1. We have audited the accompanying Standalone Financial statements of CIAN Agro Industries & Infrastructure
Limited ('the Company') which comprise of the Balance Sheet as at 31 st March 2025. 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 statemenL including material accounting policies and
other explanatory information (hereinafter referred to as * Standalone Financial Statements').

2. 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 ('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 accounting principles generally accepted in India, of the state of affairs of the
Company as at 31stMarch 2025. and its profit and other comprehensive income, changes in equity and cash
flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further descrtsed
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 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 thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the 3udit evidence we have obtained is sufficient and appropriate to provide a basts for our opinion on the
standalone financial statements.

Emphasis of Matter

4. We draw attention to

a. Note No. 2.1 to the financial statements, which describes that the Company has revised its estimation
for the revaluation cycle of certain classes of non-volatile Property. Plant and Equipment from 3 years
to 5 years, in accordance with the requirements of Ind AS 16 Property, Plant and Equipment. This
change has been made during the current financial year based on a change in management s
estimate.

b. Note No. 4 Non-Current Investments' where the Company has valued investment in equity shares of
bank at cost.

c. Note No. 29 Other Income and 24 Trade Payables, where the Company has written back certain trade
payables that were outstanding for a period exceeding three to five years during the current financial
year. Such balances were derecognized and credited to the Statement of Profit and Loss

Our opinion is not modified in respect of the above.

Key Audit Matters

5. Key audit matters ('KAM') are those matters that, in our professional judgmenL 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.

Other Information

6. The Company's Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company's annual report but does not include the
Standalone financial statements. Consolidated Financial Statements and our auditors' reports) thereon The
Company’s Annual report is expected to be made available to us after the date of this auditor's report

7. Our opinion on the standalone financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon

8. 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.

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

9. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act.
2013 ('Act") with respect to the preparation of these standalone financial statements that give a true and fair
view of the state of affairs, profit/ 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 (Ind AS) specified under Section 133 of the Act, of the Companies (Accounts) Rules.
2015. 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

In preparing the Standalone Financial Statements. Management and Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, 3S 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.

The respective Board of Directors of the company are responsible for overseeing the Company's financial
reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

10. 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

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

a. 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 nsk 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.

b. 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(3X0 of the Companies Act. 2013. we are also
responsive 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

c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management and Board of Directors.

d. Condude on the appropriateness of Management and Board of Directors use of the going concern
b3sts of accounting in preparation of standalone financial statements 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 auditors' report However,
future events or conditions may cause the Company to cease to continue as a going concern.

e. 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.

11. 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.

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 auditors' 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

12. 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 the "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

13. A) As required by section 143 (3) of the Act. we report that

a. We have sought and obtained 3ll the information and explanations which to the best of our knowledge
and belief were necessary for the purpose 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 except for the matter stated in paragraph 13(B)(f) below on
reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rule.2014.

c. The Standalone Balance Sheet the Standalone Statement of Profit and Loss s (including other
comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement
of Cash Flow dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid consolidated financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards)

Rules. 2015.

e. On the basis of 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 31stMarch, 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 and the operating effectiveness of such controls, refer to our separate Report in “Anncxurc B".

g. The opinion relating to maintenance of accounts and other matters connected there with are as stated in
paragraph 13(B)(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

B) 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:

a. The Company does not have any pending litigations which would impact on its financial position.

b. The Company did not have any material foreseeable losses on long-term contracts including
derivative contracts dunng the year ended 31 March 2025

c. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

d. (i) The management has represented that, to the best of their knowledge and belief, as disclosed in
the Note 39(v) to the standalone financial statements, 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 persons) 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:

(fi) The management has represented, that, to the best of it s knowledge and belief, as disclosed in
the Note39(vi) to the standalone financial statements, 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

(iii) Based on audit procedures performed 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) contain any material mis-statement

e. The company has not declared or paid any dividend during the year, hence there is no contravention of
the provisions of section 123 of the Companies Act. 2013.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules. 2014 is applicable from 1
April 2023

Based on our examination which induded test checks, and communication done, except tor the instances mentioned
below, the Company has used accounting software for maintaining its books of account, which has a feature of recording
audit trail (edit log) fadlity and the same has operated throughout the year for all relevant transactions recorded in the
respective software.

i. There is no frontend facility available to disable or enable the audit logs; this function is controlled exdusively
through the database system.

ii. The system is designed without an automatic mechanism to send alerts to higher authorities regarding the
disabling of the audit trail.

Our opinion is not modified on the above matter

h. With respect to the other matters to be induded in the Auditor's Report in accordance with the requirements of

section 197(16) of the Act, as amended:

In our opinion and according to the information and explanations given to us. the remuneration paid by the Company to its
directors during the current year is in excess of the limits laid down under Section 197 of the Companies Act 2013.
However, the Company has passed a special resolution in the general meeting, in accordance with the provisions of the
first proviso to Section 197(1), enabling such payment Accordingly, the remuneration paid is in compliance with the
provisions of Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section
197(16) of the Act which are required to be commented upon by us.

For P. G. Joshi & Co.,
Chartered Accountants
FRN; 104416W

CA Avinash Joshi

Partner
M No J 030904

Place : Nagpur

Date: 30/05/2025

UDIN: 250309Q4BMJPFN9121