We have audited the standalone financial statements of Oriental
Rail Infrastructure Limited ("the Company"), which comprise the
Balance Sheet as at March 31st, 2025, the Statement of Profit
and Loss (including other comprehensive income ), Statement
of Changes in Equity and Cash Flow statement for the year
then ended 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 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 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 31st, 2025 and its profit, 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 Standards 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 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 standalone 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 audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion.

Emphasis on Matters

Refer note no. 32 to the financial statements relating to dues
to micro, small and medium enterprises as defined under the

MSMED Act, 2006, on the basis of certificate received from
vendors, the company has informed under the MSMED Act,
2006. Further, the company has not made interest provision
on late payment to creditors, due to the negotiation on the
accepted date and materials issues, under the said act as per
the applicable provisions of the law in respect to the extent of
such parties have been identified on the basis of information
collected by the Management.

Our opinion is not qualified in respect of above matter.

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 that there are no key audit matters to
communicate in our report.

Other information

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 and our auditors' 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 financial statements or
our knowledge obtained in the 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
other information, we are required to report that fact. We have
nothing to report in this regard.

Management's Responsibility for the standalone financial
statements

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 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 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 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 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.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism

throughout the audit. We also:

Ý 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 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.

Ý 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 Act, we are also responsible for expressing our
opinion on whether the company has adequate internal
financial controls with reference to standalone financial
statements in place and the operating effectiveness
of such controls.

Ý Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

Ý 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 auditors'
report. However, future events or conditions may cause
the Company to cease to continue as a going concern.

Ý 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.

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

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

2A. As required by Section 143(3) of the Act, we further 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 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
appears from our examination of those books, except
for certain matters in respect of audit trail as stated
in the paragraph 2B(f) below.

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 Flows dealt with by this report are in agreement
with the books of account.

d. Except for the matter described in the Basis of
Emphasis on Matters paragraph, In our opinion, the
aforesaid financial statements comply with applicable
Ind AS specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.

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 31st March, 2025, from
being appointed as a director in terms of Section
164(2) of the Act.

f. The modifications relating to the maintenance of
accounts and other matters connected therewith in
respect of audit trail are as stated in the paragraph
2A(b) above on reporting under Section 143(3)(b)
of the Act and paragraph 2B(f) below on reporting

under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

g. 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 'Annexure B'. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's
internal financial controls over financial reporting.

2B. with respect to the other matters to be included in
the Auditors' 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 has disclosed the impact of
pending litigations on its financial position in its
financial statements, if any, refer note 29 to the
financial statements;

b. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

c. There has been no delay in transferring amounts,
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 its knowledge and belief, no funds
(which are material either individually or in 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.

(ii) The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been received by the
Company from any person or entity, including
foreign entity ("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

account relating to payroll, order process,
general ledger and certain non-editable
fields/tables of the accounting software used
for maintaining general ledger.

Further, for the periods where audit trail (edit log)
facility was enabled and operated throughout the
year for the respective accounting software, we
did not come across any instance of the audit trail
feature being tampered with.

2C. With respect to the matter to be included in the Auditors'
Report in accordance with the requirements of section
197(16), as amended;

In our opinion and according to the information and
explanations given to us, The Company has not paid or
provided for any managerial remuneration during the year.
Accordingly, reporting under Section 197(16) of the Act is
not applicable.

For Anil Bansal & Associates

Chartered Accountants
Firm registration number: 100421W

Anil Bansal

Partner

Place: Mumbai Membership No.: 043918

Date: 27th May, 2025 UDIN: 25043918BMJOOC5641