Visagar Polytex Ltd Auditor Reports

Independent Auditors Report on Quarterly and Year to date standalone Financial Results of
the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended

To

The Board of Directors of
Visagar Polytex Limited

Report on the Audit of Financial Results

Opinion

1. We have audited the accompanying statement of quarterly and year to date standalone financial results
of Visagar Polytex Limited ("the Company"), for the quarter and year ended on March 31, 2026
pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("Listing Regulation")

2. In our opinion and to the best of our information and according to the explanations given to us, the
standalone financial results:

(i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations
in this regard; and

(ii) (give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian accounting standards prescribed under Section 133 of the
Companies Act, 2013 (the" Act") and other accounting principles generally accepted in India,
of net loss and other comprehensive loss and other financial information of the Company for
the year ended March 31, 2026, and the standalone Balance Sheet and the standalone
statement of cash flows as at and for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors
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

4. Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial result of the current period. These matters were addressed in the context of
our audit of the financial result as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. There are no key audit matters to be communicated in our report.

Board of Directors Responsibility for the Financial Results

5. These standalone financial results have been prepared on the basis of the standalone annual financial
statements. The Companys Board of Directors arc responsible for the preparation and presentation of
the standalone financial results that give a true and fair view of the net loss and other comprehensive
loss and other financial information of the Company and the standalone Balance Sheet and the
standalone statement of cash flows in accordance with the recognition and measurement principles
laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with
relevant rules issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations. The Board of Directors of the Company
are responsible for 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 the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring 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, which have been used for the purpose of preparation of the standalone financial
results by the Directors of the Company, as aforesaid.

6. In preparing the financial statements, management is responsible for assessing the Companys 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.

7. The Board of Directors are also responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial Results

8. Our objectives are to obtain reasonable assurance about whether the financial results as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors 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 results.

9. 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 financial results, 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 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

- also responsible for expressing our opinion on whether the company has adequate internal
financial controls systems 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 managements 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 Companys a bility to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditors report to the related disclosures in the financial results 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 auditors 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 results, including the
disclosures, and whether the financial results represent the underlying transactions and events in a
manner that achieves fair presentation.

10. We communicate with those charged with governance of the Company 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.

11. 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.

Other Matter

12. The Standalone Financial Results include the results for the quarter ended March 31, 2026 being the
balancing figures between the audited figures in respect of the full financial year and the published
unaudited year to date figures up to the third quarter of the current financial year which were subject
to limited review by us.

For M/s. Bhatter and Associates
Chartered Accountants

Firm Registration No. 131411W

CA Gopal Bhatter

Partner

M. No. 411226

Place: Mumbai

Date: 29.05.2026

UDIN: 26411226JODZQK2172