Auditor Report of SMVD Poly Pack Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of SMVD Poly Pack Limited
(“the Company”), which comprise the standalone balance sheet as at March 31, 2025, and the
standalone statement of profit and loss, the standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including a summary of significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act,
2013 (“the Act") in the manner so required except for the possible effect of the matter described in
the “Basis for Qualified Opinion” paragraph below, 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 then ended.

Basis for Qualified Opinion

We draw attention to Note 34 of the financial statements regarding erosion of share capital and
reserves and surplus, and the accumulated losses have exceeded the Net Worth of the Company. As
more fully explained in the above note, a material uncertainty exists that may cast a significant
doubt on the Company’s ability to continue as a going concern. However, the financial statements
have been prepared by the management on a going concern basis for the reason stated in the
aforesaid note.

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 Standalone Financial Statements” section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the standalone financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Matter of Emphasis

a) We draw attention to Note 33 of the financial statements, which describes the effects of fire on
the Company’s manufacturing facility and its consequential impact on the financial statements
and financial position of the Company. Our opinion is not modified in respect of this matter.

b) We draw attention to Note 34 of the financial statements, which describes that the secured
borrowing facilities used by the company against security of stocks/inventory and property,

plant and equipment of the Company, has been considered secured for the reasons as stated in
the above note. Our opinion is not modified in respect of this matter.

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
the matter described below to be the key audit matters to be communicated in our report.

Key Audit Matter

Response to Key Audit Matter

(a) Revenue Recognition Revenue from sale of goods is recognized upon transfer of risk and rewards associated with the property in goods to the buyer and is measured at the price at which the Company expects to be entitled from a customer and are recorded net of product claims and other pricing allowances to customers including trade schemes (collectively “trade spend”). The judgements required by management to estimate trade spend accruals are complex due to diverse range of arrangements and commercial terms across the market.

Principal audit procedures performed: Accounting policies: Assessed the appropriateness of the Company’s revenue recognition accounting policies, including recognition and those related to trade spend by comparing with applicable accounting standards; Control testing: Tested the effectiveness of the design and Company’s control over the adequacy of provision of trade spends. Tests of details: Obtained samples of sales transactions to verify collection in bank statement to determine whether revenue has actually occurred and recorded accurately. • Agreed a sample of trade spend accruals to supporting documentation. • Performed Trend analysis of utilization of provision of trade spends with actual spends passed to the customer. • Performed substantive test by selecting samples of revenue transactions recorded during the year by testing the underlying documents which included invoices, goods dispatch notes, customer acceptances and shipping documents, as applicable. • Tested on a sample basis, specific revenue transaction recorded before and after the financial year-end date to determine whether the revenue had been recognised in appropriate financial period. Based on above procedures performed, no significant exception was noted by us in the revenue

	recognised by the company during the year.
	• Tested the relevant information technology system access and change management controls relating to information used in recorded sales.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include
standalone financial statements and our auditor’s report thereon.

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

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

Responsibilities of management and those charged with governance for the Standalone
Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Act with respect to the preparation of these standalone financial statements that give a true and fair
view of the financial position, financial performance, 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. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management 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 management 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 Standalone Financial Statements

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

auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or 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 standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

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 paragraphs 3 and 4 of the Order, to
the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company

so far as it appears from our examination of those books.

(c) The standalone balance sheet, the standalone statement of profit and loss and the

standalone statement of cash flows dealt with by this Report are in agreement with the
books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting

Standards specified under Section 133 of the Act.

(e) The matter described under Material Uncertainty Related to Going Concern paragraph

above may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors, taken on record by

the Board of Directors, none of the directors is disqualified as on March 31, 2025, from
being appointed as a director in terms of Section 164(2) of the Act.

(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”.

(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 does not have any pending litigations which would impact its financial
position;

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended March 31,
2025.

iv. (a) The management has represented that, to the best of its knowledge and belief, as

disclosed in the notes to the accounts, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies),
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 (Refer
Note 44(vi) to the standalone financial statements);

(b) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries (Refer Note 44(vi) to the standalone financial
statements); and

(c) Based on such audit procedures that we 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 (a) and (b) contain any material
misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
is applicable from 1^st April, 2023.

Based on our examination which include test checks, the company has used
accounting software for maintaining its books of account, which have 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, the periods where audit
trail (edit log) was enabled and operated throughout the year, we did not come across
any instance of the audit trail feature being tampered with and the audit trail has been
preserved by the Company as per the statutory requirements for record retention.

3. With respect to the other matters to be included in the Auditor’s Report in accordance 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 by 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 Seksaria Tibrewal & Co.

Chartered Accountants

Firm Registration Number: 329660E

Sd/-

(Harsh Seksaria)

Partner

Membership No.: 300249

UDIN: 25300249BMOAVE8956

Place: Kolkata

Date: 30^th May, 2025

---

Mar 31, 2024

We have audited the accompanying standalone financial statements of SMVD Poly Pack Limited
(“the Company”), which comprise the standalone balance sheet as at March 31, 2024, and the
standalone statement of profit and loss, the standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including a summary of significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act,
2013 (“the Act") in the manner so required except for the possible effect of the matter described in
the “Basis for Qualified Opinion” paragraph below, 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, 2024 and its loss and its cash flows for the year then ended.

