Auditor Report of Gujarat Cotex Ltd.

Mar 31, 2024

iVc have audited the accompanying standalone financial statements of GUJARAT COTEX LTD. which comprise the
Balance Sheet as at 31st March, 2024, the •-.{element of Profit and Loss, statement of Change in Foully and
statement of cash how for the year then ended and notes to the standalone financial statements including a summaiy
of significant accounting policies and other explanatory information

In our opwon and to the Pest of our information and according to the explanations given to os, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (''Act) in the manner so
required and give a true and fair view in conformity with the Indian accounting standard prescribe u/s 133 ot the
companies act 2013 read with the companies (Indian accounting standard) Rules 2015 as omended( IndAS) and
other accounting principal generally accepted In India , of the state of affairs of the Company as at March 31, 2024,
Its profit (or Loss) (Including other comprehensive income) Change in Equity and its cash /lows 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 specified
under section 143 (10) ot the Companies Act, 2013. 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 am
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 standalone financial statements
under the provisions of the Act and the rules there under, and wc have fulfilled our other ethical responsibilities in
accordance with these requirements and the 1CA1 code of ethics.

We believe that the audit evidence ivr have obtained is sufficient and appropriate to provide a basis for our audit
opinion of our 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 e whole, and In forming our opinion thereon, and we do not provide a
separate opinion on these matters, IVe have determined the mailers described below ro be rne key audit matters to
be communicated in our report

the Key Audit Matters	Hon out audit addressed toe key audit matter
The principal products of toe Company comprise of textile	In view of the significance of the matter we
fabrics that arc mainly sold in domestic marirct. Further, the	applied the following audit procedures in this
Company is also engaged In business ot purcJiase and sale of	area, among others to obtain sufficient
non-agricultural	appropriate audit evidence-
plots of land. Revenue is recognized when the customer	I IVe- assessed the appropriateness of the
obtains control of the goods and in case of non-agricultural	revenue recognition accounting policies by
plots of land, on registration of sale deed. Wc identified	comparing with applicable accounting
revenue recognition as a key audit matter because the	Standards.
Company and Its Shareholders focus o.n revenue as a key	2 We evaluated the design or key controls
performance indicator.	and operating effectiveness of the relevant key controls with respect to ’avenue recognition on all transactions. 3. IVe performed substantive testing by selecting samples of revenue transactions, recorded during r he year by testing the underlying documents using statistical sampling 4 IVe carried out analytical procedures on revenue recognized during tne year to identify unusual variances. 5 IVe tested, on a sample basis, revenue transactions recorded before and after the financial year end date lo determine whether the revenue had been recognised in the approonatc financial period.

Litigation, provision The Key audit matters	How our audit addressed the xcy audit matter
The Company recognizes a provision when it has a present	In vieiy of the significance of the matter we
obligation (legal or constructive) as a result of a past event, it applied the following audit procedures in this
is probable that an outflow of resources embodying economic	area, among others to Obtain sufficient
benefits wiH he required to scff.''e me obligation and a m ha hie	appropriate audit evidence:
estimate can or made of the amount of the obligation. A	t. IVthe effectiveness of key
disclosure for contingent liabilities Is made where there is a	controls around the recording and
possible obligation ora present obligation that may probably	assessment of litigations, provisions and
not require an outflow of resources. When there is a possible	contingent liabilities.
or a wesent obligation where the Wetihood of outflow of	2. We obtained Company''s assessment of
resources Is remote, no provision or disclosure Is mode, ive	the open cases, if any, and compared the
have identified litigations,; provisions and contingencies as a	same to the assessment of subject matter
key audit matter because it reguirex the Company to make	experts, wherever necessary, to assess the
judgements and estimates in relation to the exposure arising	reasonableness of the provision or
out nf litigations The key judgement lies in the estimation of	contingency.
provisions where they may differ from the future obligations.	3 Wo considered the adequacy of the Company''s disclosures made m relation to related provisions and contingencies in the financial statements,

