Auditor Report of Suratwwala Business Group Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Suratwwala Business Group Ltd ("the Company")
which comprise the Standalone Balance Sheet as at 31st March
2025, the Standalone Statement of Profit and Loss (including
other comprehensive income), Standalone Statement of Changes
in Equity and Standalone Cash Flow Statement for the year
then ended and notes to the standalone financial statements
including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "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 in the manner so required and give a true and fair view in
conformity with the Indian Accounting standards as prescribed
u/s 133 of the Act read with Companies (Indian 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, its Profit (including other comprehensive

income), statement of changes in equity and its cash flows
statement for the year ending 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. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are
independent of the Company in accordance with the ''Code of
Ethics'' issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the
Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the standalone
financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

Sr.

No.

Key Audit Matters

How Key Audit Matter Addressed in our audit

Revenue Recognition under Ind AS 115 - Revenue from Contract with Customers

The company applies Ind As -115 "Revenue received from
Contracts with Customers" for recognition of revenue from sale of
commercial and residential real estate, which is being recognised
at point in time/ over period of time depending upon the
Company satisfying its performance obligation and the control of
the underlying asset gets transferred to the customer.

Ind AS 115 requires significant judgment / estimation in
identifying performance obligations for determining when
''control'' of the commercial/residential units are transferred to
the customer and estimating stage of completion, basis which
revenue is recognised. Further, for projects executed through
JDA, significant estimate is undertaken by management for
determining the fair value of the estimated construction service.

Considering the significance of management judgements and
estimates involved and the materiality of amounts involved,
aforementioned revenue recognition is identified as a key audit
matter.

Our audit procedures in respect of this area, among others,

included the following:

â¢ Obtained and understood the Company''s process for
revenue recognition including identification of performance
obligations and determination of transfer of control of the
property to the customer;

â¢ Read the Company''s revenue recognition accounting policies
and evaluated the appropriateness of the same with respect to
principles of Ind AS 115 and their application to the significant
customer contracts;

â¢ Assessed the consistency of the accounting principles
applied by the Company to measure its revenue from sales
of properties / flats with the applicable regulatory financial
reporting framework.

Sr. Key Audit Matters No.	How Key Audit Matter Addressed in our audit
	â¢	Evaluated the design and implementation and verified, on a test check basis, the operating effectiveness of key internal controls over revenue recognition including controls around transfer of control of the property and calculation of revenue recognition which is based on various factors including contract price, total budgeted cost and actual cost incurred;
	â¢	Verified the sample of revenue contract for sale of commercial/ residential units to identify the performance obligations of the Company under these contracts and assessed whether these performance obligations are satisfied over time or at a point in time based on the criteria specified under Ind AS 115.
	_â¢	Visited certain sites during the year for selected projects to understand the nature, status and progress of the projects.
	_â¢	Obtained the JDAs entered into by the Company, including addendums thereto and compared the ratio of constructed area/ revenue sharing arrangement between the Company and the landowner as mentioned in the agreement to the computation statement prepared by the management;
	_â¢	Obtained and read the legal opinion taken by the company and provided to us to determine timing when the control gets transferred in accordance with the underlying agreements.
	_â¢	Verified, on a test check basis, revenue transaction with the underlying customer contract, Occupancy Certificates (OC) and other documents evidencing the transfer of control of the asset to the customer based on which the revenue is recognized; and
	_â¢	Assessed the adequacy and appropriateness of the disclosures made in standalone financial statements in compliance with the requirements of Ind AS 115 - ''Revenue from contracts with customers.
2. Assessing the recoverability of carrying value of Inventories, advances paid towards land procurement and deposits paid
under joint development arrangements ("JDA")
As at March 31^st 2025, the carrying value of Inventory of ongoing	Our audit procedures/ testing included the following:
and completed real-estate project is Rs. 10,345.70 lakhs.	_â¢	Obtained an understanding of the Management''s process and
The inventories are held at lower of cost and net realisable		methodology of using key assumptions for determining the
value("NRV")		valuation of inventory as at the year-end;
The determination of the NRV involves estimations of the future	_â¢	evaluated the design and operation of internal controls
selling prices, expected costs to complete projects and the selling		related to testing recoverable amounts with carrying amount
costs based on the prevailing market conditions and the expected		of inventory, including evaluating management processes for
dates of commencement and completion of the projects		estimating future costs to complete projects;
Advances paid by the Company to the seller/ intermediary	_â¢	Inquired with management to understand key assumptions
towards outright purchase of land is recognised as advances		used in determination of the NRV/ net recoverable value;
given for land purchase and amount given for development rights under other non-current assets during the course of	_â¢	For inventory balance:
transferring the legal title to the Company, whereupon it is		- Compared the NRV to recent sales in the project or to the
transferred to land stock under inventories. Further, deposits paid		estimated selling price;
under joint development arrangements are in the nature of non-		- Compared the estimated construction costs to complete
refundable/refundable deposits, for acquiring the development		each project with the Company''s updated budgets; and.
rights. On the launch of the project, the non-refundable amount is transferred as land cost to work-in-progress.	_â¢	For land advances/ deposits paid for acquisition of land/ development rights under JDA
The aforesaid deposits and advances are carried at the lower of the amount paid/payable and net recoverable value, which is based on the management''s assessment including the expected date of commencement and completion of the project and the estimate of sale prices and construction costs of the project.		- Obtained update on the status of the land acquisition / project progress from the management and verified the underlying documents for related developments; - Compared the acquisition cost of the underlying land with
		the current market price in similar locations / guidance
We identified the assessment towards recoverability of carrying value of inventory, land advances and deposits paid under JDA		values; and;
as a key audit matter due to the significance of the balance to the		- Evaluated the management assessment w.r.t. recoverability
standalone financial statements as a whole and the involvement		of those advances and changes if any, in the business plans
of estimates and judgement in the assessment.	_â¢	relating to such advances. Assessed the adequacy and appropriateness of the
		disclosures made in the standalone financial statements with respect to Inventory in compliance with the requirements of applicable Indian Accounting Standards and applicable financial reporting framework

