We have audited the accompanying financial statements ofKROSS
LIMITED (the “Company”), which comprises the Balance Sheet
as at March 31, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), Statement of Changes in Equity
and Statement of Cash Flows for the year ended on that date, and
notes to the financial statements, including a summary of material
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 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 Indian Accounting Standards prescribed
under section 133 of the Act, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, and profit, total comprehensive
income, the changes in equity and its cash flows for the year
ended on that date.

BASIS FOR OPINION

We conducted our audit of the Financial Statements in accordance
with the Standards on Auditing (“SA”s) specified under section
143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are

independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India
(“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 ICAI’s Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for
our opinion on the Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements for the year ended March 31, 2025. These matters were
addressed in the context of our audit of the financial statements, as
a whole, and in forming our opinion thereon, we do not provide a
separate opinion on these matters.

We have determined the matters described below to be the key
audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for
the audit of the financial statements section of our report, including
in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment
of the risks of material misstatement of the financial statements.
The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our
audit opinion on the accompanying financial statements.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITORS REPORT THEREON

The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Board’s
Report including Annexures to Board’s Report, Business
Responsibility Report, Corporate Governance and Shareholder’s
Information, 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 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.

RESPONSIBILITIES OF MANAGEMENT AND BOARD
OF DIRECTORS FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is 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, including other
comprehensive income, changes in equity and cash flows of the
Company in accordance with accounting principles generally
accepted in India, including Ind AS specified under section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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
implementation and maintenance of 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
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 Act, we
are also responsible for expressing our opinion on whether
the company has internal financial controls with reference to
Financial Statements in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by 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.

Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user
of the Financial Statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified misstatements in the
Financial Statements.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements for the
financial year ended March 31, 2025 and are therefore the key
audit matters. We describe these matters in our auditors report
unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by Section 143(3) of the Act, based on our audit
we report that:

a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by
law have been kept by the Company so far as it appears
from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement
of Equity and the Statements of Cash Flow Statement

dealt with by this Report are in agreement with the
books of account.

d) In our opinion, the aforesaid Financial Statements
comply with the Ind AS specified under Section 133 of
the Act.

e) On the basis of the written representations received
from the directors as on 31^st March, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31 ^st March, 2025 from being
appointed as a director in terms of Section 164 (2) of
the Act.

f) With respect to the adequacy of the Internal Financial
Control with reference to Financial Statements of
the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure
- A”. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the
Company’s internal financial controls with reference
to Financial Statements.

g) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197(16) of the Act.

h) 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) Rules, 2014
as amended, in our opinion and to the best of our
information and according to the explanations given to
us:

i) The Company has disclosed the impact of
pending litigations on its financial position in
its Financial Statements - Refer Note 34 to the
Financial Statements.

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 as such the question of delay in
transferring such sums does not arise.

iv) (a) The Management has represented that, to the

best of its knowledge and belief, no funds
(which are material either individually or

v) The company had not declared or paid any
dividend during the year, therefore compliance
with section 123 of the Companies Act, 2013 is
not applicable.

vi) Based on our examination, which included test
checks, the company has used an accounting
software for maintaining its books of account,
which has a feature of recording audit trail (edit
log) facility and the same has operated
throughout the year for all relevant transaction in
the software. Further, during the course of
our audit we did not come across any instance
of audit trial feature being tampered with. The
company has preserved audit trail log as per the
statutory requirement of record retention and
were available for audit.

2. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the Annexure “B”, a
statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

For S.K. Naredi & Co
Chartered Accountants
ICAI Firm Regn No. 003333C

(Rahul Naredi)
Partner

Place: Jamshedpur, India M. No. 302632

Date: May 16, 2025 UDIN: 25302632BMJBIR3745