We have audited the standalone financial statements of M/S ADHATA GLOBAL LIMITED (
Formerly M V COTSPIN LIMITED) (CIN: L18101WB1993PLC060752) (“the Company”),
which comprise the Balance Sheet as at 31st March 2025, and the statement of Profit and
Loss (including the Comprehensive Income), 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 significant accounting policies and other explanatory information .

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 Act in the
manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and
profit/loss, the statement of changes in equity and its cash flows for the year ended on that
date.

BASIS FOR OPINION

We have conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibility under those Standards
is further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We have 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 statements under the provisions of
the Companies Act, 2013 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 We have obtained is sufficient and appropriate to provide a basis for
our opinion.

EMPHASIS OF MATTER

Refer Note 22 of the financial statements regarding Contingent Liabilities amounting to
Rs.3,37,244.35 on account of frivolous demand raised by GST Authorities, this demand if
crystallized against the company could have a significant impact on its financial position as the
company’s net worth stands at Rs.1,64,141.30.Our opinion is not modified in respect of this
matter.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
THEREON

The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis,
Board's Report and the related annexures, but does not include the financial statements and
our Auditors' Report thereon.

Our opinion on the 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 Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the Financial Statement or our knowledge obtained during the course of our 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.

MANAGEMENT RESPONSIBILITY FOR THE STANDALONE FINAN CIAL STATEMENTS
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone
financial statements that give a true and fair view of the financial position, financial
performance, changes in equity and Cash Flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards
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
financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the 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 FINANCIAL STATEMENTS
Our objective is to obtain reasonable assurance about whether the 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 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 statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout our 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
Companies Act, 2013, We have 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.

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
have required to draw attention in our auditor’s report to the related disclosures in the
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 audit 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 financial statements,
including the disclosures, and whether the 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 have identified 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 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.

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 sub-section (11) of section 143 of the Companies
Act, 2013, We have give in “Annexure A” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

(A) As required by section 143(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 & Loss, Statement of Changes in Equity and the
Cash Flow Statement dealt with by this Report are in agreement with the books of
account.

d) In our opinion, aforesaid standalone financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;

e) On the basis of written representations received from the directors as on 31st March,
2025 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 Section 164(2) of the Act;

f) 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 B”

(B) 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, in our opinion and to the best
of our information and according to the explanations given to me:

a) The Company does not have any pending litigations which would impact its financial
position except that the the company has received a Demand from GST Department of
Rs 3,37,244.35 which includes Interest of Rs 1,45,486.91 and Penalty of Rs 17,604.47 for
the Financial Year 2019-20 which states that Company has claimed excess Input Tax
Credit on inward B2B supply in GSTR 3B in comparison to what is available in its GSTR
2A, the Company has deposited 10% of the Disputed Goods & Service Tax of
Rs. 17,415.30 as pre deposit for filing an Appeal with the department and the said appeal
is pending as on date.

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

c) There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

d) i.The management has represented that, to the best of its knowledge and belief no finds
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 any in any other persons or
entities, including foreign entities ( “Intermediaries” ), with the understanding, whether
recorded in writing or otherwise, that the intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries

ii. The management has represented that, to the best of its knowledge and belief no finds
have been received by the Company from any persons or entities, including foreign
entities ( “Funding Parties” ), with the understanding, whether recorded in writing or
otherwise, that the Company shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries") by or on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries

iii. Based on such audit procedure as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representation under sub-clause (i) and (ii) contain any material mis-statement.

e) There were no dividends declared or paid during by the Company.

f) Based on our examination and information given by management which included test
checks, the company has used an accounting software for maintaining its books of
account 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, having
feature that the company cannot tampered with. Additionally, as per management
information & explanation given to us the audit trail has been preserved by company as
per the statutory requirements for record retention.

For P. K. Ajitsaria & Co.

Chartered Accountants

Firm Regn. No. 317046E

Place: Kolkata

Dated: 28th day of May, 2025

(Pawan Kr. Ajitsaria)
Proprietor

Membership No. 53109
UDIN- 25053109BMKXRT6955