Auditor Report of Laxmi Goldorna House Ltd.

Mar 31, 2025

A. We have audited the accompanying Financial Statements of LAXMI
GOLDORNA HOUSE LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date,
and a summary of the significant accounting policies and other
explanatory information.

B. 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 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, the profit and total comprehensive income, changes in equity and
its cash flows for the year ended on that date

2. Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). 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 (ICAI) together with
the independence requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Financial
Statements.

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

The Key Audit matter	How our audit addressed the key audit matter
Existence and Valuation of	As part of our audit procedures:
Inventory:
The Company has an inventory	1.	Obtained an understanding
balance of Rs. 26,51,88,114/- as		of the management''s
disclosed note 4(Jewellery		process for physical
Division)of the accompanying		verification, recognition and
financial statements, Refer note 1 for		measurement of purchase
the accounting policy adopted by		cost of gold, diamonds and
the management with respect to		cost of manufactured
inventory balance.		jewellery items and in case of Real estate business
With respect to existence of		management
inventory as at year end, there is an	2.	Evaluated the design and
inherent risk of loss from theft or		tested the operating
possible mala fide intent, due to the		effectiveness of control
high intrinsic value and portable		implemented by the
nature of individual inventory items.		company with respect to such process including
In addition to the physical		control around safeguarding
verification performed by the		the high value of inventory
management with the help of an		items.
independent professional	3.	Assessed the appropriateness
gemologist, the lender of company		of accounting policy and
also conduct stock counts, on		management valuation
regular basis throughout the year.		methodology adopted by the management.
With respect to valuation of the	4.	On sample basis, tested
inventory, the company purchased		invoice and other underlying
into the respective cost categories		records to validate the costs
purchase into the respective cost		and characteristics basis
categories defined by the		which the inventory is
management based on price based and other physical		categorized for inventory management and valuation.

characteristics of the diamonds. Considering the complexities involved, portable nature of diamonds, high inherent risk and high level of estimation involved in valuation of inventory, the existence and valuation of inventory has been determined as key audit matter for the current year audit.	5.	Consequently, we have performed alternate procedures to audit the existence of inventory as per the guidance provided in SA 501 "Audit Evidence - Specific Considerations for Selected Items" and have obtained sufficient appropriate audit evidence to issue our opinion on these Standalone Financial Results. Our report on the Statement is not modified in respect of the above matters.
The Company applies Ind AS 115	Our audit procedures included:
"Revenue from contracts with
customers" for recognition of	1.	Read the Company''s
revenue from real estate projects,		revenue recognition
which is being recognised at a point		accounting policies	and
in time upon the Company satisfying		assessed compliance of	the
its performance obligation and the		policies with Ind AS 115
customer obtaining control of the	2.	Obtained and understood
underlying asset.		revenue recognition process
		including identification	of
Considering application of Ind AS		performance obligations and
115 involves significant judgment in		determination of transfer of
identifying performance obligations		control of the asset underlying
and determining when ‘control'' of		the performance obligation
the asset underlying the		to the customer.
performance obligation is	3.	Read the legal opinion
transferred to the customer, the		obtained by the Company to
same has been considered as key		determine the point in time at
audit matter.		which the control	is
		transferred in accordance
		with the underlying
		agreements.
	4.	Tested, revenue related
		transactions with	the
		underlying customer
		contracts, sale deed	and
		handover documents,
		evidencing the transfer of
		control of the asset to	the
		customer based on which

	revenue is recognised.
Assessment of net realisable value	Our audit procedures to assess the
(NRV) of inventories:	net realisable value (NRV) of
Inventories on construction of	inventories included the following:
residential units comprising ongoing	1. Enquiry with the Company''s
and completed projects, initiated	personnel to understand the
but unlaunched projects and land	basis of computation and
stock, represents a significant	justification for the estimated
portion of the Company''s total	recoverable amounts of the
assets.	unsold units ("the NRV assessment")
The Company recognises profit on	2. Assessing the Company''s
the sale of each commercial &	valuation methodology for
residential unit with reference to the	the key estimates, data inputs
overall profit margin depending	and assumptions adopted in
upon the total cost incurred on the	the valuation. This involved
project. A project comprises multiple	comparing expected
units, the construction of which is	average selling prices with
carried out over a number of years.	published data such as
The recognition of profit for sale of a	recently transacted prices for
unit, is therefore dependent on the	similar properties located in
estimate of future selling prices and	nearby vicinity of each
construction costs. Further,	project and the sales budget
estimation uncertainty and exposure	maintained by the Company;
to cyclicality exists within long- term	3. While analyzing the expected
projects.	average selling price, we have performed a sensitivity
Forecasts of future sales are	analysis on the selling price
dependent on market conditions,	and compared this to the
which can be difficult to predict and be influenced by political and economic factor Considering the significance of the amount of carrying value of inventories and the involvement of significant estimation and judgement in assessment of NRV, this is considered as a key audit matter.	budgeted cost;
Investment in subsidiaries:	Our audit procedures to assess the net realisable value (NRV) of
The Company has investments in	inventories included the following:
subsidiaries. These investments are	Enquiry with the Company''s
carried at cost less any diminution in	personnel to understand the basis of

