We have audited the accompanying Standalone Financial
Statements of Sri Lotus Developers and Realty Limited
(formerly known as AKP Holdings Limited and AKP Holdings
Private Limited) (“the Company”), which comprise the
Standalone Balance Sheet as at March 31, 2025, the
Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of
Changes in Equity and the Standalone Statement of Cash
Flows for the year then ended, and notes to the Financial
Statements, including a summary of material 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
Standalone Financial Statements give the information
required by the Companies Act, 2013, as amended (“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 Standard) 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 profit including other comprehensive income, 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 Act. 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 Act 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 on the
Standalone Financial Statements.

Information Other than the Standalone 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 the Board's Report but does
not include the Standalone Financial Statements and our
auditors' report thereon. The Board's Report is expected to
be made available 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 of the Standalone Financial
Statements, 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
Statements, or our knowledge obtained in the 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.

As and when we receive and read the Board's Report, in the
event we conclude that there is a material misstatement
therein, we are required to communicate the matter to
those charged with governance in the manner required.

Responsibilities of Management 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, Cash
Flows and Statement of changes in equity of the Company in
accordance with the Ind AS and other accounting principles
generally accepted in India. 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 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 management either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing
the company's financial reporting process.

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 scepticism
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 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 with reference to Standalone
Financial Statements 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 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.

Other Matters

The comparative financial information of the Company for
the year ended March 31, 2024, and the opening balance sheet
as at the transition date of April 1, 2023, included in these Ind
AS financial statements, is based on the previously issued
statutory financial statements prepared in accordance with
the Companies (Accounting Standards) Rules, 2021. These
statements were audited by the previous statutory auditors,
whose reports dated September 02, 2024, and September 26,
2023, for the years ended March 31, 2024, and March 31, 2023,
respectively, expressed an unmodified opinion. The financial
information has been adjusted for differences in accounting
principles arising from the Company's transition to Ind AS,
and these adjustments have been audited by us.

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” of this report 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, 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 Standalone
Statement of Profit and Loss including the
Statement of Other Comprehensive Income, the
Standalone Statement of Changes in Equity and
the Standalone 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 Ind AS prescribed
under Section 133 of the Act;

(e) 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;

(f) With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements and the operating
effectiveness of such controls, refer to our
separate Report in “Annexure B” to this report;

(g) In our opinion and according to the information
and explanations given to us, the Company
has complied with the provisions of section
197 in relation to the payment of managerial
remuneration paid for the year;

(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 explanations given to us:

i. The Company does not have any pending
litigations which would have an impact
on its financial position in its Standalone
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 was no amount which was required to
be transferred to the Investor Education and
Protection Fund during the year.

iv. (a) The management has represented that,

to the best of it's knowledge and belief,
no funds (which are material either
individually or in the aggregate) 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 entity, including
foreign entity (“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 it's knowledge and belief,
no funds (which are material either
individually or in the aggregate) have
been received by the Company from
any person or entity, including foreign
entity (“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;

(c) Based on such 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 (a) and (b) above,
contain any material misstatement.

v. The Company has neither declared nor paid
any dividend during the year.

vi. Relying on information, publication and
other explanations provided by the software
product vendor, the Company and test checks
carried out on the software application, we
report that, in our opinion the Company has
used an accounting software for maintaining
their books of account having feature of
recording audit trail (edit log) facility and
that has been operating throughout the
year for all relevant transactions recorded in
the software. Further for the periods where
audit trail (edit log) facility was enabled
and operated throughout the year for the
respective accounting software, we did not
come across any instances of the audit trail
feature being tempered with. Additionally,
the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For T. P. Ostwal & Associates LLP

Chartered Accountants

Firm Registration No. 124444W/W100150

Esha P. Shah

Partner

Membership Number: 143874

UDIN: 25143874BMMKEP2995

Place: Mumbai

Date: April 28, 2025