We have audited the accompanying standalone financial
statements of 'Vishnusurya Projects and Infra Limited
(formerly known as Vishnusurya Projects and Infra Private
Limited) ("the Company”) which comprise the Standalone
Balance Sheet as at March 31,2025, the Standalone
Statement of Profit and Loss and Standalone Cash Flow
Statement for the year then ended, and notes to the
standalone financial statements, including a summary
of 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
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, its
profits, 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 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 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 Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgement, 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.

OTHER MATTER

The Standalone financial statements of the Company for
the year ended March 31, 2024, were audited by another
auditor who expressed an unmodified opinion on those
statements on May 23, 2024. Our opinion is not modified in
respect of the comparative information.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORS’ REPORT
THEREON

The Company's Board of Directors is responsible for the

other information. The other information comprises the
information included in the Company's Annual Report but
does not include the standalone financial statements and
our auditor's report thereon. Management Discussion and
Analysis and Board's report, along with its annexures, is
expected to be made available to us after the date of this
Auditor's report. 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 identified above when it becomes available

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.
When we read the Management Discussion and Analysis
and Board's report, if we conclude that there is a material
misstatement therein, we are required to communicate
the matter to those charged with governance and will take
appropriate actions necessitated by the circumstances and
the applicable laws and regulations.

RESPONSIBILITY 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 Section134(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 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 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 these standalone financial statements, the
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 the 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 RESPONSIBILTIES 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 with reference
to standalone financial statements 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.

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

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” a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

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
purpose 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 Standalone Balance Sheet, the Standalone
Statement of Profit and Loss and the Standalone
Statement of cashflows dealt with by this Report

are in agreement with the 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
the Companies (Accounting standards) Rules
2021.

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) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 2 (b) above on
reporting under Section 143(3)(b) and paragraph
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements 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 the
requirements of section 197(16) of the Act. In
our opinion and according to the information
and explanations given to us, the remuneration
paid by the Company to its directors during the
current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid
to any director is not in excess of the limit laid
down under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other
details under Section 197(16) of the Act which are
required to be commented upon by us.

i) 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 of the
pending litigations on its financial position in
Standalone financial statements- Refer note
31 to the standalone financial statement.

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. The Management has represented that, to the
best of its knowledge and belief.

a) No funds (which are material either
individually or in the 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 or entity, including
foreign entity ("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, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity ("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;

c) Based on the audit procedures carried
out by us, 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 (i)
and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material
misstatement

v. The dividend declared and paid during the
year by the Company is in compliance with
Section 123 of the Act except 123(4) of the
companies act, 2013.

vi. Based on our examination which included test
checks, the Company maintains its books of
account at the registered office and mining
sites at Aruppukottai and Vandavasi. Across
these locations, it uses Tally Prime Edit Log
and Quarry King (for inventory management
and billing), both of which incorporates the
audit trail (edit log) feature. This feature
remained enabled throughout the year for
all relevant transactions recorded in the
software. Further, the backups of the audit
trails (edit logs) from both the aforementioned
software to the extent maintained in prior
years, have been preserved by the Company
as per the statutory requirements for record
retention

For Madhu Balan & Associates

Chartered Accountants FRN: 011106S

T. Sivagurunathan

Partner

Membership No.: 220075
UDIN: 25220075BMRKHL2421

Place: Chennai
Date: 23-05-2025