We have audited the accompanying standalone financial statements of AJWA FUN WORLD AND
RESORT LIMITED ("the Company"), which comprise of the Balance Sheet as at 31/03/2025, the
Statement of Profit and Loss, Statement of Cash Flow for the year then ended, notes to the
standalone financial statements including a summary of the significant accounting policies and other
explanatory information.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act 2013,
as amended, (the Act) in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rule, 2015, as amended and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31/03/2025 and its Profit for the
period ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with the standards on
auditing specified under the Act. Our responsibilities under those standards are further described in
the Auditor's Responsibility for the Audit of the Standalone Financials statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the standalone financial statements under the provisions of the Act and the
Rules made thereunder and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us
is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial
statements.

Key Audit Matters

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

Discontinuation of Entertainment Park Business :

The Company has closed down its Entertainment Park business. All buildings, plant & machineries of
water park, amusement park and resort have been scrapped and majority of them have also been
sold out.

Other Information

The Company's Board of Directors are responsible for the other information. The other information
comprises the letter from the management, Director's Report, Management Discussion and Analysis,
Business Responsibility Report and Corporate Governance 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 conclusion thereon.

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

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to communicate the matter to those charged with governance.
We have nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the 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 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
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 management either
intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility 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 financial statements.

As a part of an audit in accordance with the SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit.

We also,

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

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

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

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

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

Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative

materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the
results of our work and (ii) to evaluate the effect of any identified misstatements in the standalone
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 the
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 audit'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 reasonable by expected to outweigh the public interest
benefits of such communication.

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

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

We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal financial
control relevant to the Company's preparation of the standalone financial statements that give a
true and fair view in order to design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating
the overall presentation of the financial statements.

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2020, issued by the department of company
affairs, 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.

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

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

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

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31/03/2025
taken on record by the Board of Directors, none of the directors is disqualified as
31/03/2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate Report in
Annexure B. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls over financial reporting.

(g) With respect to the matters to be included in the Auditor's Report in accordance with
requirement 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 during the current year by the Company to its directors is in
accordance with the provisions of Section 197 of the Act.

(h) With respect to the other matters to be included in the Auditor's Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

i. The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses during the year ended 31/03/2025.

ii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company during the year ended 31/03/2025.

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

(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity (Funding Parties), with
the understanding, whether recorded in writing or otherwise, that the Company shall,
whether directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material misstatement.

iv. No dividend has been declared by the Company during the year.

v. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended) provides for
books of accounts to have the feature of audit trail, edit log and related matters in the
accounting software used by the Company. As informed by the management, the
accounting software used by the Company is having the necessary audit trail and audit
log feature.

For S P V P & Co.

Chartered Accountants
Firm Reg. No. : 155159W
Peer Review No. 015919

Date : May 29, 2025
Place : Vadodara

CA. Jitendra C. Patel

Partner

Membership No. : 129067
UDIN : 25129067BMINUM7422