Information other than the Financials Statements and
Auditor''s Report thereon

The Company''s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Annual report, 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 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 such other information is
materially inconsistent with the standalone financial statements
or our knowledge obtained during the course of 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.

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

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of
Directors is responsible for assessing the Company''s ability to

continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

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

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

Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken
on the basis of these standalone financial statements.

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

â¢ Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

â¢ 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 Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has
adequate internal financial controls system in place and the
operating effectiveness of such controls.

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

â¢ 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.

â¢ Evaluate the overall presentation, structure and content of the

standalone financial statements, including the disclosures,
and whether the standalone financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020
("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies
Act, 2013, we give in the "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by
law have been kept by the Company so far as it appears
from our examination of those books

(c) The Standalone Balance Sheet and the Standalone
Statement of Profit and Loss 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 Indian Accounting

Standards specified under Section 133 of the Act.

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

(f) With respect of the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and the operative
effectiveness of such controls, refer to our separate
report in "Annexure B''; and

(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 litigations
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 were required
to be transferred to the Investor Education and
Protection Fund by the Company;

iv) (i) The management has represented that, to the

best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds
have been advanced or loaned or invested
(either from borrowed funds or share premium
or any other sources or kind of funds) by the
company to or in any other persons or entities,
including foreign entities ("Intermediaries"),
with the understanding, whether recorded
in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(ii) The management has represented that, to the
best of its knowledge and belief, other than
as disclosed in the standalone notes to the
accounts, no funds have been received by

the company from any persons or entities,
including foreign entities ("Funding Parties"),
with the understanding, whether recorded in
writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures that we have
considered reasonable and appropriate in
the circumstances; nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
contain any material misstatement."

v) The company has not declared any dividend during
the year.

vi) Based on our examinations which included test
checks, the Company, in respect of financial
year commencing on April 01^st 2024, has used
accounting software for maintaining its books of
account which have a feature of recording audit
trail (edit log) facility and the same have been
operated throughout the year for all relevant
transactions recorded in the software except that,
the accounting software used for maintenance
of payroll records of the Company is operated
by a third party software service provider. In the

absence of Service Organisation Controls report
(SOC1 type 2 report), we are unable to comment
on whether audit trail feature is maintained by the
Company in compliance with the requirement of
Rule 11(g) of Companies (Audit and Auditors) Rule,
2014

Further, for the periods where audit trail (edit log) facility
was enabled we did not come across any instance of the
audit trail feature being tampered with in respect of
accounting software where audit trail has been enabled.

