Auditor Report of Nikita Greentech Recycling Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of NIKITA PAPERS LIMITED (the
“Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
and the Statement of Cash Flows for the year ended on that date and notes to the financial statements,
including a summary of material 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, 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its profit and
its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing
(“SA”s) 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 (“ICAI”) 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 there under, 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 obtained by us is sufficient and appropriate to provide
a basis for our audit opinion on the Financial Statements.

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 standalone 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 that there are no key
audit matters to communicate in our report.

Information Other than the 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 Discussion and Analysis, Board’s Report
including Annexures to Board’s Report, Business Responsibility and Sustainability Report, Corporate
Governance and Shareholder’s Information, but does not include the Financial Statements and our
auditor’s report thereon. Our opinion on the 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
Financial Statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the Financial Statements or our knowledge
obtained during the course of our 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 is 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 and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including accounting standards 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 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 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 Company’s Board of
Directors is 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 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 financial 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 the 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 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 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
Standalone 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
financial controls 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 Financial Statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s 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 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, based on our audit 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.

c) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows
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 March 31,
2025 taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2025 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” Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls with
reference to Financial Statements.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with
the requirements of section 197(16) of the Act, as amended, in our opinion and to the best
of our information and according to the 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.

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) Rules, 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 litigations on its financial position in
its Standalone Financial Statements. Refer Note 31 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 maintained an audit trail facility (edit log) as required under Rule 3(1)
of the Companies (Accounts) Rules, 2014 in respect of books of account maintained in
electronic mode. During the course of our audit, we did not come across any instance of
the audit trail being tampered with. Based on our examination of the records and
according to the information and explanations given to us, the audit trail feature has been
operated throughout the year for the relevant software used by the Company.

For Mittal Goel & Associates,

Chartered Accountants

FRN: 017577N

Sd/- SEAL OF QUALITY

Sandeep Kumar Goel

Partner

Membership No. 099212 Date: 21/06/2025

UDIN: 25099212BMIZBT2855 Place: Chandigarh

---

Mar 31, 2024

Wc have audited the accompanying financial statements of NIKITA PAPERS LIMITED (the
"Company"). which comprise the Balance Sheet as at March 31. 202 l. the Statement of Profit and Loss
and the Statement of Cash Flows for the year ended on that date and notes to the financial statements,
including a summary of material 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. the
aforesaid Financial Statements give the information required by the Companies Act. 201» (the "Act") in
the manner so required and give n true and fair view in conformity with the accounting principles
generally accepted in India, of the stale of affairs of the Company as at March 31. 2024 and its profit and
its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Fimmcinl Statements in accordance with the Standards on Auditing
t"SA"s) specified under section I43( 10) of the \ct Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of oui report
We arc independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India flCAl") together with the ethical requirements that arc relevant to oui
audit of the Financial Statements under the provisions of the Act and the Rules made thereunder, arid we
have fulfilled oui other ethical responsibilities in accordance with these requirements and the 1C Vi''s
(. ode of Lthics. We believe that the audit evidence obtained by us is sufficient and appropriate ft pros ide
a basis for our audit opinion on the Financial Statements

Information Other than the Financial Statements and Auditor’s Report Thereon

Ihe Company ''s Board of Directors is responsible for the other information. I lie other information
comprises the information included in the Management Discussion and Analysis. Board’s Report
including Anncxures to Board''s Report. Business Responsibility and Sustainability Repon Corporate
Governance and Shareholder''s Information, but does not include the Financial Statements and oui
auditor''s report thereon Our opinion on the Financial Statements does nut cover the other information
and we do not express any form of assurance conclusion thereon In connection with out audit of the
Financial Statements, our responsibility is to read the other information and. in doing so. consider
vvhelhei the other information is materially inconsistent with the Financial Statements or our know ledge
obtained during the course of oui audit or otherwise appears to be materially misstated II. based on the
work we have performed, we conclude tlml there i> a material misstatement of litis other in format ion. wc
are required to report that fact. We hav e nothing In report in this regard.

|wJf!

Now Delhi 343. Atulya Apt, Sector 18B, Owarka, Mew Delhi 110 078 T: 191-11-43038002 F: [email protected]
Mumbai 42 A, Kaveri, Sector 17. Voihi, New Mumbai 400 075 T : t91 -22G793(K)2G l: [email protected]

Responsibilities of Management and Ihose Charged with Governance for the Standalone Financial
Statements

