1. We have audited the accompanying financial
statements of Go Fashion (India) Limited ("the
Company”), which comprise the Balance Sheet
as at March 31, 2025, and the Statement of Profit
and Loss (including Other Comprehensive Loss),
the Statement of Changes in Equity and the
Statement of Cash Flow for the year then ended,
and notes to the financial statements, including
material accounting policy information and
other explanatory information.

2. 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 ("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 state of affairs of the Company as at
March 31, 2025, and total comprehensive income
(comprising of profit and other comprehensive
loss), changes in equity and its cash flows for the
year then ended.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities
under those Standards are further described
in the "Auditors’ Responsibilities for the audit
of the 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 is
sufficient and appropriate to provide a basis for
our opinion.

EMPHASIS OF MATTER

4. We draw attention to Note 10(c) to the financial
statements of the Company regarding
the restatement of prior year comparative
information as described in the aforesaid note.
Our opinion is not modified in respect of this
matter.

KEY AUDIT MATTERS

5. Key audit matters are those matters that, in our professional judgement, 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.

OTHER INFORMATION

6. The Company’s Board of Directors is responsible
for the other information. The other information
comprises the information included in the
Board’s report, Corporate Governance Report,
Management Discussion and Analysis and
Business Responsibility and Sustainability
report but does not include the financial
statements and our auditors’ report thereon.
The Board’s report, Corporate Governance
Report, Management Discussion and Analysis
and Business Responsibility and Sustainability
report is expected to be made available to us
after the date of this auditors’ report.

Our opinion on the financial statements does
not cover the other information and we will
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 identified above when it becomes
available 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.

When we read the Board’s report, Corporate
Governance Report, Management Discussion

and Analysis and Business Responsibility and
Sustainability report, if we conclude that there
is a material misstatement therein, we are
required to communicate the matter to those
charged with governance and take appropriate
action as applicable under the relevant laws and
regulations.

RESPONSIBILITIES OF MANAGEMENT AND

THOSE CHARGED WITH GOVERNANCE FOR THE

FINANCIAL STATEMENTS

7. 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 financial position, financial performance,
changes in equity and cash flows of the Company
in accordance with the accounting principles
generally accepted in India, including the Indian
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 financial statements
that give a true and fair view and are free from
material misstatement, whether due to fraud or
error.

8. 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.

9. Those Board of Directors are also responsible for
overseeing the Company’s financial reporting
process.

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF

THE FINANCIAL STATEMENTS

10. 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 auditors’ 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 financial statements.

11. As part of an audit in accordance with SAs, we
exercise professional judgement and maintain
professional scepticism 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
Act, we are also responsible for expressing
our opinion on whether the Company has
adequate 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 auditors’
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
auditors’ 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.

12. 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.

13. 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.

14. 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 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.

OTHER MATTER

15. The financial statements of the Company for
the year ended March 31, 2024, were audited by
another firm of chartered accountants under
the Act who, vide their report dated May 3, 2024,
expressed an unmodified opinion on those
financial statements.

REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

16. 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
B a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent
applicable.

17. 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, except that
the backup of certain books of account
and other books and papers maintained in
electronic mode has not been maintained
on a daily basis on servers physically located
in India during the period August 15, 2024
to August 20, 2024 and the matters stated
in paragraph 17(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

(c) The Balance Sheet, the Statement of Profit
and Loss (including other comprehensive
loss), the Statement of Changes in Equity
and the Statement of Cash Flows dealt with
by this Report are in agreement with the
books of account.

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

(e) On the basis of the written representations
received from the d i rectors as on Apri l 5, 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.

(f) With respect to the maintenance of
accounts and other matters connected
therewith, reference is made to our remarks
in paragraph 17(b) above on reporting
under Section 143(3)(b) and paragraph 17(h)
(vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules,
2014 (as amended).

(g) With respect to the adequacy of the
internal financial controls with reference to
financial statements of the Company and
the operating effectiveness of such controls,
refer to our separate Report in "Annexure A”.

(h) 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 (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 on its financial
position in its financial statements
- Refer Note 27(i) to the financial
statements;

ii. The Company was not required to
recognise a provision as at March 31,
2025 under the applicable law or Indian
Accounting Standards, as it does not
have any material foreseeable losses on
long-term contract. The Company did
not have any derivative contracts as at
March 31, 2025.

iii. There were no amounts which were
required to be transferred to the
Investor Education and Protection
Fund by the Company during the year
ended March 31, 2025.

iv. (a) The management has represented

that, to the best of its knowledge
and belief, other than as disclosed
in Note 40 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(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 its knowledge
and belief, other than as disclosed
in the Note 41 to the financial
statements, 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 such audit procedures
that we 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 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 books of account
which has a feature of recording
audit trail (edit log) facility other than
one accounting software where the
audit log is not maintained in case
of modification by certain users with
specific access and two accounting
software where no audit trail has been
enabled at the database level, the audit
trail feature has operated throughout
the year for all relevant transactions
recorded in the software. During the
course of performing our procedures,
other than the aforesaid instances of
audit trail not maintained where the
question of our commenting does not
arise, we did not notice any instance
of audit trail feature being tampered
with or not preserved by the Company
as per the statutory requirements for
record retention.

18. The Company has paid/ provided for managerial
remuneration in accordance with the requisite
approvals mandated by the provisions of Section
197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Arun Kumar R

Partner

Membership Number: 211867
UDIN: 25211867BMOPRC4529

Place: Chennai
Date: April 30, 2025