3. In our opinion and according to information and
explanations given to us and on examinations of
records of the company, the managerial remuneration
paid by the company to its directors is within the limits
prescribed under Section 197 read with Schedule V of
the Act and the rules thereunder.

For Parag Patwa & Associates

Chartered Accountants
Firm Reg. No. 107387W
UDIN: 25143690BMJHVL5934

(CA T. J. Trivedi)

(Partner)

(MembershipNo.143690)

Place: Pune
Date: May 27, 2025

Mar 31, 2024

We have audited the accompanying standalone financial statements of Suratwwala Business Group Ltd ("the Company") which comprise the Standalone Balance Sheet as at 31st March 2024, the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of Changes in Equity and Standalone Cash Flow Statement for the year then ended and notes to the standalone financial statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "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 in the manner so required and give a true and fair view in conformity with the Indian Accounting standards as prescribed u/s 133 of the Act read with Companies (Indian 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, its Profit (including other comprehensive income), statement of changes in equity and its cash flows statement for the year ending 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. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Sr. No.

Key Audit Matters

How Key Audit Matter Addressed in our audit

Revenue Recognition under Ind AS 115 - Revenue from Contract with Customers

The company applies Ind As -115 "Revenue received from Contracts with Customers" for recognition of revenue from sale of commercial and residential real estate, which is being recognised at point in time upon the Company satisfying its performance obligation and the control of the underlying asset gets transferred to the customer which is linked to the application and receipt of occupancy certificate.

Ind AS 115 requires significant judgment in determining when ''control'' of the commercial/residential units is transferred to the customer. Further, for projects executed through JDA, significant estimate is undertaken by management for determining the fair value of the estimated construction service.

Considering the significance of management judgements and estimates involved and the materiality of amounts involved, aforementioned revenue recognition is identified as a key audit matter.

Our audit procedures in respect of this area, among others,

included the following:

â¢ Obtainedandunderstoodthe Company''sprocessforreve-nue recognitionincludingidentification ofperformanceo-bligationsand determination of transfer of control of the property to the customer;

â¢ ReadtheCompany''srevenue recognition accounting policies and evaluated the appropriateness of the same with respect to principles of Ind AS 115 and their application tothesignificant customer contracts;

â¢ Assessed the consistency of the accounting principles applied by the Company to measure its revenue from sales of properties / flats with the applicable regulatory financial reporting framework. Evaluated the design and implementation and verified, on a test check basis, the operating effectiveness of key internal controls over revenue recognition including controls around transfer of control of the property;

Sr. No.	Key Audit Matters	How Key Audit Matter Addressed in our audit
		â¢ Verified the sample of revenue contract for sale of residential and commercial units to identify the performance obligations of the Company under these contracts and assessed whether these performance obligations are satisfied over time or at a point in time based on the criteria specified under Ind AS 115. â¢ Visited certain sites during the year for selected projects to understand the nature, status and progress of the projects. â¢ Obtained the JDAs entered into by the Company, including addendums thereto and compared the ratio of constructed area/ the projects. â¢ Obtained the JDAs entered into by the Group, including addendums thereto and compared the ratio of constructed area/ revenue sharing arrangement between the Group and the landowner as mentioned in the agreement to the computation statement prepared by the management; â¢ Verified, on a test check basis, revenue transaction with the underlying customer contract, Occupancy Certificates (OC) and other documents evidencing the transfer of control of the asset to the customer based on which the revenue is recognized; and â¢ Assessed the adequacy and appropriateness of the disclosures made in Consolidated financial statements in compliance with the requirements of IndAS 115-''Revenue from contracts with customers''.
2.	Related Party Transactions under Ind AS 24 - Related Party Disclosures
	The Company has undertaken transactions with its related parties in the ordinary course of business at arm''s length. These include making new or additional investments in its subsidiaries; sales and purchases to and from related parties, etc. as disclosed in note 37 to the standalone financial statements. We identified the accuracy and completeness of the related party transactions and its disclosure as set out in respective notes to the standalone financial statements as a key audit matter due to the significance of transactions with related parties and regulatory compliances thereon, during the year ended 31 March 2024.	Our audit procedures/ testing included the following: â¢ Obtained and read the Company''s policies, processes and procedures in respect of identifying related parties, obtainingapproval, recording and disclosure of related party transactions; â¢ Read minutes of shareholders'' meetings, board meetings and minutes of meetings of those charged with governance in connectionwithCompany''s assessment of related party transactions being in the ordinary course of business at arm''s length; â¢ Tested, related party transactions with the underlying contracts, confirmation letters and other supporting documents; Agreed the related party information disclosed in the standalone financial statements with the underlying supporting documents, on a sample basis.

