Auditor Report of National Plastic Technologies Ltd.

Mar 31, 2025

We have audited the Standalone financial statements of National Plastic Technologies Limited ("the
Company"), which comprise the balance sheet as at 31st March 2025, the Statement of Profit and
Loss (Including Other Comprehensive Income), Statement of changes in Equity and Statement of
Cash Flows for the year then ended, and notes to the Standalone financial statements, including a
summary of significant accounting policies and other explanatory information (hereinafter referred to
as "the Standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone financial statements give the information required by the Companies Act,
2013("Act") in the manner so required and give a true and fair view in conformity with Indian
Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and profit,
Other total Comprehensive Income, Changes in Equity and Cash Flows for the year ended on that
date

Basic for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section
143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s
Responsibilities for the Audit of the Standalone 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 together with the ethical requirements that are relevant to our audit of
the Standalone financial statements under the provisions of the Act and the Rules thereunder, 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 ou r opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the Standalone financial statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

We have determined the matter described below to be the key audit matter to be communicated in
our report:

key audit matter description

our response

1. accounting for discounts, incentives and Volume rebates Refer to Note 2.9 (Revenue recognised & related disclosures) to the Ind-AS financial statements. Revenue is measured net of discounts, incentives and volume rebates earned by customers on the sale of the Company''s products. The Company makes estimates of discounts, incentives and volume rebates on sales made during the year, which is considered to be material and involves a significant amount of complexity and judgement. Therefore, there is a significant risk of errors in arriving at discounts, incentives and volume rebates which may be material.

Our principal procedures included: ¦ Assessing the Company''s revenue recognition policies, including those related to discounts, incentives and volume rebates by comparing with the applicable Ind AS. • Evaluating the design and implementation and testing the operating effectiveness of controls over recognition and measurement criteria and adequacy of discounts, incentives and volume rebates. • Comparing the discounts, incentives and volume rebates with the prior year and, where relevant, performed further inquiries and testing. We reconciled a sample of discounts, incentives and volume rebate accruals to supporting documentation and assessed the appropriateness of the judgements applied, if any, including the methodology and inputs used in computing the values. • We also assessed as to whether these discounts, incentives and volume rebates were appropriately accounted for in the financial statements.

Information Other than the Standalone financial statements and Auditor''s Report thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management and Discussion Analysis, Board''s Report
including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information but does not include the Standalone financial statements and our auditor''s
reportthereon.

Our opinion on the Standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the Standalone financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone
financial statements.

The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these Standalone financial statements that give a true and fair view
of the financial position, financial performance, total comprehensive income, changes in equity and
cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This

responsibility also includes 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
judgements and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
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.

In preparing the Standalone financial statements, the Board of Directors is responsible for assessing
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting
process.

Auditor''s Responsibilities forthe Audit of the Standalone financial statements

Our objectives are to obtain reasonable assurance about whether the Standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s 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 Standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit We also:

• Identify and assess the risks of material misstatement of the Standalone financial statements,
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
override of internal control

• Obtain an understanding of internal 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 system 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 management''s 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 Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor''s report to the related disclosures in the Standalone financial statements 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 auditor''s 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 Standalone financial statements,
including the disclosures, and whether the Standalone financial statements represent the
underlying transactions and events in a mannerthat achieves fair presentation.

We communicate with those charged with governance 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.

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.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the standalone financial statements of the current period
and are therefore the key audit matters. We describe these matters in our auditors'' report unless law
or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.-

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order”), issued by the Central

Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure

A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books except for the matter stated in
paragraph 2(hXvi) below on reporting under Rule 11 (g) of the Companies (Audit & Auditors)
Rules, 2014.

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flows dealt with by this Report are in agreement with the
books of accounts.

(d) In our opinion, the aforesaid Standalone financial statements comply with the Ind AS specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March 2025 from being
appointed as a director in terms of Section 164(2) of the Act.

(f) The modifications relating to the maintenance of accounts and other matters connected
therewith are as stated in paragraph 2(b) above on reporting under section 143(3)(b) of the
Act and paragraph 2(h)(vi) below on reporting under Rule 11 (g) of the Companies (Audit &
Auditors) Rules, 2014

(g) With respect to the adequacy of the internal financial controls over financial reporting of the

Company and the operating effectiveness of such controls, refer to our separate Report
"Annexure B".

