Aastha Spintex Ltd.की ऑडीटर रिपोर्ट

We have audited the accompanying standalone financial statements of Aastha
Spintex Limited (Formerly Known As Aastha Spintex Private Limited), ("the
Company") which comprises the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including Other Comprehensive Income/Loss),
statement of changes in equity and statement of cash flow for the year ended,
and notes to the financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred as
"the Financial Statements").

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Standalone 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 Indian Accounting Standards (Ind
AS) specified in section 133 of the Companies Act, 2013, of the state of affairs of
the Company as at March 31, 2026, and 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 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 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.

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 period.
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.

Reporting of key audit matters as per SA 701, Key Audit Matters are not
applicable to the Company as it is an unlisted company as on reporting date.

EMPHASIS OF MATTER:

We draw attention to the Note 5.14 to Financial Statements, which states that
subsequent to the reporting date, the Company completed its Initial Public
Offering (IPO) and the equity shares of the Company were listed on the NSE
Limited and BSE Limited on 06^th July, 2026. This event has been disclosed as a
non-adjusting event in accordance with Ind AS 10.

Our opinion is not modified in respect of this matter.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND
AUDITORS'' REPORT THEREON:

The Company''s management and board of directors are responsible for the
preparation of the other information. The other information comprises the
information included in the Annual Report including Annexures to Board''s Report,
Business Responsibility 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 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 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.

RESPONSIBILITY OF MANAGEMENT AND THOSE CHARGED WITH
GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS:

The Company''s Board of Directors is responsible for the matters 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 financial position, financial performance,
changes in equity 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 the maintenance of adequate accounting records
in accordance with the provision of the Act for safeguarding of the assets of the
Company and for preventing and detecting the 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 internal financial control, 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 are 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 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 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.

• Materiality is the magnitude of misstatements in the Standalone Financial
Statements that individually or in aggregate, make is probable that
economic decisions of a reasonably knowledgeable user of Standalone
Financial Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit
work and evaluating the results of our work; and (ii) to evaluate the effect
of any identified misstatements in Standalone 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 financial statements of the current period 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 issued by The
Central Government of India in term of section 143 (11) of The Companies
Act, 2013, we enclose in the Annexure-A hereto a statement on the matters
specified in paragraphs 3 and 4 of the said order, to the extent applicable to
the company.

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 appears from our examination of those books;

c) Company does not have any branch office. Accordingly, the requirement of
clause (c) of sub-section (3) of Section 143 of the Act, relating to the report
on the accounts of a branch office of the Company audited under sub-section
(8) of Section 143 of the Act by a person other than the Company''s auditor,
does not arise;

d) 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 and returns;

e) In our opinion, the aforesaid standalone financial statements comply with the
Indian Accounting Standards specified under Section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended;

f) In our opinion and to the best of our information and according to the
explanations given to us, there are no observations or comments on the
financial transactions or matters which have any adverse effect on the
functioning of the Company;

g) On the basis of written representations received from the directors as on
March 31, 2026, and taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2026, from being appointed as a
director in terms of sub-section (2) of section 164 of the Companies Act,
2013;

h) The reservation relating to the maintenance of accounts and other matters
connected therewith read with paragraph (j)(vi) below;

i) With respect to the adequacy of 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; and

j) With respect to the other matters 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 pending litigations except as disclosed in
"Note 5.12" of the financial statements which would impact its financial
position;

ii. The Company did not have any long-term contracts except as disclosed in
"Note 5.12" including derivative contracts for which there were any material
foreseeable losses; and

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 (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, no funds (which are material either individually or in the

aggregate) have been received by the Company from any person or
entity, including foreign entity ("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;

c) Based on the audit procedures that have been 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 (a) and (b) above,
contain any material misstatement.

v. The company has not declared or paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has
used accounting software for maintaining its books of account for the
financial year ended March 31, 2026 which has a feature of recording audit
trail (edit log) facility and the same has been in operation 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 the audit trail
feature being tampered with. However, our opinion is based on test check
only.

Further, the Company has represented to us that it has preserved the audit
trail as per the statutory requirements for record retention. However, in the
absence of specific records evidencing the audit trail feature''s preservation
report from the software, we are unable to comment on whether the audit
trail has been preserved by the Company as per the statutory requirements
for record retention.

3. With respect to the matter to be included in the Auditors'' Report under
Section 197(16) of the Act we report that:

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) of the Act which are required
to be commented upon by us.

FOR AND ON BEHALF OF
S N SHAH & ASSOCIATES,
CHARTERED ACCOUNTANTS,
FIRM REG. NO. 109782W

UDIN: 26144892ODMBQV5229 PRIYAM S SHAH

PLACE: AHMEDABAD PARTNER

DATED: 27-07-2026 M. No. 144892