We have audited the standalone financial statements of ELEGANT MARBLES AND GRANI INDUSTRIES LIMITED (“the Company”),
which comprise the balance sheet as at 31st March, 2025, the statement of Profit and Loss (including other comprehensive income),
statement of changes in equity and statement of cash flows for the year then ended, and notes to the 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 financial statements give
the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, including Indian Accounting Standards (Ind AS) specified in Section 133 of the Act, of the state of affairs of
the Company as at 31st March, 2025, its profit and other comprehensive income, change in equity and its cash flows for the year ended
on that date.

2. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the 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 financial statements under the
provisions of the Companies Act, 2013 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.

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements
of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

Non-receipt of audited statement of account in case of investment through PMS/Fund Managers

a. The Company has invested in shares, securities, debentures, units of mutual funds etc. through Fund Managers & Portfolio
Management Service (PMS) providers. These Fund Managers/PMS entities provide statement showing investments made by
them on behalf of the company, gains/losses earned/incurred on sale of such investments, expenses incurred by them including
their fees for managing the portfolio and the balance of investments remaining with them at the end of the year. The Company
accounts for these transactions in its books of accounts on receipt of such statements. However, in all these cases of investment
through PMS/fund managers, the audited statements for the financial year are usually not received before finalisation of our audit
and all the income, expenditure, gains/losses, investments are accounted for on the basis of unaudited statements provided by
these PMS/fund managers to the Company available till the finalisation of our audit. On the basis of its past experience, the
management of the Company is of the opinion that generally no material difference in the income, expenditure, gains/losses,
investment etc. is detected after the audited statements are provided by these PMS/fund managers.

INDEPENDENT AUDITORS’ REPORT

Investment in debentures

b. The Company has invested in debentures of various private/public limited companies directly or through various funds
managers/PMS and accounts for interest accrued and/or received on such investment in debentures from these
companies/funds from time to time. However, in the case of investment in 20.50% debentures of Green Farm Tech Pvt. Ltd.
amounting to Rs.75,00,000/-, 20% debentures of Samruddhi Realty Ltd. amounting to Rs.1,00,00,000/-, 18% debentures of
Fortuna Buildcon (India) Pvt. Ltd. amounting to Rs.49,00,000/-, 20% debentures of Diyug Construction Pvt. Ltd. amounting to
Rs.77,89,858/-, 17.25% debentures of Kasata Hometech (India) Pvt. Ltd. amounting to Rs.87,17,500/-, 15% debentures of
Shashwati Realty Pvt. Ltd. amounting to Rs.93,45,000/-, and 18% debentures of BCIL Red Earth Developers India Pvt. Ltd.
amounting to Rs.43,08,735/-, the interest and principal sums, wherever due, are not being received on due dates. These

companies/funds managers/PMS managers have earlier informed the Company about the financial and/or liquidity crunch faced
by these companies, status of their construction projects, the legal cases filed in various forums against these companies and
have been updating the Company with current status of these cases, financial position and recoverability from time to time and
accordingly, advised the company not to account for such interest in its books of accounts on accrual basis. Accordingly, the
interest on such debentures is not being accounted for on accrual basis but is being accounted for on receipt basis. Further,
having regard to the communications received/talks with these companies/fund managers/PMS managers and evaluation of the
underlying assets made by the Board of Directors, wherever in the management's perception, the amounts recoverable against
these investments including interest thereon are not recoverable or partly recoverable, provision for loss of investment to the
extent required for the same has been made and wherever they are fully secured by the underlying security of immoveable
properties with their estimated market values adequately covering the principal amounts as well as interest accrued & already
accounted for, no provision has been made.

In the cases of Green Farm Tech Pvt. Ltd., BCIL Red Earth Dev. India Pvt. Ltd., Diyug Construction Pvt. Ltd., Fortuna Buildcon
India Pvt. Ltd. and Samruddhi Realty Ltd., the fund managers/RPs have informed the Company about diminution in the value of
the underlying assets and advised it to provide for such diminution in the value in earlier years and accordingly, the Company had
made provision for principle as well as interest accrued (& accounted) in those years as an Exceptional Item in the Profit & Loss
account for those year to the extent required.

In the circumstances as aforementioned, the management has taken a conscious decision to not make a provision for any loss on
recoverability of these debenture investments & interest already accounted in its books of accounts, except in respect of
investments as mentioned in the above para, and has deferred the same till final realisation/decision in various legal proceedings
initiated by fund managers/PMS managers for recovery of these debentures. In absence of any working for evaluation of
underlying asset being produced before us other than the communications received from the fund managers/PMS
managers/Companies, we are not in a position to comment on it.

