ఆడిటర్ నివేదిక Mahesh Developers Ltd.

Mar 31, 2025

We have audited The accompanying financial results of Mahesh Developers
Limited, which comprises the Balance sheet, the statement of Profit and
Loss, the Cash flow statement and a summary of significant accounting

policies and other explanatory information for the quarter ended March 31

2025 and for the year ended march 31,2025, attached herewith, being

Submitted by the Company pursuant to the requirement of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations
2015, as amended ( Listing Regulations’). ’

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

(i) Are presented in accordance with the requirements of the Listing
Regulations in this regard and

(n) Gives a true and fair view in conformity with the applicable
accounting principles generally accepted in India, of the net Loss

and other financial in formation of the Company for the quarter

ended March 31, 2025 and Profit for the year ended March 31,

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, as amended

(''the Act") and other applicable authoritative pronouncements issued by the

Institute of Chartered Accountants of India. 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 results 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 obtained by us is sufficient and
appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Consolidated Financial Results

These financial results have been prepared on the basis of the annual
financial statements. The Company’s Board of Directors are responsible for
the preparation and presentation of these financial results that give a true
and fair view of the net profit and other comprehensive income and other
financial information of the Company and the statement of cash flows in
accordance with the recognition and measurement principles laid down in
the Indian Accounting Standards prescribed under Section 133 of the Act
read with relevant rules issued thereunder and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the
Listing Regulations. The Board of Directors of the Company are responsible
for 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 the design, implementation
and maintenance of adequate internal financial controls, that were operating
effectively for ensuring 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, which have been used for the
purpose of preparation of the financial results by the Directors of the
Company, as aforesaid.

In preparing the financial results, the Board of Directors of the Company are
responsible for assessing the ability of the Company 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 of the Company are also responsible for overseeing
the financial reporting process of the Company.

Auditor’s Responsibilities for the audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the
financial results 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 results. As part of an
audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

(i) 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.

(ii) 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 with reference to financial
statements in place and the operating effectiveness of such
controls.

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

(iv) 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 ability
of the Company 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.

(v) 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 of the Company
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 Matters

The financial results include the results for the quarter ended March 31,
2025 being the balancing figures between the audited figures in respect of
the full financial year and the published unaudited year to date figures up to
the third quarter of the current financial year, which were subject to limited
review by us as required under the listing regulations.

The annual financial results dealt with by this report has been prepared for
the express purpose of filing with stock exchanges on which Company’s
shares are listed. These results are based on and should be read with the
audited financial statements of the Company for the year ended March 31,
2025 on which we issued an unmodified audit opinion vide our report dated
27/06/2025.

For BHAIRAVI AND ASSOCIATES
Chartered Accountants

Firm Reg No: 0125026W
Membership No: 116660
Date: 27/06/2025

Place: Mumbai

UDIN: 25116660BMOCLD5806