Pravin R. Rathi & Associates Rathi Nagar, Back of Mahindra Childrents Traffic Park, Behind Tupsakhre Lawns, Nashik- 422002 Email ID: prrathica@gmail.com, Mob. No: 8380067893 Annexure F FORM 5 ANNUAL REPORT ON STATEMENT OF ACCOUNTS Date: 3 0.09.2023 To, Viva Highways Limited 113/2/A, Ashoka Business Enclave, WadalaShivar, Nashik 422009- SUBJECT: Report on Statement of Accounts on project fund deposit, utilization and withdrawal by Viva Highways Limited for the period from 01-04-2022 to 31-03-2023 with respect to MahaRERARegnNumber P51600015843 Project "Atharva Heights" 1. This certificate is issued in accordance with the provisions of the Real Estate (Regulation and Development) Act, 2016 read along with the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules 2017. 2. IWe have obtained all necessary information and explanation from the Promoter, during the course of our audit, which in my~our opinion are necessary for the purpose of this certificate. 3. 1/We hereby confirm that LWe have examined the prescribed registers, books and documents, and the relevant records of (Promoter) for the period ended 31st March 2023 and hereby certify that: A. Deposits: S. Totalforthis No. Particular For this Fiscal year project till date 1 Total amount collected from allottees 130,692,772 270,541,200 2 % of amount to be deposited as per act 70% 70% 3 Amount to be deposited as per act (1*2) 91,484,941 189,378,840 Total amount deposited in the Designated Bank 4 Account 118,551,263 249,063,399 % of Amount deposited in Designated Bank Account 5 [(4)/(1)100J 91% 92% -athi & Pss 6 Shortfall/ (27,066,323) (59,684,559) Amount collected/deposited at Sr. No. 1 & 2, shall not include pass through charges and indirect taxes. Has the required proportion of money collected from allottees of the project units, as specified in the act,deposited in the Designated RERA Bank Account? (Yes_/ No) If No, Please mention the amount not deposited. B. Withdrawals For this Fiscal Total for this S.No Particular year project till date 1 Opening Balance of Designated Bank Account 4,366,826 200,702 2 Total Deposits 118,551,263 249,063,399 3 Total amount withdrawn -122,567,323 -248,908,381 4 Total Bank Charges -766 -5,720 5 Closing Balance 350,000 350,000 As specified in the Act, All the amounts withdrawn during the yearfrom RERA Bank Account were withinthe withdrawal limit as certified under the relevant Form I, Form 2 and Form 3 issued during the reportingperiod? (Yes / Ne If No, Please provide the below details:- Date of withdrawal Amount of Excess Withdrawals 1. C. Utilization I/We certify that, the Viva Highways Limited has utilized the amounts withdrawn from designated bank account towards project cost only, as specified in the act. If No, please provide the below derails:-, I A S.No Date - Tt not utilized for Project Cost 1. D. Any Qualifications / Observations of CA 1. The project was registered with the Maha RERA on 12.12.2022, therefore, this certificate is issued for the period from 12-12-2022 to 31.03.2023. 2. In light of the clarification issued by MAFIA RERA via Circular No. 7/2017 dated: 04.07.2017, stating that there is no end-use restriction on the funds withdrawn from the designated bank account, we have not verified whether the withdrawn funds have been exclusively used for the project's purpose. Furthermore, from the books of accounts, the purpose of the fund utilisation from the designated bank account cannot be determined. 3. Also, refer Annexure Ito this report. For Pravin R Rathi& Associates Chartered Accountants Firm Registration No. 131494W -athl &As5 Q/ FRN131494'A 4ASHIK (AdityPrvin Rathi) Name of the Signatory red UDIN: 23141268BGSTKA3103 Full Address: Pravin R Rathi& Associates Rathi Nagar, Behind Tupsakhre Lawns, Near Mahindra Children Traffic Park, New Tidke Colony, Nashik —422 002 M RN-141268 Contact No. 8380067893 Email : prrathicagmail.com Pravin R. Rathi & Associates Rathi Nagar, Back of Mahindra Children's Traffic Park, Behind Tupsakhre Lawns, Nashik- 422002 Email ID: prrathica@gmail.com, Mob. No: 8380067893 Annexure I Report on Statement of Accounts on project fund deposit, utilization and withdrawal by Viva Highways Limited Limited for the period from 01.04.2022 to 31.03.2023 with respect to MahaRERA Registration Number P51600015843 (Project - Atharva Heights) The accompanying Statement of Accounts on project fund deposit, utilization and withdrawal by the company for the period from April 1, 2022 to March 31, 2023 with respect to MahaRERA Registration No. P51600015843 has been prepared by the company for submission to Maharashtra Real Estate Regulatory Authority pursuant to the requirements of the provisions of the Real Estate (Regulation and Development) Act, 2016 read along with the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration Of Real Estate Agents, Rates of interest and Disclosures on Website rules 2017) (hereinafter referred to as 'the Act'). Management's Responsibility II. Management