We have audited the accompanying Standalone Ind AS Financial Statements of Soma Textiles & Industries Limited (“the
Company”), which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended on that
date and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as the
“Standalone Ind AS Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind
AS 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 accounting principles generally accepted in India including Indian Accounting
Standards (‘Ind AS') specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended (“Ind AS”), of the state of affairs (financial position) of the Company as at 31st March 2025, and its profit
(financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended
on that date.

Basis of opinion

We conducted our audit of the Standalone Ind AS Financial Statements 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 Ind AS 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 Ind AS Financial Statements under the
provisions of the Act and the rules made there under, 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 obtained by us is sufficient and
appropriate to provide a basis for our opinion on the Standalone Ind AS Financial Statements.

Material Uncertainty Related to Going Concern

We draw attention to the fact that the company has stopped manufacturing operations and sold off plant and machineries and
is engaged in trading activities. The company's profit of ' 6926.87 Lakhs during the year ended 31st March 2025 and as of date
positive net worth of the company stood at '15783.66 Lakhs is on account of trading activities as well as exceptional items, as
represented in this report under emphasis of matter paragraphs. In the opinion of the management company's assets including
cash & bank balance are sufficient to meet the liabilities of the company. These conditions, along with other matter as set forth
in aforesaid note, indicate the existence of a material uncertainty that may cost significant doubt about the company's ability to
continue as going concern. The management has assessed that the company continuous to be going concern.

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

Emphasis of Matter

We draw your attention to:

a) We draw attention to Note No. 30 of Standalone Ind AS Financial Statements wherein Exceptional items for the year
ended 31st March, 2025 represent following components.

b) The holding company had advanced a loan to its associate company ‘Soma Textiles FZC' (UAE) out of GDR proceeds,
classified as Non-Current Loan. The Closing Balance of the same Loan is ' 3780.93/- Lakhs for the year ended 31st
March, 2025 (Previous year ' 5255.90/- Lakhs for year ended 31st March, 2024).

The Company has quasi-equity in addition to the capital contribution to Soma Textiles FZC. When the said loan was
given, the said company was a wholly owned subsidiary, however with effect from 31st March, 2010, the company's
holding in this company has diluted from 100% to 40%. In the draft audited Financial Statement of Soma Textiles FZC
ended as at 31st March, 2025 the accumulated loss reflects at 9,65,140 (equivalent to ' 224.59/- Lakhs) as against
the total capital of AED 9,00,000 (equivalent to ' 209.43/- lakhs) (Including statutory reserves).

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit
of the Standalone Ind AS 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 following key audit matters to be communicated in our report

Information other than the Standalone Ind AS Financial Statements and Auditor’s Report thereon

The Company's Board of Directors are responsible for the preparation of the other information. The other information
comprises the information included in the Company's annual report, but does not include the Consolidated Ind ASFinancial
Statements, Standalone Ind AS Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS Financial
Statements or our knowledge obtained in the 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.

We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS Financial
Statements

The Company's and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to
the preparation and presentation of these Standalone Ind AS 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 the Indian Accounting Standards (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 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
Standalone Ind AS Financial Statements that give a true and fair view and is free from material misstatement, whether
due to fraud or error. The Standalone Ind AS Financial Statements are the responsibility of the Company's Management.
The accompanying Standalone Ind AS Financial Statements pertain to the period where the Board of Directors holds the
responsibility for the financial transactions and to whom any significant exceptions/ adjustments in the statements are solely
attributable under the audit. The Audited Standalone Ind AS Financial Statements for the year ended 31st March, 2025
have been prepared by the Management of the Company and have been approved by the Company's Board of Directors.

In preparing the Standalone Ind AS 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 the 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 Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 Ind AS Financial Statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Ind AS 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.

• Obtain an understanding of internal financial 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 system in place and the operating
effectiveness of such controls.

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

• 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 Ind AS 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.

• Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including
the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in the
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind AS
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 Ind AS 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 the Standalone Ind AS Financial statements of the current period 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.

Other Matters

The company has filed application for voluntary delisting of its shares in terms of Regulation 6(a) and Regulation 7 of SEBI
(Delisting of Equity Shares) Regulations, 2009, however approval is pending from BSE's. However, the Equity Shares of the
company will continue to be listed on National Stock Exchange of India Limited.

Our conclusion is not modified in respect of the above matters.

Report on other Legal and Regulatory Requirements

1. As required by the 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 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 it appears
from our examination of those books.

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

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with Ind AS specified under Section
133 of the Act.

e) The matter described in the material uncertainty related to Going Concern section above, in our opinion, may
have an adverse effect on the functioning of the Company.

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

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls
over financial reporting.

h) With respect to the other matters to be included in the Auditor's Report 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 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 the Standalone Ind
AS Financial Statements (refer note 39);

ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses; and

iii. There were no amounts which were require 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, no funds (which are

material either individually or in the aggregate) 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 or entity, including foreign entity (“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, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person
or entity, including foreign entity (“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;

(c) Based on the audit procedures that have been 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) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v. There was no proposal of Dividend (Interim or Final) during the Current Financial year as well as during the
previous Financial Year.

vi. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account for the period ended 31st March, 25 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. Further, during the course of our audit we did not come across any instance of audit trail
feature being tampered with in respect of the accounting software.

2. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the Central Government in terms
of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of
the Order.

For, Pipara & Co. LLP

CHARTERED ACCOUNTANTS
F.R.N. No.: 107929W/W100219

Suresh Gandhi

PARTNER

Date: 30th May, 2025 M. No.: 046284

Place: Ahmedabad UDIN: 25046284BNQMFG2171