LAXMICOT2026-04-012026-06-30LAXMICOT2026-04-012026-06-30in-capmkt:OtherExpenses1MemberLAXMICOT2026-04-012026-06-30AuditorDomain1LAXMICOT2026-04-012026-06-30in-capmkt:AuditedMemberLAXMICOT2026-06-30in-capmkt:AuditedMemberLAXMICOT2026-04-012026-06-30in-capmkt:AdjustedMemberLAXMICOT2026-06-30in-capmkt:AdjustedMemberLAXMICOT2026-04-012026-06-30AuditQualification1LAXMICOT2026-04-012026-06-30AuditQualification2LAXMICOT2026-04-012026-06-30AuditQualification3LAXMICOT2026-04-012026-06-30AuditQualification4iso4217:INRxbrli:pureiso4217:INRxbrli:shares000000LAXMICOTNOTLISTEDINE801V01019LAXMI COTSPIN LIMITEDMain BoardEquity2026-04-012027-03-312026-08-112026-08-05INRLakhsQuarterlyFirst quarterSingle segmentCotton and Yarn2026-08-1116:00:002026-08-1116:30:00Statement on impact of audit qualificationfalsefalseDuring the quarter ended June 2026 the company has not made any default on loans and Debt securities. So there is no requirement of disclosure.2026-04-012026-06-30UnauditedStandalone1826650003740001830390001135630000-386000143150009707000706700045633000189899000-68600000-68600000-2457000-24570000-44030000000-44030000-4403000171477000100.260.26000.260.26000Other Expenses45633000000UnauditedQualified opinionSINGH MUNDADA AND ASSOCIATEStrue2028-02-29183039000183039000189900000189900000-4403000-4403000-0.26-0.26713178000713178000713178000713178000604154000604154000Inventory The Company carries inventories aggregating Rs. 4,320.29 lakh as at June 30, 2026 Rs. 4,333.79 lakh as at March 31, 2026. We have not been provided with documented physical verification, condition assessment or valuation working papers supporting the quantity, condition and valuation of these inventories as at June 30, 2026. This matter was also the subject of a qualification by the predecessor auditor in their report on the audited standalone financial results for the year ended March 31, 2026. In the absence of sufficient appropriate evidence, we are unable to determine whether any adjustment to inventories, cost of materials consumed and the loss for the quarter is necessary.Qualified opinionRepetitiveNot ascertainableNot ascertainable1 The Management has noted the observation. The inventory has been valued in accordance with the applicable accounting standards and the Company's accounting policies. The Management is compiling the physical verification, condition assessment and valuation supporting documents and shall provide the same to the Auditors. Based on the Managements assessment, no material adjustment is presently considered necessary.1. Inventory The Management's contention that mutilated stock of approximately 30,000 <br /> kgs has been valued at a 37% discount to cost, resulting in no financial impact, is not satisfactory, weighment quality inspection records, basis of arriving at the 37% discount, or working reconciling such adjustment with the inventory records and valuation as at June 30, 2026. In the absence of proper inventory records and any documentary evidence substantiating the quantity, condition and basis of valuation, the Auditors are unable to place reliance on this unsubstantiated assertion. The matter continues to remain nresolved and the qualification as stated in the Audit Report on the Standalone Financial tatements continues to subsist. - not satisfactory of deriving 37% <br /> Advance to whall2 Advance to Laxmi Spintex Private Limited The Companys books reflect a continuing balance of approximately Rs. 731.40 lakh as at June 30, 2026 due from its wholly owned subsidiary, Laxmi Spintex Private Limited. We have not been provided with evidence of the Board committee approvals and compliance with the applicable provisions of the Companies Act, 2013 including Sections 185, 186 and 188, as applicable in relation to this balance, nor with evidence regarding its precise nature, terms and recoverability. Consequently, we are unable to determine whether any adjustment or additional disclosure is required in this regard. Qualified opinionRepetitiveNot ascertainableNot ascertainable2 The Management has noted the observation. The amount represents an intra-group balance with the wholly owned subsidiary and has been appropriately eliminated while preparing the Consolidated Financial Statements. The Management is reconciling the respective ledgers and compiling the relevant consolidation workings, approvals and supporting documents. Necessary adjustment disclosure, if any, shall be made upon completion of the