We have audited the accompanying financial statements of Effwa Infra & Research Limited (“the
Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and
Loss and the Cash Flow Statement for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information
(“financial statements”).

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid 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 accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,
2025, its profit 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
section143(10) of the Act. 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
made 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 on the financial statements.

Information Other than the Financial Statements and Auditor’s Report
Thereon

The Company’s Management and Board of Directors are responsible for the preparation of the
other information. The other information comprises of the information included in the Company’s
annual report but does not include the financial statements and out 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 and, in doing so, consider whether the other information is materially inconsistent with
the financial statements, or our knowledge obtained in the auditor or otherwise appears to be
materially mis-stated. 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 Responsibilities for the Financial Statements

The Company’s Management and Board of Directors are responsible for the matters stated in
Section 134(5) of the Act with respect to the preparation of these financial statements that give a
true and fair view of financial position, financial performance, and cash flow of the Company in
accordance with the accounting principles generally accepted in India, including the Accounting
Standards prescribed 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 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 Management and 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 management
either intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.

The Board of Directors and those charged with governance is also responsible for overseeing the
company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements. The description of the auditor’s responsibilities
for the audit of the financial statements is mentioned below:

As part of an audit in accordance with SAs, 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 the 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 Act, we are
also responsible for expressing an 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 the Management and Board of Directors.

• Conclude on the appropriateness of Management’s and Board of Directors’ 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.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s 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 1” a statement on the matters specified in paragraphs 3 and 4 of the
Order to the extent applicable:

2. As required by Section143 (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 Statement of cash flows
dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act; read with Companies (Accounting Standards)
Rules, 2015 (as amended) specified under section 133 of the Act, read with the
Companies (Accounts) Rules, 2014.

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 are 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 operating effectiveness of such controls, refer our separate report in
Annexure 2 to this report.

g) With respect to the Other Matter 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 does not have any pending litigations which would impact its
financial position.

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

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

iv. The Management of the company has represented that, to the best of its knowledge
and belief, other than as other disclosed in notes to accounts:

a) no funds have been advance 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(s) / or / entity(ies), / including foreign entities (“Intermediaries”), with
the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether recorded in writing or otherwise, 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) 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;
and

c) based on audit procedures that we have 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) of The Companies
(Audit and Auditors) Rules, 2014 contain any material misstatement.

v. During the year, the company has neither declared nor paid any dividend, as such
compliance of section 123 of the Act is not applicable.

vi. Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, the company has used such accounting software for
maintaining its books of accounts, which had a feature of recording audit trail (edit
log)facility and the same has been operated throughout the year for all transactions
recorded in the software and the audit trail feature has not been tampered with and the
audit trail has been preserved by the company as per the statutory requirements for
record retention.

vii. From 12^th July, 2024, the shares of the company were listed on Emerge Platform of
NSE (“NSE EMERGE”).

For Jignesh Savla and Associates

Chartered Accountants

Firm Regn. No. 127654W

CA Jignesh Savla

(Proprietor)

M.No.124607

UDIN:25124607BMJQIM8393

Place: Mumbai

Date: 08/05/2025