Auditor Report of Veer Global Infraconstruction Ltd.

Mar 31, 2025

We have audited the accompanying Financial Statements of VEER GLOBAL
INFRACONSTRUCTION LIMITED (“the Company”), which comprise the Balance Sheet as at
March 31, 2024, the Statement of Profit and Loss (including other Comprehensive Income), the
Statement of Cash Flow and the Statement of Changes in Equity for the year then ended and a summary
of the significant Accounting Policies and Notes to Financial Statement and other Explanatory
Information (herein after referred to as “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 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 and Total Comprehensive
Income, 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
specified under section 143(10) of the Act (SAs). 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 independence requirements that are relevant to
our audit of the standalone 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 we have obtained is sufficient and
appropriate to provide a basis for our audit 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 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.

Revenue Recognition: Sale of Residential and Commercial Spaces Refer to the accounting policies in the Financial Statements. Significant Accounting Policy 2.3 - Revenue Recognition and Note 2.3 to the Financial Statements - Revenue from Operations
Key audit matter	How the matter was addressed in our audit
Revenue from the sale of Residential and Commercial Flats represents the most significant component in the company''s Statement of Profit and Loss. Revenue recognition from Flat sales involves significant judgment and estimation, particularly in determining the stage of completion, contractual terms, and related obligations. We have identified revenue from date of execution as a key audit matter since - Basis of Recognition: Recognized on the basis of Percentage of Completion Method (POCM) or at the Point of Sale, depending on the contractual agreements and conditions with customers. Revenue recognition complies with Ind AS 115 - Revenue from Contracts with Customers.	Our audit procedures included the following: Testing of design and operating effectiveness of controls: 1. Control Environment Assessed the design and implementation of controls around revenue recognition for flat sales. Verified effective functioning of key internal controls related to stage-of-completion assessments, invoicing, and payment monitoring. 2. Information Technology (IT) Controls Engaged IT specialists to test general IT controls over systems managing revenue computation, billing, and stage- of-completion tracking. Reviewed system controls related to capturing contract terms, project timelines, milestones, and invoicing logic. Substantive tests • Evaluated if revenue recognition principles align with the criteria stipulated in Ind AS 115. • Verified Sales Agreements and Booking Contracts, ensuring approvals by authorized personnel and appropriate revenue milestones. • Cross-checked project completion milestones against project engineers'' certification and external valuation reports on a sample basis. • Matched Invoices raised for Flat Sales with accounting records to ensure accurate revenue booking. • Verified receipts of Flat Sales through reconciliation with bank statements. • Reviewed external audit reports, construction quality certifications, and independent valuation reports verifying stage completion and compliance with contractual terms.

We draw attention to a significant matter concerning the financial statements: the client has not provided
external confirmations for key financial balances, specifically creditors, advances, and debtors.
Obtaining direct external confirmations from third parties for these balances is a standard audit procedure
that provides strong corroborating evidence of their existence and accuracy.

Due to the absence of these confirmations, our audit procedures regarding the balances of creditors,
advances, and debtors were performed using alternative methods. These methods included, but were not
limited to, reviewing subsequent cash flows, examining underlying documentation such as invoices and
agreements, and performing analytical procedures. While these alternative procedures provided
sufficient appropriate audit evidence to form our opinion, we highlight this matter for the users of the
financial statements to ensure full transparency.

INFORMATION OTHER THAN THE 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, 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.

MANAGEMENT’S RESPONSIBILITY 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, Total Comprehensive Income, Changes 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) prescribed 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 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 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 RESPONSIBILITY 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. Mis¬
statements 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 financial statements.

A further description of our responsibilities for the audit of the Financial Statements is included in
“Appendix I” of this auditor’s report.

For BANSILAL SHAH & CO
Chartered Accountants
FRN. No: 000384W

-Sd/-

Dhruv Shah
Partner

Membership No.: 223609
Place: Mumbai
Date:30/05/2025
UDIN: 25223609BMIBQW7892

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Mar 31, 2024

We have audited the accompanying financial statements of VEER GLOBAL INFRACONSTRUCTION LIMITED ("the Company"), which comprise the Balance Sheet as at March 31^st, 2024, the Statement of Profit and Loss (including other comprehensive Income), the statement of Cash Flow and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and notes to financial statement and other explanatory information (herein after referred to as "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 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^st, 2024, and its profit and total comprehensive income, 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 specified under section 143(10) of the Act (SAs). 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 independence requirements that are relevant to our audit of the standalone 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 we have obtained is sufficient and appropriate to provide a basis for our audit 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 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.

Description of Key Audit Matter

Revenue Recognition: Investment Management Fee Refer to the accounting policies in the financial statements
Significant Accounting Policy 2.3 - Revenue Recognition and Note 2.3 to the financial
statements - Revenue from Operations
Key audit matter	How the matter was addressed in our audit
Management fee is the most significant account balance in the statement of profit and loss.	Our audit procedures included the following:
We have identified revenue from	Testing of design and operating effectiveness of
management fees as a key audit matter since	controls:
• There are No inherent risks in computation	• Understood and evaluated the design and
of management fees due to system taken	implementation of management controls
input of key contractual terms and	and other key controls relating to
computation of applicable Assets Under Management ("AUM"), which could result in	recognition of management fee.
no errors.	• Test checked the operating effectiveness of management controls, and other key
• Management fees are accounted for on	controls over recognition of management
accrual basis in accordance with the	fee.
Investment Management Agreement with the NPS Trust (National Pension System	• Involved our information technology ("IT")
Trust).	specialists to test general information technology controls of the systems used for computation and recording of management fees. Further, tested IT controls with respect to input and changes of management fee rates and logic of computation.

	Substantive tests
	• Evaluated recognition of revenue in respect of management fee based on the requirements of Ind AS 115.
	• Test checked management fee rates were approved by authorized personnel.
	• Test checked key inputs into the IT systems back to source documents, and reperformed on a sample basis.
	• Test checked the management fee invoices and reconciled with the accounting records.
	• Test checked the receipts of management fee income in the bank statements.
	• Obtained and read the quarterly concurrent auditor reports on daily net assets value computation of the Management Fees.
	• Evaluated the adequacy of disclosures relating to the management fee in the • financial statements.

Information Other than the 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, 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.

Management''s Responsibility 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, total comprehensive ''income, changes 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) prescribed 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 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 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 Responsibility 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 standalone financial statements.

A further description of our responsibilities for the audit of the financial statements is included in "Appendix I" of this auditor''s report.

For:- Bansilal Shah & Co Chartered Accountants FRN: 000384W

Sd/-

Dhruv Shah

(Partner), Membership No: 223609 Place: Mumbai/Udaipur Date: 30/05/2024 UDIN: 24223609BKEZMH9735