We have audited the accompanying Standalone financial statements
of Pashupati Cotspin Limited (the 'Company') which comprise the
Balance Sheet as at March 31, 2025, and the statement of Profit and
Loss and Statement of cash flows for the year then ended, and notes to
the Standalone financial statements, including a summary of Material
accounting policies Information and other explanatory information
(herein after referred as "the standalone financial statements").

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 Companies Act,2013 (the "Act") in
the manner so required and give a true and fair view in conformity
with the Accounting Standards prescribed under Sec. 133 of the Act
read with Rule 7 of the Companies (Accounts) Rules, 2014 and other
accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31,2025, its profit, and its cash flows 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 (SAs) 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 Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics
issued by 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 made 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 obtained by us 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 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 a
whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

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's Responsibility 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 and cash flows
of the Company in accordance with the Accounting Standard and
accounting principles generally accepted in India. 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 judgement and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively or ensuring
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 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 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 part of an audit in accordance with SAs, we exercise professional
judgment 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 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 polices 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 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

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 theCompanies 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.

As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information andexplanations
which to the best of our knowledge and belief are necessary for
the purpose of our audit.

(b) In our opinion, proper books of account as required by law
have been kept by the Companyso far as it appears from our
examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, 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 Accounting Standards specified under Section
133 of the Act read with Rule 7 of the Companies (Accounts)
Rules, 2014.

(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 internal financial controls
over financial reporting of the Company and the operating
effectiveness of such controls, refer to or separate report in
"Annexure B".

(g) With respect to the other matters to be included in the Auditor's
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
during the year is in accordance with the provisions of section
197 of the Act.

(h) 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) Rule, 2014, 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 the financial position of its Standalone
Financial Statements - Refer Note (26) of Part B to Notes to
accounts;

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 no delay in transferring amounts, required
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 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 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;

b) The management has represented that, to the best
of its knowledge and belief, no funds 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, 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; and

c) Based on such 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 final dividend paid by the Company during the year
in respect of the same declared for the previous year is in
accordance with section 123 of the Act to the extent it
applies to payment of dividend.

As stated in note 39 to the Standalone Financial Statements,
the Board of Directors of the Company have proposed final
dividend for the year which is subject to the approval of
the members at the ensuing Annual General Meeting. The
dividend declared is in accordance with section 123 of the
Act to the extent it applies to declaration of dividend.

For and behalf of
Mahendra N. Shah & Co.

Chartered Accountants
Firm's Registration No.-105775W

CA. Chirag M. Shah

Partner

Place: Ahmedabad Membership No.-045706

Date: 20/05/2025 UDIN: 25045706BMJAIR6730