Srinibas Pradhan Constructions Ltd Auditor Reports

The Board of Directors

(Formerly known as Srinibas Pradhan Constructions Private Limited)

Plot No. 813, Khata No. 106/548, Brajraj Nagar,

Chhualiberna, Jharsuguda, Belpahar Rs, Jharsuguda,

Belpahar, Orissa, India, 768217

We have examined the attached restated consolidated financial information of "Srinibas Pradhan Constructions Limited" (hereinafter referred to as "the Company" or "the Issuer") and its subsidiary company (hereinafter Company and its associate together referred as "the Group") comprising the restated consolidated statement of assets and liabilities as at 31 March 2025, 31 March 2024 and restated standalone statement of assets and liabilities as at 31 March 2023, restated consolidated statement of Profit and Loss and restated consolidated cash flow statement for the financial year ended on 31 March 2025, 31 March 2024 and restated standalone statement of Profit and Loss and restated standalone cash flow statement for the financial year ended on 31 March 2023 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated consolidated financial information" or "restated consolidated financial statements") annexed to this report and initiated by us for identification purposes. These Restated Consolidated Financial Statements have been prepared by the management of the Company and approved by the board of directors at their meeting in connection with the proposed Initial Public Offering on Emerge Platform ("IPO" or "SMEIPO") of NSE Limited ("NSE") of the company.

1. These restated consolidated summary statements have been prepared in accordance with the requirements of:

1. Section 26 of Part - I of Chapter III of Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;
2. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("ICDR Regulations") and related amendments/ clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");
3. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note")

1. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Statements for inclusion in the Draft Red Herring Prospectus/Red Herring Prospectus/Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), SME platform of NSE Limited ("NSE") and Registrar of Companies Delhi in connection with the proposed IPO. The Restated Consolidated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Consolidated Financial Statements. The responsibility of the board of directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Statements. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.
2. We have examined such Restated Consolidated Financial Statements taking in to consideration:

1. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 25 August, 2025, in connection with the proposed SME IPO; and
2. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
3. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Financial Statements;
4. The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

1. The Restated Consolidated Financial Statements of the Company have been compiled by the management from:

(i) Audited consolidated financial statements of the Group, as at and for each of the years ended March 31, 2025, March 31, 2024 and March 31, 2023, which were prepared in accordance with Generally Accepted Accounting

(iii) For the purpose of our examination, we have relied on:

1. Auditors report issued by us dated 06 September 2025 and 21 June 2024 on audited Consolidated Financial Statements of the Group as at and for the year ended 31 March 2025 and 31 March 2024 respectively as referred in paragraph 4(i) above and Auditors report issued by S.K. Sarawgi & co. Chartered Accountants dated 05 September 2023 of the Company as at and for the year ended 31 March 2023. There are no material audit qualifications in the audit reports issued by the statutory auditors for the year ended 31 March 2025, 31 March 2024 and 31 March 2023 and tax auditors for the financial year ended on 31 March 2024 and 31 March 2023 which would require adjustments in the Restated Consolidated Financial Statements of the Group.
2. As indicated in Paragraph 4(ii) above, we did not audit the financial statements of the company subsidiary as at and for the years ended 31 March 2025 and 31 March 2024, whose financial statements (after elimination) reflect total assets, total revenue and net cash inflow/(outflows) as tabulated below and included in the restated consolidated financial statements:

1. Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively for the financial year ended on 31 March 2025, 31 March 2024 and 31 March 2023.
2. do not require any adjustment for modification as there is no modification in the underlying audit reports;
3. there are no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.
4. have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.
5. Adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013.
6. The accounting standards prescribed under the Companies act, 2013 have been followed.
7. The Restated Consolidated financial statements present a true and fair view of the companys accounts.

1. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

a) The "Restated Consolidated Summary Statement of Assets and Liabilities" as set out in Annexure I to this report is prepared by the Company and approved by the Board of Directors. The Restated Consolidated Summary Statement of Assets and Liabilities contains consolidated statement of assets and liabilities as at 31

March 2025, 31 March 2024 and standalone statement of assets and liabilities as at 31 March 2023. These Restated Consolidated Summary Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the consolidated financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV & V to this Report.

2. The "Restated Consolidated Summary Statement of Profit and Loss" as set out in Annexure II to this report are prepared by the Company and approved by the Board of Directors. The Restated Consolidated Summary Statement of Profit and Loss contains consolidated statement of profit and loss for the financial year ended on 31 March 2025, 31 March 2024 and standalone statement of profit and loss for the financial year ended on 31 March 2023. These Restated consolidated summary Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the consolidated financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV & V to this Report.
3. The "Restated Consolidated Summary Statement of Cash Flow" as set out in Annexure III to this report are prepared by the Company and approved by the Board of Directors. The Restated Consolidated Summary Statement of Cash Flow contains consolidated statement of cash flow for the financial year ended on 31 March 2025, 31 March 2024 and standalone statement of cash flow for the financial year ended on 31 March 2023. These Restated consolidate summary Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the consolidated financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV & V to this Report.

For Kapish Jain & Associates,

Chartered Accountants,

Firm Registration No: 022743N

Partner

Membership No: 521888

UDIN: 25521888BMITWR7608

Place: New Delhi .

Date: September 13, 2025