Information other than the financial statements and Auditor''s report thcroon

rn.? Company''s board of directors and management ore responsible for the preparation of the other information The
other information comprises me Management Discussion A Analysis, Boards report, which Include the annexore to the
boards report, business responsibility report, corporate governance and shareholders information, but ooes not
include the standalone financial statements and our auditor''s report thereon

Cur 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 rend the other
mformat/on. tn 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 i>v have per loomed, we conclude that there is a material misstatement of this other
information, iw arc required to report mat fact. We nave nothing to report in this regard

Management''s Responsibility on the Standalone Financial Statements :

The Company''s Board of Directors is responsible for the matters stated in Section 2 34(5) of the Companies Ad. 2023
with respect to the preparation and presentation of these standalone financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, changes in equity and
cosh flows of me Company in accordance with the Indian accounting standard prescribe under Section 133 of the
companies act 2023 read with the companies rule 2015,as amended and other accounting standard generally
accepted >n India This responsibility also includes maintenance of adequate accounting records m accordance with
the provisions of the Acr tor safeguarding me assets of the Company a.nd 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 effeclivety for ensuring vie 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 preoanng the standalone financial statements, management and board of directory it 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 erase
operations, or o,ts no realistic alternative but to do so.

The board of directors are a process.

Auditor''s Responsibility for the Audit of Standalone Financial Statement:

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
bee from material misstatement, whether due to rreud or error, and to Issue an auditor''s report that includes our
opinion. Reasonable assurance Is a high level of assurance, but is nor a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud o>
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 c t an audit in accordance with has. we exercise professional judgment and maintain professional skepticism
cfmx/p''xjuf the audit We Use:

Identify and assess the risks of material misstatement of ’.tie standalone financial statements, whether doe
to fraud or error, design and perform audit procedures responsive to those risks, and obtain aodft evidence
that is sufficient and appropriate to provide a basts for our opinion, The nsk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud mar involve
cokirsion, forgery, intentional omissions, misrepresentations, or the override of interna¹ control.

Obtain on understanding of internal control relevant to the audit in order to design outfit procedures that
are appropriate m ute circumstances Under section 143(3)0) of the Companies Ad, 2013, we are disc
responsible for expressing otrr opinion on whether the company has adequate internal financial controls wirn
reference to standalone financial statement are in place and the operating effectiveness, of such controls

- Evaluate (hr appropriateness of accounting policies used and the reasonableness or accounting estimates
and related disclosures made Of management and board af director.

Conclude on the appropriateness of management''s use pi trie going concern basis of accounting and, based
on me audit evidence obtained, whether a material uncertainty exists ’elated to events or conditions that
may cast significant doubt on the Company''s abH/ty to continue as a going concern If ,ve conclude that a
material uncertainty exists, we are required to draw attention vi our auditor''s report to ttie related
disclosures in the financial statements or. if such disclosures a>e rnadeguate. to modify our opinion. Out
conclusions are based an the .ruoit evidence obtained up to the dam of cur 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 end content of the standalone financial statements, including
the disclosures, and whether the standalone financial statements represent the underlying transactions and
events m a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, moividuatty or m
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of ton standalone
financial statements may be influenced. We consider quantitative materiality end qualitative factors m (!) planning
the scope of our audit wo<* and in evaluating the results of our

work; and (N) to evaluate the effect of any identified misstatements in the standalone financial statements,

We communicate with those charger) with governance regarding, among other matters, f/te planned scope and timing
of the audit and significant audit findings, including any stgnifrcani deficiencies in internal control that we identify
during our audit.

