To the Members of MASON INFRATECH LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone financial statements of MASON INFRATECH LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2026, and the Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Standalone 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 recognition and measurements principles laid down in the applicable accounting standards and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and profit, 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 Act. Our responsibilities under those Standards are further described in the Auditors 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 (ICAI) 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.
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 matter described below to be the key audit matters to be communicated in our report.
Key audit matter
1. Revenue Recognition
The company recognizes revenue based on the Stage of completion which is determined on the
basis of the proportion of value of goods or services transferred with reference to the
certificates given by the Clients / Consultants appointed by Clients as well as on the
billing schedule agreed with them for the value of work done during the year.
How our audit addressed the key audit matter
Our audit procedures on adoption of AS 09, Revenue Recognition include:
? Evaluated the appropriateness of the Companys revenue recognition policies;
? Assessed the design and implementation of key controls over the recognition of contract
revenue and margins, and tested the operating effectiveness of these controls.
? For a sample of contracts, tested the appropriateness of the amount recognized by:
• Reviewing the contract terms and conditions
• Evaluating the identification of the performance obligation
• Evaluating the appropriateness of managements assessment that the performance
obligation was satisfied over time and consequent recognition of revenue
• Reviewed legal and contracting certificates received from the client/consultants
appointed by the clients.
• Assessed that the disclosures made by the management are in accordance with the
applicable accounting standard.
2. Accounting for Acquisition of Investments in Subsidiary, Associates and Joint Venture
How our audit addressed the Key Audit Matter
3. Acquisition of Sabre Rohini Contractors Private Limited under Insolvency and Bankruptcy Code 2016:
Pursuant to a Resolution Plan approved by the NCLT on 24 March 2026 under the Insolvency
and Bankruptcy Code, 2016, the Company acquired Sabre Rohini Contractors Private Limited.
In terms of the Resolution Plan, control of the entity shall vest with the Company upon
completion of the stipulated equity infusion of INR 1.5 crores and fulfillment of other
applicable conditions. The Company expects to complete the remaining obligations under the
Resolution Plan by December 2026 in accordance with the timelines prescribed therein.
Consequently, as at 31 March 2026, the Company had not acquired control over the entity.
Determining the cost of this investment required judgment in interpreting the terms of the
approved Resolution Plan, including the consideration paid/payable (which may include
cash, issue of securities, or assumption of specified liabilities) and any contingent
consideration or deferred payment obligations.
How our audit addressed the Key Audit Matter
Obtained and analysed the NCLT approved Resolution Plan for Sabre Rohini Contractors
Private Limited to understand and verify the consideration paid/payable and its accounting
as cost of investment, including evaluating any contingent or deferred components.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other information comprises the Directors 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 Standalone financial statements, or our knowledge obtained in the audit or otherwise appears 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.
Responsibilities of Management and Board of Directors for the Financial Statements
The Companys 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 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, the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, matters related to going concern, as applicable 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.
Those Board of Directors are also responsible for overseeing the Companys financial reporting process.
Auditors 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 auditors 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.
We give in "Annexure A" a detailed description of Auditors responsibilities for Audit of the Standalone Financial Statements.
Report on Other Legal and Regulatory Requirements
(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) This clause is not applicable as no other Statutory auditor is appointed by the company for the audit period covered in this report.
(d) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
(e) In our opinion, the aforesaid Standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.
(f) As there are no such our observations or comments on financial transactions or matters which have any adverse effect on the functioning of the company this clause is not applicable.
(g) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.
(h) The clause is not applicable as there is no such qualification, reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith.
(i) With respect to the adequacy of the internal financial controls with reference to Standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure C".
(j) 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:
i. The Company did not have any pending litigation which has the major impact on 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. (1). The Management has represented that, to the best of its knowledge and belief, 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, 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.
(2) The Management has represented, that, to the best of its knowledge and belief, 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, as on the date of this audit report, that the Company shall, 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 Benefits (or provide any guarantee, security or the like on behalf of the Ultimate Benefits.
(3) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, and according to the information and explanations provided to us by the Management in this regard 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 (1) and (2) above, contain any material mis-statement.
V. The Company has not declared an interim dividend during the year as per provisions of section 123 of the companies Act, 2013. The Board of Directors of the Company have proposed a final dividend for the year, which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section 123 of the Act, to the extent it applies to declaration of dividend.
vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2026, which has a feature of recording audit trail (edit log) facility and the same has been operative from 01/04/2025 for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.
