We have audited the accompanying financial statements of M/s
Winsome Textile Industries Limited ('the Company'), which
comprise the Balance Sheet as at 31 March 2025, the Statement
of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity and Statement of Cash Flow
for the year on that date, 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 financial statements
give the information required by the Companies Act, 2013
('Act') in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in
India including Indian Accounting Standards ('Ind AS') specified
under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, of the state
of affairs (financial position) of the Company as at March 31,
2025, and its Profit (financial performance including other
comprehensive income), its cash flows and the changes in equity
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 Auditor's Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the

Inventories (refer note 4.1 to the financial statements)

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.

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. 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 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 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 Ind AS financial statements.

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 Annual Report, 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 in the
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 state of affairs (financial position), profit or loss (financial
performance including other comprehensive income), 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 implementation and maintenance of 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.

Those Board of Directors are also responsible for overseeing the
company's financial reporting process.

Auditor's Responsibilities for the Audit of 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 Standards on Auditing 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 Standards on Auditing,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We 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 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 are also responsible
for expressing our opinion on whether the company has
internal financial controls with reference to Financial
Statements 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 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.

Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable
user of the 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 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 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 the Act, we give in
the Annexure A, a statement on the matters specified in the
paragraph 3 and 4 of the order.

(A) 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. 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 our audit
have been received from one branch not visited by us;

c. The management certified financial statement of
Company's foreign branch has been incorporated in
these financial statements. As informed to us, there
is no mandatory requirement of audit of accounts of
such foreign branch in accordance with the laws of
the country of foreign branch and our opinion on the
financial statements, in so far as it relates to the amounts
and disclosures included in respect of the said branch
and our report in terms of sub-sections (8) of Section
143 of the Act, in so far as it relates to the said branch is
based solely on the reports of the management (refer
note no. 32 to the notes of accounts).

Our opinion on the financial statements is not
modified in respect of the above matters with respect
to our reliance on the work done.

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

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

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

g. 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"; and

(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, as amended,
in our opinion and to the best of our information and
according to the explanations given to us:

i. the Company has, to the extent ascertainable,
disclosed the impact of pending litigations on its
financial position in its financial statements - Refer
Note 12 to the financial statements;

ii. the Company does not have any material foreseeable
losses on long term contracts including derivative
contracts which would impact its financial position;

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, as disclosed in
Note 31(g) to the 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;

(b) the management has represented, that, to the
best of its knowledge and belief, as disclosed
in Note 31(h) to the financial statements, 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;

(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)
above, contain any material misstatement.

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

vi. Based on our examination which included test checks,
the company has used accounting software(s) 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(s). 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 the company as per the statutory requirements for
record retention.

(C) 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 by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

For B. CHHAWCHARIA & CO.

Chartered Accountants
Firm Registration No. 305123E

Abhishek Gupta

Partner

Membership No. 529082

Place: Chandigarh

Date: 17th May, 2025