Basis for Qualified Opinion

We draw attention to Note 34 of the financial statements regarding erosion of share capital and
reserves and surplus, and the accumulated losses have exceeded the Net Worth of the Company. As
more fully explained in the above note, a material uncertainty exists that may cast a significant
doubt on the Company’s ability to continue as a going concern. However, the financial statements
has been prepared by the management on a going concern basis for the reason stated in the
aforesaid note.

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 Standalone Financial Statements” section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the standalone financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Matter of Emphasis

a) We draw attention to Note 33 of the financial statements, which describes the effects of fire on
the Company’s manufacturing facility and its consequential impact on the financial statements
and financial position of the Company. Our opinion is not modified in respect of this matter.

b) We draw attention to Note 35 of the financial statements, which describes that the secured
borrowing facilities used by the company against security of stocks/inventory and property,
plant and equipment of the Company, has been considered secured for the reasons as stated in
the above note. Our opinion is not modified in respect of this matter.

c) We draw attention to Note 36 of the financial statements, where MAT Credit Entitlements have
been considered good, to be utilised by the Company based on the future business projections,
for the reason stated therein. Our opinion is not modified in respect of this matter.

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
the matter described below to be the key audit matters to be communicated in our report.

Key Audit Matter Response to Key Audit Matter

(a) Revenue Recognition Principal audit procedures performed:

Accounting policies: Assessed the

Revenue from sale of goods is recognized appropriateness of the Company’s revenue
upon transfer of risk and rewards associated recognition accounting policies, including
with the property in goods to the buyer and recognition and those related to trade spend by
is measured at the price at which the comparing with applicable accounting
Company expects to be entitled from a standards;
customer and are recorded net of product

claims and other pricing allowances to Control testing: Tested the effectiveness of the
customers including trade schemes design and Company’s control over the
(collectively “trade spend”). adequacy of provision of trade spends.

The judgements required by management to Tests of details: Obtained samples of sales
estimate trade spend accruals are complex transactions to verify collection in bank
due to diverse range of arrangements and statement to determine whether revenue has
commercial terms across the market. actually occurred and recorded accurately.

• Agreed a sample of trade spend accruals to
supporting documentation.

• Performed Trend analysis of utilization of
provision of trade spends with actual spends
passed to the customer.

• Performed substantive test by selecting
samples of revenue transactions recorded
during the year by testing the underlying
documents which included invoices, goods
dispatch notes, customer acceptances and
shipping documents, as applicable.

• Tested on a sample basis, specific revenue
transaction recorded before and after the
financial year-end date to determine whether
the revenue had been recognised in

appropriate financial period. Based on above procedures performed, no significant exception was noted by us in the revenue recognised by the company during the year. • Tested the relevant information technology system access and change management controls relating to information used in recorded sales.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include
standalone financial statements and our auditor’s report thereon.

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

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

Responsibilities of management and those charged with governance for the Standalone
Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Act with respect to the preparation of these standalone financial statements that give a true and fair
view of the financial position, financial performance, 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. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management 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 management 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.

Our objectives are to obtain reasonable assurance about whether the standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or 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 standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

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 paragraphs 3 and 4 of the Order, to
the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company

so far as it appears from our examination of those books.

(c) The standalone balance sheet, the standalone statement of profit and loss and the

standalone statement of cash flows dealt with by this Report are in agreement with the
books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting

Standards specified under Section 133 of the Act.

(e) The matter described under Material Uncertainty Related to Going Concern paragraph

above may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors, taken on record by

the Board of Directors, none of the directors is disqualified as on March 31, 2024, from
being appointed as a director in terms of Section 164(2) of the Act.

(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”.

(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 does not have any pending litigations which would impact its financial
position;

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended March 31,
2024.

iv. (a) The management has represented that, to the best of its knowledge and belief, as

disclosed in the notes to the accounts, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies),
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 (Refer
Note 44(vi) to the standalone financial statements);

(b) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries (Refer Note 44(vi) to the standalone financial
statements); and

(c) Based on such audit procedures that we 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 (a) and (b) contain any material
misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
is applicable from 1^st April, 2023.

Based on our examination which include test checks, the company has used
accounting software for maintaining its books of account, which have 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, the periods where audit trail (edit log) was enabled and operated throughout
the year, we did not come across any instance of the audit trail feature being tampered
with.

3. With respect to the other matters to be included in the Auditor’s Report in accordance 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 by 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 D. K. Parmanandka & Co.

Chartered Accountants

Firm Registration Number: 322388E
Sd/-

(Rahul Gupta)

Partner Place: Kolkata

Membership No.: 308981 Date: 30^th May, 2024

UDIN: 24308981BKEFCY3462