Auditor Report of Polymac Thermoformers Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of POLYMAC
THERMOFORMERS LIMITED (“the Company”), which comprise the Balance Sheet as at 31^st
March, 2024, Statement of Profit & Loss A/c, and Cash Flow Statement for the year then
ended, and a summary of the significant accounting policies and other explanatory
information.

OPINION:

In our opinion and to the best of our information and according to the explanation 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,

a. In the case of the Balance Sheet, of the state of affairs of the company as at March 31^st,
2024;

b. In the case of the Statement of Profit & Loss Account, of the Profit of the company for the
year ended on that date.

c. In the case of the Cash Flow Statement, of the cash flows of the company for the year
ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those standards are
further described in the Auditor''s Responsibilities for the Audit of Financial statements
section of our report. We are independent of the company in accordance of 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 financial statements under the provisions
of the Companies Act, 2013 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.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:

The Company''s Board of Directors 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 and financial performance
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 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 responsible and prudent; and design, implementation and maintenance of
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
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 have taken into account the provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the audit report under the provisions of
the Act and the 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 procedures to obtain audit evidence about the amounts and
the 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
statements, 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. An audit also includes evaluating the appropriateness of
the 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.

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" a statement on the matters specified in the paragraph 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 purpose 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.

(c) The Balance Sheet, the Statement of Profit & Loss Account and the cash flow
statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting
standards 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 as on 31^st
March, 2024 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31^st, 2024 from being appointed as a director in terms of Section 164 (2) of the
Act.

(f) With respect to the adequacy of the internal financial controls with reference to
Financial Statements of the Company and the operating effectiveness of such controls, refer
to our separate report in "Annexure B"

(g) According to information and explanation given to us and based on our examination
of the records of the company, the company has not paid / provided managerial
remuneration in accordance with the requisite approvals mandated by the provisions of
section 197 of the Act.

(h) In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to the other matters to be included in the
Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Accounts) Rules,
2014;

a. The Company does not have any pending litigations which would
impact its financial positions in future.

b. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any material
foreseeable losses thereon does not arise

c. There has not been an occasion in case of the Company during the year
under report to transfer any sums to the Investor Education and Protection
Fund. -/The question of delay in transferring such sums does not arise

d. (i) The management has represented that, to the best of their
knowledge and belief, 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 persons
or entities, 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;

(ii) the management has represented that, to the best of their
knowledge and belief, no funds have been received by the Company
from any persons or entities, including foreign (“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 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 that we have considered reasonable
and appropriate in the circumstances, nothing has come to our notice
that has caused us to believe that the representations under sub¬
clauses (i) of Rule 11(e), as provided under (a) and (b) above, contain
any material misstatement.

e. No dividend has been declared and paid during the year by the
Company.

f. Based as on examination, the company, has not used accounting
software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility.

For PANKAJ VERMA & ASSOCIATES

Chartered Accountants

Firm Regn.No.322593E

Sd/-

(PANKAJ K VERMA)

Proprietor

Membership No.056691

ICAI UDIN: 24056691BKIMWN4499

Place: KOLKATA

Date: 22/06/2024

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Mar 31, 2014

We have audited the attached Balance Sheet of POLYMAC THERMOFORMERS LIMITED as at 31st March 2014 and also the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s management responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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 amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion.

A. As required by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act. 1956 and on the basis of such Checks of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of our audit, we enclose in the ''Annexure'' a statement on the matters specified in Paragraphs of the said order.

B. Further to our comments in the annexure referred to in Paragraph ''A'' above we report that:-

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) 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 the books.

3) In our opinion, subject to our comments in the following paragraphs, the Balance Sheet and Profit & Loss Account comply with the Accounting Standards on referred to in sub-section (3C) of section 211 of the Companies Act. 1956 (As Amended).

4) The said Balance Sheet and Profit & Loss Account are in agreement with the Book of account.

5) On the basis of written representation received from the directors of the company as at 31st March 2013 and taken on record by the Board of Directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

6) In our opinion and to the best of our information and according to the explanations given to us the said accounts read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:-

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

b) In the case of Profit & Loss Account of the Profit of the Company ended on that date.

Annexure:

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

(ii) The Company has maintained proper record of its inventories and no material discrepancies were noticed.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the Act.

(iv) In our opinion, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

(v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management we are of opinion that the transactions made in pursuance of contracts or agreements, that need to be entered into the register maintained under Section 301 of the Companies Act 1956 have been recorded in the register.

b) In our opinion, these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The company has not accepted any deposits during the year from the public within the meaning of the provisions of Sections 58A and 58AA or any other relevant provisions of the companies Act, 1956, and rules there under. Hence the clause (VI) of the order is not applicable.

(vii) The company has no internal audit system commensurate with its size and nature of its business as it does not have a paid up capital and reserves exceeding Rs. 50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crores rupees for a period of three consecutive financial year immediately preceding the financial year concerned.

(viii) The clause relating to the maintenance of cost records u/s209 (1) (d) of the Companies Act, 1956 is not applicable to the company.

(ix) a) According to the records of the Company, the company is regular in depositing undisputed statutory dues including Income tax, and any other statutory dues with the appropriate authorities. According to he information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March 2014 for a period exceeding six months from the date they become payable.

b) According to the information and explanations given to us, there are no disputed dues of income tax.

(x) The company has made a profit of 99,440.52 in the current financial year.

(xi) The Company has not defaulted in the repayments of dues to financial institutions & banks.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund, nidhi or mutual benefit fund/society.

(xiv) In respect of the investment activities, i.e. dealing in shares and securities, proper records have been maintained of the transactions and timely entries have been made therein. Shares, securities, debentures and other investments have been held by the company in its own name.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) Clause (XVI) of the Order is not applicable to the company, as the company has not taken any term loan.

(xvii) Based on our examination of the records of the company we find that the funds raised on short-terms basis during the year have not been used for long-term investments.

(xviii) No Preferential allotment of shares to parties and companies covered in the Register maintained u/s 301 of the companies Act, 1956 has been made out of the share capital raised by the company during the year.

(xix) No debentures have been issued by the company and hence, the question of creating securities in respect thereof does not arise.

(xx) The management has disclosed the end use of money raised by public issue and we have verified the same.

(xxi) On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the company, has been noticed or reported during the year.

For A.K. PATHAK & CO. Chartered Accountants FRN NO. : 322816E

Place: Kolkata Date: 30th Day of May 2014.

(ABHAY KUMAR PATHAK) Proprietor Membership No.: 056851