Opinion

We have audited the accompanying standalone financial statements of AN SAL BUILDWELL 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 and notes to the financial statements including material accounting policies arid 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 (lie manner so required and give a true and fair view in conformity with the Indian Accounting Standards proscribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules. 2015. as amended find AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31.2025 and its profit (including 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 arc independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of Tndia (“ICAT") 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 lire 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.

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 matters described below as the key audit matters to be communicated in our report.

Emphasis of Matter

We draw attention to Note 34 of Standalone Financial Statements, the Company has Contingent Liabilities amounting to Rs. 3,2 i 0.83 Lakhs as on March 31,2025 which are pending adjudication. The scope, duration and outcomes of these matters are uncertain.

Our opinion is not modified in respect of this matter

We draw attention to Note 42 of audited Standalone Financial Statements, as 8t 31st March. 2025. Ansal Buildwcll Limited had Invested Rs. 34.01 Crores in the form of equity shares and given the business advances amounting to I<s. 24.89 Crores to Aosal Crown Infrabuild Private Limited (wholly owned Subsidiary company).

One of the Operational Creditor filed the petition against Ansal Crown Infrabuild Private Limited Company before the Hon'ble NCLT. The Hon’ble NCLT has admitted application beating C.P.(IB),‘783/2022 under section 9 of the IBBC Code 2016 against the M 's. Ansal Crown Infrahuild Private Limited on dated 21st April. 2023 and accordingly the Corporate Insolvency Resolution Process(C1RP)of IBC.20Ibis Initiated.

M/s SWAMIli Investment Fund-I had filed Civil Suit No. IA’909Nl).'2025InIB; l32/nd'2024 before the Hon’ble NCLT Delhi for invocation of Corporate Guarantee on Company for its claim against ACEPL. To save Civil suit for invocation of Corporate Guarantee before the Hon’ble NCLT rhe Company had paid Rs.2.15,55,789/- to M's SWAMIli Investment Fund-I for settlement of dues of ACTPL. Accordingly. IA/909/ND/2025 stands allowed and disposed of consequently. IB/132/ND/2024 stands dismissed as withdrawn.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditor's ReportThercon

The Company's Management and Board of Directors are 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 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 i lie 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 oilier 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 lair view of the financial position, financial performance, including other comprehensive income, changes in equity and Cxish flows of the Company in accordance with the JndAS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with ihc 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 rrue and fair view and are free horn 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 reiaied to going concent 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.

Auditors’ Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the srandalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report thai 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 Standards on Auditing, we exercise professional judgment and m3 inl3 in professional skepticism thr oughout the audit. We also:

• Identi fy 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 m3y involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant ro the audit in order ro 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 end the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used 3nd 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 rlrar the economic decisions of a reasonably knowledgeable user of rhe financial starements may be influenced. We consrder 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope anc! 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 matter? that may reasonably be thought to bear on nur independence, and where applicable, related safeguards.

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 uuless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that & 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

1. As required by lire Companies (Auditor’s Report) Order.2020 (“the order”) issued by the Central Government in terms of Section 1 *13(11) of die Act. we give in “Annex ure A" a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.

2. 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 examinat ion of those books.

c. The Standalone Balance Sheet, the Statement of Profit and Loss including Ollier Comprehensive Income, Statement of Changes in Equity 3nd 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 lnd 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. 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 "Anncxurc 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. 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 standalone

financial statements- ReferNotc 34 to the StandaloneFinancial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there

were any material foreseeable losses.

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

iv. (a) The Management has represented rhat. to the best of its knowledge and belief, no funds (which are

material either individually or w 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

materia] either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ('‘Funding Parries’⁷), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest w oilier 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 Ultimare 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 misstutement.

v^r. As stated in Note 17 to the accompanying standalone Financial Statements, the Board of Directors of the Company have proposed final dividend @10% i.e. Rs. I/- per equity share ofRs. 10 each for the year ended 31st March, 2025 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of Dividend

vi. In our opinion, the managerial remuneration for the year ended March 31. 2025 has been paid'

provided by the Company to its directors in accordance with the provisions of section 19 7 read with Schedule V to the Act.

vii. Based on our examination which included test checks, the company has used 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. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.