is responsible for: 1. Preparation of the Statement of Accounts on project fund deposit, utilization and withdrawal pursuant to the requirements of the provisions of the Real Estate (Regulation and Development) Act, 2016 read along with the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration Of Real Estate Agents, Rates of Interest and Disclosures on Website rules 2017) (hereinafter referred to as 'the Act') including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 2. Complying with the Act and other applicable rules! regulations! notifications! circulars issued thereon from time to time. Auditor's Responsibility III. Pursuant to the requirements of the Act, our responsibility is to express a limited assurance whether in respect of Project - Kalpataru Ph-5, Wing G a. The details of amount collected from allottees, deposit in and withdrawal from Designated RERA Bank Account have been accurately extracted from the books of accounts and other relevant records underlying the audited financial statements of the company as at and for the year ended March 31, 2023; b. The required proportion of money collected from allottees of the project units, as specified in the Act, has been deposited in the Designated RERA Bank Account; c. The amounts from 01.04.2022 to 3103.2023 from the Designated RERA Bank Account were within the withdrawal limit certified in Form 3 which is submitted by the company to Maharashtra Real Estate Regulatory Authority; d. The company has utilized the amounts withdrawn from Designated RERA Bank Account towards the project cost as specified in the Act. IV. The financial statements of the company as at and for the year ended March 31, 2023, have been audited by us, on which we have issued our report dated May 20, 2023. Our audit of these financial statements was conducted in accordance with the Standards of Auditing, issued by the Institute of Chartered Accountants of India (ICAl) and in accordance with the accounting principles generally accepted in India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. V. We conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised) issued by the Institute of Chartered Accountants of India. - -athi & ,1 , -- tere The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. VI. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. VII. The procedures performed vary in nature and timing from, and are less extent than for, a reasonable assurance and consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We have performed the following procedures in relation to the Statement: a. Verified the Project Name, Registration Number, and Location of the Project from Project Registration Certificate - Form C dated December 12, 2022 issued by the Maharashtra Real Estate Regulatory Authority. b. Verified the amount collected from the allottees during the financial year i.e. 01.04.2022 to 31.03.2023 from the books of accounts and underlying records maintained by the company. c. Verified the amount deposited in the designated bank account in FY 2022-23 from the books of accounts and the underlying records maintained by the company. d. Verified the eligible amount of withdrawal from the Designated RERA Bank Account from Form 3 submitted by the company to Maharashtra Real Estate Regulatory Authority for the financial year ended March 31, 2023 and verified the amount withdrawn by the company till March 31, 2023 from the said Form 3. We have relied on the said form and accordingly no audit procedures have been performed in respect of the same. e. Verified the balances in Designated Bank account from the balance as per the audited books of accounts subject to reconciliation with bank statements and other records maintained by the company. /2( FR1, , 494 HBK f. Verified the arithmetical accuracy of the Statement. g. Performed necessary inquiries with and obtained necessary representations from the company. VIII. In light of the clarification issued by MAHA RERA via Circular No. 7/2 017 dated: 04.07.2017, stating that there is no end-use restriction on the funds withdrawn from the designated bank account, we have not verified whether the withdrawn funds have been exclusively used for the project!s purpose. Furthermore, from the books of accounts, the purpose of the fund utilisation from the designated bank account cannot be determined. Restriction on Use IX. The Report is addressed to and provided to the management of the company solely in connection with the purpose mentioned in Para I above and is not to be used or referred to for any other purpose or distributed to anyone other than submission to the Maharashtra Real Estate Regulatory Authority. Accordingly, we do not accept or assume any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose hands it may come without our prior consent in writing. For Pravin R. Rathi and Associates Chartered Accountants QFRN-131 49 ASIK itya,P I - Partner redC M. No. - 141268 UDIN: 23141268BGSTKA3103 Date: 30.09.2022