1. We have audited the accompanying standalone financial statements of Supreme Infrastructure India Limited
('the Company'), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for
the year then ended, and a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "the Standalone Financial Statements”).

2. In our opinion and to the best of our information and according to the explanations given to us, except for
the possible effects of the matters described in the Basis for Qualified Opinion section of our report, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013 ('Act') in
the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India including Indian Accounting Standards ('Ind AS') specified under section 133 of the Act, of
the state of affairs (financial position) of the Company as at March 31, 2025, and its loss (financial performance
including other comprehensive income), its cash flows and the changes in equity for the year ended on that
date.

Basis for Qualified Opinion

3. As stated in :

i. Note 11.3 to the accompanying standalone financial statements, the Company's trade receivables and other
current assets as at March 31, 2025 include trade receivables amounting to ^ 75,814.87 lakhs and unbilled
revenue amounting ^ 454 lakhs & other receivable amounting ^ 611.02 lakhs respectively, which have been
outstanding for a substantial period (including receivables in respect of projects closed/substantially closed/
disputed dues). Management has assessed that no expected credit loss (ECL) adjustments are required to the
carrying value of the aforesaid balances, which is not in accordance with the requirements of Ind AS 109,
'Financial Instruments' considering no movement and the long period of outstanding. Consequently, in the
absence of sufficient and appropriate evidence to support the management's contention of recoverability
of these overdue amounts and balance confirmations, we are unable to comment upon the adjustments, if
any, that are required to the carrying value of trade receivables and other current assets, and consequential
impact, if any, on the accompanying standalone financial statements. The audit Opinion on the Company's
standalone financial Statement for the previous year ended March 31, 2024 was also modified in respect of
this matter.

ii. Note 4.4 to the accompanying Standalone financial Statements, the Company's non-current investments and
trade receivable as at March 31, 2025 include non-current investments in one erstwhile Subsidiary Company,
Supreme Infrastructure BOT Private Limited ('SIBPL') and trade receivables from step down subsidiaries of
the said Company amounting to ^ 142,556.84 lakhs and ^ 2,142.63 lakhs respectively. On May 22, 2024,
SIBPL has been admitted to Corporate Insolvency Resolution Process ("CIRP”) on an application filed by
one of the financial creditors of SIBPL pursuant to which the Company has lost control over the SIBPL and
accordingly SIBPL has ceased to be a subsidiary Company. The SIBPL has significant accumulated losses,
and its consolidated net-worth is fully eroded. Further, the said Company is facing liquidity constraints due
to which it may not be able to realise projections as per the approved business plans. The management has
considered such balances as fully recoverable and assessed that no adjustments are required to the carrying
value of the aforesaid balances, which is not in accordance with the requirements of Ind AS 109, 'Financial
Instruments'. In the absence of sufficient appropriate evidence to support the management's assessment
as above, erosion in consolidated net worth due to accumulated losses in SIBPL, and since the it is under

CIRP and other relevant alternate evidences, we are unable to comment upon adjustments, if any, that may
be required to the carrying values of these non-current investments and trade receivables from step down
subsidiaries of SIBPL and the consequential impact on the accompanying standalone financial statements.
The audit opinion on the Company's standalone financial Statement for the previous year ended March 31,

2024 was also modified in respect of this matter.

iii. Note 4.5 to the accompanying standalone financial Statements, the Company's non-current investments,
trade receivable and other current assets as at March 31, 2025 include investments in one erstwhile
Subsidiary Company, Supreme Panvel Indapur Tollways Private Limited ("SPITPL”) and trade receivable and
unbilled revenue from erstwhile Subsidiary Company amounting to ^ 15,677.22 lakhs, ^ 3,814.66 lakhs
and ^ 3,201.67 lakhs respectively. National Highways Authority of India ("NHAI”) had issued an intent to
terminate notice to this Company, the said notice has been subsequently stayed by order of the Hon'ble
High Court of Delhi and the matter has been referred to arbitral tribunal in order to adjudicate the dispute
between the parties. In terms of the order passed by the Hon'ble Arbitral Tribunal dated March 10, 2023 in
furtherance to the Hon'ble Apex Court directions dated February 7, 2023, this Company and NHAI have
been directed to explore mutual conciliation under policy of NHAI, which are currently ongoing as informed
by the management. Meanwhile, On August 30, 2024, SPITPL has been admitted to Corporate Insolvency
Resolution Process ("CIRP”) on an application filed by one of the financial creditors of SPITPL pursuant to
which the Company has lost control over the SPITPL and accordingly SPITPL has ceased to be a subsidiary
company. The management has considered these non-current investments, trade receivable and other current
assets as fully recoverable and has assessed that no adjustments are required to the carrying value of the
aforesaid balances, which is not in accordance with the requirements of Ind AS 109, 'Financial Instruments'.
In the absence of sufficient and appropriate evidence to support the management's assessment as above,
the Company being admitted under CIRP, stoppage of operations and non recognition of trade payable to
holding Company in books of this company, also considering the fact that NHAI has appointed new vendor
to complete the remaining work of the ongoing project, no cash flows due to the aforesaid termination notice
and matter currently under arbitration, we are unable to comment upon impact of adjustments, that may be
required to the carrying values of these non-current investments, trade receivables and other current assets
and the consequential impact on the accompanying standalone financial statements. The audit opinion on
the Company's standalone financial Statement for the previous year ended March 31, 2024 was also modified
in respect of this matter.

