Auditor Report of Kajal Synthetics & Silk Mills Ltd.

Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of Kajal Synthetics And
Silk Mills Limited ("the Company"), which comprise the Standalone Balance Sheet as at 31^5t March
2024, 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 for the
year then ended, and notes to the Standalone Ind AS financial statements, including a summary of
significant accounting policies and other explanatory information (hereinafter referred to as
("Standalone Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS 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, including the Indian Accounting Standards ("Ind
AS") prescribed under section 133 of the Act, of the state of affairs of the Company as at March 31,
2024, its loss and other comprehensive income, changes in equity and its cash flows for the year
ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 (ICAI) 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 ICAI''s 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 Ind AS financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone Ind AS financial statements of the current year. These matters were
addressed in the context of our audit of the standalone Ind AS 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 the key audit matters to be communicated in
our report.

Sr. No	Key audit matter	How our audit addressed the key audit matter
1.	Accuracy in identification and categorisation of receivables from financing activities as performing and non-performing assets and in ensuring appropriate asset classification, existence of security, income recognition, provisioning/ write off thereof and completeness of disclosure including compliance in accordance with the applicable extant guidelines issued by Reserve Bank of India (RBI).	We have assessed the systems and processes laid down by the Company to appropriately identify and classify the receivables from financing activities to ensure correct classification, income recognition and provisioning/write off including of Non-performing assets as per applicable RBI guidelines. The audit approach included testing the existence and effectiveness of the control environment laid down by the management and conducting of detailed substantive verification on selected samples of continuing and new transactions in accordance with the principles laid down in the Standards on Auditing and other guidance issued by the Institute of Chartered Accountants of India. Agreements entered into regarding significant transactions including related to corporate loans have been examined to ensure compliance. We have also reviewed the reports generated from management information systems. The impact of all significant external and internal events including those, if any, subsequent to balance sheet date have been taken into consideration for the above purposes. Compliance with material disclosure requirements prescribed by RBI guidelines and other statutory requirements have been verified.
2.	Accounting for investments The Company has investments aggregating Rs 4,031.58 lakhs in equity shares as at 31st March, 2024. These investments are measured either at cost, fair value through Profit and Loss ("FVTPL) or fair value through Other Comprehensive Income (FVTOCI") based on fulfillment of required criteria which involve management judgment.	Our audit procedures included the following: • Read the minutes of the meetings authorizing the investment. • Performed test of controls on the operating effectiveness of internal controls on investments. • Obtained management representations on the judgments exercised for classification of investments, including indicative yields and maturity periods considered for amortised workings. • Tested the disclosure made by the Company.
3	The Company''s investments (other than investment in Associates) are measured at fair value at each reporting date and these fair value measurements significantly impact the Company''s results. Within the Company''s investment portfolio, the valuation of certain assets such as thinly traded quoted shares and the unquoted equity requires significant judgement due to their quotation not regularly available and unavailable respectively and limited liquidity in those shares.	We have assessed the Company''s process to compute the fair value of various investments. For regularly quoted instruments, we have independently obtained market quotations and recalculated the fair valuations. For the thinly traded quoted shares and the unquoted instruments, we have obtained an understanding of the various valuation methods used by management and analysed the reasonableness of the principal assumptions made for estimating the fair values and various other data used while arriving at the fair value measurement.

Other Information:

The Company''s Management and Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Boards'' Report
including Annexures to the Boards'' Report but does not include the standalone Ind AS financial
statements and our auditor''s report thereon.

Our opinion on the standalone Ind AS 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 Ind AS 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 Ind AS financial statements or our knowledge obtained during the
course of our audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the information obtain prior to the date of this
auditors report we conclude that there is a material misstatement of this other information; we are
required to report the fact. We have nothing to report in this regard.

Responsibilities of Management 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 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),
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including Ind AS prescribed under section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 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 standalone Ind AS 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 the 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.

Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the standalone Ind AS 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 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 auditor''s report to the related disclosures in the
standalone Ind AS 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 Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS 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 Ind AS financial statements of the
current year and are therefore the key audit matters. We describe these matters in our auditor''s

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.

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, 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) 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
books of account;

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS
prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended;

e) On the basis of the written representations received from the directors as on March 31,
2024, and taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2024 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 with reference to these financial statements and the operating effectiveness
of such controls, refer to our separate Report in Annexure-B.

g) In our opinion and to the best of our information and explanations given to us, the
remuneration paid/provided by the Company to its directors during the year is in
accordance with the provisions of Section 197 and Schedule V of the Act

h) 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 does not have any pending litigations which would impact its financial
position in its financial statements.

ii. The Company did not have any long-term contracts, including derivative contract,
for which there were any material foreseeable losses.

iii. There were 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 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:

- 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 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 notes to accounts 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:

- 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 on behalf of the Ultimate Beneficiaries;
and

(c) Based on 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 (i) and (ii) of Rule 11(e) as provided under g
(iv) (a) and (b) above, contain any material misstatement.

