We have audited the accompanying standalone financial statements of R & B Denims Limited (‘the
Company’), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes
in Equity for the year then ended, and notes to the standalone financial statements, including material
accounting policy information and other explanatory information.

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 Indian
Accounting Standards (‘Ind AS’) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2025, and its profit (including other comprehensive
income/ (loss)), its cash flows and the changes in equity 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 Act. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone 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
standalone 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 standalone financial statements of the current period. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. We have not identified any matter
to be a key audit matter for the purpose of it to be communicated in our report.

Information other than the Standalone Financial Statements and Auditor’s Report thereon

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

Our opinion on the standalone 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 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 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 that fact. We have nothing to report in
this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone
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 and presentation of these standalone 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 Ind AS and other accounting
principles generally accepted in India, including the 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 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 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 financial statements, the Board of Directors 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 Board of Directors 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 Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone 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 financial statements,

whether due to fraud or error; to design and perform audit procedures responsive to those risks; and

to 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
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 standalone 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 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 financial statements,
including the disclosures, and whether the standalone 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, makes it probable that the economics decisions of a reasonably knowledgeable user of
the financial statement may be influenced. We consider quantitative materiality and qualitative factor in

(i) planning the scope of our audit work and in evaluating the result of our work and (ii) to evaluate the
effect of any identified misstatements in the 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 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 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 terms of section 143(11) of the Companies Act, 2013 (hereinafter referred to as ‘order’), and
on the basis of test check as we considered appropriate and according to information and
explanation provided to us, we enclose in the Annexure “A” statement on the matters specified in
paragraphs 3 and 4 of the said Order.

2. As required by section 143(3) of the Act, based on our audit we report that:

2.1 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.

2.2 In our opinion, proper books of account as required by law have been kept by the Company as
far as appears from our examination of those books.

2.3 The Company does not have any branches therefore the reporting under this clause is not
applicable.

2.4 The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this report are
in agreement with the relevant books of account.

2.5 In our opinion, the aforesaid financial statements comply with the Ind As specified under section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

2.6 There are no observations or comments on financial transactions or matters which have any
adverse effect on the functioning of the Company.

2.7 On the basis of written representations received from the directors, as on March 31, 2025,
taken on record by the Board of directors, none of the directors are disqualified as on March 31,
2025 from being appointed as a director under section 164(2) of the Act.

2.8 With respect to the adequacy of internal financial controls over financial reporting of the
company and the operative 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;

2.9 With respect to 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 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; and

2.10 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) There were no pending litigations which would impact the financial position of the company.

(ii) The company did not have any material foreseeable losses on long term contracts including
derivative contracts.

(iii) There were no amounts which were required to be transferred to the Investor Education and
Protection fund by the Company.

(iv) (i) As per management’s representation, no funds other than disclosed by way of notes to
accounts 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
entities, 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;

(ii) As per management’s representation, There were no funds which have been received by
the company from any person(s) or entities, 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

(iii) Based on the audit procedures performed 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 (i) and (ii) above, contain any material misstatement.

(v) No dividend has been declared by the Company during the year.

(vi) Based on our examination of the books of account and other relevant records of the
Company, and according to the information and explanations given to us, we report that the
Company has used accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to rule 3(1) of the Companies
(Accounts) Rules, 2014, applicable with effect from April 1, 2023, the audit trail feature has
been operated throughout the financial year ended March 31, 2025, for all transactions
recorded in the software, and the audit trail has not been tampered with and the audit trail
has been preserved by the Company as per the statutory requirements for record retention.

For R P R & Co.

Chartered Accountants

Firm Reg. No. 131964W

Place: Surat
Date: 15/05/2025

CA Raunaq Kankaria

(Partner)

Membership Number: 138361

PAN: AANFR3923J

UDIN: 25138361BMGBTE8817