We have audited the Standalone Financial Statements of Pakka Limited (Formerly
known as Yash Pakka Limited) ("the Company"), which comprise the Standalone
Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss
(including Other Comprehensive Income), the Standalone Statement of Changes
in Equity and the Standalone Statement of Cash Flows for the year then ended
and notes to the Standalone Financial Statements, including a summary of material
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 (the "Act") in the manner so required and give
a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended ("Ind AS") and accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025, its
profit and other comprehensive income, changes in equity and its cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance
with the Standards on Auditing (SAs) specified under section 143(10) of the Act.
Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the 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 (‘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 thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion on the Standalone
Financial Statements.

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

Information other than the Standalone Financial Statements and
Auditors Report thereon

The Company's Management and Board of Directors is responsible for the Other
Information. The Other Information comprises the information included in the
Management Discussion and Analysis, Board's Report including its annexures
and Corporate Governance and Shareholders information but does not include
the Standalone Financial Statements and our Auditor's Report thereon. The
Management Discussion and Analysis, Directors ‘report including its annexures
and Corporate Governance and Shareholders information is expected to be made
available to us after the date of our Auditor's Report.

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
in the course of our audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact.
When we read the other information, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those
charged with governance.

Responsibilities of Management and Those Charged with
Governance for the Standalone financial statements

The Company's Management and the 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, total comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including Ind AS prescribed 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, Management and the Board of
Directors is responsible for assessing the Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor’s Responsibilities for the Audit of 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:

Ý 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,

Ý Obtain an understanding of internal financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances.

Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls
system with reference to financial statements in place and the operating
effectiveness of such controls.

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

Ý Conclude on the appropriateness of Management and Board of Directors'
use of the going concern basis of accounting in preparation of Standalone
Financial Statements 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.

Ý 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 financial statements that,
individually or in aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the Standalone 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 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 Standalone
Financial Statements of the current period and are therefore the key audit matters.
We describe these matters in our auditors' report unless law or regulation precludes
public disclosures about the matters 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

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we 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, based on our audit, we report that:

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

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

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

(d) In our opinion, the aforesaid Standalone Financial Statements comply with
the Indian Accounting Standards prescribed under Section 133 of the Act,
read with the relevant rules issued thereunder.

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

(f) With respect to the adequacy of the internal financial controls with
reference to the Standalone Financial Statements 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 with reference to financial statements;

(g) With respect to the other matters to be included in the Auditor's Report
in accordance with the requirements of section 197(16) of the Act,
as amended:

In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with requisite approvals
mandated by the provisions of section 197 read with Schedule V of the Act.

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

i. The Company has disclosed the impact of pending litigations as on
March 31, 2025, on its financial position in its Standalone Financial
Statements - Refer Note 46 to the Standalone Financial Statements.

ii. The Company did not have any long-term contracts including derivative
contracts for which there were 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. a. The Management has represented that, to the best of its

knowledge and belief, as disclosed in note 50 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(s) or entity(ies), 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, as disclosed in note 50 to the Standalone
Financial Statements no funds have been received by the
Company from any person(s) or entity(ies), 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 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) ofRule 11(e), as provided
under (a) and (b) above, contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the
year. Accordingly, clause (f) of Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended, is not applicable to the Company
for the year under audit

vi. Based on such audit procedures that we have considered reasonable
and appropriate in the circumstances, we report that for the year
ended March 31, 2025, for maintaining its books of account, the
Company has used accounting software 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 except that no audit trail was enabled at the database level
for accounting software SAP to log any direct data changes.

Further, during the course of our audit, we did not come across any
instance of audit trail feature being tampered with, in respect of
accounting software for which the audit trail feature was operating.

The Company has complied with the statutory requirements of
preservation of the audit trail for transactions recorded in the
software except for audit trail at the database level for accounting
software SAP to log in any direct changes which was not enabled till
31^st March 2025

For C N K & Associates LLP

Chartered Accountants
Firm Registration No: 101961W / W - 100036

Diwakar Sapre

Partner

Place: Mumbai Membership No: 040740

Date: May 30, 2025 UDIN: 25040740BMIGMO6873