'• we have audited the accompanying standalone Ind AS financial. statements of Shiv. Suitings
Limited ( the Company”), which comprise the Balance Sheet as at 31 March 20. . and the Statement of Profit and Loss (including other comprehensive income), the statement of Cash
Flows and the statement of changes in equity for the year then ended, and notes to the financial
statement including a summary of significant accounting polices and other explanatory
information (herein after referred to as “standalone Ind AS financial statements )

In our opinion and to the best of our information and according to the explanation given to us the
aforesaid Ind AS standalone 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 including the ind AS. of the state of affairs of the company as at 31
March 2025. and its Profits including comprehensive income, its cash flows and the change in

equity for the year ended on that

2. Basis Tor Opinion

we conducted our and,, in accordance with the Standards on Auditing (SAs) shifted under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the And,, of the financial statement
section of our report. We are independent cf 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 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 drat the audit evidence we
have obtained is sufficient and appropriate to provide a basis tor our opinion.

³ 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. There matters were addressed in
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.

Our opinion on the standalone financial statements docs 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 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.

? Management’s Responsibility for the Standalone Ind AS 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) specified under Section 133 of the Act, read with relevant rules
issued thereunder. Ibis responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act: for safeguarding the assets of the Company; 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 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 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.

6 Auditors Responsibility for the Audit of the Standalone Ind AS 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 arc 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:

• Identity 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 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 with reference to standalone financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness or 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 standalone financial
statements or. if such disclosures arc 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 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 auditors’ 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.

7. Report on Other Legal and Regulatory Requirements

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 purpose 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. The Company has no branch office and hence the company is not required to conduct
audit under section 143 (8) of the Act;

d the Standalone IND AS Balance sheet, the standalone statement of profit and loss
including other comprehensive income, the statement of cash flow and the statement of
changes in equity dealt with by this report arc in agreement with the books of account.

¥

c. In our opinion, the aforesaid Standalone ind AS Financial Statements comply with the
Indian Accounting Standards (Ind As) Specified under Section 133 of the Act, read with
relevant rule issued thereunder.

f. During our audit we did not come across any financial transaction or matters which might
have an adverse effect on the functioning of the company

g. On the basis of the written representations received from the directors as on 31st March,
2025 and 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;

h. We do not have any qualification, reservation or adverse remark relating to the
maintenance of accounts and other matters connected therewith

i. We have also audited the internal financial controls over financial reporting (IFCoFR) of
the Company as of 31st March 2025 in conjunction with our audit of the Standalone Ind
AS financial Statements of the Company for the year ended on that date and our report
dated 27/05/2025 as per Annexure A expressed.

B. With respect to the mailer to be included in the Auditors’ Report under Section 197(16) of the
Act: In our opinion and according to the information and explanations given to us, no
remuneration is paid by the Company to its directors during the current year under Section 197 of
the Act.

C With respect to the other matters to be included in the Auditors' Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) 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, no funds
(which are material cither individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity (“Funding Panics”), 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 (i> and (ii) of Rule 11 (c). as provided under (a) and (h) 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 for maintaining its account hooks for the financial year ended March 31. 2025 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. Further, during the course of our
audit we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules. 2014 is applicable from April I,
2024, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not applicable
for the financial year ended March 31,2025

IT As required by the Companies (Auditor's Report) Order. 2020 (the “Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in “Annexure B" a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For V.K. Beswal & Associates

Chartered Accountants

Firm Registration No. 101083W

CA Kunal Beswal

Partner

Membership No. 131054

UDIN: 25131054BMHXNG84I7

Place: Mumbai

Date: 27-05-2025