value of such investments. The	computation and justification for the
investments are analyzed for	estimated recoverable amounts of
impairment at each reporting date	the unsold units ("the NRV
by comparing the carrying value of investments in the Company''s books	assessment");
with the net assets of the relevant	Assessing the Company''s valuation
subsidiaries'' balance sheet. Further,	methodology for the key estimates,
the Company assesses the	data inputs and assumptions
projected cash flows of the real	adopted in the valuation. This
estate projects in these underlying	involved comparing expected
entities. This involves significant	average selling prices with published
estimates and judgment, due to the	data such as recently transacted
inherent uncertainty involved in	prices for similar properties located
forecasting future cash flows. There	in the nearby vicinity of each project
is significant judgment in estimating	and the sales budget maintained by
the timing of the cash flows and the relevant discount rate. The company has One subsidiaries. Considering the impairment assessment involves significant assumptions and judgment, this is considered a key audit matter.	the Company

4. Information Other than the Financial Statements and Auditor''s Report

Thereon

A. 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, Business Responsibility Report,
Corporate Governance and Shareholder''s Information, but does not
include the Financial Statements and our auditor''s report thereon. Our
opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion
thereon

B. In connection with our audit of the 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 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.

5. Management''s Responsibility for the Financial Statements

A. 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
Financial Statements that give a true and fair view of the financial
position, financial performance, total 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. 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 financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.

B. 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 are responsible for overseeing the Company''s
financial reporting process.

6. Auditor''s Responsibilities for the Audit of the Financial Statements

A. 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 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 Financial
Statements.

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

i) 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.

ii) Obtain an understanding of internal financial controls 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 financial statements in place
and the operating effectiveness of such controls.

iii) Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by management.

iv) 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 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.

v) 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.

C. 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.

D. 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.

E. 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.

F. 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 auditor''s report unless
law or regulation precludes public disclosure about the matter 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

II. Report on Other Legal and Regulatory Requirements

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

D. In our opinion, the aforesaid financial statements comply with the Ind
AS 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 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 financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure
A". Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls with
reference to financial statements.

G. 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 of the Act.

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

The Company has disclosed the impact of pending litigations on its
financial position in its Financial Statements

The Company has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on long¬
term contracts including derivative contracts

There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.

I. Based on our examination carried out in accordance with the
Implementation Guidance on Reporting on Audit Trail under Rule 11 (g) of
the Companies (Audit and Auditors) Rules,2014 (Revised 2024 Edition)
issued by the Institute of Chartered Accountants of India, which included
test checks operations which are companies incorporated in India
whose financial statements have been audited under the Act, we report
that the company have used an tally 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.”

. As required by the Companies (Auditor''s Report) Order, 2020 ("the

Order") issued by the Central Government in terms of Section 143(11) of

the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

For J S SHAH & CO

Chartered Accountants

Firm Registration Number: 132059W

CA JAIMIN S SHAH
Partner

Membership Number:138488

Date: 18/04/2025

UDIN: 25138488BMIAZC3674

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Mar 31, 2024

A. We have audited the accompanying Financial Statements of LAXMI GOLDORNA HOUSE LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information.

B. 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 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, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date

2. Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). 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 (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.

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

The Key Audit matter	How our audit addressed the key audit matter
Existence and Valuation of Inventory:	As part of our audit procedures:
The Company has an inventory
balance of Rs. 13,72,25,943/- as	1.	Obtained an understanding
disclosed note 4 ( Jewellery		of the management’s process
Division)of the accompanying		for physical verification,
financial statements, Refer note 1 for		recognition and
the accounting policy adopted by		measurement of purchase
the management with respect to		cost of gold, diamonds and
inventory balance.		cost of manufactured
With respect to existence of		jewellery items and in case of Real estate business
inventory as at year end, there is an		management
inherent risk of loss from theft or	2.	Evaluated the design and
possible mala fide intent, due to the		tested the operating
high intrinsic value and portable		effectiveness of control
nature of individual inventory items.		implemented by the
In addition to the physical		company with respect to such process including control
verification performed by the		around safeguarding the high
management with the help of an		value of inventory items.
independent professional	3.	Assessed the appropriateness
gemologist, the lender of company		of accounting policy and
also conduct stock counts, on		management valuation
regular basis throughout the year.		methodology adopted by the
With respect to valuation of the	4.	management. On sample basis, tested
inventory, the company purchased		invoice and other underlying
into the respective cost categories		records to validate the costs
purchase into the respective cost		and characteristics basis
categories defined by the		which the inventory is
management based on price based		categorized for inventory
and other physical characteristics of		management and valuation.

the diamonds. Considering the complexities involved, portable nature of diamonds, high inherent risk and high level of estimation involved in valuation of inventory, the existence and valuation of inventory has been determined as key audit matter for the current year audit.

