Auditor Report of Lloyds Luxuries Ltd.

Mar 31, 2025

To the Members of Lloyds Luxuries Limited Opinion

We have audited the accompanying financial statements of LLOYDS LUXURIES LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, the Statement of Cash Flows for the year ended on that date and Notes to the Financial Statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "financial statements").

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 Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its loss, and its cash flows 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 Companies Act, 2013 (''''the Act"). Our responsibilities under those SAs 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 Financial Results.

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.

Key Audit Matters	How our audit addressed the key audit matter
1) Capital Work in Progress
The company maintains a "Service Equipment - CWIP" ledger to temporarily record assets that have been procured at central level by the Company but not yet delivered to stores. These assets have been acquired in anticipation of upcoming stores scheduled to commence shortly.	We assessed the appropriateness of recording procured assets under "Service Equipment - CWIP" by: 1. Reviewing supporting documentation and verifying that the assets not yet capitalized are being held centrally; 2. Details of the dispatch of such assets and their corresponding capitalization in the books of accounts; 3. Furthermore, we reviewed the underlying store contracts to verify their execution status and assessed whether the timing and nature of the asset procurement were consistent with the planned commencement of store operations; 4. We also evaluated management''s rationale for parking such assets in CWIP and assessed whether the recognition was in accordance with the applicable financial reporting framework.
2. Allotment of Preferential Equity Shares:
The company has issued 10,00,000 equity shares with a face value of Rs. 10 each through a preferential allotment, along with a premium of Rs. 89 per share.	1. Reviewed the Board and shareholders'' resolutions authorizing the preferential issue. 2. Examined the application submitted to the National Stock Exchange (NSE) for in-principle approval. 3. Verified compliance with the SEBI ICDR Regulations, including the determination of the relevant date and pricing formula 4. Ensured adequate disclosure of the preferential issue in the notes to the financial statements, including details of the issue price, number of shares allotted, and the identity of the allottees.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Management and Board of Directors are 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.

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 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. We have nothing to report in this regard.

Management''s Responsibilities for the 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 of these 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. 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 also responsible for overseeing the Company''s financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether the Financial Statement 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.

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

1. 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.

2. 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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Financial Results made by the Management under the direction of the Resolution Professional.

4. Conclude on the appropriateness of the Management''s use of the going concern basis of accounting under the direction of the Resolution Professional and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. 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.

5. 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.

6. Obtain sufficient appropriate audit evidence regarding the financial results of the company to express an opinion on financial results.

Materiality

Materiality is magnitude of misstatement in the financial statement that, individually or in aggregate makes it probable that the economic decision of the reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factor in

(i) Planning the scope of our audit and in evaluating the result of our work; and

(ii) To evaluate the effect of any identified misstatements in 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 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.

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.

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 Company has no branch office and hence the company is not required to conduct audit under section 143 (8) of the Act;

d) 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;

e) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards (AS) prescribed under Section 133 of the Act, read with the Companies (Accounts) Rules, 2014;

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

g) 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"

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 has disclosed the impact of pending litigations and outstanding demands on its financial position in the Financial Statements. The same has been disclosed in Notes to Accounts.

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

iii. During the year, no amounts were required to be transferred to the Investor Education and Protection Fund by the Company. So, the question of delay in transferring such sums does not arise.

iv. a) The management has represented that,

to the best of its knowledge and belief, other than as disclosed in the notes to accounts to the financial statements, 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 or entity, 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 entity, 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 such audit procedures performed 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 subclause (a) and (b) contain any material misstatement.;

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

vi. Based on our audit procedures, the Company has used accounting software

for maintaining its books of accounts for the financial year ended 31^st March,2025, 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 and the audit trail has been preserved by the company for record retention.

i) With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act as amended, in our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of 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 S Y Lodha & Associates

Chartered Accountants

ICAI Firm Reg No. - 136002W

sd/-

Shashank Lodha

Partner

M. No.: 153498

UDIN.: 25153498BNOQKG7960

Date: 25^th April, 2025

Place: Mumbai

---

Mar 31, 2024

Lloyds Luxuries Limited

Opinion

We have audited the accompanying financial statements of LLOYDS LUXURIES LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Statement of Cash Flows for the year ended on that date and Notes to the Financial Statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "financial statements").

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 Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024 and its loss, and its cash flows 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 Companies Act, 2013 (''''the Act"). Our responsibilities under those SAs 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 Financial Results.

Key Audit Matter

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.

