We have audited the accompanying Standalone financial statements of Sikozy Realtors Limited
(“The Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of
Profit and Loss (Including Other Comprehensive Income), the Cash Flow Statement, the Statement
of Changes in Equity and Notes to the Standalone Financial Statement for the year then ended
including a summary of significant accounting policies and other explanatory information
(Hereinafter referred to as the “Standalone Financial Statement”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone 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
Indian Accounting Standards prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025,
its Loss and total comprehensive income/loss (including other comprehensive income/loss), the
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements 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 Standalone 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 Standalone
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.

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 17.15 lakhs for the year ended 31st March, 2025 (Previous Year Rs 13.77
Lakhs) and, as of date has reported accumulated losses of Rs. 620.89 lakhs (Previous Year
Rs.603.74 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 thereon.

We have determined the matter described below to be the key audit matters to be communicated in
our audit report.

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 preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board’s Report including Annexures to Board’s Report, Corporate Governance Report, Business
Responsibility and Sustainability Report and Shareholder’s Information but does not include the
Standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone 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 Standalone financial statements our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the Standalone financial statements, or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude 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 Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these Standalone financial statements that give a true and fair view
of the financial position, financial performance including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind AS and other 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 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 Standalone financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Standalone financial statements the Board of Directors 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 the Board of Directors either
intends to liquidate the Company or to cease operations, 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 Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the Standalone 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.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, 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 the 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 Standalone 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.

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

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.

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 identify matter that were
of such significance in the audit of the Standalone financial statements for the financial year ended
March 31, 2025, that they would be considered key audit matters. Accordingly, such matters have
been described in our auditor’s report. Furthermore, there were no circumstances where disclosure
was precluded by law or regulation, or where adverse consequences were 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 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.

2. As required by Section 143(3) of the Act, based on our audit 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 Company does not have any branches therefore the reporting under this clause is
not applicable.

d. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with
by this Report are in agreement with the relevant books of account.

e. In our opinion, the aforesaid Standalone financial statements comply with the Ind
AS specified under Section 133 of the Act.

f. There are no observations or comments on financial transactions or matters which
have any adverse effect on the functioning of the company.

g. On the basis of the written representations received from the directors as on March 31,
2025 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2025 from being appointed as a director in terms of Section 164(2)
of the Act.

h. There is no qualification, reservation or adverse remark relating to maintenance of
accounts and other matters connected therewith.

i. 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’. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the Company’s internal financial
controls over financial reporting.

j. With respect to the matter to be included in the Auditor’s Report under Section
197(16) of the Act:

In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid is in accordance with the provisions of Section
197 read with Schedule V to the Companies Act, 2013.

k. 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, as amended, in
our opinion and to the best of our information and according to the explanations
given to us:

i. The Company does not have any pending litigations which would impact 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 amount which is to be transferred to the Investor Education and
Protection Fund during the financial year.

iv. (a) The management has represented that, to the best of its 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
persons or entities, 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.

(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 entities, 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

(c) Based on the audit procedures that have been 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 (a) and (b) contain any material
misstatement.

v. The Company has not declared or paid dividend during the year.

vi. Based on our examination of the books of account and other relevant records of the
Company, and according to the information and explanations given to us, we report
that the Company has used accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014, applicable with effect from April 1, 2023, the audit trail feature has been
operated throughout the financial year ended March 31, 2025, for all transactions recorded in the
software, and the audit trail has not been tampered with and the audit trail has been preserved
by the Company as per the statutory requirements for record retention.

For M/s BKG & Associates

Chartered Accountants

FRN: 114852W

Sd/-

Akshit Arunkumar Jain

Partner

Membership No.: 170822

UDIN: 25170822BMJAYF8462

Place: Mumbai

Date: 28^th May, 2025