We have audited the accompanying financial statements of PARADEEP
PARIVAHAN LIMITED (Formerly known as PARADEEP PARIVAHAN
PRIVATE LIMITED) (“the Company”), which comprise the Balance Sheet as at March 31,
2025, and the Statement of Profit and Loss, 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.

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
Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2021, as amended, ( “AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March 2025, and 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 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 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 Act 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.

Key Audit Matters

There are no key audit matters to be communicated in our report.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters: -

• As per Note-8, the company has presented in the financial statement that the amount
overdue to Micro and Small Enterprises is Nil. As explained to us Company has received
intimation from “suppliers” regarding status under the Micro, small and Medium
Enterprises Development Act 2006.

Our opinion is not modified in respect of this matter.

• Note-31 Gratuity Expenses and Provision

We draw attention to Note 31 of the financial statements, which describes the Company’s
policy regarding gratuity expenses and provisions. The Company has obtained an
actuarial valuation for its gratuity obligation as per AS 15 (Revised). However, the gratuity
liability has not been funded under any external scheme such as a gratuity trust or
insurance plan. The entire gratuity liability, amounting to ^427.14 lakh as at 31st March
2025, is recognized as a provision in the balance sheet. The management has represented
that they are in the process of evaluating appropriate options for funding the gratuity
obligation. Our opinion is not modified in respect of this matter.

• Note-27 Related Party Disclosure

We draw attention to Note-27 of the financial statements, which describes the advances
aggregating to ^478.21 lacs given by the Company to the shareholders of MRTC (India)
Pvt Ltd—namely, Dr. Khalid Khan (^478.06 Lacs) and Mr. Pravat Kumar Nandi (^0.15
Lacs)—towards the proposed acquisition of all equity shares of MRTC (India) Pvt Ltd.

As explained to us till the date of signing of the audit report the formalities for the
completion of the acquisition, including legal, regulatory, and commercial approvals, are
in progress. The management has represented that the advances will be adjusted upon
completion of the acquisition.

Information other than the financial statements and auditors’ report thereon

The Company’s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board’s Report including Annexure
to Board’s Report, Business Responsibility 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 and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or

our knowledge obtained during the 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
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibility of Management & those charged with Governance of Financial

Statements: -

The Company’s 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
the financial position, financial performance 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 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.

The board of directors are 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 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 financial statements.

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 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 system 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), as amended,
issued by the Central Government of India in terms of sub- section (11) of section 143 of
the Act, we give “Annexure-A” a statement on the matters specified in paragraphs 3
and 4 of the Order.

2. As required by section 143 (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 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;

c) As per the information obtained from the management, we report that there is no branch of
the company during the year, therefore audit of branches is not applicable.

d) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account and returns.

e) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

f) There is no such observations or comments made by us which have adverse impact on the
functioning of the company.

g) On the basis of 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.

h) 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”.

i) 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) Amendment Rules, 2018, 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 except those disclosed
in Note No.26 (b) 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 has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, 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 person(s) 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.

v. The management has represented, that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, 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.

vi. Based on audit procedures which we 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 (iv) and (v) above, contain any material mis-

statement.

vii. The company has not declared or paid any dividend during the year in contravention
of the provisions of section 123 of the Companies Act, 2013.

viii. Based on our examination, which included test checks, the company has used
accounting software for maintaining its books of accounts for the financial year ended
March-31, 2025. Which has a feature of recording audit trail (edit log) facility and the
same has been enabled throughout the year for all relevant transactions recorded in the
software.

ix. As proviso to Rule 3(1) of the companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the companies (Audit and Auditors)
Rules, 2014 on preservation of Audit Trail as per the statutory requirements for
record retention is applicable for the financial year ended March 31, 2025.

For and on behalf of

RKP ASSOCIATES

Chartered Accountants
FRN:322473E

Place : Bhubaneswar
Date : 22-05-2025

CA. Sumanta Kumar Nayak (FCA)

Partner
M. No. 115108

ICAI UDIN: - 25115108BMJAZA4421