Vie also provide those charged with governance with a statement that vie have compiled with relevant ethical
requirements regarding independence, ana to communicate with them an relationships and other matters that may
reasonably oe trough? to bear on our independence, pod where applicable, remind safeguards. From the matters
communicated with those charged with governance, we determine those matters that were of most significance in the
aud the standalone financial statements of the current period and are therefeie tne key audit /natters We
tfescnhe these mattery in our auditor''s report unless low or regulation precludes public disclosure about the matter or
when, rn extremely rare circumstances, we determine that a matter should not be communicated An our report
because the adverse consequences of doing so would mason ably be expected to outweigh the public interest benefits
or such communication,

Report on Other Legal and Regulatory Requirements

t its required by the Companies (Auditor''s tteport) Order, 202(1 f the Order*), issued by the Centra?
Government of India in terms of sub-section (11) of section 143 of the Companies Act. 2013. we give in .Vie
Anoexuns ''A'', a statement on the matters specified in paragraphs 3 and 4 of the Order, ro the extent

applicable

2 As required try Section 143(3) of the Act. we report that:

,i *Vo At.7vc taught and obtained all the information and explanations which rn the best of our
knowledge and belief were necessary for the purposes of our audit:

b In our opltuon, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those DooA-s;

c the balance sheet, the statement of profit and loss, ana the cash flow statement dealt with by this
repoit are in agreement with the books of account maintained for the purpose of preparation of
mese sfenitaJone financier statement.

ct In our opinion, the aforesaid standalone financial statements comply with the accounting
standards specified under section 133 of the Act. read with rule 7 of the Companies (Accounts)
Roles. 2014:

e On Mr oasis of (nr written rrprrsrnratlnnt received from the director* as on March 31, 3024
taken on record by the board of directors, no directors of the company are dnguahfied as on
March 31, 2024 from Wing appointed as a director In terms of Section I6-t (2) of tW Act.

f iVil.''i respect to the adequacy of the internal financial centra''s over fnanciai reporting of the
Company and (he operating effectiveness of such controls, refer to our separate deport in
''Annexure O''. Our ’epee: expresses or/ unmodified opinion so e/fcceireness of such cantmfs
and operating effectiveness of the Company''s internal financial confers owr financial
reportm*

i? With respect to the othet matters ro he included in the Auditor''s Report m accordance wirn the
requirements of section 29/(16) of the Act. as emended:

In cor opinion and to the best of our information and according to the explanations green to
us, the Company has not paid any remuneration ro its directors during the year

h Based on our cxomlnavoo earned out in accordance ivith the Implementation Guidance on
Reporting on Audit Tran under Rule 11(g) of the Companies (Audit and Auditors) Rules. 2014
(Re-/.sect 2020 fdition,! issued oy the Institute of Chartered Accountants of India, .vhicfi included
test checks, •«? report that the company has used an decoupling sohwa''e for maintaining its
books at account which has a feature of recording audit trail (edit log) facility and the same has
updated threotiho''A the yea> for a" relevant transactions recorded am toe software Funner,
during the course of our audit t«• dot not came across any instance of audit trad feature being

tampered with.

l According to the information and explanations given to us and based on the audit procedures

performed by us, MSME act 2006 is eppucetwe to the company The seer,do 43B(h.I of income tax
act 1961 required that payments for goods or services onr/x/ed by HSMB must be settled within
45 days from the date of acceptance of goods and services. Outstanding creditor registe''ed with
HSUS is amount to Rs 4S6.07 Lakhs, UP the date of audit rope.^-:

) iWtfi respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11
or the Companies (Audit and Auditors) Rules. 2014. in our opinion and to tw cost of cm
information and according to the explanations given to us;

i the Company does not have any litigations on its financial position as at financial
statements audit date.

U The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses

iu there has not been any liability transferred as unclaimed amount, lo the Investor
education and Protection Fund by the Company

iv a) 7he management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
pnmhim a any other sources or kind of funds) by the Company to or to any other person
or entity, including foreign ontltles (‘IntermitdioritK*), with the understanding, whether
recorded in writing orothe’wise, that the intermediary stia.V, whether, directly of indirectly
(end or aiycst m other person} or entities identified in any manner whatsoever by or on
behalf of the Company (''UXimahe Beneficiaries'') or provide any guarantee, security or the
hke on bchaii at the URrcnote Beneficiaries

