Auditor Report of Uma Converter Ltd.

Mar 31, 2025

We have audited the accompanying Finaneial Statements of UMA CONVERTER

which comprise of the Balance Sheet as at March 31, 2025 and the statement of profit and loss (including Othe
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then
ended and a summary of significant accounting policies and other explanatory information (hereinafter lefened

to as “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 ) m the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed undei
section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ( lnd
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31
March 2025, and its profit, total comprehensive income, its cash flows and the changes in equity 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 specified under
section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditoi s
Responsibility 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 requi rements that are relevant to our audit of the Financial Statem ents 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 ICAF 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 m 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.

We have determined the matters described below to be the key audit matters to be commumcateu in om lepei i^
Kev Audit Matters	How our audit addressed the key audit matter
Revenue recognition Company’s revenue is derived primarily from sale of goods. Revenue from sale of goods is recognised when control of the products being sold is transferred to the customer and there are no longer any unfulfilled performance obligations. The performance obligations in the contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance on customer terms. // |(?(fRN:11326T \\ ^ V—- - ~	In this regard, our audit procedures included: Assessing the appropriateness of the accounting policy for revenue recognition with relevant accounting standards; Evaluating the design and implementation of the Company’s key internal financial controls in relation timing of revenue recognition and tested the wWating effectiveness of such controls for selected ^samples H ''* f *7 IS ........—1

Inappropriate assessment could lead to risk of revenue	Performing detailed testing by selecting samples of
being recognized before transfer of control.	revenue transactions recorded during the year and around the year end date using statistical sampling.
In view of the above and since revenue is a key	We assessed fulfilment of performance obligations
performance indicator of the Company, we have	during the year by verifying the underlying
identified timing of revenue recognition from sale of	documents. These documents included contract
goods as a key audit matter.	specifying ''terms of sale, invoices, goods dispatch notes, customer acceptances and shipping documents; Testing, on a sample basis using specified risk based criteria, journal entries affecting revenue recognised during the year to identify unusual items.
Valuation of Inventories	In this regard, our audit procedures included:
The Company is a plastic packing materials	Assessing the appropriateness of the accounting
manufacturer and the inventory primarily comprises of	policy for inventories with relevant accounting
plastic, granules, film, paper roll, printed film and pouches. Inventories are valued at lower of cost and net	standards:
realisable value. The Company maintains its inventory	Evaluating the design and implementation of the
levels based on forecast demand and expected future	Company’s key internal financial controls over
selling prices. There is a risk of inventories being	valuation of inventories and testing the operating
measured at values which are not representative of the lower of costs and net realisable value (‘NRV’)	effectiveness of such controls for selected samples; Observing the physical verification of inventory on a
The Company exercises high degree of judgment in	sample basis. In this regard, we have considered the
assessing the NRV of the inventories on account of	physical condition of inventory by way of
estimation of future market and economic conditions.	obsolescence or wear and tear, wherever relevant and
The carrying value of inventories is material in the	applicable, in determining the valuation of such
context of total assets of the Company. We identified the	inventory.
valuation of inventories as a key audit matter.	For NRV testing, selecting inventory items, on a sample basis at reporting date and compared their carrying value to their subsequent selling prices as indicated in sales invoices subsequent to the reporting date.

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 obtained at the
date of this auditor’s report is information included in the Directors’ Report including the Annexures to the
Directors’ report, 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 on the other information that we obtained prior to the date of this
auditor’s report, 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.

Management’s Responsibility for the Financial Statements '' i

The Company’s Board of Directors is responsible for the matt#^mted in^^Ln 134(5) of the Act with respect
to the preparation of these financial statements that give a tri|e''J^^^|j2|^/|)| the financial position, financial
performance including other comprehensive income, cash in equity of the Company in

accordance with the Ind AS and other accounting principles generally accepted in India. 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 statement 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 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 Responsibility 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 wi|l 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
scepticism throughout the audit. We also:

i) 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.

ii) 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 system in place and
the operating effectiveness of such controls. •

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

iv) 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.

v) 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 qualitaji^^^^m (i| planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evima^ertlTff^>^^lkof any identified misstatements in the
Financial Statements. f/''Mi __Aol *

!\ oA—^J uT7 7 I

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.

