Auditor Report of Rajasthan Cylinders & Containers Ltd.

Mar 31, 2024

We have audited the financial statements of Rajasthan Cylinders and Containers Limited ("the
Company”), which comprise the Balance Sheet as at 31^st March 2024, the Statement of Profit and Loss
(including other comprehensive income), Statement of Changes in Equity and the Statement of Cash Flows for
the year then ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as "the Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, except for the
effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid financial
statements give the information required by the Companies Act, 2013 ("the Act”) in the manner so required
and give a true and fair view in conformity with the 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
31^st March 2024, and its loss (including other comprehensive income), changes in equity and its cash flows for
the year ended on that date.

Basis for Qualified Opinion

(i) The interest payable u/s 16 of MSMED Act, 2006 and other disclosures of trade payable to micro
enterprises and small enterprises has not been ascertained and not provided for. (Refer Note No. 19).

(ii) Balances of Trade Payable, Loans given, Interest receivable on loans and Unsecured Loan Taken are
subject to confirmation and consequent adjustment, if any. (Refer Note No. 35).

(iii) The Company has recognised deferred tax assets amounting to Rs. 533.79 Lakhs as on
31^st March 2024, which includes deferred tax assets on carried forward unused tax losses and other
taxable temporary differences on the basis of expected availability of future taxable profits for
utilization of such deferred tax assets. However, in view of the history of losses recorded by the
Company and no operational segment, we are unable to comment on any adjustments that may be
required to the carrying value of aforesaid net deferred tax assets as at 31 March 2024.
(Refer Note No. 6)

Had the impact of above qualification in Para (iii), without considering Para (i and ii) for which impact could
not be determined, been considered, the total comprehensive income for the year would have been
Rs. -669.96 Lakhs as against reported total comprehensive income of Rs. -136.17 Lakhs and other equity
would have been Rs. 746.85 Lakhs as against the reported figure of Rs. 1280.64 Lakhs and Deferred Tax
Assets would have been Rs. Nil as against reported figure of Rs. 533.79 Lakhs.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10)
of the Act. Our responsibilities under those standards are further described in the Auditor''s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our qualified opinion.

Material Uncertainty related to Going Concern

The company has closed its manufacturing operations due to unsatisfactory performance of the company and
continued operational losses. The company has disposed off its Plant & Machinery in one or more tranches.
These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the
Company''s ability to continue as a going concern. However, consent of Board of Directors is accorded to
appoint a consultant for setting a new project, hence, the financial statements have been prepared on going
concern basis. (Refer Note 36)

Key Audit Matters

Key Audit Matters (''KAM'') are those matters that, in our professional judgment, were of most significance in
our audit of the 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. Except for the matters described in the Basis for Qualified Opinion section,
we have determined that there are no key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditor''s report thereon

The Company''s Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company''s annual report, but does not include the
financial statements and our auditors'' report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
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 Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in Section 134(5)
of the Act with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance (including other 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 financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, Management and Board of Directors are 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 Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

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

• Identify and assess the risks of material misstatement of the 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 the 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 with reference
to financial statements 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 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 auditors'' report.
However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work and (ii) to evaluate the effect of any identified
misstatements in the financial statements.

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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2020 ("the Order”) issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in "Annexure A” a statement on
the matters specified in paragraphs 3 and 4 of the Order.

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

a. We have sought and except for the effects of matters described in the Basis for Qualified
Opinion paragraph obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

b. Except for the effects of the matters described in the basis for qualified opinion paragraph
above, 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 and Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.

d. Except for the effects of the matters described in the basis for qualified opinion paragraph
above, in our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

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

f. The qualification relating to the maintenance of account and other matters connected there
with are as stated in the ''Basis for Qualified Opinion'' paragraph.

g. 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”. Our report expresses a modified opinion on the adequacy
and operating effectiveness of the Company''s internal financial controls with reference to
financial statements.

h. With respect to the matter to be included in the Auditors'' Report in accordance with the
requirements of section 197(16) of the Act, as amended,:

In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with the
provisions of Section 197 of the Act.

i. With respect to the other matters to be included in the Auditors'' Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 litigations as at 31^st March 2024
on its financial position in its financial statements - Refer Note 34 to the financial
statements;

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. (a) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) 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 or
entity, including foreign entity ("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) The Management has represented, that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity

("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;

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us
to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the FY 2023-24. Hence,
the provisions of section 123 of Companies Act, 2013 does not apply.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail
(edit log) facility is applicable to the Company with effect from April 1, 2023.

Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account for the financial year
ended March 31, 2024 which has a feature of recording audit trail (edit log) facility
and the same has operated w.e.f 05.04.2023 till the end of year for all relevant
transactions recorded in the software. Further, during the course of our audit we did
not come across any instance of audit trail feature being tampered with in respect of
Accounting Software.

For Chopra Vimal & Co.

