Auditor Report of Sati Poly Plast Ltd.

Mar 31, 2025

Sati Poly Plast Limited

(Formaly known as Sati Poly Plast Private Limited)

Bihar - 812002

Report on the Audit of the Financial Statements Disclaimer of

Opinion

We were engaged to audit the accompanying financial statements of Sati Poly Plast Limited (Formaly known as Sati Poly Plast Private Limited) ("the Company"), which comprise the Balance Sheet as at 31^st March, 2025, and The Statement of Profit and Loss, The Statement of Changes in Equity and the Statement of Cash flows for the period ended 31^st March, 2025 and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information.

We do not express an opinion on aforesaid financial Statements because of the substantive nature of the matters stated in paragraph ''Basis for disclaimer of Opinion'', below for which we have not been able to obtain sufficient and appropriate audit evidence. Further, we are unable to state whether the accompanying Statement has been prepared in accordance with the applicable accounting standards and other recognized accounting practices and policies or that the Statement discloses the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Disclaimer of Opinion

We draw attention to the matters related, during the course of our audit, we were informed that a fire broke out at the Company''s premises on 15^th February, 2025, resulting in the destruction of significant accounting records, supporting documents, Inventory and fixed assets. As a result, we were unable to verify the existence, valuation, and completeness of the fixed assets destroyed in the fire on account of that we were unable to obtain sufficient and appropriate audit evidence regarding the accounting treatment of the loss due to fire and any related insurance claim receivable. The extent of damage to inventory, plant and machinery, and relevant accounting records has significantly impaired our ability to conduct necessary audit procedures and Management has not been able to provide alternative audit evidence that we considered sufficient and appropriate for the purposes of our audit. Because of the significance of the matter described above, we have not been able to obtain sufficient appropriate audit evidences to provide a basis for an audit opinion.

Emphasis of Matter

We draw attention to Note 25 of the financial statements, which describes that a fire broke out at the Company''s premises on 15^th February, 2025, resulting in the destruction of accounting records, supporting documents, Inventory and Fixed assets. The Company has recognized a provisional loss in respect of the damaged assets, and an insurance claim has been filed. We further note that the insurance company has in the process of determined the loss due to fire, which is currently pending completion as of the date of this report. The final outcome of the insurance claim, including the amount of compensation receivable, is contingent upon the completion of their survey/process and has not been fully determined at this stage.

Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Statement

The Company''s Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit / loss and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Accounting Standard prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. 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 Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, 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 is also responsible for overseeing the Company''s financial reporting process Auditor''s Responsibilities for the Audit of the Statement

Our responsibility is to express an Opinion on the financial statements in accordance with Standards on Auditing. However, because of the matter described in the Paragraph "Basis for Disclaimer of Opinion" of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these Statement.

We are independent in accordance with the ethical requirements in accordance with the Code of ethics and provisions of the Act, that are relevant to our audit of the financial results and we have fulfilled our other ethical responsibilities in accordance with the code of ethics and the requirements under the Act.

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, and except for the possible

effects, of the matter described in the Basis for Disclaimer of Opinion section, we give in the

"Annexure A", a statement on the matter 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. As mentioned in Basis of disclaimer of opinion paragraph we were unable to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. Due to the possible effect of the matter described in the Basis of Disclaimer of Opinion Paragraph we are unable to state whether, 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. Due to these limitations, we are unable to state whether the Balance Sheet, Statement of Profit and Loss (including other comprehensive income), and Cash Flow Statement are in agreement with the books of account.

d. Due to the possible effects of the matters described above, we are unable to state whether the financial statements comply with the Accounting Standards specified under Section 133 of the Companies Act, read with the relevant Rules.

e. The matters described in the Basis for Disclaimer paragraph may have an adverse effect on the functioning of the Company.

f. 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"; and

g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11of 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. As per explanation/information provided to us there are pending litigations on the company same is disclosed on note 26 of the financial statements.

ii. The Company has not made any provision, as required under the applicable law or accounting standards, for material foreseeable losses, as company does not have any long-term contracts including derivative contracts.

iii. There were no amounts which were 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 as disclosed in Note 29 to the standalone financial statements, 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:

• Indirectly or indirectly lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or

• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) The management has represented, that, to the best of its knowledge and belief, as disclosed in the accounts, no funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding Party or

• Provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures as 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 misstatements.

v. There dividend has not been declared or paid during the year by the Company. Hence Compliance of section 123 of the act is not applicable.

h. With respect to the matter to be included in the Auditor''s 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) of the Act which are required to be commented upon by us.

i. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the 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 the accounting software.

For Keyur Shah & Associates.

Chartered Accountants

Firm''s Registration No.: 333288W

Akhlaq Ahmad Mutvalli

Partner

Membership No.: 181329 Date: 30th May, 2025

UDIN - 25181329BMHBUZ4184 Place: Ahmedabad

---

Mar 31, 2024

Sati Poly Plast Limited

(Formally known as Sati Poly Plast Private Limited)

Report on the Audit of the Financial Statements Opinion

We have audited the financial statements of Sati Poly Plast Limited (Formally known as Sati Poly Plast Private Limited) (''''the Company"), which comprise the balance sheet as at 31^st March ''24, and the statement of Profit and Loss, and-statement of cash flows for the period ended 31^st March ''24, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

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 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, ''24, and its profit/loss, and its cash flows for the year ended March 31, ''24.

