Mayasheel Ventures Ltd Auditor Reports

To,

The Board of Directors,

Mayasheel Ventures Limited

IIIrd B-2, Flat No-8, IInd Floor,

Nehru Nagar, Ghaziabad, Uttar Pradesh-201001

Dear Sirs,

1) We have examined the attached Restated Financial Statements of MAYASHEEL VENTURES LIMITED (hereinafter referred as "the Company", erstwhile partnership firm "Mayasheel Construction ") comprising the Restated Statements of Assets and Liabilities as at June 30, 2024, May 29, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Statement of Profit & Loss, the Restated Cash Flow Statement for the period May 30, 2024 to June 30, 2024, April 01, 2024 to May 29, 2024, and for the financial year ended March 31, 2024, March 31, 2023 and March

31, 2022, the Summary statement of Significant Accounting Policies and other explanatory Information (Collectively the Restated Financial Statements) as approved by the Board of Directors at their meeting held on September 02, 2024 for the purpose of inclusion in the Draft Red Herring Prospectus I Red Herring Prospectus I Prospectus (hereinafter "Offer Documents "), prepared by the Company in connection with its Initial Public Offer of Equity Shares (IPO) and prepared in terms of the requirement of:-

a. Section 26 of Part I of Chapter III of the Companies Act,2013 as amended (the "Act");

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations (ICDR Regulations); and related amendments/ clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");

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

2) The Company s Board of Directors is responsible for the preparation of the Restated Financial Statements for the purpose of inclusion in the offer document to be filed with Stock Exchange , Securities and Exchange Board of India, and Registrar of Companies , Kanpur in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Company for the period May 30, 2024 to June 30, 2024, April 01, 2024

to May 29, 2024, and for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022, on the basis of preparation stated in ANNEXURE-4 to the Restated Financial Statements. 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 Statements. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

3) We have examined such Restated Financial Statements taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated July 29, 2024 in connection with the proposed IPO of equity shares of the Company;

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 Statements; and

d. The requirements of Section 26 of The Companies Act, 2013 and the ICDR Regulations issued by SEBI. 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.

4) These Restated Financial Information have been compiled by the management from:

a. Audited financial statements of company as at and for the period ended stub period ended on May 30, 2024 to June 30, 2024 prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India

b. Audited Financial Statement for the stub period ended on April 01, 2024 to May 29, 2024 & for financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 prepared in accordance with the Accounting Principles generally accepted in India by making adjustments for Indian GAAP as applicable to corporates to the audited financial statements for the stub period ended on April 01, 2024 to May 29, 2024 & for financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 which was prepared as per Indian GAAP as applicable to non-corporates and which have been approved by the board of directors.

5) For the purposes of our examination , we have relied on: a. Audited financial statements of MAYASHEEL VENTURES LIMITED for the stub period ended May 30, 2024 to June 30, 2024 was conducted by us via our audit report dated September 02, 2024 and audited financial statements of M/s. MAYASHEEL

CONSTRUCTION (erstwhile Partnership firm) for the stub period ended April 01, 2024 to May 29, 2024, and for the financial year ended March 31, 2024 which was conducted by us via our audit report dated September 02, 2024 and May 15, 2024 respectively also audited financial statements of M/s. MAYASHEEL CONSTRUCTION (erstwhile Partnership firm) for the financial year ended March 31, 2023 and March 31, 2022 which was conducted by M/s. Pankaj Tayal & Company, Chartered Accountants via their audit report dated November 11, 2023 and November 07,2022 respectively.

b. Special purpose financial information of the Company for the period ended May 30, 2024 to June 30, 2024 of MAYASHEEL VENTURES LIMITED and for the period April 01, 2024 to May 29, 2024 of M/s. MAYASHEEL CONSTRUCTION (erstwhile Partnership firm), prepared by the Company in accordance with the AS and audited by us vide our audit report dated September 02, 2024.

6) The audit reports on the financial statements were modified and included following matter(s) giving rise to modifications in the financial statements as at and for the period May 30, 2024 to June 30, 2024, April 01, 2024 to May 29, 2024, and for the financial year ended March 31, 2024, March 31, 2023 and March

31 , 2022: - a. The Restated Financial Information or Restated Summary Financial Statement have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

b. The Restated Financial Information or Restated Summary Financial Statement have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate and there are no qualifications which require adjustments;

c. Extra-ordinary items, if any, that needs to be disclosed separately in the accounts has been disclosed wherever required;

d. There were no qualifications in the Audit Reports issued by us May 30, 2024 to June 30, 2024, April 01, 2024 to May 29, 2024, and for the financial year ended March 31, 2024 and issued by M/s. Pankaj Tayal & Company, Chartered Accountants for the financial year ended March 31, 2023 and March 31, 2022 which would require adjustments in this Restated Financial Statements of the Company;

e. Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in ANNEXURE 4 to this report;

f. Adjustments in Restated Financial Statements have been made in accordance with the correct accounting policies

g. There was a change in method of Depreciation. Since Partnership Firm is converted into company w.e.f. May 29, 2024, so in Audited Financials Depreciation is charged at rates specified under income tax act since it was a Partnership firm, which was charged in Restatement as per Companies Act, 2013;

h. There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements.

i. The Company has not paid any dividend since its incorporation.

7) In accordance with the requirements of Part I of Chapter III of the Act including rules made there under, ICDR Regulations, Guidance Note and Engagement Letter, we report that:

a. The "Restated Statement of Assets and Liabilities" as set out in ANNEXURE-1 to this report, of the Company as at June 30, 2024, May 29, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors. These Restated Statement of Assets and Liabilities have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in ANNEXURE -4 to this Report.

b. The "Restated Statement of Profit and Loss Account" as set out in ANNEXURE - 2 to this report, of the Company for the period May 30, 2024 to June 30, 2024, April 01, 2024 to May 29, 2024, and for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors. These Restated Statement of Profit and Loss Account have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in ANNEXURE- 4 to this Report.

c. The "Restated Statement of Cash Flows" as set out in ANNEXURE - 3 to this report, of the Company for period May 30, 2024 to June 30, 2024, April 01, 2024 to May 29, 2024, and for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors. These Restated Statement of Cash Flows have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies as set out in ANNEXURE - 4 to this Report.

8) We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company for the period May 30, 2024 to June 30, 2024, April 01, 2024 to May

29, 2024, and for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 proposed to be included in the Offer Document for the proposed IPO:

9) In our opinion and to the best of information and explanation provided to us, the Restated Financial Statement of the Company, read with Significant Accounting Policies and Notes to Accounts as appearing in ANNEXURE - 4 are prepared after providing appropriate adjustments and regroupings as considered appropriate.

10) We, M/s. Ajay K. Kapoor and Company, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.

11) The preparation and presentation of the Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR

Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.

12) The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

14) In our opinion, the above financial information contained in ANNEXURE-1 to 40 of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in ANNEXURE - 4 are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Companies Act, 2013, ICDR Regulations, Engagement Letter and Guidance Note.

15) Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the IPO for Proposed Issue of Equity Shares of the Company and our report should not be used, referred to or distributed for any other purpose without our prior consent in writing.

For Ajay K. Kapoor & Company Chartered

Accountants

Firms Registration No.: 013788N

Peer Review Certificate No. 016088

Sd/-

CA Ajay Kapoor

Partner

Membership No.: 092423

UDIN: 24092423BJZYMQ1777

Place: Ghaziabad

Date: September 02, 2024