Chartered Accountants
Firm Registration No. 006456C

Lokesh Sharma
Partner

Membership No.420735
UDIN: 24420735BKCMHH5810

Place: Jaipur
Date: 29.05.2024

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Mar 31, 2015

We have audited the accompanying financial statements of Rajasthan Cylinders & Containers Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement, and a summary of significant accounting policies and other explanatory information for the year then ended.

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 preparation of these financial statements that give a true and fair view of 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 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into the 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 thereunder.

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 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, but not for the purpose of expressing an opinion on whether company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. 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 qualified audit opinion on the financial statements.

Basis for Qualified Opinion

(i) Non provision of demand by Competition Commission of India Rs 2,30,84,886/- (Previous Year ended 31/03/2014 Rs. 2,30,84,886/-) pending litigation refer Note No. 2.30

(ii) Non provision of gratuity for the year Rs. 3,70,071/- and Cumulative upto 31/03/2015 Rs. 18,33,509/- (Previous Year Rs. (2,36,854)/- and Cumulative upto 31/03/2014 Rs. 14,63,438/-) refer note No. 2.34.

(iii) Non provision of accrued leave pay for the year Rs. 1,96,364/- and Cumulative upto 31/03/2015 Rs. 10,16,094/- (Previous Year Rs. (52,396)/- and Cumulative upto 31/03/2014 Rs. 8,19,730/-) refer note No. 2.35.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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, 2015;

(b) In the case of the Statement of Profit and Loss, of the Loss 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, 2015 ("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 purpose of our audit.

(b) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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 and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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) The matter described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the company.

(f) On the basis of written representations received from the directors as on 31st March, 2015, and 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.

(g) The qualification relating to the maintenance of accounts and other matters connected there with are stated in the Basis for Qualified Opinion paragraph above.

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

i. The Company has disclosed the impact of pending litigation on its financial position in its financial statements- Refer Note No. 2.30 to the financial statements.

ii. The Company does 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.

ANNEXURE FORMING PART OF THE INDEPENDENT AUDITOR'S REPORT OF Rajasthan Cylinders & Containers Limited

Referred to in paragraph under the heading of "Report on other Legal & Regulatory Requirements" of our report of even date to the Members of Rajasthan Cylinders & Containers Limited on the financial statement for the year ended March 31st 2015;

i (a) As explained to us, the Company generally maintains proper records showing full particulars including quantitative details and situation of fixed Assets.

(b) As informed to us, part of the assets have been physically verified by the management in accordance with a phased programme of verification; however such physical verification reports were not available for our verification. As informed to us, no material discrepancies have been noticed on such verification.

ii (a) As per information furnished, the inventory lying at its location has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c) On the basis of our examination, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii. According to information and explanations given to us, company has given advances to 4 Companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act 2013.

(a) The principal and interest (wherever charged) amounts are repayable on demand and there is no repayment schedule. Out of four parties, the company has not charged interest from three parties on the balance outstanding at the beginning of the year.

(b) The said advances are repayable on demand and there is no overdue amount exceeding one lakh at the year end.

iv. In our opinion and according to 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 purchases of inventory and fixed assets and for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control.

v. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits. Therefore, the provision of Sections 73 to 76 or any other relevant provisions of companies act and the rules framed thereunder and the directives issued by Reserve Bank of India are not applicable.

vi. As explained to us, the Central Government has prescribed maintenance of the cost records u/s 148(1) of the Companies Act, 2013 in respect to the company's products. We are of the opinion that prima facie, the prescribed accounts and records have been made and maintained by the company. However we have not made detailed examination of such records.

vii. (a) According to the records of the company produced for our verification, the company is generally regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with appropriate authorities wherever applicable. According to the information and explanation given to us, no undisputed arrears of statutory dues were outstanding as at 31/03/2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, disputed amounts payable in respect of certain statutory dues and demands outstanding at the year end were as follows :-

Name of statute Nature of Dues Amount Period to which (Rs.) the amount Appropriate authorities Disputed

Rajasthan Deferment Difference Rs. 38,82,397 2011-12 & VAT/CST against VAT Credit & (Against which 2012-13 Pending C-Form Rs. 1,25,000/- Deposited)

Name of statute Dispute Pending with



Rajasthan Dy..Commissioner of VAT/CST Sales Tax (Appeals)

(c). According to the information and explanation given to us, there is no amount which was required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of Companies Act, 1956 (1 of 1956) and rules made thereunder.

viii. The company does not have accumulated losses as at 31/3/2015. The company has incurred cash losses during the financial year covered under audit but not in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institution and bank.

x. In our opinion and according to the information given to us, the terms and conditions of Guarantee given by the company for the loans/limits taken by Agribiotech Industries Ltd., an associate company from the bank outstanding since earlier year were not prejudicial to the interest of the company. However, the guarantee so given has been withdrawn during the year.

xi. According to the information and explanation given to us and records examined by us, the company has not taken any term loan during the year.

xii. Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the year in the course of audit.

For S.S. SURANA & CO. Chartered Accountants (FRN. 001079C) Place: Jaipur Sd/- Date: 14/05/2015 (Prahalad Gupta) Partner Membership No. 074458