Auditor Report of Vivekanand Cotspin Ltd.

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 statement section of our report. We
are independent of the Company in
accordance with the Code of Ethics issued by
the Institute of Chartered Accountants (ICAI)
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
there under, 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 audit opinion on the
aforesaid financial statements.

Information other than Financial
Statements and the Auditor''s Report
thereon

The Company''s management and Board of
Directors is responsible for the other
information. The other information comprises
the information included in the Annual Report
but does not include the financial statements
and our auditor''s report thereon.

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 financial
statements, our responsibility is to read the
other information 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.
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 the fact. We have
nothing to report in this regard.

Management’s and Board of Director''s
Responsibility for the Financial

Statements

The Company''s management and 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
and presentation 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 principles generally accepted
in India, including the Accounting Standards
specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts)
Rules, 2014.

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 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 is also responsible for
overseeing the Company''s financial reporting
process.

Auditor''s Responsibility
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 based on
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 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 financial statements,
including the disclosures, and whether the
financial statements represent the
underlying transactions and events in a
manner that achieves fair presentation.

An audit involves performing procedures to
obtain audit evidence about the amounts and
the 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 financial control
relevant to the Company''s preparation of the
financial statements that give a true and fair
view in order to design audit procedures that
are appropriate in the circumstances, but not
for the purpose of expressing an opinion on
Whether the Company has in place an
adequate internal financial controls system
over financial reporting and the operating
effectiveness of such controls. An audit also
includes evaluating the appropriateness of the
accounting policies used and the
reasonableness of the accounting estimates
made by the Company''s Directors, 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 on the
financial statements.

• Materiality

Materiality is the magnitude of misstatements
in the 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.

• Communication with
Management

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.

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 Act, we give in the "Annexure A"
statement on the matters specified in
paragraph 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 balance sheet, the statement of
profit and the cash flow statement dealt
with by this Report are in agreement
with the books of account;

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

e) On the basis of the written
representations received from the
directors as on 31^st March 2026 taken on
record by the Board of Directors, none of
the directors is disqualified as on 31^st
March 2026 from being appointed as a
director in terms of Section 164 (2) of
the Act; and

f) With respect to the adequacy of the
internal financial controls over financial
reporting of the Company and the
operating effectiveness of such controls,
refer to our separate Report in
"Annexure B". Our report expresses an
unmodified opinion on the adequacy
and operating effectiveness of the
Company''s internal financial controls
over financial reporting.

g) The Company being a public limited
company, 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 respect of whether the remuneration

paid by the Company to its directors
during the year is in accordance with the
provisions of section 197 of the Act is
applicable. The Ministry of Corporate
Affairs has not prescribed other details
under section 197(16) of the Act which
are required to be commented upon by
us.; and

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, 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 litigation which would
impact its financial position,
other than those reported in
the Annexure-A of our report.

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

III. There were no amounts that
were required to be
transferred to the Investor
Education and Protection Fund
by the Company during the
year 2025-26.

IV. The management has represented that,
to the best of its knowledge and belief,
other than as disclosed in the notes to
the accounts:

i.) 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; and

ii. ) 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.

iii. ) Based on audit procedures carried out

by us, that we have considered
reasonable and appropriate in the
circumstances, nothing has come to
our notice that has caused us believe
that the representations under sub¬
clause (i) and (ii) contain any material
misstatement.

iv. ) During the year, the company had

employed the accounting software
that maintains audit trail which is
prescribed under Rule 11(g) of the

Companies (Audit and Auditors) Rules,
2014.

v.) 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 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 audit trail feature being
tampered with in respect of the
accounting software where audit trail
was enabled. Additionally, the audit
trail has been preserved by the
Company as per the statutory
requirements for records retention.