We have audited the accompanying standalone Ind AS Financial Statements of M/s
Aarvee Denims and Exports Limited (“the Company”), which comprise the
Balance Sheet as at 31^st March, 2025, the Statement of Profit and Loss and the
Cash Flow Statement, Statement of changes in Equity for the year then ended and
a summary of the significant accounting policies and other explanatory information.
(Collectively referred to as ‘standalone 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 of the state of affairs of the Company as at 31^st March
2025, its profit, total 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 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 Ind AS 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 Ind AS 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: -

1. Attention is invited to Note No. 47 of the audited financial results regarding disclosures made
under MSMED Act, 2006. We have relied upon and accepted the information/data
prepared and submitted by the management as such.

2. Attention is invited to Note No. 36 of the audited financial results regarding disclosure of
Employee benefit made as per IND AS 19 in respect of gratuity & Leave encashment. We
have relied upon and accepted the information/communication submitted by the
management as such.

Our opinion is not modified in respect of above matter.

Key audit matters: -

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the Ind AS Financial Statements of the current period. These matters were addressed
in the context of our audit of the Ind AS Financial Statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

Information other than the Ind AS Financial Statements and auditors’ 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 Board’s Report including Annexures to

Board’s Report, Business Responsibility Report but does not include the Ind AS Financial
Statements and our auditor’s report thereon.

Our opinion on the 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 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, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Management’s Responsibility 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
Companies Act, 2013 (“the Act”) with respect to the preparation of these Ind AS Financial
Statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows, statement of changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act, read with the Companies
(Indian Accounting Standards) Rules, 2016, as amended. 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 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 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 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 Responsibility for the audit of the Ind AS Financial Statements: -

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS Financial Statement,
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 controls relevant to the audit in order to design
audit procedure that are appropriate in the circumstances. Under section 143(3) (i) of the
Act, we are also responsible for expressing our opinion 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 the
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 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 Ind AS Financial
Statements, including the disclosures, and whether the Ind AS Financial Statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone Ind AS 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 works; and (ii) to evaluate the effect of any identified
misstatements in the standalone Ind AS 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.

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 Ind AS 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 circumstance,
we determine that a matter should not be communicate 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 subsection 11 of section 143 of the Act, we give in the Annexure -
A, a statement on the matter specified in the paragraph 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, based on our audit, 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 Loss including Other Comprehensive Income,
Statement of changes in equity, and the cash flow statement dealt with by this report are in
agreement with the books of account;

(d) In our opinion, the aforesaid Ind AS Financial Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2016, as amended;

(e) On the basis of the written representations received from the directors as on 31st March, 2025
taken on record by the Board of Directors, none of directors is disqualified the 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 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) With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of

section 197(6) 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 year is in accordance with the
provisions of section 197 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 has no pending litigations which can significantly impact its financial
position-Refer Note 38 of financial statement.

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

iii. The company is not required to transfer any amount to the Investor Education and
Protection fund.

iv. a.) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) 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 or
entity, including foreign entity (“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 notes to the 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, 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 audit procedures which 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 (i) and (ii) contain any material mis¬
statement.

v. No dividend is declared or paid during this year by the company; hence
requirement of this clause is not applicable to the company and hence not
commented thereon.

vi. Based on our examination, which included test checks, the company has used
accounting software systems for maintaining its books of account for the financial
year ended March 31,2025 which have the feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software systems.
Further, during our audit we did not come across any instance of the audit
trail feature being tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

For, M/s Pankaj R. Shah &

Associates Chartered
Accountants

(Registration No. 107361W)

CA Nilesh Shah
Partner

(Membership No. 107414)

UDIN: 25107414BMGIRZ3467
Place: Ahmedabad
Date: 27.05.2025