We have audited the accompanying standalone financial
statements of Kewal Kiran Clothing Limited ('the Company’)
which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes to the
standalone financial statements including material accounting
policies and other explanatory information (hereinafter referred
to as “the standalone financial statements”).

In our opinion and to the best of our Inormation and according to
the explanations given to us, the aforesaid standalone 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 Indian Accounting Standards
(“Ind AS”) prescribed under Section 133 of the Act and other
accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2025, and its profit
including other comprehensive income, the changes in equity
and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing (“SA”s) specified under Section 143(10) of the Act. Our
responsibilities under those Standards are further described
in the Auditors’ Responsibilities for the Audit of the standalone
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 financial statements 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 ICAI’s Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgements, were of most significance in our audit of the
standalone financial statements of the year. We have determined
that there are no key audit matters to be communicated in our
report on the standalone financial statements.

Information Other than the Standalone Financial
Statements and Auditors’ Report Thereon

The Company’s Board of Directors is responsible for the
preparation of the other information. The other information

comprises of the information included in the Management
Discussion and Analysis, Board’s Report including Annexures
to Board’s Report, Business Responsibility and Sustainability
Report, Corporate Governance and Shareholder’s Information,
but does not include the standalone financial statements and
our auditor’s report thereon. The said reports are expected to
be made available to us after the issue of our auditor’ report.

Our 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 read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements, or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

When we read the above said reports, if we conclude that
there is material misstatement therein, we are required to
communicate the matter to those charged with governance
and take necessary actions, as applicable under the relevant
laws and regulations.

Responsibilities of Management and Board of
Directors for the standalone financial statements

The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of 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 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 of the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgementss 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 standalone financial statements that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone financial statements, management
and Board of Directors are 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 Board of Directors
either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Company’s Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

Auditors’ Responsibilities for the Audit of the
standalone financial statements

Our objectives are to obtain reasonable assurance about
whether the standalone 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 standalone financial statements.

As a part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the standalone 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 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 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 financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the standalone 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 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 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 (Auditors’ Report) Order,
2020 (the “Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure A”
a statement on the matters specified in paragraphs 3 and
4 of the Order.

2. As required by Section 143 (3) of the Act, 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 purposes of our audit.

b) I n 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 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, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial
controls with reference to financial statements and
the operating effectiveness of such controls, refer to
our separate report in “Annexure B”.

g) With respect to the other matters to be included in the
Auditors’ Report in 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 / provided by the Company to
its directors for the year ended March 31, 2025 is in
accordance with the provisions of Section 197 of the
Act; and

h) With respect to the other matters to be included in
the Auditors’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended from time to time, 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 its
standalone financial statements - refer note 2.44
and 2.1.5 to the standalone financial statements.

ii. The Company did not have any long-term
contract including derivative contract for which
there are any material foreseeable losses.

iii. There has been no delay in transferring amounts,
required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. The Management has represented that, to the
best of our knowledge and belief, as disclosed
in the note 2.58 to the standalone financial
statements,

• no funds 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;

• no funds 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;

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 (iv) contain any
material misstatement.

of audit trail feature being tampered with
and the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.

For Jain & Trivedi For N. A. Shah Associates LLP

Chartered Accountants Chartered Accountants

Firm Registration No.: 113496W Firm Registration No.: 116560W

/ W100149

Satish Trivedi Prashant Daftary

Partner Partner

Membership No.: 38317 Membership No.: 117080

UDIN: 25038317BMKWAF7884 UDIN: 25117080BMJBDB6923

Place: Mumbai Place: Mumbai

Dated: 12^th May 2025 Dated: 12^th May 2025