We have audited the standalone financial statements of
Ravinder Heights Limited ("the Company"), which
comprise the balance sheet as at March 31, 2025, the
statement of Profit and Loss, the statement of changes in
equity and the statement of cash flows for the year then
ended, and notes to the standalone financial statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as
the "Standalone Financial Statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone 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 accounting principles generally
accepted in India, of the state of affairs of the Company
as at March 31, 2025, and its loss, total comprehensive
loss, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements 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 Auditor's Responsibilities for the Audit of
the Standalone 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 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 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 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 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 there are no key audit matters
to be communicated in our report.

Information Other than the Standalone 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 Management Discussion &
Analysis, Board's Report including Annexures to Board's
Report, Business Responsibility Report, Corporate
Governance and Shareholder's Information, but does not
include the standalone financial statements and our
auditor's report thereon.

Our opinion on the standalone 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 standalone 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
financial statements, or our knowledge obtained in the
audit or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged
with Governance for the Standalone 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 standalone 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 standalone financial statement that
gives a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone 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.

That Board of Directors is also responsible for overseeing
the company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone 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.

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 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 an

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
standalone 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 financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

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

Other Matter

The statutory audit was conducted via making
arrangements to provide requisite documents/
information through an electronic medium. The
Company has made available the following information/
records/ documents/ explanations to us through e-mail
and remote secure network of the Company: -

a) Scanned copies of necessary records/documents
deeds, certificates and the related records made available
electronically through e-mail or remote secure network
of the Company; and

b) By way of enquiries through video conferencing,
dialogues and discussions over the phone, e-mails and
similar communication channels.

It has also been represented by the management that
the data and information provided electronically for the
purpose of our audit are correct, complete and reliable
and are directly generated from the accounting system
of the Company, extracted from the records and files,
without any further manual modifications so as to
maintain its integrity, authenticity, readability and
completeness. In addition, based on our review of the
various internal audit reports/inspection reports/other
reports (as applicable), nothing has come to our
knowledge that makes us believe that such an audit
procedure would not be adequate.

Our opinion is not modified in respect of the above
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 of India in terms of sub-section (11)
of section 143 of the Act, we give in the "Annexure
A" statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent
applicable.

2. 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 of the Act.

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

d. In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards specified under Section
133 of the Act;

e. On the basis of the written representations
received from the directors as on March 31,
2025 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. The reservation relating to the maintenance of
accounts and other matters connected
therewith are as stated in the paragraph above
on reporting under section 143(3)(b) of the
Act and paragraph 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 over the financial reporting
of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".

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 does not have any
pending litigations which would impact
its financial position.

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, as disclosed in the notes to the
accounts, no funds (which are material
either individually or in aggregate) 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(s) or entity(ies), 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, as disclosed in the notes to the
accounts, no funds (which are material
either individually or in aggregate) have
been received by the Company from any
person(s) or entity(ies), 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 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
performed 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
iv(a) and iv(b) contain any material mis¬
statement.

v. There is no dividend declared or paid
during the year by the company.

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, except that no audit trail was
enabled at database level to log any
direct changes made by the
administrator, and the same has
operated throughout the year for all
relevant transactions recorded in the
software. Further, during the course of
our audit we did not come across any
instance of audit trail feature being
tampered with and the audit trail has
been preserved by the company as per
the statutory requirements for record
retention.

For Dewan P N Chopra & Co
Chartered Accountants
Firm Regn. No. 000472N

Sandeep Dahiya
Partner

Membership No. 505371
UDIN: 25505371BMHZE57892

Date: May 27, 2025
Place: New Delhi