(d) Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account 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. Additionally, the audit
trail has been preserved by the company as per the statutory requirements for
record retention.

v. The Company has not declared nor proposed or paid any dividend during the year
and, therefore, compliance under section 123 of the Companies Act, 2013 is not
applicable to the Company.

ForSS R CA & Co
Chartered Accountants
FRN.108726W

Sd/-

Shubham Jain
Partner

M. No.: 443522
UDIN: 24443522BKDCYE8850
Place; Mumbai
Date: May 23, 2024

---

Mar 31, 2014

We have audited the accompanying financial statements of KAJAL SYNTHETICS AND SILK MILLS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management Responsibility for 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 of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15 / 2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 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 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 Company''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 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 said 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 31,2014; and

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 Requirements

1. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956 (the Act) and on the basis of such checks as we consider appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

2. As required by Section 227(3) of the Act, we report that:

a) We have 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 and statement of profit and loss, and cash flow statement comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September,13 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

(Referred to in Paragraph 1 of the Independent Auditor''s Report of even date to the members of Kajal Synthetics And Silk Mills Limited, on the accounts for the year ended March 31, 2014)

1. As the Company does not own any fixed asset, Clause 4(i)(a) of the Order relating to maintenance of records showing full particulars including quantitative details and situation of fixed assets, clause 4(i)(b) relating to physical verification thereof and clause 4(i)(c) relating to disposal of substantial part of the fixed assets and effect thereof, are not applicable.

2. (a) The Securities held as investments have been physically verified by the Management / confirmed with the statements of holdings provided by the various mutual funds and other depository participants at the financial year end. In our opinion, the frequency of verification / confirmation is reasonable.

(b) In our opinion, the procedures of physical verification / confirmation of securities held as investments followed by the Management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of our examination of the records of the Company relating to securities held as investments, in our opinion the Company has maintained proper records of investments and no material discrepancies between the book records and the physical inventory have been noticed.

3. The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the Register maintained under section 301 of the Act.

4. In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business in respect of purchase and sale of securities held as investments. Further on the basis of our examination of the books of accounts and according to the information and explanations given to us, we have not come across nor have been informed of any instance of major weaknesses in internal control system.

5. In our opinion and according to the information and explanations given to us,

a. The particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under Section 301 of the Act.

b. During the year under review the Company has not entered in any transaction made in pursuance of contracts or arrangement that need to be entered in the register maintained under section 301 of the Act.

6. The Company has not accepted any deposits from the public during the year.

7. The Company does not have formal system of internal audit but there are adequate checks and controls at all levels, which are broadly commensurate with the size of the Company and nature of its business.

8. We are informed that the central Government has not prescribed maintenance of cost records under section 209(1) of the Act in respect of the Company''s activities.

a) According to the books of account and records as produced and examined by us, in accordance with generally accepted auditing practices in India and also Management representations, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of Income-tax, Service tax, Cess and other material statutory dues as applicable with the appropriate authorities in India.

b) There were no undisputed amounts payable in respect of Income-tax, Service Tax, Cess and other material statutory dues in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us as at 31st March 2014 there are no dues which have not been deposited on account of any dispute in respect of Income tax, Service tax and Cess.

10. The Company does not have any accumulated losses as at March 31, 2014 and it has not incurred any cash losses during the financial year ended on that date and in the immediately preceding financial year.

11. According to the information and explanations given to us and according to the books and records as produced and examined by us, there are no borrowings from financial institutions or bank and no debentures have been issued by the Company. Hence, the question of default in repayment of dues does not arise.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund / society. In view of the nature of activities carried on by the Company during the year, the provisions of any special statue applicable to chit fund or a nidhi / mutual benefit fund / society are not applicable to the Company.

14. According to the information and explanation given to us the Company is having investment in share and units of mutual funds. The Company has maintained proper records of the transactions and contracts and timely entries have been made therein. All the shares and units of mutual funds have been held by the Company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow Statement of the Company, in our opinion there are no funds raised on short term basis which have been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books of accounts carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such cases by the management.

For S. S. RATHI & CO. Chartered Accountants Firm Registration No. 108726W;

KEYUR P.PAREKH Partner Membership No.: 154489

Place: Mumbai Date: 30/06/2014