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 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 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.

Key Audit Matters

Key audit matters 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 opinjoatbereon, and we do not provide a separate opinion on these matters and there is no any

need to be reported.

Information Other than the financial statements and Auditor''s report thereon

The Company''s Board of Directors is responsible for J,

other information comprises the information included n ^ Report, Corporate

--

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.

res''™”''»“ *«¦“«»~ «¦*»

appears to be materially misstated.

Responsibility of Management for Financial Statements

The Company''s Board °MMrertors ttTpI^S^eSndal statements

that gh/e^ true''and fair view of the ^

acc^Crn''^anda^rtpecffie^

maintenance of ^adeq^® “^Company and for preventing and detecting frauds and other safeguarding of the assets ot t P accounting policies; making judgments and

irregularities^ selection and app. _an(J implementation and maintenance of

•*« and fair view and are free from material misstatement,

whether due to fraud or error.

liquidate the Company or to cease operations, or has no realistic alternative but to os .

The 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

riri. L fr.e .mrn aririW " Lrance. bo. «

report that includes our opinion. Reaso . _{with SAs wi}|| always detect a material

a guarantee that an audit conducted ,n accordanceT™ ¹ _{Qr error} ^Yand are considered

_#s „„ ,n ,M accordance rift SAe. w. ««» pcor.caon.l Jodenaeo, and ~ professional skepticism throughout the audit. We also.

. . . r _matpria, misstatement of the financial statements, whether

• Identify and assess the ^ns s ..Hit nrocedures responsive to those risks, and obtain

from''errorlTs fraTmTy involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. . _dit in order to design audit

. Obtain an understanding of interna “"g⁰cJ*_u^emstances Under section 143(3)0) of the procedures that are appropna ^ _{for expressing our opinion on} whether the

LZanTbas adeS internal financial controls system in place and the operating effectiveness

. «⁰the^0,Sappropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management^ _{basis of} • Conclude on the appropriateness o managem _whp_th_{er a} material uncertainty exists accounting and, based on’ ^^"51 significant doubt on the Company''s ability to

—- r

'' ft. financial >•» »"«"« ^>"^d

events in a manner that achieves fair presentation.

• fttc those charged with governance regarding, among other matters, the planned

“ :;r.... «-"«>. »*»« **-* -

internal control that we identify during our audit.

W. .... ft~ rift governance rift . —_e''“ “T

;:r.rn»“‘.ix“.c''».“ z «.nongh...

and where applicable, related safeguards. ^Sm&asSS;

Report on other Legal and Regulatory Requirements

, As required by the Companies (Auditor,

-"**"*•

to the extent applicable.

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

.. _{and obtajned a}|| the information and explanations which to the best of our

^{knowledge and h^^^riccl''nt} T^eTb^law have been kept by the ^(b)

^(C) Report are in agreement"^1^the Accounting Standards

^(d) ZZ22Z ££SS SS “ith Rule 7 Of the Companies (Accounts) Rules,

Si: befngappolnted as a reporting of the

® oS«r refer to our separate Report in

"Annexure B". , . _H • _thp Auditor''s Report in accordance with Rule

⁽⁹⁾ Rules, 2014, in our opinion and to the best of our

information and according to the explanations given to us.

i The Company has not any pending litigation which should require to disclose

II ThT Company''did not have any long-term contracts including derivative contracts for

I, to be transferred to the investor

Education and Protection Fund by the Company.

that tn the best of its knowledge and belief, as (a) The management has represen ^h '' advanced or loaned or invested

disclosed in to the accounts, no funds ^have _{sources or kind of}

(either from borrowed funds^''anTother persons or entities, including foreign

St nlm"s"), with the understanding, whether recorded in writing or

^0ftWT’^,5S55l3 ^''investinotherpersonsorentitiesidendjed

in any manner whatsoever ("Ultimate Beneficiaries") by or on beha . pi^d^any guarantee, security or the like to or on behalf of the Ultimate

" jssESssrstKE rsxsss ™

persons or entities, including foreign entities ("Funding Parties ), with the understanding, whether recorded in writing or otherwise, that the Company shall.

. directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding Party or

. provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures as 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 (d) (i) and (d) (ii) does not contain any material misstatement.

iv. Company has not declared or paid dividend during the year.

(h) With respect to the matter to be included in the Auditor''s 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) of the Act which are required to be commented upon by us.

For Keyur Shah & Associates.

Chartered Accountants _

Firm''s Registration No.: 333288Wf

Akifiaq Ahmad Mutvalli

^Part7 M 1 si 39Q Date: 06th June ''24

Membership No.: 181329 _Au_moj_ah_aH

UDIN -24181329BKCBY06962 ^{Place: Ahmed}