review.2. Advance to wholly owned subsidiary The Management's response confirms that no <br /> prior board approval was obtained at the time the advance was extended to Laxmi Spintex Private Limited, which is a non-compliance with the applicable provisions of the Companies Act, 2013 including Section 186 and Rules thereunder as they stood at the relevant time. The subsequent squaring-off of the balance, even if factually correct, does not retrospectively cure the non-compliance that existed during the year, nor does it establish the terms, purpose, rate of interest and regulatory compliance applicable to the advance when it was outstanding. No loan advance agreement, board minutes, ledger extract or confirmation from the subsidiary evidencing the grant and subsequent square-off of the advance was provided to the Auditors. A proposal to ratify the matter at a future meeting is a remedial step for the future and does not address the compliance status as at the balance sheet date. Accordingly, the qualification continues to subsist.3. Advance to a creditor Other current assets as at June 30, 2026 include advances to suppliers and service providers aggregating Rs. 2,027.79 lakh Rs. 1,903.04 lakh as at March 31, 2026, which the Company has represented includes a significant advance to a creditor in respect of which indicators of financial stress at the counterparty and uncertainty over recoverability and end-use were reported by the predecessor auditor. We have not been provided with a party-wise ageing and recoverability assessment identifying this advance separately, nor with an evaluation of expected credit loss thereon under Ind AS 109. Consequently, we are unable to determine whether any adjustment to this balance and to the results for the quarter is necessary.Qualified opinionRepetitiveNot ascertainableNot ascertainable3 The Management has noted the observation and is undertaking a party-wise reconciliation, ageing and recoverability assessment of advances to suppliers and service providers. The relevant supporting documents and assessment shall be provided to the Auditors. The Management shall recognise any impairment adjustment, if required, based on the outcome of the assessment.3. Advance to creditor Any assessment of impairment expected credit loss under Ind AS <br /> 109 in respect of this advance, nor any evidence regarding the financial position of the creditor or entities connected with it, was made available to the Auditors during the audit. The Management's assertion that recovery is in process and that confirmation is already on record. In the absence of adequate evidence, the Auditors are unable to determine the recoverability and carrying value of the advance, and the qualification continues to subsist.Land transferred to subsidiary During the financial year 2024-25, the Company reduced the gross carrying value of freehold land by Rs. 217.55 lakh, consequent to a stated sale to its wholly owned subsidiary, Laxmi Spintex Private Limited, at fair value. As at June 30, 2026, the legal formalities for registration of the sale deed remain incomplete, no reversal of the transaction has been recorded, and we have not been provided with sufficient appropriate evidence to conclude whether the significant risks and rewards, and legal title. of ownership have been transferred. Consequently, we are unable to determine whether the continued exclusion of Rs. 217.55 lakh from Property, Plant and Equipment is appropriate as at June 30, 2026.Qualified opinionRepetitiveNot ascertainableNot ascertainable4 The Management has noted the observation. The land transferred to the wholly owned subsidiary continues to form part of the Groups assets. The Management is compiling the subsidiary-wise fixed asset details, consolidation workings and documents relating to the land transfer and registration. Any adjustment or disclosure, if required, shall be made upon completion of the review.4. Sale of land to subsidiary Mere handing over of physical possession, in the absence of a <br /> registered sale deed and consequent transfer of legal title, does not by itself constitute completion of a sale of immovable property or satisfy the recognition criteria for transfer of control under the applicable accounting framework. However, we observed that as of 30 June 2026, the legal formalities for the registration of the sale deed have not been completed.SANJAY RATHIANUPKUMAR GINDODIYAGOPAL MUNDADABALAJI SINGHJALNA2026-08-11