I he Company ¹> Board of Directors is responsible lor the mutters stated in section I 34(5> of the \ct w ith
respect to the preparation ol these financial Statements that give n true and lair view of the financial
position, financial performance and cash flows of the Comp tun in accordance with the accounting
principles generally accepted in India, including accounting standards specified under section 13? of the
•\ct I his responsibility also includes maintenance of adequate accounting records in accordance with the
provisions ol the Act for safeguarding the assets of the Company and for preventing and detecting fraud''
and other irregularities: selection and application of appropriate accounting policies; making judgment¹
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 ol
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 is responsible for assessing the Company ''s
ability to continue as a going concern, disclosing, as applicable, matters related in going concern and
using the going concern basis of accounting unless the Board of Directors cither intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so The Company''s Board of
Directors is also responsible for overseeing the (’ompnny s financial reporting prouvxs

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives an? to obtain reasonable assurance about whether the Financial Statements as a whole are
tree 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 lie expected to influence the economic decisions ol 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. I he risk of not detecting .1 material
misstatement resulting from fraud is higher than for one resulting from error. n< fraud may involve
collusion, forgery intentional omissions, misrepresentations, or the override of internal control

• Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 1 13(3 )ti) of the Act. wc are also
responsible for expressing out opinion on whether the Company has adequate internal financial
controls with reference to Financial Statements in place and the operating effectiveness ol such
controls.

• Kvahiate the appropriateness of accounting policies used and the reasonableness ot accounting
estimates and related disclosures made by the management.

conditions that may cast significant doubt on the l ompany > ability to continue as a going concern- It
we conclude that a material uncertainty exists. \vc are required to draw attention in our auditor''s report
to the related disclosures in the Financial Statements or. it 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.

• Hvaluate the overall presentation, structure and content of the Financial Statements, including the
disclosures, and whether the f inancial Statements represent the underlying transactions and events in .1
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 know ledgeable user of the
Standalone 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 liii 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 financial controls that we identify during our audit.

We also pan ide those charged with governance w ith n statement that we have complied w ith relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other mailers that may reasonably be thought to hear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged w ith governance, we determine those mutters dim
were of most significance in the audit of the Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’^ 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 adv erse consequences of
doing so would reasonably he expected to outweigh the public interest benefits of such
communication.

Report 011 Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order. 2020 (the ''Order") issued by the ( cntnil
Government in terms of Section 143(11) of the Act. we give in *Annexurc A” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 1*13(3) of the Act. based on our audit we report that:

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

h) In our opinion, proper books of uccount as required bv law have been kepi In ihe ( ompany so
far as it appears from our examination ofihow hooks.

c) I he Balance Sheet, the Statement of Profit and Loss and the Statement of (''ash I lows deall
with by this Report are in agreement with the hooks of account

d) In our opinion, the aforesaid I*inancinl 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 March 31. 2024
taken on record by the Board of Directors, none of the directors is disqualified as on March 31.
2024 from being appointed as a director in terms of Section I64l2) of the Act

t''l With respect to the adequacy of the internal financial controls with reference to I inancial
Statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexurc 13“ Our report expresses an unmodi lied opinion on the adequacy and
operating effectiveness of the Company’s internal financial controls with reference to I inancial
Statements

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 1 ‘>7( 16) of the Act. as amended, in our opinion and to the best of our
information and according to the explanations given to us. the remuneration paid by the Company
to it- directors during the year is in accordance with the provisions of section 197 of the Act

Id 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) Rules. 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 litigations on its llmtncial position in
its Standalone Financial Statements. Refer Note 2.23 to the Financial Statements.

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

iii. I here has been no delay in transferring amounts, required to he transferred, to the
Investor education and Protection I and by the Company

i\. (at The Management has represented that, to the l>est 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 ol funds) by the Company to oi 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) I he Management has represented, that, to the hest of its knowledge and belief, in
funds (which are material cither individually or in the aggregate) have been received In
the Company from any person or entity, including foreign entity (“f unding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly lend or invest iu other persons or entities identified
in any manner whatsoever by or on behalf of the l anding Putty (“l Itimutc
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

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

\ i. Based on our examination, which included test cheeks, the Company has used accounting
software for maintaining its books of account Ibr the financial year ended March ''I. 202 I
which has a feature of recording audit trail (edit log) facility I he Company has upgraded
such software with audit trail facility during the year and is in the process of establishing
necessary controls and documentations regarding audit trail. Consequently, we are unable
to comment on audit trail feature of the said software.

Vs proviso tr Rule 3( i) of the Companies ( Accounts) Rules. 21114 is applicable from April
1. 2023 reporting under Rule 11(g) of the Companies (Audit .mJ Auditors) Rules 2014
on preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31.2024

for Mittal God & Associates

Chartered Accountants

FRN: 0I7577N ^ ^ ^

Sandecp Kumar

Partner

Membership No 090212 pcz<\ o 3O Date: 15 Ofr 2024

LDIN. '' place: Chandigarh

1

Conclude on the appropriateness of management s use of the going concern basis ol accounting and.
based on the audit evidence obtained, whether n material uncertainty exists related to events or