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors), 2014 as amended, in our opinion and to the
best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigation on its financial position in its
standalone financial statement- referto Note 30 to the standalone financial statement.

ii) The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.

lii) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.

iv) Management has represented that,

a) to the best of its knowledge and belief, other than as disclosed in the notes to the accounts
(refer Note 43 (I)), no funds have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the company to or in any
other person(s) or entity(is), including foreign entities ("Intermediaries''''), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) Management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts (refer Note 43 (m)) no funds have been received by the
Company from any person(s) orentity(ies), including foreign entities ("Funding Parties"), with
the understanding, whether recorded in writing or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries, and

Based on the audit procedures adopted by us, nothing has come to our notice that has caused
us to believe that the representations made by the management under sub clause (i) and (ii)
above, contain any material misstatement

(v) As per the information and explanation given by the management and based on the records of
the Company, the dividend paid by the Company during the year, in respect of the same
declared for the previous year, is in accordance with Section 123 of the Act to the extent it
applies to payment of dividend. As stated in Note 36 to the standalone financial statements,
the Board of Directors of the Company have proposed final dividend for the year which is
subject to the approval of the members at the ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of the Act to the extent it applies to declaration of
dividend.

(vi) Based on our examination which included test checks, the Company has used an accounting
software programs for maintaining its books of account, which have a feature of recording
audit trail (edit log) facility at application level and database level, which have operated
throughout the year for all relevant transactions recorded in the software except for
maintenance of recording employee master data and employee data relating to attendance
and leave which are recorded in a separate payroll processing software. Further, during the
course of our audit, we did not come across any instance of the audit trail feature being
tampered with for software programs maintained by the Company where the audit trail feature
was enabled.

The Company also uses third party software program for payroll processing, wherein the audit trail
has been enabled at the application level. Audit trail data at the database level is available with the
third party software service provider.

3) With respect to the matter to be included in the Auditors'' Report under Section 197(16) of the Act.

In our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the provisions of
Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down
under Section 197 of the Act The Ministry of Corporate Affairs has not prescribed other details under
Section 197(16) which are required to be commented upon by us.

For C.A Patel & Associates
Chartered Accountants

Firm Regd. No : 0014055S

MODI RAJESH
Partner

Date: 27th May, 2025 M No. 027425

Place : Chennai UDIN : 25027425BMNYUA5625

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Mar 31, 2024

We have audited the Standalone financial statements of National Plastic Technologies Limited ("the Company"), which comprise the balance sheet as at 31st March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone fi nancial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone financial statements give the information required by the Companies Act, 2013("Act") in the manner so required and give a true and fair view in conformity with Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("I nd AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, and profit, Other total Comprehensive Income, Changes in Equity and Cash Flows for the year ended on that date

Basic for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the Standalone 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 together with the ethical requirements that are relevant to our audit of the Standalone financial statements under the provisions of the Act and the Rules thereunder, 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

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matter described below to be the key audit matter to be communicated in our report :

key audit matter description	our response
1. accounting for discounts, incentives and Volume rebates
Refer to Note 2.8 (Material Accounting Policies), Note 2.9 (Revenue recognised &related disclosures) to the Ind-AS financial statements. Revenue is measured net of discounts, incen tives and volume rebates earned by customers on the sale of the Company''s products. The Company makes estimates of discounts, incentives and volume rebates on sales made during the year, which is considered to be material and i nvolves a significant amount of complexity and judgement. Therefore, there is a significant risk of errors in arriving at discounts, incentives and volume rebates which may be material.	Our principal procedures included: • Assessing the Company''s revenue recognition policies, including those related to discounts, incentives and volume rebates by comparing with the applicable Ind AS. • Evaluating the design and implementation and testing the operating effectiveness of controls over recognition and meas urement criteria and adequacy of discounts, incentives and volume rebates. • Comparing the discounts, incentives and volume rebates with the prior year and, where relevant, performed further inquiries and testing. We reconciled a sample of discounts, incentives and volume rebate accruals to supporting documentation and assessed the appropriateness of the judgements applied, if any, including the methodo logy and inputs used in computing the values. • We also assessed as to whether these discounts, incentives and volume rebates were appropriately accounted for in the financial statements.

Information Other than the Standalone financial statements and Auditor''s Report thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management and Discussion Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information but does not include the Standalone financial statements and our auditor''s report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone financial statements.

The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This

responsibility also includes 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 design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the 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.