Key Audit Matters	How our audit addressed the key audit matter
1) Write down of Obsolete Inventory
In order to ensure that the financial statements accurately reflect the current value of assets and comply with AS-2 Valuation of Inventories, the management has written down the value of obsolete Non-T&H Inventory of Rs.37.92 Lakhs These items were held for over 12-36 months and were no longer considered fit for use and neither returnable to the original suppliers upon consultation with the company''s operations and quality checks team.	• We assessed the adequacy of the cost records and ageing schedules of the inventory maintained by the Company • Further we assessed the company''s inventory write down processes by evaluating the reasonableness of the quality controls, assumptions and estimates used in determining the net realizable value of the inventory. • Understanding the nature and reasons for stock to be written down. • Ensuring that appropriate impact is given on the inventory valuation and appropriately posted in the Financial Statements.
Key Audit Matters	How our audit addressed the key audit matter
2) Loss by Fire
In the Current financial year, a fire occurred at one of the Mumbai stores. The loss Reported in the Profit & Loss A/c (extraordinary expenses) as Loss on Fire amounting to Rs.28.47 lakh. (Refer note:24) of the financial statements.	• As part of our audit procedures, we reviewed the impact of the fire incident at the Mumbai store. • Examining the documentation related to the loss amounting to Rs.60.71 lakh. • Verification of the insurance claim received Rs.32.22 lakh • Ensuring the accuracy and completeness of the loss on fire amounting to Rs.28.47 lakh recorded in the Profit and Loss account.(Refer note no:24) of the financial statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR''S REPORT THEREON

The Company''s Management and Board of Directors are 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.

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 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. We have nothing to report in this regard.

Management''s Responsibilities for the 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 of these 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. 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial

Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statement 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.

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

1. 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.

2. 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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Financial Results made by the Management under the direction of the Resolution Professional.

4. Conclude on the appropriateness of the Management''s use of the going concern basis of accounting under the direction of the Resolution Professional and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. 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.

5. 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.

6. Obtain sufficient appropriate audit evidence regarding the financial results of the company to express an opinion on financial results.

Materiality

Materiality is magnitude of misstatement in the financial statement that, individually or in aggregate makes it probable that the economic decision of the reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factor in

(i) Planning the scope of our audit and in evaluating the result of our work; and

(ii) To evaluate the effect of any identified misstatements in 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 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.

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.

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 Company has no branch office and hence the company is not required to conduct audit under section 143 (8) of the Act;

d) 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;

e) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards (AS) prescribed under Section 133 of the Act, read with the Companies (Accounts) Rules, 2014;

f) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors,; none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act

g) 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"

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 has disclosed the impact of pending litigations and outstanding demands on its financial position in the Financial Statements. The same has been disclosed in Notes to Accounts.

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

losses.

iii. During the year, no amounts were required to be transferred to the Investor Education and Protection Fund by the Company. So, the question of delay in transferring such sums does not arise.

iv. a) The management has represented that,

to the best of its knowledge and belief, other than as disclosed in the notes to accounts to the financial statements, 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 or entity, 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 entity, 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 such audit procedures performed 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 subclause (a) and (b) contain any material misstatement.;

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

vi. Based on our audit procedures, the Company has used accounting software

for maintaining its books of accounts for the financial year ended 31st March,2024, 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 and the audit trail has been preserved by the company for record retention.

i) With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act as amended, in our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of 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 S Y Lodha & Associates

Chartered Accountants

ICAI Firm Reg No. - 136002W

sd/-

Shashank Lodha

Partner

M. No.: 153498

UDIN: 24153498BKDHWE1817

Date: 14^th May, 2024

Place: Mumbai

---

Mar 31, 2023

Report on the audit of the Standalone Annual Financial
Statements

Opinion

We have audited the accompanying standalone
financial statements of LLOYDS LUXURIES LIMITED
(the "Company"), which comprise the Balance Sheet
as at March 31, 2023, the Statement of Profit and Loss,
the Statement of Changes in Equity and the Statement
of Cash Flows for the year ended on that date and a
summary of significant accounting policies and other
explanatory information (hereinafter referred to as the
"standalone financial statements").

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 Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Accounting Standards) Rules, 2015 and
other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31,
2023 and its loss, changes in equity and its cash flows
for the year ended on that date.

We conducted our audit in accordance with the
Standards on Auditing ("SAs") specified under section
143(10) of the Companies Act, 2013 (''''the Act"). Our
responsibilities under those SAs are further described
in the Auditor''s Responsibilities for the Audit of
the Standalone Annual Financial Results 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 Annual Financial Results.

Reliance on Previous year Financial Statements

The Financial Statement of the previous year were
Audited by Todarwal & Todarwal LLP In forming our
opinion on the current year''s financial statements,
we ensured that the opening balances do not contain
any material misstatements and hence we have relied
upon the audited financial statements of the previous
year as issued by Previous Auditor. We did not audit
the financial statements of the previous year, and
accordingly, we express no opinion on them.

