We have audited the accompanying Ind AS Financial Statements of Kalpa Commercial Limited ("the
Company ) which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that date, and a summary of the significant

accounting policies and other explanatory information (hereinafter referred to as 'the Standalone
Ind AS Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us the

aforesaid ind as 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 March 31, 2025, the profit / (loss) and
total 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 standard on Auditing (SAs) specified under section

143(10) of the Companies Act. 2013. our responsibilities under those Standards are further
described in the Auditor s Responsibilities for the Audit of the Ind AS Financial Statement 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 together with the ethical requirements that are relevant
to our audit of the Ind AS Financial Statement under the provisions of the Companies Act, 2013 and
he 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone Ind AS Financial Statement of the current period. These matters were
addressed in the context of our audit of the standalone Ind AS Financial Statement as a whole and
in forming our opinion thereon, and we do not provide a separate opinion on these matters' We
have determined the matters described below to be the key audit matters to be communicated in

our report.

Emphasis of Matter

We draw attention to Note no. 2 of the Ind AS Financial Statement, which explains about the fair
valuation of investments as on reporting date on the basis of the previous financial year audited

financial. statement of those company where the company held its investments. Our opinion is not
modified in respect of this matter.

We draw attention to Note no. 3 of the IND AS Financial Statement regarding Loan & Advances -
These balances are unconfirmed and unreconciled and subject to confirmation and consequential
adjustment, if any. Our opinion is not modified in respect of this matter

We draw attention to Note no. 4 of the IND AS Financial Statement regarding Trade Receivables-
These balances are unconfirmed and unreconciled and subject to confirmation and consequential
adjustment, if any. Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS
Financial Statement

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS Financial Statement
that give a true and fair view of the financial position, financial performance 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 Ind AS
Financial Statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the Ind AS Financial Statement, 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.

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

Auditor's Responsibilities for the Audit of the Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS Financial Statement 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 Ind AS Financial Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also: ¹

• 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)(i) of the Companies Act,
2013, 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 Ind AS Financial Statement 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 Ind AS Financial Statement,
including the disclosures, and whether the Ind AS Financial Statement represents the underlying
transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS Financial Statement that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone Ind AS Financial Statement 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 Ind AS Financial Statement.

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.

Form the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the Ind AS Financial Statement of the current period
and are therefore the key audit matters. We describe these matters in our auditor's reports 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
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

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 Companies
Act, 2013, we give in the 'Annexure A', 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 and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Ind AS Financial Statement comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

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 with reference to Ind AS
Financial Statement of the Company and the operating effectiveness of such controls,
refer to our separate Report in ‘Annexure B'. 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 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 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.

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

III. No dividend has been declared or paid during the year by the company.

IV. 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. Further, during the course of our audit we did not come across any
instance of audit trail feature being tampered with.

For SGR & ASSOCIATES LLP
Chartered Accountants
FRN:022767N

SANJEEV
(PARTNER)

M. No. 507365

Place: New Delhi

Date: 14/05/2025

UDIN: 25507365BMJANE2687

1

Identify and assess the risks of material misstatement of the Ind AS Financial Statement, 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. ___