In preparing the Standalone financial statements, the Board of Directors is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either i ntends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone financial statements

Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s 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 Standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the Standalone financial statements, 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 override of internal control

? Obtain an understanding of internal 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 system 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 management''s 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 Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone financial statements 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 auditor''s 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 Standalone financial statements, including the disclosures, and whether the Standalone financial statements represent the

underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance 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.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication..

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central

Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure

A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matter stated in paragraph 2(h)(vi)below on reporting under Rule 11 (g) of the Companies (Audit & Auditors) Rules, 2014

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2024 from being appointed as a director in terms of Section 164(2) of the Act.

(f) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 2(b) above on reporting under section 143(3)(b) of the Act and paragraph 2(h)(vi) below on reporting under Rule 11 (g) of the Companies (Audit & Auditors) Rules, 2014

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors), 2014 as amended, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigation on its financial position in its standalone financial statement - refer to Note 30 to the standalone financial statement.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv) Management has represented that,

a) to the best of its knowledge and belief, other than as disclosed in the notes to the accounts (refer Note 41 (l)), no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(is), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) Management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts (refer Note 41 (m)) no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, and

Based on the audit procedures adopted by us, nothing has come to our notice that has caused us to believe that the representations made by the management under sub clause (i) and (ii) above, contain any material misstatement.

(v) As per the information and explanation given by the management and based on the records of the Company, the dividend paid by the Company during the year, in respect of the same declared for the previous year, is in accordance with Section 123 of the Act to the extent it applies to payment of dividend. As stated in Note 36 to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.

(vi) Based on our examination which included test checks, the Company has used an accounting software programs for maintaining its books of account, which have a feature of recording audit trail (edit log) facility at application level and database level, which have operated throughout the year for all relevant transactions recorded in the software except for maintenance of recording employee master data and employee master data and employee data relating to attendance and leave which are recorded in a separate payroll processing software. Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with for software programs maintained by the Company where the audit trail feature was enabled.

The Company also uses third party software program for payroll processing, wherein the audit trail has been enabled at the application level. Audit trail data at the database level is available with the third party software service provider.

3) With respect to the matter to be included in the Auditors'' Report under Section 197(16) of the Act.

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

For C.A Patel & Associates Chartered Accountants

Firm Regd. No : 0014055S

MODI RAJESH Partner

Date: 15th May, 2024 M No. 027425

Place : Chennai UDIN : 24027425BKGUZT3486

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Mar 31, 2015

We have audited the accompanying financial statements of M/s. National Plastic Technologies Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, And a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The company's Board of Director is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether duet fraud or error.

Auditors 'Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standard and matters which are required to be included in the audit report under the provisions of the Act and Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statement whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place and adequate internal financial controls system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to Provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the State of affairs of the company as at March 31, 2015 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, We report that:

1.1. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

1.2. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

1.3. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

1.4. In our opinion, the aforesaid financial statements comply with Accounting Standard specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014.

1.5 On the basis of written representations received from the Directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

2. With respect to the matters to be included in the Auditor's Report in accordance with Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of Sub-Section (11) of the 143 & Rule 11 of the Companies (Audit and Auditors) Rules, 2014, we give in the annexure a statement on the matters specified in the paragraphs 3 and 4 of the Order.

Annexure to the Auditors 'Report

Annexure referred to in item no. 1 of paragraph 'Report on Other Legal and Regulatory Requirements'.

In our opinion and to the best of knowledge and belief as per the information and explanation given to us and on the basis of the books of accounts and records examined by us in the normal course of audit. Were port that:

1. Fixed Assets

1.1.The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2. The management at reasonable intervals has physically verified the fixed assets of the company and no material discrepancies were noticed on such verification.

2. Inventories

2.1. The management has conducted physical verification at reasonable intervals in respect of its inventory.

2.2.The procedure for physical verification of inventory followed by the management is reasonable and is adequate in relation to the size of the company and the nature of its business.

2.3. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans and advances

3.1. The company has not granted any loans, secured, unsecured to companies , Firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.

4. The company has an internal control system which is adequate and is commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There are no major weaknesses in internal controls system

5. The company has accepted deposits from aggregating to Rs.162.02 Lakhs (PY Rs. 145.25 Lakhs) from 3 parties. The directives issued by the Reserve Bank of India and the provisions of section 73 to 76 and any other relevant provisions of the Act and the rules framed there under, have been complied with.

