We have audited the accompanying Ind AS financial statements of Sikozy Realtors
Limited (The Company), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (Including Other Comprehensive Income), the Cash Flow Statement,
the Statement of Changes in Equity and Notes to the Ind AS Financial Statement for the year then
ended including a summary of significant accounting policies and other explanatory information
(Hereinafter referred to as the “Ind AS Financial Statement”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS financial statements give the information required by the Companies Act 2013
(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 under Section 133 of the Act, of the state of affairs (financial position) of the
Company as at March 31, 2024, its Loss (including other Comprehensives income) and its Cash
Flows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143 (10) of the Act. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Ind AS 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 (‘ICAI’) together with the ethical requirements that are relevant
to our audit of the Ind AS Financial Statements under the provisions of the Act and the Rules there¬
under, and we have fulfilled our ethical responsibilities in accordance with these requirements and
the Code of the Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the Ind AS financial statements.

Material Uncertainty Related to Going Concern

We draw attention to Note no.30 of the Notes to the financial statements, the Company has reported a
net loss of Rs 13.77 lakhs for the year ended 31st March, 2024 (Previous Year Rs 10.48 Lakhs) and, as
of date has reported accumulated losses of Rs. 603.74 lakhs (Previous Year Rs. 589.96 Lakhs) which
has resulted in substantial erosion of net worth of the Company.

In spite of these events or conditions which may cast a doubt on the ability of the company to continue
as a going concern, the management is of the opinion that going concern basis of accounting is
appropriate in view of the fact that its current assets are more than its total outside liabilities and
management is evaluating various options including starting a new line of business.

Therefore, financial statements of the Company have been prepared on a going concern basis. Our
opinion is not modified in respect of the said matter.

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. In addition to the matter described in the Material Uncertainty
Related to Going Concern section, we have determined following matters to be communicated in our
report as key Audit matter.

Assessing the carrying value of Inventory

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the other information. The Other information
comprises the information included in Management Discussion and Analysis, Board’s Report
including Annexures in the Board Report and Shareholder information, but does not include the
financial statements and our auditor’s report thereon.

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

In connection with our audit of the Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If based on the work we have performed, we concluded that there is a material misstatement
of this other information we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and Those Charged with Governance for the Standalone
Financial Statements.

The Company's Board of Director is responsible for the matters stated in Section 134(5) of The
Companies Act, 2013 (“The Act”),with respect to the preparation and presentation of these Ind AS
financial statements that give a true and fair view of the state of affairs (financial position), Profit/Loss
(financial performance) (Including Other Comprehensive Income) and changes in the Equity and cash
flows of the Company in accordance with the Accounting principles generally accepted in India,
including the Ind AS specified under section 133 of the Act read with the Companies (Indian
Accounting Standard) Rules 2015, as amended.

This responsibility also includes the 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 judgment 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 Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the Ind AS 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 operation, or has no realistic alternative but to do so.

The Board of Directors of the Company are also responsible for overseeing the financial reporting
process of the Company.

Auditor's Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS Financial statements as
whole are free from material misstatement, whether due to fraud or errors and to issue an auditor’s
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 Standards on Auditing will always detect a
material misstatement when it exists. Misstatements can arise from fraud or errors 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the Ind AS financial statements,
whether due to fraud or errors, 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.

• Obtain an understanding of the internal controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3) (i) of theAct, 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.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting 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 Ind AS financial
statements, or if such disclosures are inadequate to modify our opinion. Our conclusions are
based on the audit evidence obtained upto the date of audit report.

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

Materiality is the magnitude of misstatements in the financial statements that individually or in
aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors
in (i) planning the scope of our audit work and in evaluating the results of our work and (ii) to evaluate
the effect of any identified misstatements in the financial statements.

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 deficiency in
internal control that we identify during our audit.

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 safeguard.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in audit of Ind As financial statements of the current period and are
therefore the key audit matters .We describe these matters in our auditor’s report unless law or
regulation precludes about public disclosures 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
benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order,2020 (The ‘Order’) issued by the
Central Government of India in terms of Section 143(11) of the Act, we give in the
Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comment in Annexure ‘A’ 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 purpose 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 Ind AS financial statements dealt with by this Report are in agreement with the
books of account.

d. In our opinion, the aforesaid Ind AS Financial Statement comply with the Ind AS
specified under section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules,2015 as amended.

e. On the basis of written representation received from the directors, and taken on record
by the Board of Directors, none of the directors is disqualified as on March 31,
2024, 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 with refence to the Ind
AS Financial Statements of the Company as on 31^st March 2024 and operating
effectiveness of such controls refer to our separate report in “Annexure B” wherein
we have expressed an unmodified opinion;

g. The reporting under Rule 11(g) of (Audit and Auditors) Rules, 2014 is applicable from
1 April 2023.

Based on our examination which included test checks the Company has used accounting
software for maintaining its books of account, which have 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.

h. 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 explanation given to us:

1) The Company does not have any pending litigation as at 31^st March,2024
which would impact its financial position.

2) The Company did not have any long-term contracts including derivative
contracts as at 31^st March 2024 for which there were any material forseeable
losses.

3) There has been no delay in transferring amounts to the Investor Education and
Protection Fund by the Company during the year ended on 31^st March 2024.

4) i) 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(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified 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

ii) The management has represented, that, to the best of it’s knowledge and belief
no funds have been received by the company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the company shall, whether,
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 provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

iii) Based on audit procedures which we considered reasonable 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) contain any
material misstatement.

5) The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013

i. With respect to the matter to be included in the Auditors’ Report under Section 197(16) of

the Act: In our opinion and according to the information and explanations given to us, the
remuneration paid by the company to its director during the current year is in accordance
with the provisions of section 197of the Act. The remuneration paid to any director is not
in excess of the limit laid down under section 197 of the Act. The Ministry of Corporate
Affairs has not prescribed other details under Section 197(16) of the Act which are
required to be commented upon by us

FOR BKG & ASSOCIATES

Chartered Accountants
Firm Reg. No.: 114852W

CA. Akshit Arunkumar Jain
M. No.: 170822

UDIN: 24170822BKFUDO3 025
Place: Mumbai
Date: 29^th May, 2024