Vashishtha Luxury Fashion Ltd Auditor Reports

To,

The Board of Directors,

Vashishtha Luxury Fashion Limited

307, 308, 309, Sun Industrial Estate

Sun Mill Compound, Lower Parel-West,

Mumbai- 400013.

Dear Sirs,

Reference: - Proposed Public Issue of Equity Shares of Vashishtha Luxury Fashion Limited.

1. We have examined the attached Restated Financial Information of Vashishtha Luxury Fashion Limited (the "Company"
or the "Issuer"), and its subsidiary (the Company and its subsidiary together referred to as the "Group"), comprising the
Restated Statement of Assets and Liabilities as at March 31, 2025 (Consolidated), as at March 31, 2025 (Standalone), as at
March 31, 2024 (Standalone) and as at March 31, 2023 (Standalone) the Restated Statements of Profit and Loss, the
Restated Cash Flow Statement for the year ended on March 31, 2025 (Consolidated), March 31, 2025 (Standalone), March
31, 2024 (Standalone) and March 31, 2023 (Standalone), the Summary Statement of Significant Accounting Policies, the
Notes and Annexures as forming part of these Restated Financial Statements (collectively, the "Restated Financial
Information"), as approved by the Board of Directors of the Company at their meeting held on 13^th Aug, 2025 for the
purpose of inclusion in the Red Herring Prospectus /Prospectus ("Offer Document") prepared by the Company in
connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") prepared in terms of the requirements
of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act");

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

c) The terms of reference to our engagement with the Company requesting us to examine financials statement referred to
above and proposed to be included in the Red Herring Prospectus and/or Prospectus being issued by the Company for IPO
of equity shares in SME Platform; and

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

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose
of inclusion in the Red Herring Prospectus and/or Prospectus to be filed with, Securities and Exchange Board of India,
relevant stock exchange and Registrar of Companies, Maharashtra in connection with the proposed SME IPO. The Restated
Financial Information has been prepared by the management of the Company on the basis of preparation stated in Note 1.2
"Basis of Preparation to the Restated Financial Information". The Board of Directors of the Company are responsible for
designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the
Restated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company
complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

3. 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
March 28, 2025 in connection with the proposed IPO of the Company;

b) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the ICAI. 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 Statements; 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 in connection with the IPO.

4. These Restated Financial Statements have been compiled by the management from the Audited Financial Statements of the
Company for the year ended on March 31, 2025 (Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone)
and March 31, 2023 (Standalone), which has been approved by the Board of Directors, as applicable.

5. We, M/s Kumbhat & Co. LLP Chartered Accountants have been subjected to the peer review process of the Institute of
Chartered Accountants of India ("ICAI") and hold the peer review certificate No. 015876 having effective date from October
1, 2023 to September 30, 2026.

6. Financial Information as per Audited Financial Statements

I. We have examined:

a) The attached Restated Statement of Assets and Liabilities of the company, as at financial year ended on March 31, 2025
(Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023 (Standalone).

b) The attached Restated Statement of Profits & Losses of the Company for the financial year ended on March 31, 2025
(Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023 (Standalone).

c) The attached Restated Statement of Cashflows of the Company for financial year ended on March 31, 2025 (Consolidated),
March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023 (Standalone).

d) The Significant Accounting Policies adopted by the Company and notes to the Restated Financial Statements along with
adjustments on account of audit qualifications / adjustments / regroupings.

(Collectively hereinafter referred as "Restated Financial Statements" or "Restated Summary Statements")

II. In accordance with the requirements of Act, SEBI ICDR Regulations, Guidance Note on the reports in Company Prospectus
(Revised) issued by ICAI and the terms of our Engagement Letter, we further report that:

a) The "Restated Statement of Assets and Liabilities" as set out in Annexure to this report, of the Company as financial year
ended on March 31, 2025 (Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023
(Standalone), are prepared by the Company and approved by the Board of Directors. This Statement of Assets and

Liabilities, as restated have been arrived at after making such adjustments and regroupings to the individual Financial
Statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies
and Notes to the Restated Summary Statements as set out in Annexure to this Report.

b) The "Restated Statement of Profit and Loss" as set out in Annexure to this report, of the Company for financial year ended
on March 31, 2025 (Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023
(Standalone), are prepared by the Company and approved by the Board of Directors. This Statement of Profit and Loss, as
restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the
Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the
Restated Summary Statements as set out in Annexure to this Report.

c) The "Restated Statement of Cash Flow" as set out in Annexure to this report, of the Company for financial year ended on
March 31, 2025 (Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023
(Standalone), are prepared by the Company and approved by the Board of Directors. This Statement of Cash Flow, as
restated, have been arrived at after making such adjustments and regroupings to the individual financial statements of the
Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to
Restated Summary Statements as set out in Annexure to this Report.

d) Based on the above and also as per the reliance placed by us on the audited financial statements of the company and
auditors report thereon which have been prepared by us for the year March 31, 2025 (Consolidated), March 31, 2025
(Standalone), March 31, 2024 (Standalone) and March 31, 2023 (Standalone). We are of the opinion that "Restated
Financial Statements" or "Restated Summary Statements" have been made after incorporating:

i. Adjustments for any material amounts in the respective financial years have been made to which they relate; and

ii. There are no Extra-ordinary items which need to be disclosed separately in the Restated Summary Statements;

iii. In accordance with the Act, SEBI ICDR Regulations and the Guidance Note.