Emphasis of Matter

During the course of preparation of standalone financial statements for the year management of the company identified material prior period accounting errors in respect of:

(i) short recognition of net deferred tax asset of ''873.66 lacs in earlier periods

till March 31,2023, (ii) excess reversal of revenue of ''1041.61 lacs relating to earlier periods by crediting to an account under "Other Current Liabilities" & debiting to "Other Equity" while complying with requirements of lndAS-115 while migrating from IGAAP to IndAS.

These errors have been corrected in accordance with the requirement of applicable standard IndAS 8 by restating the

opening balance of deferred tax asset, liability on account of excess reversal of revenue & other equity for the current period i.e. 01^st April, 2023 since it is impracticable to adjust comparative information for prior periods to achieve comparability with the current period as requisite data is not collected in prior periods in a way that allows retrospective restatement to correct a prior period error & it is impracticable to recreate the information.

Our opinion for the year ending March 31, 2024 is not modified with respect to this matter.

Information other than the Financials Statements and Auditor''s Report thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, 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 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 such other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of 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.

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

The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles as per accounting principles generally accepted in India, including the Indian Accounting Standards ("Ind As") 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

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

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

â¢ 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

â¢ 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.

â¢ Evaluate the overall presentation, structure and content of the

standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Standalone Balance Sheet and the Standalone Statement of Profit and Loss 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 Indian Accounting Standards specified under Section 133 of the Act.

(e) 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.

(f) With respect of the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operative effectiveness of such controls, refer to our separate report in "Annexure B''; and

(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 litigations 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 were required to be transferred to the Investor Education and Protection Fund by the Company;

iv) (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(ii) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the standalone notes to the accounts, no funds have been received by the company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons

or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances; nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material misstatement."

v) The company has not declared any dividend during the year.

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

Based on our examinations which included test checks, except for the changes in database level to log any direct change for maintaining the books of account relating to consolidation process and certain non-editable fields/tables of the accounting

software used for maintaining general ledger, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the respective software.

Further, for the periods where audit trail (edit log) facility was enabled and we did not come across any instance of the audit trail feature being tampered with.

For Parag Patwa & Associates Chartered Accountants Firm Reg. No. 107387W

(CA T. J. Trivedi)

(Partner)

(MembershipNo.143690)

UDIN: 24143690BKBHHQ5994

Place: Pune Date: 24.05.2024

Mar 31, 2023

SURATWWALA BUSINESS GROUP LIMITED

Report on the audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of SURATWWALA BUSINESS GROUP LIMITED (Formerly known as SURATWALA HOUSING PRIVATE LIMITED and SURATWWALA BUSINESS GROUP PRIVATE LIMITED) (the "Company"), which comprise the balance sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the statement of cash flows and the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations furnished to us, the said financial statements read together with the significant Accounting Policies & others notes thereon give the information as 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 Accountant Standards) Rules, 2015 as amended, ("Ind AS") and Accounting principles generally accepted in India, of the state of affairs of the company as at 31 March, 2023, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

3. The Company migrated from BSE SME Platform to Main Board of BSE Limited and National Stock Exchange of India Limited on the February 10, 2023. Pursuant to the same the Company has adopted the first-time adoption of IND-AS (Indian Accounting Standard) format for its financials applicable from February 10, 2023, as per applicable IND-AS requirement we have reinstated financials i.e. P&L, Balance Sheet and Cash Flows from FY 2020-21 to FY 2022-23.

