We have audited the Standalone financial statements of LAXMI COTSPIN LIMITED (the “Company”)
which comprise the Standalone balance sheet as at 31 March 2025, and the Standalone statement of
profit and loss (including other comprehensive income), Standalone statement of changes in equity
and Standalone statement of cash flows for the year then ended, and notes to the Standalone
financial statements, including a summary of material 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 Standalone 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 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 31 March 2025, and 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 Standalone financial statements in accordance with the Standards on
Auditing (SAs) specified under Section 143(10) of the Companies Act. Our responsibilities under those
(SAs) 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 the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the Standalone financial statements under the
provisions of the Companies 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 is sufficient and appropriate to provide a basis for our opinion on
the Standalone 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 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.

We have determined the matter described below to be key audit matter to be communicated in our
report.

Information Other than the IND AS Standalone 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 Standalone financial statements and our
auditor’s report thereon.

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 during the course of 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 the Management and Those Charged with Governance for the IND AS
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 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 of 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 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, the 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 liquidatessffi^^Qmpany 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 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 have also:

• Identify and assess the risk 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 systems 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 exits 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.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including and significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we may 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
=|=55described in our auditor’s report. Furthermore, there were no circumstances where disclosure was
''©^eluded 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.

(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 Standalone balance sheet, the Standalone statement of profit and loss (including other
comprehensive income), the Standalone statement of changes in equity and the Standalone
statement of cash flows dealt with by this Report are in agreement with the relevant books of
account.

(e) In our opinion, the aforesaid Standalone 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 / contingents and commitments
as at 31^st March 2025 in Note no. 2.2(i) on its financial position in its Standalone financial
statements 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 has been 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 its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium or

2-==^ 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
tijrtUrtui ^wntiⁿ8 ^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 person or entities, including foreign entities
(“Funding Parties”), with the understanding, whether recorded in writing o r 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 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 neither declared nor paid any dividend during the year. Hence, reporting the
compliance with section 123 of the Act is not applicable.

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. 3(p) 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. 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’s Registration No. : 116886W

Vh (©)

CA Manish Kankani '\qV Jsn

Partner

Membership No.: 158020
UDIN: 25158020BMIZKB1708
Place: Mumbai
Date: May 21, 2025