5. Consequently, we have performed alternate procedures to audit the existence of inventory as per the guidance provided in SA 501 "Audit Evidence - Specific Considerations for Selected Items" and have obtained sufficient appropriate audit evidence to issue our opinion on these Standalone Financial Results. Our report on the Statement is not modified in respect of the above matters.

The Company applies Ind AS 115 “Revenue from contracts with customers” for recognition of revenue from real estate projects, which is being recognised at a point in time upon the Company satisfying its performance obligation and the customer obtaining control of the underlying asset. Considering application of Ind AS 115 involves significant judgment in identifying performance obligations and determining when ‘control’ of the asset underlying the performance obligation is transferred to the customer, the same has been considered as key audit matter.

Our audit procedures included: 1. Read the Company’s revenue recognition accounting policies and assessed compliance of the policies with Ind AS 115 2. Obtained and understood revenue recognition process including identification of performance obligations and determination of transfer of control of the asset underlying the performance obligation to the customer. 3. Read the legal opinion obtained by the Company to determine the point in time at which the control is transferred in accordance with the underlying agreements. 4. Tested, revenue related transactions with the underlying customer contracts, sale deed and handover documents, evidencing the transfer of control of the asset to the customer based on which revenue is recognised.

Assessment of net realisable value	Our audit procedures to assess the
(NRV) of inventories:	net realisable value (NRV) of
Inventories on construction of	inventories included the following:
residential units comprising ongoing	1. Enquiry with the Company’s
and completed projects, initiated	personnel to understand the
but unlaunched projects and land	basis of computation and
stock, represents a significant portion	justification for the estimated
of the Company’s total assets.	recoverable amounts of the unsold units (“the NRV
The Company recognises profit on	assessment”)
the sale of each commercial &	2. Assessing the Company’s
residential unit with reference to the	valuation methodology for
overall profit margin depending	the key estimates, data inputs
upon the total cost incurred on the	and assumptions adopted in
project. A project comprises multiple	the valuation. This involved
units, the construction of which is	comparing expected
carried out over a number of years.	average selling prices with
The recognition of profit for sale of a	published data such as
unit, is therefore dependent on the	recently transacted prices for
estimate of future selling prices and	similar properties located in
construction costs. Further,	nearby vicinity of each
estimation uncertainty and exposure	project and the sales budget
to cyclicality exists within long- term	maintained by the Company;
projects.	3. While analyzing the expected average selling price, we
Forecasts of future sales are	have performed a sensitivity
dependent on market conditions,	analysis on the selling price
which can be difficult to predict and	and compared this to the
be influenced by political and economic factor Considering the significance of the amount of carrying value of inventories and the involvement of significant estimation and judgement in assessment of NRV, this is considered as a key audit matter.	budgeted cost;

4. Information Other than the Financial Statements and Auditor’s Report Thereon

A. 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, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the Financial Statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon

B. In connection with our audit of the 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 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.

5. Management’s Responsibility for the Financial Statements

A. 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 Financial Statements that give a true and fair view of the financial position, financial performance, total 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. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

B. 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 are responsible for overseeing the Company’s financial reporting process.

6. Auditor’s Responsibilities for the Audit of the Financial Statements

A. 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 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 Financial Statements.

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

i) 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.

ii) Obtain an understanding of internal financial controls 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 financial statements in place and the operating effectiveness of such controls.

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

iv) 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 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.

v) 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.

C. 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.

D. 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.

E. 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.

F. 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 auditor’s report unless law or regulation precludes public disclosure about the matter 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

II. Report on Other Legal and Regulatory Requirements

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

D. In our opinion, the aforesaid financial statements comply with the Ind AS 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 March 31,2024 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 reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to financial statements.

G. 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 of the Act.

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

The Company has disclosed the impact of pending litigations on its financial position in its Financial Statements

The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on longterm contracts including derivative contracts

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the

Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

For J S SHAH & CO

Chartered Accountants

Firm Registration Number: 132059W

Sd/-

CA JAIMIN S SHAH Partner

Membership Number:138488

Date: 27/05/2024

UDIN: 24138488BKBHNS6013

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Mar 31, 2023

Laxmi Goldorna House Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Laxmi Goldorna House Limited (‘the Company’), which comprise the balance sheet as at 31^st March 2023, the Statement of Profit and Loss and the Cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance 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, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March 2023 and its profit and its cash flows for the year ended on that date.

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 Act, we have given in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order.

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 balance sheet, the statement of profit and loss 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 31^st March 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March 2023 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) In our opinion with respect to internal financial control, the said Para is applicable to Company and & hereby attached as 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 does not have any pending litigation which would impact its financial position.

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

iii. There were no amounts which are required to be transferred to the investor education and protection fund by the company.

For M/s BHAGAT & CO Chartered Accountants FRN: 127250W

(SHANKAR PRASAD BHAGAT)

Partner

M. No- 052725

Place:- Ahmedabad

Date:- 10/05/2023

UDIN: 23052725BGWWCD7818