6. In our Opinion and according to the information and explanation given to us, the requirement for maintenance of cost records pursuant to the companies (Cost Records and Audit) Rules, 2014 specified by the Central Government of India under Section 148 of the Companies Act, 2013 are not applicable to the company for the year under audit.

7. Statutory dues

7.1.The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income- tax, Sales-tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues with the appropriate authorities.

7.2. On the basis of written representation received from the Management we report that there are no disputed statutory dues pending before appropriate authorities as on 31st March2015.

8. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

9. The company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

10. In our opinion, and according to the information and explanations given to us, that the company has not given any guarantee for loan taken by others from banks or financial institution during the year.

11. The Company has raised term loans during the year and these have been applied for the purposes for which they were raised.

12. No material fraud on or by the company has been noticed or reported during the year.

for M/s.CA.PATEL & PATEL

CHARTERED ACCOUNTANTS

Firm Reg No. 005026S



Bhavesh N Patel

Place : Chennai PARTNER

Date :28th May, 2015 Membership No.26669

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Mar 31, 2014

We have audited the accompanying financial statements of M/s. National Plastic Technologies Ltd , which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate affairs in respect of Section 133 of the Companies Act,2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statement whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

b) In the case of the Profit and Loss Account, of the profit forthe year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows forthe year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") as amended, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

2.1. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of ouraudit;

2.2. in ouropinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

2.3. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

2.4. in ouropinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with General Circular No 15/2013 dated 13th September,2013 of the Ministry of Corporate affairs in respect of Section 133 of the Companies Act,2013; and

2.5. on the basis of written representations received from the Directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section(1) ofSection274oftheCompaniesAct, 1956.

Annexure to the Auditors'' Report

Annexure referred to in item no. 1 of paragraph ''Report on Other Legal and Regulatory

Requirements''.

In ouropinion and to the best of knowledge and belief as per the information and explanation given to us and on the basis of the books and records examined by us in the normal course of audit, we report that:

1. Fixed assets

1.1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2. The management at reasonable intervals has physically verified the fixed assets of the company and no material discrepancies were noticed on such verification.

1.3. The fixed assets disposed during the year were not substantial and therefore, do not affect the going concern assumption.

2. Inventories

2.1. The management has conducted physical verification at reasonable intervals in respect of its inventory.

2.2. The procedure for physical verification of inventory followed by the management is reasonable and is adequate in relation to the size of the company and the nature of its business.

2.3. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans and advances

3.1. The company has taken loans aggregating to Rs145.25 lakhs (PY Rs. 107.09 lakhs) from 5 parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding at any time during the year was Rs145.25 lakhs (PY Rs107.09) and the amount outstanding as on 31st March,2014 was Rs145.25 lakhs (PY Rs107.09).

3.2. The rate of interest and other terms and conditions of loan taken by the company referred to paragraph 3.1 above are not, prima facie, prejudicial to the interest of the company.

3.3. The Payment of the principal amounts and the interest wherever applicable are regular.

3.4. The loans granted were repaid during the year. There is no overdue amount with respect to above loans.

3.5. The loans given/taken by the company are repayable on demand and have been received/paid on demand.

4. The company has an internal control system which is adequate and is commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There are no major weaknesses in internal controls system

5. Section 301 contracts

5.1. Particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been so entered in the register required to be maintained under that section.

5.2 The transactions made in pursuance of contracts and arrangements referred to in 5.1 above and exceeding value of Rs 5 lakhs have been made at prices which are reasonable having regard to the prevailing market priced at the relevant time.

6. The company has not accepted deposits from the public and the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under, where applicable have been complied with.

7. The company has own internal audit system commensurate with its size and nature of its business.

8. The cost accounts and the records prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 have been maintained.

9. Statutory dues

9.1. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

9.2 On the basis of written representation received from the Management we report that there are no disputed statutory dues pending before appropriate authorities as on 31st March 2014.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

15. Based on information and explanations given to us, that the company has not given any guarantee for loan to its subsidiaries and related parties during the said year.

16. The Company has not raised any new term loans during the year and these have been applied for the purposes for which they were raised.

17. The funds raised on short-term basis have not been used for long-term investment.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has no outstanding amount under Debentures that require creation of security/charge.

