We have audited the accompanying Standalone Ind AS financial statements of M/S
PANSARI DEVELOPERS LIMITED (“the Company”), which comprise the Balance Sheet
as at 31^st March, 2025, the Statement of Profit and Loss (Including other comprehensive
income), the Cash Flow Statement for the year ended and Statement of Changes in Equity
and notes to Standalone Ind AS financial statements, including a summary of the 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 financial statements give the information required by the Companies Act,
2013,as amended (“the Act”) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs
of the Company as at 31st March 2025, its profit including and other Comprehensive
Income, its cash flows and the Changes in Equity for the year ended on that date.

Basis for Opinion

We conducted our audit 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 Standalone 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 (“ICAI”) together
with the ethical requirements that are relevant to our audit of the Standalone Ind AS financial
statements under the provisions of the Act and the Rules made 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 Ind AS 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 Ind AS financial
statements as a whole, and informing our opinion there on, and we donot provide a separate
opinion on these matters. We have determined the matters described below to be key audit
matters to be communicated in our report.

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

The Company’s Board of Directors is responsible for the preparation of 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, Shareholder’s Information and Corporate Governance but does not
include Standalone Ind AS financial statements and our auditors report thereon.

Our opinion on the Standalone 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 Standalone Ind AS 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 Ind AS 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 the Management and Those Charged with Governance for the
Standalone 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 and presentation of these
Standalone Ind AS financial statements that give a true and fair view of the Standalone
financial position, Standalone financial performance and Standalone cash flows of the
Company in accordance with the Ind AS and others accounting principles generally accepted
in India, including the applicable Indian Accounting Standards (Ind AS) specified under
Section 133 of the Act read with the Rule 7 of Companies (Accounts) Rule, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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 Standalone Ind AS financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the Standalone Ind AS Financial Statements, the respective Boards of Directors
of the Company are responsible for assessing the ability of the company to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the management either intends to liquidate the company
or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Company are also
responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibility for the Audit of Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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
Standalone Ind AS 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 Standalone 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal financial controls
system over financial reporting 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 ability of the
Company 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 Standalone 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 Standalone Ind AS
financial statements, including the disclosures, and whether the Standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of such
entities or business activities within the Company to express an opinion on the Standalone

Ind AS financial statements. We are responsible for the direction, supervision and
performance of the audit of financial information of such entities included in the
Standalone Ind AS Financial Statements of which we are the independent auditors. For
the other entities included in the Standalone Ind AS Financial Statements, which have
been audited by other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.

We communicate with those charged with governance of the Company regarding 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 Standalone Ind AS financial
statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s 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

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(3) of the Act, we
give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

1. As required by section 143(3) of the Act, we further 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 accounts 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), the Statement of Changes in Equity and the Statement of Cash Flow dealt
with by this Report are in agreement with the books of accounts;

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the
Indian Accounting Standards prescribed under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the Directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the Directors is
disqualified as on 31st 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 controls over financial reporting
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 over financial
reporting.

g) In our opinion the managerial remuneration for the year ended March 31, 2025 has
been paid/ provided by the company to its directors is in accordance with the provisions
of section 197 read with schedule V of the Act;

h) In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014:

i. The Company did not have any pending litigation which will impact on its
financial position.

ii. The Company is not required to make any provision, as required under the
applicable law or accounting standards, for material foreseeable losses on long
term contracts including derivative contracts.

iii. The Company, its joint ventures and associate company was not required to
transfer any amount to the Investor Education and Protection Fund.

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 persons or entities, 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.

b. The Management has represented that, to the best of its knowledge and belief,
other than as disclosed in financial statements, no funds have been received by
the Company from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that
the Company shall directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of
the Funding Parties or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

c. Based on the audit procedures performed that has 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) contain any material misstatement.

v. The Company has neither declared nor paid dividend during the previous year.
The Board of Directors of the Company have also not proposed dividend for the
current year.

vi. Based on our examination, the company, has used accounting software
for maintaining its books of account which has a feature of recording
audit trail (edit log) facility except in respect of maintenance of
property, plant and equipment records, Inventory Record, & payroll related
records wherein the accounting software did not have the audit trail feature
enabled throughout theyear. Further, during the course of our
audit we did not come across any instance of audit trail feature being tampered
with.

Additionally, the audit trail has been preserved by the company as per the statutory
requirements for record retention.

For G A R V & Associates

Chartered Accountants
Firm Registration No.0301094E

Sd/-

Place: Kolkata (ANSHUMA RUSTAGI)

Date: 28^thMay, 2025 Partner

Membership No. 062957
UDIN: 25062957BMKTAQ1341