We have audited the accompanying Ind AS financial statements of SIDDHESWARI GARMENTS LTD
(“the Company”), which comprise the Balance Sheet as at 31st March, 2025, and the Statement of
Profit and Loss, including Other Comprehensive Income, the Cash Flow Statement and the Statement
of Changes in Equity for the year then ended, and a summary of the significant accounting policies and
other explanatory information.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS 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 financial position of the Company as at 31st March, 2025, and its profit, total comprehensive
income, its cash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone Ind AS 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 Standalone
Ind AS 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 together with the
ethical requirements that are relevant to our audit of the 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 Code of Ethics. We believe that the audit evidence we have obtained in
sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial
statements.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone Ind AS financial statements for the financial ended March 31, 2025. These
matters were addressed in the context of our audit of the standalone Ind AS financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in
our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit
of the standalone Ind AS financial statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment
of the risks of material misstatement of the standalone Ind AS financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis
for our audit opinion on the accompanying standalone Ind AS financial statements.

We have determined that there are no other key audit matters to communicate in our report.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual Report but does not include the standalone Ind AS
financial statements and our auditor’s report thereon.

Our Opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to read
the other information and, in doing so, consider whether such 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.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 the 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 Companies
Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind AS financial statements that
give a true and fair view of the financial position, financial performance including other comprehensive
income, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 judgements 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 Ind AS 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 I nd AS 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 Responsibility for the Audit of the Standalone Ind AS 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 annual financial statements.

As 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 Ind AS 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 controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether
the Company has in place an adequate internal financial controls system over financial reporting an the
operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimated 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 exits related to events or conditions
that may cast significant doubt on the ability of the company to continue as a going concern. If we
conclude that a material uncertainty exits, 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 standalone Ind AS 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 as 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 I nd AS financial statements
of the year ended March 31,2025 and are therefore the key audit matters. We describe their matters in
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstamces, 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 Act, we give in “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 to the extent applicable
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 accounts as required by law have been kept by the Company in
electronic mode on servers physically located in India 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 Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in
agreement with the relevant books of accounts.

d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder.

e) On the basis of the written representations received from the Directors as on 31 st 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 of 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”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls over financial reporting.

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 explanation given to us,
the remuneration paid by the company to its directors during the year is in accordance with the
provision of Section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with the
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 does not have any pending litigations which would impact its financial
position.

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

(iii) There were no amounts which were 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 it’s knowledge and belief,

other than as disclosed in the notes to the accounts, 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(s) or entity(ies),
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 it’s knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received by
the company from any person(s) or entity(ies), 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 audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe
that the representations under sub-clause (i) and (ii) contain any material mis¬
statement.

i) The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.

j) The reporting under Rule 11 (g) of The Companies (Audit and Auditors) Rules, 2014 is applicable
from 01,April 2023.

Based on our examination which included test checks The company has used accounting
software for maintaining its books of account which has a feature of recording audit trail(edit
log) facility and same has operated throughout the Financial year 2024-25 for all relevant
transaction recorded in the software. Further , during the course of our audit , we did not come
across any instance of audit trail feature being tampered with. Additionally , the audit trail has
been preserved by company as per the statutory requirements for record retention.

k) With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the
Act, in our opinion the management remuneration for the year ended March, 31, 2025 has
been paid/provided by the Company to its directors in accordance with the provisions of Section
197 Read with Schedule V to the Act

For R K BAJAJ & CO

Chartered Accountants
FIRM Regn. No. : 314140E

(R K BAJAJ )

Place : Kolkata - 700 001

Proprietor

^{Dated : 30-05-2025} Membership No. 051715