impact of pending litigations on its financial position in its Standalone
Financial Statements.

2) The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts.

3) The Company was not required to transfer any amounts to the Investor Education and Protection Fund.

4) (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.

2. Based on our examination which included test checks and in accordance with requirements of the Implementation
Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, the
Company has used accounting software for maintaining its books of account, which have a feature of recording
audit trail (edit log) facility and the same was not enabled for a portion of the year. i.e. the edit log enabled from
1st October, 2023. Further, where audit trail (edit log) facility was enabled and operated throughout the balance
period of the year, we did not come across any instance of audit trail feature being tampered with during the
course of our audit.

3. 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 4 of the Order.

For CHATURVEDI SOHAN & Co.
Chartered Accountants
(Firm's Registration No. 118424W)

Place: Mumbai Vivekanand Chaturvedi

Date: 22nd May, 2025 Partner

(Membership No. 106403)

UDIN: 25106403BMIDMN2381