PNGS Reva Diamond Jewellery Limited Auditor Reports

Report of Independent Auditor on the Restated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023 and Restated Statement of Profits and Losses (including other comprehensive income), Restated Statement of Cash Flows, Restated Statement of Changes in Equity, along with the Statement of Material Accounting Policies and other explanatory information for years ended March 31, 2025, March 31, 2024 and March 31, 2023 of PNGS Reva Diamond Jewellery Limited (collectively, the "Restated Financial Information")

The Board of Directors

PNGS Reva Diamond Jewellery Limited

Abhiruchi Mall, 59/1C, Sinhgad Road,

Vadgaon Budruk, Pune, Maharashtra, India 411 041 Dear Sirs/ Madams,

1. We have examined the Restated Financial Information of PNGS Reva Diamond Jewellery Limited (the "Company" or the "Issuer") as at March 31, 2025, March 31, 2024, and March 31, 2023, annexed to this report for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") prepared by the Company in connection with its proposed Initial Public Offer of equity shares of face value of Rs. 10 each ("Offer"). The Restated Financial Information, which have been approved by the board of directors of the company (the "Board of Directors") at their meeting held on May 28, 2025, and have been prepared by the Company in accordance with the requirements of: a) the Sub-section (1) of Section 26 of Part I of Chapter Ill of the Companies Act, 2013 (the "Act"); b) the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "SEBI ICDR Regulations"); 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").

2. The Companys management are responsible for the preparation of Restated Financial Information for the purpose of inclusion in the DRHP to be filed with Securities and Exchange Board of India ("SEBI"), BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") in connection with the Offer. The Restated Financial Information have been prepared by the management of the Company in accordance with the basis of preparation stated in Note 2A(i) to Annexure V of the Restated Financial Information. The management of the Company is responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The management of the Company is also responsible for identifying and ensuring that the Company complies with the Act, the SEBI ICDR Regulations and the Guidance Note.

3. We have examined the Restated Financial Information taking into consideration: a) the terms of reference and our engagement agreed with you vide our engagement letter dated May 05, 2025, in connection with the Offer. b) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements as stated in the Code of Ethics issued by the ICAI; c) the concepts of test check 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 SEBI ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the Offer.

4. The Restated Financial Information have been compiled by the management from the audited financial statements of the Company as at March 31, 2025 and for the period December 20, 2024 to March 31, 2025 and audited special purpose financial statement of Gadgil Metals and Commodities ("the Firm"), (the erstwhile partnership firm which is converted into Company effective from December 20, 2024) as at December 19, 2024, March 31, 2024 and March 31, 2023 and for the period April 01, 2024 to December 19, 2024, years ended March 31, 2024 and March 31, 2023 respectively, prepared in accordance with Indian Accounting Standards (referred to as "Ind AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, and have been approved by the Board of Directors at their meeting held on May 28, 2025.

5. For the purpose of our examination, we have relied on: a) The auditors report issued by us dated May 05, 2025 on the financial statements of the Company as at March 31, 2025, and for the period December 20, 2024 to March 31, 2025 as referred in Para 4 above. b) The auditors report issued by us dated May 05, 2025 on the special purpose financial statements of the Firm as at December 19, 2024 and for the period April 01, 2024 to December 19, 2024 as referred in Para 4 above.

The audited financial statements of the Firm as at December 19, 2024 and for the period April 01, 2024 to December 19, 2024 included an Other Matter Paragraph as follows:

Other Matter Paragraphs

Our report is intended solely for the use and for the purpose as stated in Note 2A(ii) to the Special Purpose Financial Statements and should not be distributed to or used by any other parties. M S K A & Associates shall not be liable to the Firm or to any other concerned for any claims, liabilities or expenses relating to this assignment. 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.

The comparative financial statement of the Firm as at and for the year ended March 31, 2024, have been audited by Independent Chartered Accountant. The report of the Independent Chartered Accountant on the special purpose financial statement as at and for the year ended March 31, 2024, expressed an unmodified audit opinion dated May 05, 2025.

Our opinion is not modified in respect of the above matters.

c) Auditors report issued by Independent Chartered Accountant dated May 05, 2025 on the special purpose financial statements of the Firm as at and for the years ended March 31, 2024 and March 31, 2023 as referred in Para 4 above.

The audited special purpose financial statements of the Firm as at and for the years ended March 31, 2024 and March 31, 2023 included an Other Matter Paragraph as follows:

Other Matter Paragraph

Our report is intended solely for the use and for the purpose as stated in Note 2(A)(ii) to the Special Purpose Financial Statements and should not be distributed to or used by any other parties. Khandelwal Jain & Associates shall not be liable to the Firm or to any other concerned for any claims, liabilities or expenses relating to this assignment. 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.

Our Opinion is not modified in respect of this matter. d) The audit of the Firm for the years ended March 31, 2024 and March 31, 2023 were conducted by Independent Chartered Accountant and accordingly reliance is placed on the restated statement of assets and liabilities as at March 31, 2024 and March 31, 2023 and restated statement of profits and losses (including other comprehensive income), restated statement of cash flows, restated statement of changes in equity, along with the statement of material accounting policies and other explanatory information for years ended March 31, 2024 and March 31, 2023 (collectively, the 2024 and 2023 Restated Financial Information) examined by them for the said years. The examination report included for the said years is based solely on the report submitted by the Independent Chartered Accountant. They have confirmed that the 2024 and 2023 Restated Financial Information: i. have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/reclassifications retrospectively in the financial years as at and for the years March 31, 2024 and March 31, 2023, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at March 31, 2025 and for the period December 20, 2024 to March 31, 2025, as more fully described in Note No.

2(A)(i) to Annexure V to the 2024 and 2023 Restated Financial Information; ii. there are no qualifications in the auditors reports on the audited financial statements of the Firm as at and for the years ended March 31, 2024 and March 31, 2023 which require any adjustments to the Restated Financial Information.

There is an Emphasis of Matter (refer paragraph 5(c) above), which do not require any adjustment to the 2024 and 2023 Restated Financial Information; and iii. 2024 and 2023 Restated Financial Information have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

6. Based on the above and according to the information and explanations given to us, we report that: i) Restated Financial Information have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/ reclassifications retrospectively in the financial years as at and for the years March 31, 2024 and March 31, 2023, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at March 31, 2025 and for the period December 20, 2024 to March 31, 2025, as more fully described in Note 2(A)(i) to Annexure V to the Restated Financial Information; ii) there are no qualifications in the auditors reports on the audited financial statements of the company as at March 31, 2025 and for the period December 20, 2024 to March 31, 2025 and special purpose audited financial statements of the Firm as at and for the years ended March 31, 2024 and March 31, 2023 which require any adjustments to the Restated Financial Information. There is an Emphasis of Matter (refer paragraph 5(b) and 5(c) above), which do not require any adjustment to the Restated Financial Information; and iii) Restated Financial Information have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

7. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements/special purpose financial statements mentioned in paragraph 4 above.

8. This report should not in any way be construed as a reissuance or re-dating of any of the auditors reports issued by us or by the Independent Chartered Accountants, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

10. Our report is intended solely for use of the Board of Directors and for inclusion in the DRHP to be filed with the SEBI, BSE, NSE, as applicable in connection with the proposed issue. Our report should not be used, referred to or distributed for any other purpose without prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care towards any other person relying on this examination report.

For M S KA & Associates

Chartered Accountants

Firm Registration Number: 105047W

Nitin Manohar Jumani

Partner

Membership No. 111700

UDIN: 25111700BMKSHC6145

Place: Pune

Date: May 28, 2025