Key Audit Matter

Key Audit Matters	How our audit addressed the key audit matter
1) Change in Estimate
(Refer to Note 10 of the Standalone Financial Statements of FY 22-23) In Current Year the company has change their Estimate regarding Treatment of Fixed Asset according to AS-10. Due to such Change in Estimate the variation in said amount has been corrected by passing appropriate effect through Depreciation or Amortization entries towards the Fixed Assets.	Our audit procedures include the following: • Obtained a detailed understanding of such Change in Estimation regarding Fixed Assets from the Management. • Verified Depreciation working along with the Fixed Assets Register from management to check accuracy and accounting treatment of the Fixed Assets as per AS-10. • Ensured that Correct accounting treatment has been done for the such variation value of Fixed Assets in Current year.
Key Audit Matters	How our audit addressed the key audit matter
2) IPO Expenses
(Refer Note 1 of the Standalone Financial Statements of FY 22-23) In the Current financial year, the Company initiated its Initial Public Offering and consequently accrued Share Issue Expenses.These Share Issue Expenses aggerating to Rs.142.42 Lakhs were offset against the security premium.	Our audit procedures include the following: • Obtained a detailed understanding of such Share Issue Expenses from the Management. • Verified all the supporting document related to IPO. • Ensured proper accounting treatment for writing off the above-mentioned expenses as per section 52 of the Companies Act,2013.

Information Other Than The Financial Statements And
Auditor''s Report Thereon

The Company''s Management and Board of Directors
are responsible for 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 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 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. We have nothing to report in this
regard.

Management''s Responsibilities for the Standalone
Annual Financial Results

This Statement which includes the Standalone Financial
Results is the responsibility of the Company''s Board
of Directors and has been approved by them for the
issuance. The Standalone Financial Results for the
year ended March 31, 2023 has been compiled from
the related unaudited standalone interim financial
information.This responsibility includes the preparation
and presentation of the Standalone Financial Results for
the half year and year ended March 31, 2023 that give
a true and fair view of the net loss after tax/ net profit
after tax, respectively and total other comprehensive
loss and other financial information in accordance with
the recognition and measurement principles laid down
in the Indian Accounting Standards prescribed under
Section 133 of the Act read with relevant rules issued
there under and other accounting principles generally
accepted in India and in compliance with Regulation
33 of the Listing Regulations. 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 the 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 Results that give a true and fair view and is
free from material misstatement, whether due to fraud
or error. In preparing the Standalone Financial Results,
the Board of Directors are 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 Director are also
responsible for overseeing the financial reporting
process of the company

Auditor''s Responsibilities for the Audit of the
Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance
about whether the Financial Statement 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 Annual
Financial Results.

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

1. Identify and assess the risks of material
misstatement of the Standalone Annual Financial
Results, 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.

2. 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 through a separate
report on the complete set of financial statements
on whether the company has adequate internal
financial controls with reference to financial
statements in place and the operating effectiveness
of such controls.

3. Evaluate the appropriateness of accounting
policies used and the reasonableness of accounting
estimates and related disclosures in the Standalone
Financial Results made by the Management under
the direction of the Resolution Professional.

4. Conclude on the appropriateness of the
Management''s use of the going concern basis of
accounting under the direction of the Resolution
Professional and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the appropriateness of
this assumption. 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 Annual Financial Results 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.

5. Evaluate the overall presentation, structure and
content of the Standalone Annual Financial
Results, including the disclosures, and whether the
Standalone Annual Financial Results represent the
underlying transactions and events in a manner
that achieves fair presentation.

6. Obtain sufficient appropriate audit evidence
regarding the standalone financial results of the
company to express an opinion on standalone
financial results.

Materiality

Materiality is magnitude of misstatement in the financial
statement that, individually or in aggregate makes it
probable that the economic decision of the reasonably
knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and
qualitative factor in

(i) Planning the scope of our audit and in evaluating
the result of our work; and

(ii) To evaluate the effect of any identified
misstatements in 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 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 Statement include the results for the half year
ended 31st March 2023 being the balancing figure
between the audited figures in respect of the full
financial year and the published unaudited year to date
figures up to the First half year of the current financial
year which were subject to limited review by us. Our

report on the Statement is not modified in respect of
this matter.

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.

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 Company has no branch office and hence
the company is not required to conduct audit
under section 143 (8) of the Act;

d) 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;

e) In our opinion, the aforesaid Financial
Statements comply with the Accounting
Standards (AS) prescribed under Section 133
of the Act, read with the Companies (Accounts)
Rules, 2014;

f) 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

g) 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"

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 require to
disclosed the impact of pending litigations
on its financial position in the 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. During the year, no amounts were required
to be transferred to the Investor Education
and Protection Fund by the Company. So,
the question of delay in transferring such
sums does not arise.

iv. a) The management has represented

that, to the best of its knowledge and
belief, other than as disclosed in the
notes to accounts to the standalone
financial statements, 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 or entity, 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 entity,
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 such audit procedures
performed 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
subclause (a) and (b) contain any
material misstatement.; and

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

With respect to the matter to be included in
the Auditor''s 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 directors during the current year
is in accordance with the provisions of Section 197 of
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 S Y Lodha & Associates
Chartered Accountants
ICAI Firm Reg No. - 136002W

sd/-

Shashank Lodha
Partner

M. No.: 153498

UDIN.: 23153498BGXKBF6009

Date: 26^th May, 2023
Place: Mumbai