For Gada Chheda & Co LLP Chartered Accountants Firm Reg. No. W100059 |
| Sd/- Ronak Pravin Gada Partner Membership no: 146825 UDIN: 26146825RKZ/DZD6387 Place of Signature: Mumbai Date: 27/05/2026 |
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT ON EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF MASON INFRATECH LIMITED
Auditors Responsibilities for the Audit of the 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:
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.
For Gada Chheda & Co LLP |
| Chartered Accountants |
| Firm Reg. No. W100059 |
| Sd/- |
| Ronak Pravin Gada |
| Partner |
| Membership no: 146825 |
| UDIN: 26146825RKZ/DZD6387 |
| Place of Signature: Mumbai |
| Date: 27/05/2026 |
ii. (a) The Company has a system of physical verification of inventory whereby all items of inventory are physically verified over a period of time. Discrepancies, if any, between physical stock and book records are adjusted in the books as and when the verifications and corresponding reconciliations are carried out. In our opinion, the frequency of verification, coverage and procedure of such verification is reasonable and appropriate. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories.
(b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of 5 crore, in aggregate, from a bank during the year on the basis of security of current assets and movable fixed assets of the Company.
The monthly returns or statements filed by the Company with such bank are generally in agreement with the books of account of the Company. We observed certain differences between the amounts reported in the statements submitted to the bank and the corresponding books of account; however, such differences were not material, being less than 5% of the respective amounts reported, and were primarily attributable to timing and reconciliation differences. Based on the information and explanations provided to us, these differences do not have any material impact on the financial statements of the Company.
iii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has granted loans, during the year, to companies, firms, Limited Liability Partnerships or other parties, in respect of which the requisite information is as below. The Company has not provided any advances in the nature of loans, or stood guarantee, or provided security to any other entity during the year. Further, the Company has not granted any loans or advances in the nature of loans to its directors or to any other person in whom the directors are interested, within the meaning of Section 184(2) of the Companies Act, 2013.
(a) Aggregate amount, balance outstanding, and rate of interest:
*Aggregate amount during the year represents loans granted afresh during the year. Balance outstanding as at the balance sheet date includes the opening balance of loans granted in earlier year(s) and remaining outstanding, as adjusted for fresh disbursements and repayments during the year.
#The interest-free loan of Rs. 30 lacs granted to other (non-related) parties represents a legacy loan that originated when the Company was constituted as a partnership firm, prior to its conversion into the present company.
(b) Loans aggregating Rs. 2048 Lakhs carry interest @ 12% p.a., which, based on the information and explanations given to us, is in line with the prevailing market rate of interest, and in our opinion, the terms thereof are not prejudicial to the Companys interest.
In respect of the interest-free loan aggregating Rs. 30 lakhs granted to other non-related parties, constituting approximately 1.44% of the total loans outstanding as at the year-end, Rs. 30 lakhs represents a legacy balance that originated as a loan granted by the predecessor partnership firm prior to its conversion into the Company, and continues to be carried at the same terms (i.e., interest-free) as originally agreed by the firm; and
Having regard to the nature and quantum of the above interest-free loan, being not material in the context of the Companys total loan portfolio, we are of the opinion that the terms thereof are not prejudicial to the Companys interest.
(c) The aforesaid loans granted to subsidiaries, associates, other related parties and other parties are repayable on demand, and no schedule for repayment of principal has been stipulated. Accordingly, we are unable to comment on the regularity of repayment of principal in respect of the said loans. In respect of the interest-bearing loans, the interest has been regularly credited during the year.
(d) Since the aforesaid loans are repayable on demand and no schedule of repayment of principal or payment of interest has been stipulated, the question of any amount being overdue for more than ninety days does not arise. Accordingly, reporting on reasonable steps taken for recovery of principal and interest is not applicable.
(e) Since the aforesaid loans are repayable on demand and no due date is stipulated for repayment of principal or payment of interest, the question of such loans being renewed/extended, or of fresh loans being granted to settle overdue of existing loans, does not arise.
(f) The Company has granted loans, during the year, repayable on demand or without specifying any terms or period of repayment, to the following parties:
| Particulars | Promoters | Related Parties | (Rs. In Lakhs) |
| Amount of loans without specified terms - balance outstanding as at year-end | NIL | 1638.62 | 439.38 |
| Percentage to total balance outstanding of all loans as at year-end | NIL | 78.86% | 21.14% |
iv. In our opinion and according to the information and explanations given to us, the Company has not granted any loans, given any guarantee, or provided any security to its directors or to any other person in whom the directors are interested, and accordingly, the provisions of Section 185 of the Companies Act, 2013 are not applicable to the Company.
