Auditor Report of Shine Fashions (India) Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of SHINE FASHIONS (INDIA)
LIMITED( ''the Company''), which comprise the balance sheet as at 31^stMarch,2025, and the
statement of profit and loss (including other comprehensive income), the statement of changes in
equity and the cash flow statement for the year then ended, and notes to the financial statements,
including a summary of the significant accounting policies and other explanatory information
(herein after referred to as ''financial statements'').

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 31^stMarch 2025,its
Profit (including 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 Act. Our responsibilities under those SAs 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 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 opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current year. 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

The Company''s management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Company''s report, but does not
include the financial statements and our auditors'' 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 the 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 no 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 Financial Statements

The Company''s management and Board of Directors are 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 state of affairs, profit and other comprehensive income, 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.

In preparing the financial statements, management and Board of Directors are 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 Responsibilities for the Audit of the 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 skepticism 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'' 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.

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 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.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditors'' Report) Order, 2020 (''the Order'')issued by the Central
Government in terms of Section 143 (11) of the Act, we give in the ''Annexure A'' a statement on
the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

A) 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 loss (including other comprehensive
income), the 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 financial statements comply with the specified under
Section 133 of the Act;

e) On the basis of the written representations received from the directors as on 31st March
2025 and taken on record by the Board of Directors, none of the directors is disqualified
as on 31^stMarch 2025 from being appointed as a director in terms of Section164(2) of
the Act; and

f) 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 B''.

B) 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, in our opinion and to the best of
our information and according to the explanations given to us:

i) . As informed to us, the Company does not have any pending litigation which would

impact its financial position, as on 31^stMarch, 2025.

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; and

C) Based on our examination, the Company has used accounting software''s for maintaining its
books of account during the year ended March 31, 2025, which have a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the respective software.

Further, during the course of our examination, we did not come across any instance of the
audit trail feature being tampered with, in respect of the accounting software''s for the
period for which the audit trail feature was enabled and operating.

D) With respect to the matter to be included in the Auditors'' Report under Section197(16) of
the Act, in our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate
Affairs has not prescribed other details under Section 197(16) which are required to be
commented upon by us.

For Thakur, Vaidyanath Aiyar & Co.

Chartered Accountants
Firms Registration No. 000038N

Bijay Prakash Sinha

Place: Mumbai Partner

Date: 06.05.2025 Membership No. 095817

UDIN No. 25095817BMLKYB7621