We have audited the accompanying Ind AS standalone Financial statements of M/s*
Croissance Limited (formerly known as Swagruha infrastructure Limited) ("the

Company"), which comprise the standalone balance sheet as at March 31, 2025, the standalone
statement of Profit and Loss (including Other Comprehensive Income), standalone statement
of changes in equity, and standalone statement of cash flows for the year then ended, and
notes to the Ind AS standalone Financial statements, including a summary of Material
accounting policies and other explanatory information (hereinafter referred to as the "Ind AS
Financial statements").

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid Ind AS 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 read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025 and its 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 Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Ind AS 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 Ind AS Financial statements under
the provisions of the Companies Act, 2013 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 audit opinion on the Standalone 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 standalone Ind AS 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 that, except for the matter described in the
emphasis of matters section, there are no Key audit matters to communicate in our report.

Emphasis of Matter

a. We draw attention to note no. 4 and footnote thereto of the notes to accounts, wherein
the loans and advances given by the company as reported in the standalone Ind AS
financial statement of Rs.955.52 lakhs are subject to confirmation and reconciliation.

b. We draw attention to note no. 5 and footnote thereto of the notes to accounts, wherein
trade receivables reported in the standalone Ind AS financial statement of Rs.381.01
lakhs which is subject to confirmation and reconciliation

c. We draw attention to note no. 11 and footnote thereto of the notes to accounts, wherein
trade payables reported in the standalone Ind AS financial statement of Rs.217.96 lakhs
which is subject to confirmation and reconciliation.

d. We draw your attention to note no. 12 and footnote thereto of the notes to accounts,
wherein other current liabilities reported in Standalone Ind AS financial statement
which includes Rs. 486.00 lakhs advance received from customers which are subject to
confirmation.

Our opinion on the Statement is not modified in respect of above matters.

Information Other than the Ind AS Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Company's annual report but does not
include the Ind AS Financial statements and our auditor's report thereon. Such other
information is expected to be made available to us after the date of this auditor's report.

Our opinion on the Ind AS 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 Ind AS Financial statements, our responsibility is to read
the other information when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the Ind AS Financial statements or our knowledge
obtained in the 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 for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS 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 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 Ind AS Financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Ind AS 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 Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS Financial
statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Ind AS Financial
statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS 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 controls 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 adequate internal financial controls system in place and the operating effectiveness
of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's report to the related disclosures in
the Ind AS 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 Ind AS financial
statements, including the disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Ind AS financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Ind AS 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 Ind AS 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.

Report on Other Legal and Regulatory Requirements

1. 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 A" a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

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 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, statement of changes in equity and the
Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid Ind AS standalone financial statements comply with the
specified under Section 133 of the Act.

e. On the basis of written representations received from the directors as on March 31, 2025,
and 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;

f. 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".

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

In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 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, 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 Ind AS financial statements

ii. The Company did not have any long-term contracts including derivative contracts
for which there are 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.

a. 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 or entity, including foreign entity ("Intermediary"), 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;

(b) The management has represented, that, to the best of its knowledge and belief,
no funds have been received by the company from any person or entity, including
foreign entity ("Funding Party"), 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

(c) Based on the audit procedures that have been 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 (a) and (b)above, contain any material mis-statement.

v. 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

vi. With respect to the requirements of Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014, as amended, we report that:

According to the information and explanations given to us and based on the
representations provided by the management, the Company has maintained its
books of account for the financial year ended 31st March 2025 using a company

operations specific accounting software which includes a feature for recording an
audit trail (edit log) of each transaction. Further, as represented to us:

• The audit trail feature was enabled and operational throughout the year,
covering all financial and logistics-related accounting transactions.

• The audit trail was not tampered with during the year.

• The Company has ensured preservation of the audit trail logs in compliance with
the statutory record retention requirements prescribed under the Companies
Act, 2013.

Place: Bangalore For YCRJ & Associates

Date: 30-05-2025 Chartered Accountants

Firm Regn No. 006927S

CA Nataraj V Angadi

Partner
M. No: 204729

UDIN: 25204729BMTDBM9872