We have audited the accompanying financial statements of Indo Cotspin Limited ("the company")
which comprise of the Balance Sheet as at 31 March, 2025, the Profit & Loss Statement, Cash Flow
Statement for the year ended and a summary of significant accounting policies and other
explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these 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 Standards notified under section 133 of the Companies Act 2013
and the Companies (Indian Accounting Standards) Rules, 2015 ('Ind AS Rules') and its amendments,
of the Companies Act, 2013. This responsibility includes the design, implementation and
maintenance of internal control 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence, on a test basis, about the
amounts and disclosures in the financial statements. The procedures selected depend on the
auditor's judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the Company's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the
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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2025

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Matters

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.

2. We have inquired into the matters specified under section 143(1) and based on the
information and explanations given to us, there is no matter to be reported under this
section.

3. 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 appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by
this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement
comply with the Accounting Standards notified under section 133 of the Companies Act
2013, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) In our opinion and based on the information and explanations given to us, there are no
financial transactions or matters which have any adverse effect on the functioning of the
company.

f) On the basis of written representations received from the directors as on March 31, 2025,
and 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 subsection (2) of Section
164 of the Companies Act, 2013.

g) There is no qualification, reservation or adverse remark relating to the maintenance of
accounts and other matters connected therewith.

i) Such other matters as are prescribed by the Companies (Audit and Auditors) Rules, 2014
namely:-

i) The company has disclosed the impact, if any, of pending litigations on its
financial position in its financial statements.

ii) The company has made provision, as required under any law or accounting
standards, for material foreseeable losses, if any, on long term contracts including
derivative contracts.

iii) There has been no any delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the company.

For Dinesh Kumar Goel & Co.

Chartered Accountants

Sd/-

FCA Manoj Kumar

Partner

M.No. 500485

Firm Regd. No. 011027N

Panipat: 24.05.2025

UDIN: 25500485BMGYMN7844