We have audited the accompanying standalone financial statements of Lancor Holdings Limited ("the Company"),
which comprise of the Balance sheet as at March 31, 2025, the statement of Profit and Loss (including Other
Comprehensive Income / (loss)), Statement of Changes in Equity and Statement of Cash Flows for the year then
ended, and notes to the financial statements, including a summary of the 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 Standard) Rules 2015, as amended, ("Ind
AS") and other accounting principles generally accepted in India of the state of affairs of the Company as at March
31,2025, and it's profit (including other comprehensive income / (loss)), the changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing 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 framed 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.

Emphasis of Matter

We draw your attention to,

Note 4.02 (a) regarding pending litigation relating to one of the commercial properties accounted as investment
property.

Our opinion is not modified in respect of the above matter.

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 key audit matters to be communicated in our report.

Information other than the Standalone Financial Statements and our Report thereon

The Company's management and Board of Directors are responsible for the preparation of the other information.
The other information comprises the information included in the Annual Report, but does not include the
standalone and consolidated financial statements and our auditor's report thereon. The annual report is expected
to be made available to us after the date of this 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 and, in doing so, consider whether the other information is materially inconsistent with the standalone
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement of this other information,
we are required to communicate those matters to those charged with governance and take appropriate action.

Responsibilities of Management and those charged with governance 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 state of affairs (financial
position), profit or loss (financial performance including Other Comprehensive Income / (loss)), changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in India, including
the Ind AS 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
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 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 Standards on Auditing 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 Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

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

b) 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 explaining
our opinion on whether the Company has adequate internal financial controls with respect to standalone
financial statements in place and the operating effectiveness of such controls.

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

d) 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.

e) 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.

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 for the financial year ended March 31, 2025
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

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government
of India in terms of section 143(11) 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, 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 except for the matters stated in the paragraph 2(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income / (Loss) ), the
Statement of Changes in Equity and Statement of Cash Flows 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 Ind AS specified under
Section 133 of the Act, read with relevant rules issued there under;

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) The observations relating to the maintenance of accounts and other matters connected there with are as
stated in paragraph (b) above.

8) With respect to adequacy of internal financial controls with reference to standalone financial statements of
the Company and 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 standalone financial statements;

h) With respect to 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 explanation as provided to us, the
managerial remuneration paid by the Company to its directors during the year is in accordance with the
provisions of section 197 of the Act;

i) 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 on its financial position in its standalone
financial statements - Refer Note 4.02 to the standalone financial statements.

ii. The Company has made adequate provision as required under the applicable law or accounting
standards for material foreseeable losses if any on the long-term contracts including derivative
contracts.

iii. The Company has transferred the required amount of Rs. 0.17 Lakhs for the financial year 2016-17 to
the Investor Education and Protection Fund on November 20, 2024 instead of October 24, 2024.

iv. a) As stated in Note No. 4.15 (a) to standalone financial statement, 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(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) As stated in Note No. 4.15 (b) to standalone financial statement, the management has represented,
that, to the best of it's knowledge and belief, 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 our audit procedures that are considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that above representations under
sub-clause iv (a) and iv (b) contain any material mis-statement.

v. As stated in Note 4.18 to the Standalone Financial Statements

a) The Company has paid the dividend during the year and are in compliance with the provision of
Section 123 of the Companies Act, 2013.

b) The Board of Directors of the Company has proposed final dividend for the year which is subject
to the approval of members at the ensuing annual general meeting. The dividend proposed is
in accordance with provisions of Section 123 of the Act to the extent it applies to declaration of
dividend.

vi. Based on our examination, which included test checks, the Company has migrated to a new accounting
software from April 1,2024 for maintaining its books of account, which has a feature of recording an
audit trail (edit log), and the same has been operated throughout the year under audit for all relevant
transactions recorded in the software. However the software have no features of recording audit trail
for direct changes at the data base level.

Further, during the course of our audit, we did not come across any instance of the audit trail feature
being tampered with.

Except for the periods of previous financial year where the audit trail feature was not enabled for
accounting software and its databases, the Company has preserved the audit trail in accordance with
statutory record retention requirements.

For G. M. Kapadia & Co.,

Chartered Accountants
Firm Registration No. 104767W

Satya Ranjan Dhall

Partner

Place: Chennai Membership No. 214046

Date : May 30, 2025 UDIN: 25214046BMLMNF4678