In respect of the loans granted by the Company to subsidiaries, associates, other related parties and other parties during the year, the Company has, in our opinion, complied with the provisions of Section 186 of the Companies Act, 2013, except as stated below:
The Company carries an interest-free balance of Rs. 30 Lakhs in respect of a loan that originated when the Company was constituted as a partnership firm, prior to its conversion into the present company. Based on the information and explanations given to us, since the said loan was granted prior to the Companys incorporation and the provisions of Section 186 of the Act were not applicable to the predecessor partnership firm at the time the loan was advanced, we are of the opinion that the requirement as to rate of interest under sub-section (7) of Section 186 does not apply to this legacy balance.
We have not come across any instance of non-compliance with the provisions of Section 185 and Section 186 of the Companies Act, 2013, in respect of the loans, investments, guarantees and security covered under this clause.
v. According to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed thereunder.
vi. The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
vii. In respect of payment/non-payment of statutory dues:
a. According to information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Income Tax, Goods and Service Tax, Custom Duty, Cess, Professional Tax and other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, goods and service tax, cess and other statutory dues outstanding, at the year end, for a period of more than six months from the date they became payable.
b. According to the information and explanations given to us, there are no dues of Goods and Service Tax, Provident Fund, Employees State Insurance, Customs Duty, Cess and other material statutory dues which have not been deposited on account of any dispute, except as follows in respect of Income Tax:
(Rs. In Lakhs)
| Name of the Statute | Nature of Dues | Amount (Rs.) | Period to which the amount relates | Forum where dispute is pending |
| Income Tax Act, 1961 | Income Tax demand arising on account of TDS credit mismatch | 13.24 | A.Y. 2024-25 | Commissioner of Income Tax (Appeals) |
viii. According to the Information and explanations given to us, there are no transactions which are not accounted in the books of account which have been surrendered or disclosed as income during the year in Tax Assessment of the Company. Also, there are no previously unrecorded income which has been now recorded in the books of account. Hence, the provision stated in paragraph 3(viii) of the Order is not applicable to the Company.
ix.
(a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any lender.
(b) According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authority.
(c) In our opinion and according to the information explanation provided to us, money raised by way of term loans were applied for the purpose for which the loans were obtained by the company.
(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the Standalone financial Statements of the Company, we report that funds raised on short-term basis have not been used for long-term purposes by the Company.
(e) On an overall examination of the Standalone financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates, or joint ventures.
(f) During the year, the Company has not raised loans on the pledge of securities held in its subsidiaries, joint ventures or associate and hence, the requirement to report on clause 3(ix)(f) of the Order is not applicable to the Company.
During the year, the Company has raised an amount of Rs. 91,35,70,000.00 (Rupees Ninety-One Crores Thirty-Five Lakh Seventy Thousand Only) through preferential issue of Equity shares and warrants fully convertible into Equity shares. The Board of Directors of the company, in their meeting dated 20/08/2025, has allotted 49,59,500 (Forty-Nine Lakh Fifty-Nine Thousand Five Hundred) fully paid-up equity shares of face value of Rs. 10/- each (Rupees Ten only), at an issue price of Rs. 124/- (Rupees One Hundred and Twenty-Four Only) (including a premium of Rs. 114/- per equity share) aggregating to Rs. 61,49,78,000/- (Rupees Sixty-One Crore Forty-Nine Lakh Seventy-Eight Thousand Only) and 24,08,000 (Twenty-Four Lakh Eight Thousand) Convertible Warrants of Rs. 10/- (Rupees Ten Only) at a price of Rs. 124/- (Rupees One Hundred and Twenty-Four only) aggregating to Rs. 29,85,92,000/- (Rupees Twenty-Nine Crores Eighty-Five Lakh Ninety-Two Thousand Only).
Below is the summary of money received on 31/03/2026:
| Particulars | Total (Rs. In Lakhs) |
| Money received against Equity Shares | 6149.78 |
| Money received against Warrants converted into Equity Shares^ | 1745.92 |
| Money received against Warrants ^ | 310.00 |
Total |
8205.70 |
^ Out of total money received, 14,08,000 warrants (amounting INR 17,45,92,000) have been converted to Equity shares on 16th October, 2025.
