We have audited the accompanying financial statements of Vardhman Concrete Limited (‘the
Company’), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow Statement for the year then ended and
Statement of Changes in Equity and 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 financialstatements 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 (‘Ind AS’) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 and accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2025, and its Loss (including other comprehensive income),
and its Cash flows and changes in equity fer 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(40) of the Companies Act, 2013. 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 together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Companies Act, 2013 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 opinion.

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 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 in doing so, consider whether such other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we performed, we conclude that there is 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 Those Charged with Governance for the Financial
Statements

The accompanying financial statements have been approved by the Company's Board of Directors
The Management and Board of Directors of the Company are responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 (‘Act’) with respect to the preparation and presentation of
these financial statements that give a true and fair view of the state of affairs, loss and other
comprehensive income, changes in equity, and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules,
2015 as amended, 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; design,
implementation and maintenance of adequate internal financial controls, that are operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors are 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.

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 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 financial statements.

As part of an audit In accordance with Standards on Auditing, specified under section 143(10) of the
Act we exercise Professional judgment and maintain professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the 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)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls with reference to financial statements 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 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 financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

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.

Material Uncertainty Related to Going Concern:

We draw attention to Note no. 25 of the attached financial regarding the financial results of the
Company having been prepared on a going concern basis which contemplates the realization of assets
and satisfaction of liabilities in the normal course of business. The Company has been continuously
incurring losses since last several years and its net-worth stands substantially eroded. These
conditions indicate the existence of uncertainty that may cast doubt regarding the Company's ability
to continue as a going concern. However, as explained by the Management, the company has orders,
hence its ability to continue, inter-alia, is dependent on generation cash flow, profits from their
execution and on the Company’s ability to infuse requisite funds for meeting its obligations.

Our opinion is not modified to this extent.

Emphasis of Matter:

a. We draw your attention to Note No 27 and 28 Overdue Trade Receivables of INR 36197.34 (‘000)
and Advances and Deposits (included in the current assets) of INR 19,355.34 (000) which in our
opinion is doubtful for recovery and appropriate provision should be made. However, as explained by
the Management, the Company is making concerted efforts to recover the same and is confident of
recovery in due course. Hence no provision is considered necessary at present. Further aforesaid
balances are subject to confirmation/reconciliations and subsequent to adjustments, if any. As
explained by the Management that there would not be any impact on loss for the year ended March
31, 2025 after such reconciliation.

b. There are certain legal disputes and claims whcih are under arbitration proceedings before
judiciary authorities. The outcome of these proceedings against the Company may have significant
impact on the loss for the year and net worth of the Company as on March 31, 2025, the amount
whereof is not presently ascertainable.

c. We draw your attention to Note on Financials of Joint Venture M/s. Diviniti & DKS (JV) for the

financial year 2024-25 is not available and accordingly the management has taken the Balance due as

on March 2025.

Our opinion is not modified in respect of these matters

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 (44) of section 143 of the Act (hereinafter referred
to as the ‘Order’, we give in the Annexure A, a statement on the matters specified in the
paragraph 3 and 4 of the order.

2. As required by Section 143 (3) of the Act, subject to the possible effects of the matters described
in the Emphasis of Matter Section above , 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 of the accompanying financial
statements.

b) In our opinion proper bocks 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 financial statements dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules 2015, as amaended;

e) On the basis of the written representations received from the directors as on 31 March 2025
taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 financial
statements of the Company as on 31st March, 2025 and the operating effectiveness of such
controls, refer to our separate report in Annexure B; wherein we have expressed an unmodified
opinion;

g) The Company has not paid/provided for any managerial remuneration during the year and

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:

i. The Company has disclosed the impact of pending litigations on its financial position in its
financial statements— Refer Note No 23 to the financial statements.

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

iii. No amounts are required to be transferred to the Investor Education and Protection Fund
by the Company during the year ended 31st March, 2025.

iv. a. 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 securities

premium or any other sources or kind of funds) by the Company to or in any other persons
or entities in chiding foreign entities (the ‘intermediaries’), with the understanding,
whether recorded in writing err otherwise, that the intermediaries shall whether directly
or indirectly tend or invest in any other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Parties (Ultimate Beneficiaries’) or provide any
guarantee or security or the like on behalf of the Ultimate Beneficiaries b. Based on such
audit procedures that the auditor has considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that the
management representations under sub clause a. and b. above contain any material
instatements.

v. The Company has not declared any dividend during the year under review.

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 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 in respect of accounting software.
Further, the audit trail has been preserved bythe company as per the statutory
requirements for record retention.