Paradeep Parivahan Ltd Auditor Reports

To the Members of

PARADEEP PARIVAHAN LIMITED

(Formerly known as PARADEEP PARIVAHAN PRIVATE LIMITED)

Opinion

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 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 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 Companys 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.

Our opinion is not modified in respect of this matter.

Information other than the financial statements and auditors report thereon

The Companys board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Boards Report including Annexure to Boards Report, Business Responsibility Report but does not include the financial statements and our auditors 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 Companys 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 Companys 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 Companys financial reporting process.

Auditors 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 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 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 managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors 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 (Auditors 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 Auditors 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 misstatement. 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

"Annexure A" to the Independent Auditors Report

[Referred to in paragraph 1 under ‘Report on other legal & regulatory requirement in our independent auditors report of even date to the members of the company on the standalone

financial statements for the year ended March 31^st, 2025]

(i)

In our Opinion, the Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment;

(a) The Company has no Intangible Asset, so this clause is not applicable to the company.

(b) These Property, Plant and Equipment have been physically verified by the management at reasonable intervals; No such any material discrepancies were noticed on such verification and the same have been properly dealt with in the books of account.

(c) On our verification of books, we noticed that the title deeds of all the immovable properties were disclosed in the financial statements these are held in the name of the company except ‘Warehouse valued 1047.28 lacs (Refer Note No-11) which is constructed on lease Property in respect of duly executed lease agreements in the companys favour. There is no any undisclosed property in the company.

(d) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use assets) or intangible assets during the year

(e) No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under.

(ii) (a) As explained to us, the management has conducted the physical verification of inventory at reasonable intervals, in our opinion, the coverage and procedure of such verification by the management is appropriate; there are no any discrepancies of 10% or more in the dealt with in the books of account. (b) According to the information and explanations given to us and on the basis of our audit procedures, the Company has been sanctioned working capital limits of 25 crore, in aggregate, from banks, on the basis of security of inventories and trade receivable and other

th

Current Assets.

(c) The quarterly returns or statements filed by the Company with such banks or financial institutions are in agreement with the books of account of the Company.

(iii) According to the information and explanations given to us and based on the audit procedures performed, the Company has, during the year, provided a loan of 300.00 lakhs to Gloport Tech Private Limited, a party covered under the register maintained under Section 189 of the Companies Act, 2013. Gloport Tech Private Limited is an entity in which a Key Managerial Personnel (KMP) of the Company is interested.

As at the balance sheet date, the outstanding balance of the loan, including accrued interest, is 307.99 lakhs (Refer note no-14-"Others").

Interest at the rate of 12% per annum charged from the date of receipt of the loan by the party. The loan along with interest is repayable in equal

quarterly instalments over a period of ten years. starting from 1^st April 2027. No repayments were due during the current financial year, and there are no amounts overdue as on the balance sheet date.

Based on our audit procedures and as per the information provided by the management, the terms and conditions of the loan are not prejudicial to the interests of the Company.

(iv) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013. In respect of loans, investments, guarantees, and security.

(v) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies Act and the rules made thereunder.

(vi) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the companies Act, and no such accounts and records have been so made and maintained.

(vii) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance,

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Income-Tax, Duty of Customs, Goods and Services Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no any arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are following statutory dues referred to in sub-clause (a) have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned.

a. Income Tax Demand

Financial Year	Tax (INR)	Interest	Remarks
		(INR)
2012-13	78,40,250.00	1,22,71,965.00	Appeal	pending	with
			Commissioner	(Appeal)
2013-14	61,26,978.00	44,99,274.00
			Income Tax.

(viii) According to the information and explanation given to us, there are no transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

(ix) (a) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has no defaults in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanation given to us, the company has not declared willful defaulter by any bank or financial institution or other lender.

(c) According to the information and explanation given to us, the company has applied the term loans for the purpose for which the loans were obtained.

(d) Based on the books of accounts produced to us, the company has not raised any funds on short term basis have been utilised for long term purposes during the year.

(e) Based on the books of accounts produced to us, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries,

th associates or joint ventures.

(f) Based on the books of accounts produced to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) (a) According to the information and explanations given to us and based on the audit procedures performed:

The equity shares of the Company were listed on the SME Platform of BSE Limited with effect from 24th March 2025, pursuant to an Initial Public Offering (IPO) of 45,78,000 equity shares of 10 each at a premium of 88 per share, aggregating to 4486.64 lakhs.

The Company has complied with the requirements of the Companies Act, 2013, and the SEBI (ICDR) Regulations, 2018, to the extent applicable, in relation to the IPO and its utilization.

(xi) (a) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or any fraud on the company has been noticed or reported during the year.

(b) As there is no any fraud found in the company, there is no any requirement to filed any report under sub-section (12) by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) The auditor has not received any whistle-blower complaints during the year by the company.

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of paragraph 3 clause (xii) of the Order are not applicable to the Company.

(xiii) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in Note-27 the Financial Statements as required by the applicable accounting standards AS 18.

(xiv) (a) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(b) We have considered, the internal audit reports issued during the year and till the date of the audit report covering period upto 31st March, 2025.

(xv) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable.

(xvi) In our opinion and according to the information and explanation given to us, The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.

(xvii) Based upon the audit procedures performed and the information and explanations given by the management, the company has not incurred cash losses in the financial year and in the immediately preceding financial year. (xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not applicable.

(xix) In our opinion, there is no any material uncertainty exists as on the date of the audit report that company is capable of 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.

(xx) In our Opinion, as per section 135 of the Companies Act, corporate social responsibility is applicable to the company. No amount which remains unspent hence No amount has been transferred to a special account in accordance with provisions of section 135 of the Companies Act, 2013. (xxi) Based upon the audit procedures performed and the information and explanations given by the management, there is no consolidated financial statements required to be prepared, therefore no qualifications or adverse remarks by us in the Companies (Auditors Report)

Order (CARO) report of any such entities.

For and on behalf of RKP ASOCIATES

Chartered Accountants FRN:322473E

Place: Bhubaneswar
Date: 22-05-2025
	CA. Sumanta Kumar Nayak
	Partner
	M. No. 115108
	ICAI UDIN :- 25115108BMJAZA4421.

"Annexure B" to the Independent Auditors Report of even date on the Financial Statements of Paradeep Parivahan Limited (Formerly known as PARADEEP PARIVAHAN PRIVATE LIMITED)

[Referred to in paragraph 2 (i) under ‘Report on other legal and regulatory requirements in the independent auditors report of even date, to the members of the company on the standalone

financial statements for the year ended 31^st March 2025]

(Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Paradeep Parivahan Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting 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. 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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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 over financial reporting 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 system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, 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 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 system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting 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 authorisations of management and directors of the company; and

3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, 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 over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025, based on the internal control over financial reporting 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. For and on behalf of

RKP ASSOCIATES

Chartered Accountants FRN:322473E

Place : Bhubaneswar
Date: 22-05-2025
	CA. Sumanta Kumar Nayak
	Partner
	M. No. 115108
	ICAI UDIN: 25115108BMJAZA4421