Goel Construction Company Ltd Auditor Reports

ON RESTATED FINANCIAL INFORMATION

To,

The Board of Directors

Goel Construction Company Limited

(Formerly known as Goel Construction Company Private Limited)

Dear Sirs,

1. We have examined the attached Restated Financial Information of Goel Construction Company Limited (Formerly known as Goel Construction Company Private Limited) (the "Company" or the "Issuer") comprising the Restated Statements of Assets & Liabilities as at September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Statements of Profit and Loss, the Restated Cash Flow Statements for the six months period ended September 30, 2024 and for the years ended March 31, 2024, March 31, 2023 and March 31, 2022, other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on March 22, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") / Red Herring Prospectus ("RHP") / Prospectus (Collectively Known as Offer documents) prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") on BSE SME Platform of BSE Limited.

2. These Restated Financial Information were prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations") issued by the Securities and Exchange Board of India ("SEBI") in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992 and related amendments /clarifications from time to time; and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, B SE SME Platform of B SE Limited, Registrar of Companies, Jaipur in connection with the proposed IPO. The Restated Financial Information has been prepared by the management of the Company as per "Basis of Preparation of Restated Financial Information" note stated in Note 2 of the Notes to the Restated Financial Information. The Board of Directors of the companys responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the company complies with the Act, ICDR Regulations and the Guidance Note.

4. We have examined such Restated Financial Information taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated February 5, 2025 in connection with the proposed IPO of equity shares of the Issuer;

b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

5. These Restated Financial Information have been compiled by the management from:

a) Audited special purpose Interim financial statements of the company as at and for the six months period ended September 30, 2024 prepared in accordance with Indian Generally Accepted Accounting Principles (Indian GAAP), specified under section 133 of the Act and other relevant provisions of the Companies Act 2013 except for inclusion of comparative information, as those are not being given in the Restated Financial Information as per the option available to the Issuer under para 11(I)(A)(i) of the SEBI ICDR Regulations, which have been approved by the Board of Directors at their meeting held on March 22, 2025.

b) Audited Financial Statements of the company as at and for the years ended March 31, 2024, March 31, 2023, March 31, 2022 prepared in accordance with the Indian GAAP as prescribed under Section 133 of the Act, as amended, and other relevant provisions of Companies Act 2013, which have been approved by the Board of Directors at their meetings held on September 02, 2024, August 30,2023 & August 31,2022 respectively.

6. For the purpose of our examination, we have relied on:

a) Auditor report issued by us dated March 22, 2025, on the financial statements of the company as at and for the six-months period ended September 30, 2024 as referred in Paragraph [5] above; and

b) Auditor Report issued by the predecessor auditor A Bafna & Co. dated September 02^, 2024 for the financial statements of the company for the year ended March 31, 2024 and auditor Report dated August 30, 2023 & August 31, 2022 issued by predecessor Auditor Akar & Associates on the financial statements of the company as at and for the year ended March 31, 2023 & March 31, 2022 as referred in Paragraph [5] above the audits for the financial year ended March 31, 2024, March 31, 2023 And March 31, 2022 was conducted by the Companys predecessor Auditors and accordingly reliance has been placed on the same. We have not conducted re-audit of the said years; and

7. The audit reports on the financial statements issued by us, for the six-months period ended September 30, 2024 and by the predecessor auditor as at and for the year ended year ended March 31, 2024, March 31, 2023, March 31, 2022 as referred in Paragraph [5] above on the financial statements of the company; above were unmodified.

8. Based on our examination as referred in paragraph 6 & 7 above and according to the information and explanations given to us and, we report that the Restated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications, if any, retrospectively in the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the six-months period ended September 30, 2024;

b) do not require any adjustments on account of modification in any of the audit reports of the company since no report for the period was modified.; and

c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

9. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph [5] above.

10. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us or the predecessor Auditor, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

11. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

12. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, BSE SME platform of BSE Limited. and Registrar of Companies, Jaipur in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For Ravi Sharma & Co

Chartered Accountants

FRN: 015143C

Sd/-

Paras Bhatia

Partner

M.No. 418196

UDIN: 25418196BMJPAY3250

Place: Jaipur

Date: March 22, 2025