M/S KDJ HOLIDAY SCAPE S AND RESORTS LIMITED OPINION

We were engaged to audit the standalone financial statements of M/S KDJ HOLIDAYSCAPES AND RESORTS LIMITED ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2026, 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 significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, these financial results:

i. We were unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the accompanying financial results. Accordingly, we do not express an opinion on whether the aforesaid financial results give a true and fair view in conformity with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder.

BASIS FOR DISCLAIMER OPINION

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

1. We are unable to comment on necessary adjustments / disclosures made in the financial statements in relation to following Items In view of non-availability of necessary

information/documentations/satisfactory explanations relevant to the audit for the current year: -

a. Non-Confirmation of Non-Current Investments: The Company has disclosed NonCurrent Investments amounting to Rs. 892.96 Lakhs. However, confirmations, supporting documents, valuation reports, and other relevant records relating to such investments were not made available to us. These balances have been considered based on data and records provided by the Resolution Professional (“RP”) pursuant to the acquisition of the Company under the resolution process approved by National Company Law Tribunal. Accordingly, we were unable to verify the existence, valuation, and recoverability of the said investments and determine the consequential impact, if any, on the financial statements.

b. Deferred Tax Assets: The Company has recognized Deferred Tax Assets amounting to Rs. 52.09 Lakhs. However, detailed workings, supporting documents, future taxable income assessment, and other relevant records substantiating the recognition and recoverability of such Deferred Tax Assets were not made available to us. The said balances are based on records/data provided by the Resolution Professional (“RP”) upon acquisition of the Company by the new promoter under the NCLT approved resolution plan. Hence, we are unable to comment on the correctness and recoverability of the said Deferred Tax Assets and the consequential impact, if any, on the financial statements.

Emphasis of Matter Paragraph

Our opinion is not modified in respect to the above-mentioned matter.

MANAGEMENT'S RESPONSIBILITIES FOR THE FINANCIAL RESULTS

These Results of F.Y. 2025-26 have been prepared on the basis of the Interim Financial Statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profits and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' 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 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 Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Results, the 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 Directors are also responsible for overseeing the Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE IND AS FINANCIAL RESULTS

Our objectives are to obtain reasonable assurance about whether the Financial Results 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 aggregate, they could reasonably be expected to Influence the economic decisions of users taken based on these Financial Results.

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

• Identify and assess the risks of material misstatement of the 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.

• Obtain an understanding of Internal Control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's Internal Control.

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

• Conclude on the appropriateness of the Board of Directors' 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 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. 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 Financial Results, including the disclosures, and whether the financial results 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.

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 Matter

This Report, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

In view of the change in management and non-availability of complete information/records relating to the period prior to the approval of the Resolution Plan, we are unable to obtain sufficient appropriate audit evidence regarding such prior period transactions, assets, and liabilities. Accordingly, our audit is restricted to the period post implementation of the Resolution Plan, and we have relied solely upon the information and explanations provided by the current management. Data has been provided by Resolution Professional prior to 04/03/2025.

For, D D SHAH PATEL & CO. Chartered Accountants FRN: 153136W

Sd/-

Dhruvin Shah (Partner)

M.NO: 179444

UDIN: 26179444UGYJAU3265 Place: Ahmedabad Date: 22.05.2026