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

of India in tenns of sub-section (11) of the section 143 of the Act, we give in the Annexure “A”, a statement

on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the 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 including Other Comprehensive Income, Statement of
Changes in Equity and Statement of Cash Flow dealt with by this Report are in agreement with the books
of account;

(d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified
under Section 133 of the Act read with relevant rules issued there under

(e) On the basis of written representations received from the directors as on March 31, 2025 and 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 over financial reporting of the Company
and the operating effectiveness of such control, refer to our separate report in the Annexure-B . Our report
expresses an unmodified opinion.

(g) With respect to the 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 / provided 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 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 the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financial position in its Financial
Statements.

ii. The company has made provision, as req^^^E^the; applicable law or IND AS, for material
foreseeable losses, if any, on long term (^^t^ets~nt<^^ng^: derivative contracts.

//*¦§*/ \«T»\

/ -A p v|

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, to the 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:

• directly 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, to the financial

statements, 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 Parties 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
h(iv) (a) & (b) contain any material mis-statement.

v. The Company has not declared any dividend during the year.

vi. Based on our examination which included test checks, the Company has used 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. Flowever,
the audit trail feature is not enabled for certain direct changes to data when using certain access rights
and at the database level for the accounting software, as described in note to the financial statements.
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 Jain Chowdhary & Co.,

Chartered Accountants
Firm Registration No.ll3267W

(CATHitesh Salecha) U\(.- ___

Partner u -y '' )j

. M. No. 147413 - /

UDIN: ''

Place: Ahmedabad
Date: 29th May, 2025

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Mar 31, 2024

We have audited the accompanying Financial Statements of UMA CONVERTER LIMITED (“the Company"), which comprise of the Balance Sheet as at March 31, 2024 and the statement of profit and loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “ 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“ind AS¹'') and other accounting principles generally accepted in india, of the state of affairs of the Company as at 31 March 2024, and its profit, total comprehensive income, its cash flows and the changes in equity 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 specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibiiity 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 thereunder, and we have fulfilled our other ethicai responsibilities in accordance with these requirements and the ICAE’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 Finaaejal Statements.

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 opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be

communicated in our report.

Key Audit Matters	How our audit addressed the key audit matter
Revenue recognition	In this regard, our audit procedures included:
Company’s revenue is derived	Assessing the appropriateness of
primarily from sale of goods.	the accounting policy for revenue
Revenue from sale of goods is	recognition with relevant accounting
recognised when control of the products being sold is transferred to the customer and	standards;
there are no longer any	Evaluating the design and
unfulfilled performance	implementation of the Company''s
obligations. The performance	key internal financial controls in
obligations in the contracts are	relation to timing of revenue
fulfilled at the time of dispatch,	recognition and tested the operating
delivery or upon formal customer	effectiveness of such controls for
acceptance depending on customer terms.	selected samples
Inappropriate assessment could	Performing detailed testing by
lead to risk of revenue being	selecting samples of revenue
recognized before transfer of	transactions recorded during the
control.	year and around the year end date using statistical sampling. We assessed fulfilment of performance
in view of the above and since	obligations during the year by
revenue is a key performance	verifying the underlying documents.
indicator of the Company, we	These documents included contract
have identified timing of revenue	specifying terms of sale, invoices,
recognition from sale of goods	goods dispatch notes, customer
as a key audit matter.	acceptances and shipping documents; If Iran : 117340Vm*1 j -

