Auditor Report of Mason Infratech Ltd.

Mar 31, 2025

We have audited the accompanying Standalone financial statements of MASON INFRATEC11 LIMITED
("the Company''), which comprise the Balance Sheet as at March 3L 2025, and the Statement of Profit
and Loss (Including Other Comprehensive Income), Statement of Changes in Equity and Statement of
Cash Flows for the year then ended, and notes to the Standalone financial statements, including a
summary of significant accounting policies and other explanatory information.

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 recognition
and measurements principles laid down in the applicable accounting standards and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, and
profit, other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.

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.

We have determined the matter described below to be the key audit matters to be communicated in our
report.

Key audit matter

Ilow our audit addressed the key audit matter

Revenue Recognition The company recognizes revenue based on the Stage of completion which is determined on the basis of the proportion of value of goods or services transferred with reference to the certificates given by the Clients / Consultants appointed by Clients as well as on the billing schedule agreed with

Our audit procedures on adoption of AS 09, Revenue Recognition include: > Evaluated the appropriateness of the Company''s revenue recognition policies; > Assessed the design and implementation of key controls over the recognition of contract revenue and margins, and tested the operating effectiveness of these controls. > For a sample of contracts, tested the appropriateness of the amount recognized by: • reviewing the contract terms and conditions • evaluating the identification of the performance obligation

them for the value of work done during the year.	• evaluating the appropriateness of management''s assessment that performance obligation was satisfied over time and consequent recognition of revenue
	• reviewed legal and contracting certificate received from client\consultants appointed by clients
	> Assessed that the disclosures made by the management are in accordance with the applicable accounting standard

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the Director''s report but docs not include the 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 in the audit or otherwise appears 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.

Responsibilities of Management and Board of Directors for the 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, changes in equity and cash Hows of the Company in accordance
with the accounting principles generally accepted in India, including the Accounting Standards 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 financial statement 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, 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.

1 hose Board ol Directors arc 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.

We give in "Annexure A" a detailed description of Auditor''s responsibilities for Audit of the Standalone
Financial Statements.

Report on Other Legal and Regulatory Requirements

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
“Annexure B" a Statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

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 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),
the Statement of Changes in Equity and the Statement of Cash Flow 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 March 31,2025 taken
on record by the Board of Directors, none of the directors are 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 with reference to Standalone
financial statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure C".

(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 did not have any pending litigation which has the impact of on 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. (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 cntity(ics),
including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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 lias represented, that, to the best of its knowledge and belief, no funds
have been received by the Company from any person(s) or entity(ics), including foreign
entities (Funding Parties), with the understanding, whether recorded in writing or otherwise,
as on the date of this audit report, that the Company shall, 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.

(3) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, and according to the information and explanations provided
to us by the Management in this regard 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. The Company has not declared an interim dividend during the year as per provisions of section
123 of the companies Act.2013.

vi. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account for the financial year ended March 31, 2025,
which has a feature of recording audit trail (edit log) facility and the same has been operative
from 01/04/2024 for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of the audit trail feature being
tampered with.

For Gada Chheda & Co LLP
Chartered Accountants
Firm Reg. No. W100059

^ \UAw100059; *j\

Ronak Praviiit GirdaT^

Parmer

Membership no: 146825
UDIN: 25146825BMIFQF7398
Place of Signature: Mumbai
Date: 28/03/2025

---

Mar 31, 2024

To the Members of MASON INFRATECH LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of MASON INFRATECH LIMITED ("the Company''), which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (Including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

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 Companies Act. 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the recognition and measurements principles laid down in the applicable accounting standards and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and profit, other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

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 period. 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.

We have determined the matter described below to be the key audit matters to be communicated in Our report.

Key audit matter	How our audit addressed the key audit matter
Revenue Recognition	Our audit procedures on adoption of AS 09, Revenue Recognition
The company recognizes revenue based on the Stage	include:
of completion which is	> Evaluated the appropriateness of the Company''s revenue
determined on the basis of	recognition policies;
the proportion of value of	> Assessed the design and implementation of key controls over
goods or services transferred	the recognition of contract revenue and margins, and tested the
with reference to the	operating effectiveness of these controls;
certificates given by the	> For a sample of contracts, tested the appropriateness of amount
Clients / Consultants	recognized by:
appointed by Clients as well	• reviewing the contract terms and conditions
as on the billing schedule	• evaluating the identification of performance obligation
agreed with them for the	• evaluating the appropriateness of management''s assessment
value of work done during	that performance obligation was satisfied over time and
the year.	consequent recognition of revenue • reviewed legal and contracting certificate received from client\consultants appointed by clients > Assessed that the disclosures made by the management are in
	accordance with the applicable accounting standard

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the Director''s report but does not include the financial statements and our Auditor''s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears 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.

Responsibilities of Management and Board of Directors for the 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 financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards 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 financial statement that give a true and fair view and are free from material mbstatemeht,.whether due to fraud or error.

1 \A/1 nnnsa i

In preparing the 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.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are 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. 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 financial statements.

We give in "Annexure A" a detailed description of Auditor''s responsibilities for Audit of the Financial Statements.

Report on Other Legal and Regulatory Requirements

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 "Annexure B" a Statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 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), the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid 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 March 31, 2024 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2024 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 with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure C".

(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 did not have any pending litigation which has the impact of on 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 Cofnpam/^N N°- \lC

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, 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, as on the date of this audit report, that the Company shall, 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.

(3) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, and according to the information and explanations provided to us by the Management in this regard 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. The Company has declared interim dividend during the year as per provisions of section 123 of the companies Act.2013.

vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2024, which has a feature of recording audit trail (edit log) facility and the same has been operative from 25/03/2023 for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

For Gada Chheda & Co LLP

Chartered Accountants _s

Firm Reg. No. W100059

#((¦§/ \\

FRNJMo. \rTI

K^fW059pj

Ronak Pravin Gada (Designated Partner)

Membership no.: 146825 Place of Signature: Mumbai Date: 19/07/2024 UDIN:24146825BKCUZP6535