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

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<so responsible for overseeing tne Company's financial reporting 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<r of 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