We have audited the accompanying financial statements of Lovable Lingerie Limited (the
“Company”), which comprise the Balance Sheet as at March 31, 2025, Statement of Profit and Loss
(including Other Comprehensive Income), Statement of Cash Flows and Statement of Changes in
Equity for the year ended, and a summary of material accounting policies and other explanatory
information (hereinafter referred to as the “financial statements”).

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid 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 prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit
and total comprehensive income (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 of the financial statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the Auditor's Responsibilities
for the Audit of the 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 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 on the 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 financial statements of the current period. These matters were addressed in
the context of our audit of the 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 the matters
described below to be the key audit matters to be communicated in our report.

Information Other than the financial statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board's Report including Annexures to Board's Report, Corporate Governance Report
and Shareholder's Information, but does not include the financial statements and our auditor's
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 statements, 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.

Responsibilities of Management and Those Charged with Governance for the 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 financial statements that give a true and fair view of
the financial position, financial performance including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind AS and other accounting

principles generally accepted in India, including the 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 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 the Board of Directors 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 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.

Auditor's Responsibilities for the Audit of the financial statements

Our objectives are 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 scepticism throughout the audit. We have also:

• 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.

• 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 the 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 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 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 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 identify matter that
were of such significance in the audit of the financial statements for the financial year ended
March 31, 2025, that they would be considered key audit matters. Accordingly, such matters have
been described in our auditor's report. Furthermore, there were no circumstances where
disclosure was precluded by law or regulation, or where adverse consequences were 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 give in the 'Annexure A', a statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.

2) As required by 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 purposes 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 and proper
returns adequate for the purposes of his audit have been received from branches not
visited by us.

c) As per the information and explanations given to us and as per our records, the
Company does not have any branch office audited under sub-section (8) of Section
143 by a person other than the Company's auditor. Accordingly, reporting under
clause (c) of sub-section (3) of Section 143 of the Companies Act, 2013 is not
applicable.

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

e) In our opinion, the aforesaid financial statements comply with the
Indian Accounting Standards specified under Section 133 of the Act.

f) There are no observations or comments on financial transactions or matters which
have any adverse effect on the functioning of the Company

g) 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.

h) There is no qualification, reservation or adverse remark relating to maintenance of
accounts and other matters connected therewith no need to include this

i) 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'. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the Company's internal financial
controls over financial reporting.

j) With respect to the matter to be included in the Auditor's Report under
Section 197(16) of the Act: 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 has not exceeded the limits prescribed under Section
197 of the Companies Act, 2013 read with Schedule V.

k) 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 its financial statements. Refer note no. 28.2 to the financial
statements.

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

iii) There has been amount Rs. 3,17,333/- which is transferred to the Investor
Education and Protection Fund during the financial year.

iv) (a) The 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 premium or any other sources or kind of funds) by the Company
to or in any other persons or entities, including foreign entities
(“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-Refer Note 28.10 to
the financial statements;

(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 entities,
including foreign entities (“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;-Refer Note 28.10 to the financial statements; and

(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 (a) and (b) contain any
material misstatement.

v) The Company has not declared or paid dividend during the year.

vi) Based on our examination of the books of account and other relevant records of
the Company, and according to the information and explanations given to us, and
as mentioned in notes to account no. 28.12, we report that the Company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014, applicable with effect from April 1, 2023, the
audit trail feature has been operated throughout the financial year ended
March 31, 2025, for all transactions recorded in the software, and the audit trail
has not been tampered with and the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

For D M K H & CO.

Chartered Accountants

Firm Registration No.: 116886W

Manish Kankani
Partner

Membership No.: 158020
UDIN:25158020BMIZLA3316
Place: Mumbai
Date: May 30, 2025