We have audited the accompanying financial statements
of Vishnu Prakash R. Punglia Limited (“the Company”),
which comprise the Balance Sheet as at 31st March,
2025 the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Cash Flow Statement for the year then ended
and notes to the financial statements including a summary
of the material accounting policies and other explanatory
information, which includes 19 jointly controlled operations
incorporated on a proportionate basis (Refer Note 38 to
attached financial Statements).

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 as prescribed under section 133 of
the Act and other accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st
March, 2025, its profit including other comprehensive
income, changes in equity and its cash flows for the year
then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) 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 Code of Ethics. We believe that
the audit evidence we have obtained, and the audit evidence
obtained by the other auditors in terms of their reports
referred to in Other Matter Paragraph below, is sufficient and
appropriate to provide a basis for our audit opinion.

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 of the current period. These matters
were addressed in the context of our audit of the 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 the matters described below to be the
key audit matters to be communicated in our report.

Information other than the financial
statements and auditors’ report thereon

The Company's Management and Board of Directors are
responsible for the preparation of the other information. The
other information comprises the information included in the
Board's Report including Annexures to Board's Report but
does not include the financial statements and our auditor's
report thereon. The company's annual report is expected to
be made available to us after the date of this auditor's report.

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.

Management’s and Board of Director’s
Responsibility for the Financial Statements

The Company's Management and 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 including other
comprehensive income, change in equity and cash flows of
the company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards (Ind AS) 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 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 statements 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
and board of directors are 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 is also responsible for overseeing the
Company's 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 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 financial
statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
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 financial 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 and
board of directors.

• Conclude on the appropriateness of management and
board of directors 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.

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.

Other Matter

We did not audit the financial statements of 19 jointly
controlled operations included in the financial statements
of the Company, which constitute total assets of Rupees

1300.91 Million as at 31st March, 2025, total revenue of
Rupees 1310.27 Million and net cash inflow/(outflow)
amounting to Rupees 71.77 Million. These financial
statements and other financial information have been
audited by other auditors whose reports have been furnished
to us by the management, and our opinion on the financial
statements (including other information) in so far as it relates
to the amounts and disclosures included in respect of these
jointly controlled operations is based solely on the reports of
such other auditors.

Our opinion on the financial statements, and our report
on Other legal and regulatory requirements below, is not
modified in respect of the above matter with respect to
our reliance on the work done and the reports of the other
auditors.

Foot note 2 of note no. 38 regarding not incorporating joint
operation assets, liabilities revenues and expenses in
the financial statements on accounts of dispute with joint
venture partner. Our respective opinion on the financial
statements is not modified in respect of this matter.

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
in terms of Section 143(11) of the Act, we give in
“Annexure A” a statement on the matters specified in
clauses 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
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
except for the matters stated in the paragraph
2(k) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014

(c) The Balance Sheet, the Statement of Profit
and Loss including the statement of other
comprehensive income, the 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 financial statements
comply with the Indian Accounting Standards
specified 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) The modifications relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(b) above on
reporting under Section 143(3)(b) of the Act and
paragraph 2(k) below on reporting under Rule
11(g) of the Companies (Audit and Auditors)
Rules, 2014.

(g) With respect to the adequacy of the internal
financial controls with reference to the financial
statements of the company and the operating
effectiveness of such controls refer to our separate
Report in “Annexure B”.

(h) The company has not declared or paid any
dividend during the year.

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

(j) 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, if
any, of pending litigations as at 31st March,
2025 on its financial position in its 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 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 any funds (either
from the borrowed funds or share
premium or any other source or kinds

been preserved by the Company as per
the statutory requirements for record
retention.

For BANSHI JAIN & ASSOCIATES
Chartered Accountants

Firm Registration No. 100990W

Place: JODHPUR HEMANT MALU

Date: 29th May, 2025 Partner

Membership No. 404017
UDIN : 25404017BMNYJN4989