We have audited the accompanying Standalone Financial
Statements VISION INFRA EQUIPMENT SOLUTIONS LIMITED
(“the Company”), which comprise the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss and the
Statement of Cash Flows for the year ended on that date,
and a summary of the significant accounting policies and
other explanatory information (hereinafter referred to as “the
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 Indian
Accounting Standards prescribed under section 133 of the Act
read with the Companies (Accounting Standards) Rules, 2015,
as amended, (“AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31, 2025, the profit and its cash flows for the year ended
on that date.

Other Matter

We draw attention to point no.5 of significant accounting policy
of the Standalone financial statements, which describes a
change in the Company’s accounting policy, effective from
1st October 2024, relating to the classification of income from
the sale of used rental equipment. Up to 30th September
2024, such income was presented under “Other Income”
as “Profit on Sale of Fixed Assets.” Pursuant to the revised
policy, such income is now classified under “Revenue from
Operations,” considering the Company’s principal activities
involving trading and renting of refurbished road construction
equipment. This change has been affected to present a more
faithful and relevant representation of the Company’s operating
performance by including aLL core operating revenues under a
single reporting head.

Our opinion is not modified in respect of this matter.

Basis for opinion

We conducted our audit of the Standalone 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 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 independence
requirements that are relevant to our audit of the Standalone
Financial Statements under the provisions of the Act and the
Rules made there under, 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.

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 Annexure
to Board’s Report, Business ResponsibiLity Report, Corporate
Governance and Shareholder’s Information, but does not
incLude the ConsoLidated FinanciaL Statements, 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 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 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 and cash flows of the Company in accordance
with the Accounting Standards and other accounting principles
generally accepted in India. 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 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 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 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 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.

• 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.

From the matters communicated with those charged with

governance, we determine those matters that were of most
significance in the audit of the Standalone 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

12. As required by Section 143(3) of the Act, based on our

audit 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,
the Statement of Cash Flows dealt with by this Report
are in agreement with the relevant books of account.

d) In our opinion, the aforesaid Standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
2015, as amended.

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
with reference to these Standalone financial
statements 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 with reference
to Standalone financial Statements.

g) 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.

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,
as amended 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
Standalone financial statements - Refer Note 30
to the Standalone financial statements

ii. The Company did not have any long-term
contracts including derivative contracts; as such

the question of commenting on any material
foreseeable losses thereon does not arise.

iii. There was no amount which was 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,
other than as disclosed in the notes to the
accounts, 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 entities (“Intermediaries”), 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,
other than as disclosed in the notes to the
accounts, no funds have been received by
the company from any person or entity,
including foreign entities (“Funding Parties”),
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; and

(c) Based on audit procedures which we
considered reasonable and appropriate in
the circumstances, nothing has come to
their notice that has caused them to believe
that the representations under sub-clause
(a) and (b) contain any material misstatement.

v. The company has not declared or paid any
dividend during the year.

vi. Based on our examination, which included test
checks, the Company has used an accounting
software for maintaining its books of account
that has a feature of recording audit trail (edit
log). The said feature was operational for the
period from April 1, 2024, to March 31, 2025,
for all relevant transactions recorded in the
software, as required by the proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014,
applicable from April 1, 2023.

13. 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
B” a statement on the matters specified in paragraphs 3
and 4 of the Order.

For A D V & Associates

Chartered Accountants
FRN: 128045W

Pratik Kabra

Partner

Place: Mumbai M. No.: 611401

Date: 17th May 2025 UDIN: 25611401BMHWOH5065