20. The company has not raised any money byway of public issues during the year.

21. No material fraud on or by the company has been noticed or reported during the year.

for M/s. C.A. PATEL & PATEL CHARTERED ACCOUNTANTS Firm Reg No. 005026S

Bhavesh N Patel Place: Chennai PARTNER Date : 30th May, 2014 Membership No.26669

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. National Plastic Technologies Ltd ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statement whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

b) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") as amended, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

2.1. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

2.2. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

2.3. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

2.4. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; and

2.5. on the basis of written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section(1) of Section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report

Annexure referred to in item no. 1 of paragraph ''Report on Other Legal and Regulatory Requirements''.

In our opinion and to the best of knowledge and belief as per the information and explanation given to us and on the basis of the books and records examined by us in the normal course of audit, we report that:

1. Fixed assets

1.1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2. The management at reasonable intervals has physically verified the fixed assets of the company and no material discrepancies were noticed on such verification.

1.3. The fixed assets disposed during the year were not substantial and therefore, do not affect the going concern assumption.

2. Inventories

2.1. The management has conducted physical verification at reasonable intervals in respect of its inventory.

2.2. The procedure for physical verification of inventory followed by the management is reasonable and is adequate in relation to the size of the company and the nature of its business.

2.3. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans and advances

3.1. The company has taken loans aggregating to Rs. 107.09 lakhs (PY Rs.92.84 lakhs) from 4 parties listed in the register maintained under section 301 of the Companies Act, 1956. .

3.2. The rate of interest and other terms and conditions of loan taken by the company are not, prima facie, prejudicial to the interest of the company.

3.3. The loans given/taken by the company are repayable on demand and have been received/paid on demand.

4. The company has an internal control system which is adequate and is commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There are no major weaknesses in internal controls system

5. Section 301 contracts

5.1. Particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been so entered in the register required to be maintained under that section

5.2. These transactions exceeding value of Rs. 5 lakhs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public and the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under, where applicable have been complied with.

7. The company has an in house internal audit system commensurate with its size and nature of its business, but in our opinion internal audit function should be carried out by a firm of Chartered Accountants.

8. The company has not commenced the maintenance of cost accounts and the records prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. The company has assured us that it is under process to set up cost records and cost audit under sec 209 and 233B of Companies act 1956 respectively.

9. Statutory dues

9.1. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

9.2. On the basis of written representation received from the Management we report that there are no disputed statutory dues pending before appropriate authorities as on 31st March 2013.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

15. The Company has raised term loans during the year and these have been applied for the purposes for which they were raised.

16. The funds raised on short-term basis have not been used for long-term investment.

17. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained undersection 301 of the Companies Act, 1956.

18. The company has no outstanding amount under Debentures that require creation of security/charge.

19. The company has not raised any money by way of public issues during the year.

20. No material fraud on or by the company has been noticed or reported during the year.

Place : Chennai for M/s. C.A. PATEL & PATEL

Date : 20th June, 2013 CHARTERED ACCOUNTANTS

Firm Reg No. 005026S

Bhavesh N Patel

PARTNER

Membership No.26669

---

Mar 31, 2012

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as at 31 st March 2012, Profit & Loss Account for the year ended on that date and Cash Flow Statement annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2) As required by the Companies (Auditor's Report) Order 2003 (as amended) issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3) Further to ourcomments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of Accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of Account

d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting standards referred to in sub-section (3c) of Sec 211 of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31st March 2012 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31 st March 2012, from being appointed as a Directors in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31 st March 2012

(ii) In so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In so far as it relates to the Cash Flow Statement of the cash flows of the Company for the year ended on that date

Annexure to Auditors' Report

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:-

(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management and no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year.

2. In respect of its inventories:-

(a) As explained to us, physical verification have been conducted by the management at reasonable intervals in respect of inventories.

(b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The Company has not granted any secured or unsecured loan during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(c) The Company has not granted any loan, so the question of interest and repayment is not arise.

(d) The Company has not given any loan, so the question of overdue amounts does not arise.

(e) The Company has taken loans from five parties, and the total amount outstanding at the year end is Rs.98.84 lacs.

(f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(g) The interest payment are regular and principal amount is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company and nature of its business.

8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1) (d) of the Companies Act, 1956.

9. In respect of statutory dues:

(a) According to the records of the company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities.According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31st March 2012 for a period of more than six months from the date of becoming payable.

(b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31st March 2012.

10. The Company has no accumulated losses as at March 31,2012 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company.

13. The provision of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company .therefore clause 4 (xiii) of the order is not applicable.

14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable.

16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loan taken from bank have been applied for the purposes for which they were obtained.

