We have audited the accompanying standalone financial statements of financial statements of
Kizi Apparels Limited (“the Company"), which comprise the Balance Sheet as at 31st March
2025, the Statement of Profit and Loss and Cash Flow Statement for the period ended, and 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 (the 'Act') in the manner so required and give a true and fair view in conformity with the
accounting standards prescribed under section 133 of the Act and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March 2025, and its
profit and its cash flows for the period ended on that date.

Basis For Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section
143(10) of the Companies Act, 2013. 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 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 that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other Than The 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, but does not include the
financial statements and our auditor’s report thereon. These reports are expected to be made
available to us after the date of our auditor’s report.

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 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 other information included in the above reports, if we conclude that there
is material misstatement therein, we are required to communicate the matter to those
charged with governance and determine the actions under the applicable laws and
regulations.

_£_

Management's Responsibility 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 standalone 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 principles generally accepted in India including accounting standards referred
to in section 133 of the Act, as applicable. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding 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, 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.

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

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 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 also:

# Identify 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 Companies Act,
2013, we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls system 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 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.

Materiality is the magnitude of misstatements in the standalone 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.

a

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.

13

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 section 143(11) of the Act, we give in "Annexure A", a statement on
the matter specified in the paragraph 3 and 4 of the Order.

As required under provisions of section 143(3) of the Companies Act, 2013, 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 and Statement of Profit and Loss including Statement of Cash Flow dealt with
this report are in agreement with the books of account;

d. In our opinion, the aforesaid Financial Statement comply with the Accounting Standards
specified under Section 133 of Act, read with relevant rule issued thereunder.

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

f. With respect to the adequacy of the internal financial controls over financial reporting of the
company and operating effectiveness of such controls, referred to our separate report in
Annexure B"

g. 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 period is in accordance
with the provisions of section 197 read with scheduled V of the Act.

h. With respect to other matters to be included in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditor) Rules, 2014, in our opinion and to the best of our
knowledge and belief and according to the information and explanations given to us:

(i) The Company has disclosed the impact of pending litigations as at 31st March, 2025, on its
financial position in its standalone financial statements - Refer Note (vii) of Annexure - A to the
standalone financial statements

(ii) The Company did not have any long-term and derivative contracts as at 31st March 2025.

(iii) There has been no delay in transferring amounts, required to be transferred, the Investor
Education and Protection Fund by the Company during the period ended March 31,2025.

(iv) The management has;

(a) represented that, to the best of its knowledge and belief as, 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 persons or entities, including foreign entities
(''Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall:

# directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries") by or on behalf of the Company or

# Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) represented, that, to the best of its knowledge and belief as disclosed in no funds have been
received by the Company from any persons or entities, including foreign entities (“Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the Company
shall:

# directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries”) by or on behalf of the Funding Party or

# provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;
and

(c) Based on such audit procedures as 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 (d) (i) and (d) (ii) contain any material Mis-statement.

(v) The company has not neither declared nor paid any dividend during the period under
Section 123 of the Act.

(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account
using accounting software which has a feature of recording audit trail (edit log) facility is applicable
with effect from April 1, 2024 to the Company and its subsidiaries, which are companies
incorporated in India, and accordingly, The Company has used accounting software ‘Tally Prime
System' for maintaining its books of account which has a feature of recording audit trail facility and
the same has been operated throughout the period for all transactions recorded in the software
and the audit trail feature has not been tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

For M/s. D C M S & Co.,

Chartered Accountants

FRN: 0112187W

CA Jyoti 3. Kataria
Partner

Membership No: 116861
Place: Jamnagar