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professional Winsome Yarn Limited (A company under Corporate Insolvency Resolution Process vide
NCLT order) Report on the Audit of the Standalone Financial Statement. 1) Qualified Opinion. We
have audited the accompanying Standalone Ind AS financial statements of Winsome Yarns Limited
("the Company under CIRP process"), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and
the Statement of Changes in equity for the year then ended, and a summary of the significant
accounting policies and other explanatory information. The Hon'ble National Company Law Tribunal
("NCLT"), Chandigarh Bench, admitted the Corporate Insolvency Resolution Process ("CIRP")
application filed by an financial creditor of Winsome Yarn Ltd ("the Company") and appointed Mr.
Sanjay Gupta (IBBI Registration No .IBBI/IPA-002/IP-N00982- C01/2017-2018/10354, as Interim
Resolution Professional ("IRP"), in terms of the Insolvency and Bankruptcy Code, 2016 ("the Code")
to manage the affairs of the Company vide CP (IB) No. 291/Chd /Chd /2018 dated 22.12.2023.
Further Hon'ble National Company Law Tribunal ("NCLT"), Chandigarh Bench, vide order dated
14.03.2024 appointed M/s ARCK Resolution Professionals LLP having IBBI Registration No. IBBI/IPE-
0030/IPA-1/2022-23/50013as the new RP of Winsome Yarns Ltd ("the Company"). In view of
pendency of the CIRP, and in view of suspension of the powers of Board of Directors and as
explained to us, the powers of adoption of the Standalone Financial statements for the year ended
31st March,2024 vest with the RP. In our opinion and to the best of our information and according
to the explanations given to us, except for the effects/possible effects of the matters described in
paragraph under 'Basis of Qualified Opinion', the aforesaid Ind AS 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
the Ind AS, State of affairs of the Company as at March 31, 2024, and profit/loss including other
comprehensive income, its cash flows and the changes in equity for the year ended on that date. 2)
Basis for Qualified Opinion. 1. In view of accumulated losses of the Company as at the end of March
31, 2024, the net worth of the Company as at that date being negative, continuous losses, negative
cash flows and due to financial constraints, resignation of KMP and non-deposit of statutory dues on
time, material uncertainty exists about the company ability to continue as going concern. The
decision of management (Power suspended) and RP of the Company to prepare the accounts of the
Company on going concern basis for reasons that mentioned in standalone financial statement note
no 3.2 (e) there would arise a need to adjust the realizable value of assets and liabilities in the event
of failure of assumptions as to going concern, and in the absence of impact of aforesaid assumptions
having been un-ascertained, we are unable to comment thereon. 2. The Financial statement for the
year ended on March 31, 2024 are understated due to:
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