17. In our opinion and according to the information and explanation given to us, there are no funds raised on short- term basis which have been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly clause 4(xviii) of the order is not applicable to the Company

19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company

20. The Company is not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

Place : Chennai for M/s. C.A. PATEL & PATEL

Date : 25.08.2012 CHARTERED ACCOUNTANTS

Firm Reg No. 005026S

Bhavesh N Patel

PARTNER

Membership No.26669

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as on 31st MARCH 2010, Profit & Loss Account for the year ended on that date and Cash Flow Statement annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

1) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining , on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion

2) As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956 , and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in theAnnexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Sec 211 of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31 st March 2010 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March 2010, from being appointed as Directors in terms of clause (g) of sub section (1) of Section 274 of the Companies Act,1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956.

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31 st March 2010.

(ii) In so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Annexure to Auditors Report Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:-

(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management and no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year.

2. In respect of its inventories :-

(a) As explained to us , physical verification have been conducted by the management at reasonable intervals in respect of inventories.

(b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The Company has not granted any secured or unsecured loan during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(c) The Company has not granted any loan, so the question of interest and repayment does not arise.

(d) The Company has not given any loan, so the question of overdue amounts does not arise.

(e) The Company has taken loans from four parties, and the total amount outstanding at the year end is Rs.211.42 lacs

(f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(g) The interest payment are regular and principal amount is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company and nature of its business.

8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1)(d)ofthe Companies Act, 1956.

9. In respect of statutory dues:

(a) According to the records of the company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities.According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31 st March 2010 for a period of more than six months from the date of becoming payable.

(b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31 st March, 2010.

10. The Company has no accumulated losses as at March 31, 2010 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company.

13. The provision of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company .therefore clause 4 (xiii) of the order is not applicable.

14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable.

16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loans taken from bank have been applied for the purposes for which they were obtained.

17. In our opinion and according to the information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment.

18. The Company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act,1956.

19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company.

20. The Company has not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year.that causes the financial statements to be materially misstated.

For CAPATEL & PATEL Chartered Accountants

BHAVESH N. PATEL

Place : Chennai Partner.

Date : 16.07.10 Membership No:26669 Firm Reg. No :005026S

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Mar 31, 2009

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as on 31st MARCH 2009, Profit & Loss Account for the year ended on that date and Cash Flow Statement annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

1) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining , on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion

2) As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of Accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of Account

d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting standards referred to in sub-section (3c) of Sec 211 of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31st March 2009 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31 st March 2009, from being appointed as Directors in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act,1956 ,

(I) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31 st March 2009

(ii) in so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In so far as it relates to the Cash Flow Statement of the cash flows of the Company for the year ended on that date

Annexure to AuditorsReport Referred to in Paragraph 2 of our report of even date

1. In respect df its fixed assets:-

(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management and no material discrepancies were noticed on such verification.

© In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year.

2. In respect of its inventories:-

(a) As explained to us , physical verification have been conducted by the management at reasonable intervals in respect of inventories.

(b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The Company has not granted any secured or unsecured loan during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(c) The Company has not granted any loan, so the question of interest and repayment does not arise.

(d) The Company has not given any loan, so the question of overdue amounts does not arise.

(e) The Company has taken loans from five parties, and the total amount outstanding at the year end is Rs. 116.75 lacs

(f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(g) The interest payment are regular and principal amount is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. ln respect of transactions covered under Section 301 of the Companies Act,1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company andnature of its business.

8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1) (d) of the Companies Act, 1956.

9. In respect of statutory dues:

a) According to the records of the company; undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities.According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31 st March 2009 for a period of more than six months from the date of becoming payable.

(b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31 st March 2009.

10. The Company has no accumulated losses as at March 31, 2009 and it has notincurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company.

13. The provision of any special statute applicable to .chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company .therefore clause 4 (xiii) of the order is not applicable.

14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable.

16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loan takenfrombank have been applied for the purposes for which they were obtained.

17. In our opinion and according to the information and explanation given to us, there are no funds raised on short- term basis which have been used for long term investment.

18. The Company has made preferential allotment of shares to parties and companies covered in the register maintained undersection 301 of the Companies Act,1956.

19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company

20. The Company is not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year.that causes the financial statements to be materially misstated.

PLACE : CHENNAI for M/s.C.A.PATEL & PATEL

DATE : 27.07.09 CHARTERED ACCOUNTANTS

Bhavesh N Patel PARTNER