Aastha Spintex Ltd Auditor Reports

Examination Report

on the restated summary statement, comprising the restated standalone statement of assets and liabilities as at March 31, 2025, 2024 and 2023, the restated standalone statement of profits and loss (including other comprehensive income), the restated standalone statement of changes in equity and the restated standalone statement of cash flows for the years ended March 31, 2025, 2024 and 2023, the restated standalone summary statement of material accounting policies, and other explanatory information of Aastha Spintex Limited (hereinafter collectively, the “Restated Summary Statements”)

The Board of Directors Aastha Spintex Limited

Survey No. 1441, 1442, 1448/11449,1450/2 P2 & 1443/P2102, Halvad Maliya Highway Halvad,Surendra Nagar Gujarat--363330

Dear Sir,

1) We have examined the attached Restated Financial Information of Aastha Spintex Limited (the “Company” or the “Issuer”) comprising the Restated Statement of Assets and Liabilities as at March 31 ,2025, March 31, 2024 and March 31, 2023, the Restated Statement of Profit and Loss (including other comprehensive income) for the year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statement of Changes in Equity and the Restated Cash Flow Statement for the year ended March 31, 2025, March 31, 2024 and March 31, 2023, and a summary of Significant Accounting Policies, and other explanatory information (collectively, the “Restated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on 21st September, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus (“DRHP”), Red Herring Prospectus (“RHP”) and Prospectus to be prepared by the Company in connection with its proposed initial public offer of equity shares (“IPO”) prepared in terms of the requirements of: a) Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended (the “Act");

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (the “ICAI”), as amended from time to time (the “Guidance Note”)

2) The Companys management is responsible for the preparation of the Restated Financial Information which have been approved by the Board of Directors for the purpose of inclusion in the DRHP, RHP and Prospectus to be filed with the Securities and Exchange Board of India (“SEBI”), NSE Limited and BSE Limited and (collectively, the “Stock Exchanges”) and the Registrar of Companies,

Ahmedabad, Gujarat (the “ROC”), in connection with the proposed IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Note 3(2) to the Restated Financial Information.

3) The Board of Directors of the Companies are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information by the management of the Company, as aforesaid. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note read with SEBI Communication, as applicable.

4) We have examined such Restated Financial Information taking into consideration: a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 27^th July, 2025 in connection with the proposed IPO; b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI; c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and d) The requirements of Section 26 of the Act and the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note as applicable in connection with the proposed IPO of equity shares of the Company.

5) We S N Shah & Associates, Chartered Accountants ("we" or "us") have examined the attached Restated Standalone Financial Information expressed in Indian Rupee in Lacs of Aastha Spintex Limited (hereinafter referred to as the "Company"), comprising:

a. the "Restated Standalone Statement of Assets and Liabilities" as at March 31, 2025, March 31, 2024, and March 31, 2023;

b. the "Restated Standalone Statement of Profit and Loss Account" (including Other Comprehensive Income) for the year ended March 31, 2025, March 31, 2024, and March 31, 2023;

c. the "Restated Standalone Statement of Changes in equity" for the year ended March 31, 2025, March 31, 2024, and March 31, 2023;

d. the "Restated Standalone Statement of Cash Flows" for the year ended March 31, 2025, March 31, 2024, and March 31, 2023;

e. the "Notes to Restated Standalone Financial Information" for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 as prepared by the Management of the Company in connection with its proposed Initial Public Offer.

6) These Restated Financial Information have been compiled by the management from: a. the audited special purpose Ind AS financial statements of the Company as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India (collectively, the “Special Purpose Ind AS Financial Statements”), which have been approved by the Board of Directors at their meeting held on 18^th August, 2025. The Special purpose financial statements for the year ended 31 March 2025, 31 March 2024, and 31 March 2023 have been prepared after making suitable adjustments to the accounting heads from their Indian GAAP values following accounting policies (both mandatory exceptions and optional exemptions) availed as per Ind AS 101 for the transition date of April 1, 2022 and as per the presentation, accounting policies and grouping/classifications followed as at and for the year ended 31 March 2025, 31 March 2024 and 31 March 2023.

The Special Purpose Ind AS Financial Statements are prepared to assist the Company in complying with the financial reporting provisions of the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, for the purpose of forming a basis for the preparation of Restated Financial Information to be included in the DRHP, RHP and the Prospectus with respect to its Offer.

Opinion

Based on our examination and according to the information and explanations given to us for the respective years, we report that the Restated Standalone Financial Information:

have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the year March 31, 2024, and March 31,2023 to reflect the same accounting treatment as per the accounting policies and grouping/classification followed as at and for the year ended March 31, 2025, as applicable;

does not contain any qualification requiring adjustments;

have been prepared in accordance with the Act, ICDR Regulations read with SEBI communication.

Other Matters

As indicated in audit report referred to in above, which have been reproduced as under:

1. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Service Engagements.

2. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us or by other firms of Chartered Accountants, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

3. We have no responsibility to update our report for events and circumstances occurring after the date of this report.

4. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP, RHP and Prospectus to be filed with SEBI, Stock Exchanges and ROC in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.