b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any person or entity, including foreign
entities CFimO-ng Parties''), with the understanding, whether recorded in

writing or otherwise, that the Company shat), whether, oirectly or indirectly, lend or invest
m otter persons or entities identified in any manner whatsoever by or on behatr of the
funded party t''Ultimate Bcnehaartef) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries, and

c) Based on tact? awair procedures performed that have been considered reasonable

and appropriate in tne cira/mtuooces, nothing has come to our notice that has caused us
to believe that the representations under sub-clause (a,I and (0) contain
any material misstatement

v The company has not declared or paid any dividend durirxj the yeai in accordance with
section 123 of the compomcs Act, 202). Hence this clause is not applicable

vi As the proviso to rule .3(1) nf the Compartw.s (Accounts) Rules, 2014 ts applicable for the
company i e. April 1, 2023, reporting on maintaining of audit trad under

Rule 11(g) ot Companies (Audit and Auditors) Rules, 201-t under tt\‘s douse is not
applicable.

As per our report of even date
For Pawan Slddharth & Co
Chartered Accountants
1CAIFRN : 11924JW

Place Surat CA Pawan Kumar lain

Date : 29-05-24 Partner

UDIN: 24070207BKAFKU6166 Mob. No. 070207

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Mar 31, 2014

We have audited the accompanying financial statements of GUJARAT COTEX LIMIED ("The Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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.

Auditor''s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 disclosures in the financial statements. The procedures selected depend on the auditors'' 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

Opinion:

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

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

(1) As required by the Companies (Auditors'' Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the Order.

(2) As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company

ANNEXURE TO AUDITORS'' REPORT [Referred to in paragraph 3 of the Auditors'' Report of even date to the members of Gujarat Cotex Limited on the financial statements for the year ended March 31, 2014]

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that;

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As per the information and explanations provided by the management, all the fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has disposed of by the company during the year.

(ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation of the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification carried out at the end of the year.

(iii) (a) The Company not has granted loan to company covered in the register maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanations given to us, the Company has not given loan and hence charging of interest is not applicable.

(c) The Company has taken loan from Directors only as per the register maintained under section 301 of the Companies Act, 1956.

(d) No interest paid by the Company.

(iv) In our opinion and according to the information and explanations given to us, there exist internal control system however we are unable to comment on it being commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services.

(v) (a) Company has not entered in to any contract particulars of which are required to be entered in register to be Maintained U/s. 301 of the Companies Act, 1956.

(b) In respect of transactions made in pursuance of such contracts or arrangements have been entered into during the financial year are reasonable except in some of the transactions, for which no comments is being made owing to the unique and specialized nature of the items involved and absence of any comparable prices. For price justification reliance is placed on the information and explanation given by the management. However no major transactions have been so entered.

(vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the Share Holders/ Directors.

(vii) We have broadly reviewed the books of account maintained by the company in respect of Trading of Goods where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been not prescribed under clause (d) of sub-section (1) of Section 209 of the Act.

(viii) (a) The Company inform us that provident fund, investor education and protection fund, employees'' state insurance, to the company are not applicable.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, education and protection fund, employees'' state insurance, income tax, wealth tax, service tax, sales-tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(ix) The company has accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

(x) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, bank, or debenture holders.

(xi) According to the information and explanations given to us and based on the documents and records produced to us, the company has not granted loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

(xii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/ Society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiii) In our opinion, the Company is not dealing in or trading in shares, securities, debenture and other investments. Accordingly, the provisions of clause (xiv) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

(xv) In our opinion, the term loans have not been raised and hence application of the same is not applicable.

(xvi) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment.

(xvii) According to the information and explanation given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xviii) The Company did not have any outstanding debentures during the year.

(xix) The Company has not raised money by way of public issue during the year.

(xx) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

As per Our Report of Even Date, For Adil Aibada & Associates, Chartered Accountants,

(Aadil S. Aibada) Proprietor. SURAT, 30.06.2014. Membership No. 045310.