Our procedures included, but were not limited to the following:

(i) Non-receipt of audited statement of account in case of investment through PMS/Fund Managers

(a) Obtained an understanding of management’s process of recording of investments, profit/loss on sale of such
investments, expenses etc. and evaluated it on the basis of earlier year’s audited & unaudited statements furnished by
the PMS entities to check about the difference in the results that occur.

(b) Assessed the appropriateness of the methodology and corrective actions taken in subsequent years.

(c) Assessed the reasonableness & correct recording of the transactions by the PMS entities based on historical data
available with the Company.

(ii) Investment in debentures

(a) Obtained an understanding of management’s process & methodology of investing in debentures, evaluated the
methodology adopted for assessing the realisability of the debentures & interest thereon and security available
against such investment in debentures. We also tested effectiveness of such evaluation process adopted by the
management to determine recoverable value of the security available.

(b) Assessed the appropriateness of the methodology and valuation model used by the management to estimate the
recoverable value of securities underlying these investments.

(c) Assessed the reasonableness of the assumptions made by the management regarding the value of underlying
security and realisability of the same to cover the investment made by the Company.

4. Other Information

The Company's management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company's annual report but does not include the financial statements and our auditors' report thereon. The
Company's annual report is expected to be made availalbe to us after the date of this auditors' report.

Our opinion on the standalone financial statements does not cover the other information and we will not express any form of assurance
conclusion thereon.

In connection with our audit, 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 statement or our knowledge obtained

in the audit or otherwise appears to be material misstated.

When we read the Company's annual report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws and
regulations.

5. 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 Companies Act, 2013 (“the Act”) with
respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and
other comprehensive income, changes in equity 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 of 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 financial statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the 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 is also responsible for overseeing the Company’s financial reporting process.

6. Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors' 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:

a. identify and assess the risks of material misstatement of the 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.

b. 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)(If the Companies Act, 2013, 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.

c. evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.

d. conclude on the appropriateness of management and Board of Directors use of the going concern basis of accounting in
preparation of financial statements 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 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.

e. evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

7. 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.

8. 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 financial statements of the current period and are, therefore, the key audit matters. We describe these matters in our
auditors’ report unless law or regulation precludes public disclosure about the matters 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 of such communication.

9. Other Matters

Our attendance at the time of physical inventory taken by the management was not practicable under the circumstances and
accordingly, we have relied upon the report of the internal auditors and have performed alternative procedures to audit on the existence
and condition of inventory at year end as per the guidance provided in “SA-501 - Audit Evidence - Specific considerations for selected
items” and have obtained sufficient audit evidence to issue our unmodified opinion on these financial results.

In respect of matters related to Goods & Service Tax, this being a legal & technical matter, we have relied upon the working made &
returns filed by the Company based on the professional advice received by it.

The profits/losses, investment value, number of units/shares etc. invested through Portfolio Management Services (PMS) has been
accounted for on the basis of draft reports for the year received from them. In absence of audited figures from the PMS, we express our
inability to comment on their veracity or otherwise.

The gratuity liability for the period has been provided on the basis of report issued by Shri A.P. Peethambaram, fellow of Institute of
Actuaries of India.

10. Report on Other Legal and Regulatory Requirements

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 Companies Act, 2013, we give in the “Annexure A” a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

11. 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 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 Standalone Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the statement of
changes in equity and the Cash Flow Statement 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 Rule 7 of the Companies (Accounts) Rules, 2014.

(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 and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”.

(g) 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 pending litigations on its financial position in its financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material

foreseeable losses.

iii. There has been no delay in transferring amounts, 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 it's knowledge and belief, 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 entities, including foreign entities ("Intermediaries"), with the understanding
whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other
persons or entities indentified 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 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, 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
providing any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

c. Based on the audit procedures performed that have been considered resonable 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 (e), as provided under (a) and (b) above, contain any material mistataement.

v. The final dividend proposed in the previous year, declared and paid by the Company, during the year is in accordance with
section 123 of the Act, as applicable.

As stated in note 27.12 of the financial statements, the Board of Directors of the company have propsoed final dividend for
the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend
proposed is in accordance with section 123 of the Act, as applicable.

vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across
any instance of audit trail feature being tampered with.

12. 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
r.w. Schedule 5 of the Comapnies Act, 2013.

For JD Pawar & Associates
Chartered Accountants
(FRN : 141721W)

(Jasvant D. Pawar)
Proprietor
M. No.168998

Mumbai,

May 30, 2025

UDIN : 25168998BMORWW4244