The money raised has been applied till March 31, 2026, as follows:
(Rs. In Lakhs)
| Sr. No. Object as disclosed in the Offer Document | Amount disclosed in the Offer Document | Amount received as of March 31, 2026 | Actual Utilized Amount | Unutilized Amount |
| 1 To invest in, and grant loans to, joint ventures, associate entities, companies, and body corporates for the purpose of supporting future expansion plans and expanding the Companys Real Estate and Construction business | 4400 | 8205.7 | 3781.32 | 222.43 |
| 2 To meet the Working capital requirements | 2500 | 1966.25 | ||
| 3 General corporate purposes | 2235.7 | 2235.7 | ||
Total for the year ended 31st March, 2026 |
9135.7 |
8205.7 |
7983.27 |
222.43 |
a. According to the information and explanation given to us and based on our examination of the records of the Company, the company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year or recent past. Accordingly, the provisions of clause 3(x)(b) of the Order is not applicable to the Company.
xi.
a. Based on our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we report that no material fraud by the Company nor on the Company has been noticed or reported during the Course of our audit.
b. We have not come across any instance of material fraud by the Company or on the Company during the course of the audit of the Standalone financial statement for the year ended March 31, 2026, accordingly, the provisions stated in paragraph (xi)(b) of the Order is not applicable to the Company.
c. As represented to us by the Management, there are no whistle-blower complaints received by the Company during the year.
xii. The Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph 3(xii) (a) to (c) of the Order are not applicable to the Company.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 188 of the Act, where applicable, and details of such transactions have been disclosed in the Standalone financial Statements as required by applicable accounting standards.
xiv. a. In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business.
b. We have considered the Internal Audit Reports of the Internal Auditor M/s Ankit D Bajaj & Associates, Chartered Accountants, dated 27/05/2026 in connection with our Statutory Audit of the Company.
xv. According to the information and explanations given to us, in our opinion, during the year the Company has not entered into non-cash transactions with directors or persons connected with its directors and hence, provisions of Section 192 of the Act are not applicable to Company.
xvi.
a. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act. 1934 and accordingly, the provisions stated in paragraph 3(xvi)(a)(b) and (c) of the Order are not applicable to the Company.
b. The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d) are not applicable.
xvii. Based on the overall review of Standalone financial statements, the Company has not incurred any cash losses in the current or immediately previous financial year.
xviii. There has been no resignation of the statutory auditors during the year. Hence, the provisions stated in paragraph 3 (xviii) of the Order are not applicable to the Company.
xix. According to the information and explanations given to us and on the basis of the financial ratios, and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Standalone financial statements, our knowledge of the Board of Directors and management plans and based on Our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable at meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, State that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
Chartered Accountants
According to the information and explanations given to us, in respect of other than ongoing projects, the Company has no unspent amount that needs to be transferred to a fund specified in the Schedule VII to the Act in compliance with second proviso to subsection (5) to Section 135 of the Act.
For Gada Chheda & Co LLP |
| Chartered Accountants |
| Firm Reg. No. W100059 |
| Sd/- |
| Ronak Pravin Gada |
| Partner |
| Membership no.: 146825 |
| UDIN: 26146825RKZDZD6387 |
| Place of Signature: Mumbai |
| Date: 27/05/2026 |
ANNEXURE C TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF MASON INFRATECH LIMITED
[Referred to in paragraph 2 (f) under Report on Other Legal and Regulatory Requirements in the Independent Auditors Report of even date to the Members of MASON INFRATECH LIMITED on the Standalone Financial Statements for the year ended March 31, 2026]
Report on the Internal Financial Controls under Clause (i) Of Sub-section 3 Of Section 143 Of The Companies Act, 2013 ("the Act")
Opinion
We have audited the internal financial controls with reference to the Standalone financial statements of MASON INFRATECH LIMITED ("the Company") as of March 31, 2026, in conjunction with our audit of the Standalone financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, an adequate internal financial controls with reference to Standalone financial statements and such internal financial controls with reference to Standalone financial statements were operating effectively as at March 31, 2026, based on the internal control with reference Standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit Of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI) (the "Guidance Note").
Managements Responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and maintaining Internal financial controls based on the internal control with reference to Standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls with reference to the Standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone financial statements included obtaining an understanding of internal financial controls with reference to Standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to Standalone financial statements.
Meaning of Internal Financial Controls with reference to Standalone Financial Statements
A Companys internal financial control with reference to Standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control with reference to Standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the Standalone financial statements.
Inherent Limitations of Internal Financial Controls With reference to Standalone financial statements
Because of the inherent limitations of internal financial controls with reference to Standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone financial statements to future periods are subject to the risk that the internal financial control with reference to Standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
For Gada Chheda & Co LLP |
| Chartered Accountants |
| Firm Reg. No. W100059 |
| Sd/- |
| Ronak Pravin Gada |
| Partner |
| Membership No.: 146825 |
| UDIN: 26146825RKZDZ06387 |
| Place of Signature: Mumbai |
| Date: 27/05/2026 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