iv. Adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the
financial years March 31, 2025 (Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March
31, 2023 (Standalone), to reflect the same accounting treatment as per the accounting policies and
grouping/classifications

v. There are no revaluation reserves, which need to be disclosed separately in the "Restated Financial Statements".

vi. There are no statutory audit qualifications, on the audited financial statements of the Company as at March 31, 2025
(Consolidated), March 31, 2025 (Standalone), March 31, 2024 (Standalone) and March 31, 2023 (Standalone), which
requires any adjustments to the Restated Summary Statements

i. We have also examined the following financial information as set out in annexure prepare by the management and as
approved by the Board of Directors of the Company for the year ended on March 31, 2025 (Consolidated), March 31, 2025
(Standalone), March 31, 2024 (Standalone) and March 31, 2023 (Standalone).

Sr. No. Particulars	Annexures
1 Corporate information as appearing in	1.1
2 Summary of significant accounting policies	1.2
3 Restated Statement of Share Capital	2
4 Restated Statement of Reserves and Surplus	3
5 Restated Statement of Long Term Borrowings	4
6 Restated Statement of Deferred Tax Asset/Liabilities	5
7 Restated Statement of Long Term Provision	6
8 Restated Statement of Short Term Borrowings	7
9 Restated Statement of Trade Payables	8
10 Restated Statement of Other Current Liabilities	9
11 Restated Statement of Short term provisions	10
12 Restated Statement of Property, Plants and Equipment and Intangible Assets	11
13 Restated Statement of Non current Investment	12
14 Restated Statement of Inventories	13
15 Restated Statement of Trade Receivables	14
16 Restated Statement of Cash and Cash Equivalents	15
17 Restated Statement of Short term loans and advances	16
18 Restated Statement of Other Current Assets	17
19 Restated Statement of Revenue from Operations	18
20 Restated Statement of Other Income	19
21 Restated Statement of Cost of Material Consumed	20
22 Restated Statement of Increase/(Decrease) in Stock	21
23 Restated Statement of Employee Benefit Expenses	22
24 Restated Statement of Finance Cost	23
25 Restated Statement of Depreciation and Amortisation Cost	11
26 Restated Statement of Other Expenses	24
27 Restated Statement of Earnings Per Share	25
28 Restated Statement of Related Party Transaction	26
29 Restated Statement of Earning in Foreign Currency (Fob Value)	27
30 Restated Statement of Expenditure in Foreign Currency	28
31 Restated Statement of Auditors Remunerations	29
32 Restated Statement of Directors Remuneration	30
33 Restated Statement of Contingent Liabilities	31
34 Material Adjustments And Regroupings To Restated Summary Statements	32
35 Restated Statement of Accounting Ratios	33
36 Restated Statement of Tax Shelters	34
37 Restated Statement of Disclosures of Accounting ratios and reason for variance	35
38 Restated Capitalisation Statement	36
39 Restated Statement of Information from Micro, Medium and Small Enterprises	37
40 Restated Statement of Employee Benefits	38
41 Other Significant Notes	39

ii. The Restated Financial Information contains all the disclosures required by the SEBI ICDR regulations and disclosures as
required by Accounting Standards notified under section 133 of Companies Act, 2013.

iii. The preparation and presentation of the Financial Statements referred to above are based on the Audited financial statements
of the Company in accordance with the provisions of the Act and the Financial Information referred to above is the
responsibility of the management of the Company.

iv. In our opinion, the above financial information contained in Annexure 1 to 39 of this report read along with the Restated
Statement of Significant Accounting Polices and Notes are prepared after making adjustments and regrouping as considered

appropriate and have been prepared in accordance with paragraph B, Part II of Schedule II of the Act, the SEBI ICDR
Regulations, The Revised Guidance Note on Reports in Company Prospectus and Guidance Note on Audit
Reports/Certificates on Financial Information in Offer Documents issued by the Institute of Chartered Accountants of India
("ICAI") to the extent applicable, as amended from time to time, and in terms of our engagement as agreed with you. We did
not perform audit tests for the purpose of expressing an opinion on individual balances of account or summaries of selected
transactions, and accordingly, we express no such opinion thereon.

v. Consequently, the financial information has been prepared after making such regroupings and adjustments as were, in our
opinion, considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported
in the financial information may not necessarily be same as those appearing in the respective audited financial statements for
the relevant years.

7. The Restated Financial Statement do not reflect the effects of events that occurred subsequent to the respective dates of the
reports on the audited financial statements mentioned in paragraph 4 above.

8. 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,
nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

10. Our report is intended solely for use of the Board of Directors for inclusion in the Red Herring Prospectus and/or Prospectus
to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Maharashtra
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.

For KUMBHAT & CO LLP

Chartered Accountants

Firm Regn. No. S000162/001609S

 

Sd/-

Gaurang C. Unadkat

Partner

Mem.No. 131708

UDIN: 25131708BMIEAU5167

 

Place: Mumbai

Dated: August 13, 2025