iv. Note 18.4 to the accompanying standalone financial Statements, the Company's current borrowings as at
March 31, 2025 include balance amounting to ^ 28,188.73 Lakhs (Principal Amount), in respect of which
confirmations/statements from the respective banks/lenders have not been received. Further, in respect
of certain loans where principal balance has been confirmed from the confirmations issued by the lenders,
the interest accrued amounting ^ 5,25,938.04 Lakhs included in Other financial liabilities as on March 31,

2025 and Margin Money amounting to ^ 137.66 lakhs included in other non-current assets as on March 31,
2025 have not been confirmed by banks/lenders. In cases where banks/lenders have given confirmation
for interest outstanding, differences are noticed in the balances since Banks/lenders have stopped accrual
of interest as the accounts of the Company are classified as NPA in their books. In the absence of such
confirmation from banks/lenders or sufficient and appropriate alternate audit evidence for differences, we
are unable to comment on the adjustments and changes in results and classification of balances in accordance
with the principle of Ind AS 1, presentation of financial statements, that may be required to carrying value of
the aforementioned balances in the accompanying standalone financial statement. The audit Opinion on the
Company's standalone financial Statement for the previous year ended March 31, 2024 was also modified in
respect of this matter.

v. Note 40 to the accompanying standalone financial Statements regarding non compliances with the following
requirements of the Act towards which the Company has not provided for penalty in its Standalone financial
statements. Further, the additional impact if any, on the financial statements is presently not ascertainable.

Filing of annual return and annual accounts for the financial years ended March 31, 2024, in accordance with
the requirements of section 92(1) and 137 of the Act.

4. We conducted our audit in accordance with the Standards on Auditing 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 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 qualified opinion.

Material Uncertainty Related to Going Concern

5. We draw attention to Note 38 to the accompanying standalone financial Statements, which indicates that the
Company has incurred a net loss of ^ 1,42,625.83 lakhs during the year ended March 31 2025 and, has also
suffered losses from operations during the preceding financial years, the Company's accumulated losses amounts
to ^ 6,79,064.12 lakhs and its current liabilities exceeded its current assets by ^ 7,87,539.06 lakhs and has
defaulted in repayment of principal and interest in respect of its borrowing outstanding as at March 31, 2025. The
above factors indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to
continue as a going concern. However, based on approval of Scheme of Arrangement under Sections 230 to 232
of the Companies Act, 2013 by National Company Law Tribunal, Mumbai Bench dated March 28, 2025 as stated
in Note 3 of the accompanying standalone financial statement, future business continuity and growth prospects,
exit of financial creditors on implementation of above scheme, equity infusion by the promoters & investors
and other mitigating factors mentioned in the aforementioned note including steps taken by the Company for
implementation of the scheme, management is of the view that going concern basis of accounting is appropriate.

The above assessment of the Company's ability to continue as going concern is by its nature considered as a key
audit matter in accordance with SA 701. In relation to the above key audit matter, our audit work included, but
was not limited to, the following procedures:

i. Obtained an understanding of the management's process for identifying all events or conditions that may
cast significant doubt over the company's ability to continue as a going concern and a process to assess
the corresponding mitigating factors existing against each such event or condition. Also, obtained an
understanding around the methodology adopted by the Company to assess their future business performance
including the preparation of a cash flow forecast for the business.

ii. Evaluated the design and tested the operating effectiveness of key controls around aforesaid identification
of events or conditions and mitigating factors, and controls around cash flow projections prepared by the
management.

iii. We obtained from the management, its projected cash flows for the next twelve months basis their future
business plans.

iv. Assessed the methodology used by the management to estimate the cash flow projections including the
appropriateness of the key assumptions in the cash flow projections for next 12 months by considering our
understanding of the business, past performance of the Company, external data and market conditions apart
from discussing these assumptions with the management and the Audit Committee.

v. Tested mathematical accuracy of the projections and applied independent sensitivity analysis to the key
assumptions mentioned above to determine and ensure that there was sufficient headroom with respect to
the estimation uncertainty impact of such assumptions on the calculations.