Basis for opinion

4. We conducted our audit in accordance with the standards on auditing specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the auditor''s responsibilities for the audit of the standalone financial statements section of our report. We are independent of the Company in accordance with the code of ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the 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.

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended 31 March, 2023. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming ouropinion 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.

Sr. No.	Key Audit Matter	Auditor''s Response
1.	Revenue recognition under Ind AS 115	Principal audit procedures performed:
	- Revenue from Contracts with	Our audit approach consisted testing
	Customers:	of the design and operating effectiveness of the internal controls
	Revenue recognition in terms of appropriate accounting period and	and substantive testing as follows:
	completeness of revenue in respect of	â¢Assessed the consistency of the
	possessions given to customers.	accounting principles applied by the Company to measure its revenue from
	The Company recognizes revenue	sales of properties with the applicable
	primarily from the sale of properties	regulatory financial reporting
	with revenue being recognized on	framework.
	possession given to customers.	â¢Evaluated the design and
	Revenue recognition is a significant	implementation and testing
	audit risk within the Company. There is	operational effectiveness of the
	a risk that Revenue may be mis-stated	relevant controls implemented by the
	on account of recognition in wrong	Company to ensure recognition of
	accounting period and completeness	revenue in appropriate period and
	of the revenue. Refer Notes 2G and 16	completeness of the revenue
	to the Standalone Financial	recognition in the books of accounts.
	Statements	We carried out a combination of procedures involving enquiry and observation, re-performance and inspection of evidence in respect of operation of these controls. â¢Tested completeness of total numberof units sold and total amount of revenue recognized by reconciling the possession report with books of accounts, on a sample basis. â¢Selected samples of agreements with customers and for the samples selected, performed the following procedures: - Read, analysed the sale agreement for the terms of the contract and verified the agreement value, date of agreement, carpet area and other relevant details; - Verified if the possession declaration date is before

			year end date to ensure revenue is recorded in the appropriate period;
			- Verified the possession and key
			handover letter duly signed by both the parties.
			Assessed the consistency of the accounting principles applied by the Company to measure its revenue from sale of properties with applicable regulatory financial reporting framework

Information other than the Standalone Financial Statements and Auditors'' Report thereon:

6. The Company''s board of directors is responsible for the preparation of the other information. The other information comprises of the information included in the Board''s Report including Annexures to Board''s Report but does not include the financial statements and our auditor''s report thereon.

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

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

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, only then we are required to report that fact. We have nothing to report in this regard.

Management''s responsibility for the standalone financial statements

7. The Company''s board of directors are responsible for the matters stated in section 134 (5) of the Act, with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, 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

8. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

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

â¢ Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

â¢ 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.

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

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone 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.

Report on other legal and regulatory requirements

9. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure "A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

10. 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 including other Comprehensive Income, and the cash flow statement and statement of changes in equity 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 March 31, 2023 taken on record by the board of directors, none of the are directors is disqualified as on March 31, 2023 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 over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in Annexure "B". Our report expresses an unmodified opinion on adequacy and operating effectiveness of the company''s internal financial control with reference to standalone financial statements.

(g) With respectto 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 years is in accordance with the provisions of section 197 of the act.

(h) With respectto 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;

a. The Company does not have any pending litigations which would impact its financial position.

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

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

d. (i) The Management has represented that, to the best of it''s knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The Management has represented, that, to the best of 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, 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.

(iii) Based on the 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 sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material Misstatement.

e. The Board of Directors of the Company has not proposed any final dividend for the year in accordance with section 123 of the Act. Hence the question of commenting on the same does not arise.

f. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company w.e.f. April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended 31 March 2023.

For S.S.P.M. & Company LLP CHARTERED ACCOUNTANTS F R No. 121466W / W100735

NADEEM VIRANI PARTNER M No.176397

23176397BGUSEI5236

Place: Pune

Date: 14 August, 2023

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