Our opinion is not modified in respect of this matter.

Emphasis of Matter

6. As stated in Note 30.1 to the accompanying standalone financial statements regarding corporate guarantees by
the Company to various lenders of its subsidiary/group companies amounting to ^ 1,53,315.69 lakhs as on March
31, 2025 against their borrowings. These Companies have defaulted in repayment of their borrowings. However,
the Company has not recognised financial liability for these corporate guarantees due to defaults in repayment
by subsidiary/group companies. Management has assessed that there is no liability required to be recognised in
respect of above due to reason that none of the lenders have invoked any of the above guarantees, they are also
a part of Scheme of Arrangement as stated in Note 3 of the accompanying standalone financial statement and
stand still clause in relation to facilities granted is also one of the conditions of Inter Creditor Agreement (ICA).

Our report is not qualified in respect of this matters.

Key Audit Matter

7. 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.

8. In addition to the matters described in the Basis for Qualified Opinion and Material Uncertainty Related to Going
Concern sections, we have determined the matter described below to be the key audit matter to be communicated
in our report.

Information other than the Standalone Financial Statements and Auditor’s Report thereon

9. The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the standalone financial statements and our
auditor's report thereon. The 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 Annual Report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance.

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

10. 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 (financial position), profit or loss (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 Ind AS 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.

11. 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.

12. Those 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

13. 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 Standards on Auditing 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.

14. As part of an audit in accordance with Standards on Auditing, 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)0) 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 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.

15. 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.

16. 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.

17. 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

18. As required by the Companies (Auditor's Report) Order, 2020 ('the Order') issued by the Central Government of
India in terms of section 143(11) of the Act, we give in the Annexure 1 a statement on the matters specified in
paragraphs 3 and 4 of the Order.

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

a) we have sought and except for the possible effects of the matters described in the Basis for Qualified Opinion
section, obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit;

b) except for the possible effects of the matters described in the Basis for Qualified Opinion section, 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive
Income, the Standalone Statement of Cash Flow and Standalone Statement of Changes in Equity dealt with
by this Report are in agreement with the relevant books of account.

d) except for the possible effects of the matters described in the Basis for Qualified Opinion section, in our
opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the
Act;

e) On the basis of the written representations received from the directors as on March 31 2025 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) The qualification relating to maintenance of accounts and other matters connected therewith are as stated in
the Basis for Qualified Opinion paragraph.

g) 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 2. Our report expresses
a modified opinion on the adequacy and operating effectiveness of the Company's internal financial controls
with reference to Standalone Financial Statements.

h) The Company has not paid or provided for any managerial remuneration during the year. Accordingly,
reporting under section 197(16) of the Act is not applicable.

i) 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:

i. the Company, as detailed in Notes 4.4, 4.5 11.3, 18.5, 18.8, 30(A)(i), 30(A)(iii), 30(A)(iv) to the standalone
financial statements, has disclosed the impact of pending litigations on its financial position as at 31
March 2025.

ii. except for the possible effects of the matters described in the Basis for Qualified Opinion section, the
Company has made provision, as required under the applicable law or Ind AS, for material foreseeable
losses, if any, on long-term contracts including derivative contracts;

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company during the year ended 31 March 2025;

iv. 1. 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(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;

2. The Management has represented, that, to the best of its knowledge and belief, 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; and

3. Based on such audit procedures that we have 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 (1) and (2) above, contain any material
mis-statement.

v. Dividend is neither declared nor paid during the year by the Company and therefore compliance with
Section 123 of the Companies Act, 2013 is not applicable for current financial year.

vi. Based on our examination which included test checks, the Company has used an 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 and the
audit trail has been preserved by the Company as per the statutory requirements for record retention.
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with.

For Borkar & Muzumdar

Chartered Accountants
Firm Registration No: 101569W

Devang Vaghani

Partner

Membership No: 109386
UDIN: 25109386BMLWZQ6063

Place: Mumbai
Date: 09/07/2025