Valuation of Inventories	Testing, on a sample basis using specified risk based criteria, journal entries affecting revenue recognised during the year to identify unusual items. In this regard, our audit procedures
The Company is a plastic	included: Assessing the appropriateness of
packing materials manufacturer	the accounting policy for
and the inventory primarily	inventories with relevant
comprises of plastic, granules,	accounting standards:
film, paper roll, printed film and pouches, inventories are valued at lower of cost and net	Evaluating the design and
reaiisable value. The Company	implementation of the Company’s
maintains its inventory levels	key internal financial controls over
based on forecast demand and	valuation of inventories and testing
expected future selling prices.	the operating effectiveness of such
There is a risk of inventories	controls for selected samples;
being measured at values which are not representative of the lower of costs and net realisable	Observing the physical verification
value (’NRV’)	of inventory on a sample basis. In
The Company exercises high	this regard, we have considered the physical condition of inventory by
degree of judgment in assessing	way of obsolescence or wear and
the NRV of the inventories on	tear, wherever relevant and
account of estimation of future	applicable, in determining the
market and economic	valuation of such inventory.
conditions. The carrying value of inventories is material in the context of total assets of the	For NRV testing, selecting inventory
Company. We identified the	items, on a sample basis at
valuation of inventories as a key	reporting date and compared their
audit matter.	carrying value to their subsequent
	selling prices as indicated in sales invoices subsequent to the reporting date.

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 obtained at the date of this auditor’s report is information included in the Directors’ Report including the Annexures to the Directors’ report, 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 on the other information that we obtained prior to the date of this auditor''s report, 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.

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 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, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 statement 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 is responsible for assessing the Company’s ability to continue as a going concern^disciosing, as applicable, matters related to going concern and using the going concerfi''ijasls of accounting unless management either intends to liquidate the Company qr₇±q^pease operations, or has no realistic alternative but to do so. viol mmedubad JgJf

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibility 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 scepticism throughout the audit. We also:

i) 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 materia! 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,

ii) 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 system in place and the operating effectiveness of such controls.

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

iv) 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 ootained. u''p.ip the date of our auditor’s report. However, future events or conditions may cause the''Company to cease to continue as a going concern.

v) 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.

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 of India in terms of sub-section (11) of the section 143 of the Act, we give in the Annexure "A”, a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 exarhinarcn of these books;

f fenf \. u

(c) The balance sheet, the Statement of profit and loss including Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flow dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with relevant rules issued there under

(e) On the basis of written representations received from the directors as on March 31, 2024 and 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.

(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such control, refer to our separate report in the Annexure-B . Our report expresses an unmodified opinion.

(g) With respect to the 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 / provided 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 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 the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financial

position in its Financial Statements.

ii. The company has made provision, as required under the applicable law or IND

AS, for material foreseeable losses, if any, on iong term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

tv. a. The management has represented that, to the best of its knowledge and belief, to the 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 ggrsbns or entities, including foreign entities (Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary sh al!ahedVbad L?|s

r\ /M''/

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“UJtimate 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, to the financial statements, 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 Parties 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 h(iv) (a) & (b) contain any material mis-statement.

v. The Company has not declared any dividend during the year.

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit iog) facility and the same has operated throughout the year for all relevant transactions recorded in the software. However, the audit trail feature is not enabled for certain direct changes to data when using certain access rights and at the database level for the accounting software, as described in note to the financial statements. 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 BHANWAR JAIN & CO.,

Chartered Accountants.

Firm Registration No.117340W

(B. M. JAIN) \a9

Proprietor.

M. No. 34943

Ahmedabad: 16th May, 2024.

U0lAJ;2«34^4-3BKFAyS4«?? ₇₇

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Mar 31, 2023

We have audited the accompanying Financial Statements of LIMA CONVERTER LIMITED (“the Company”), which comprise of the Baiance Sheet as at March 31, 2023 and the statement of profit and loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “ 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 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 March 2023, and its profit, total comprehensive income, its cash flows and the changes in equity 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 specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibility 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 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 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 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.

We have determined the matters described below to be the key audit matters to be communicated in our reoort.

Key Audit Matters	How our audit addressed the key audit matter
Revenue recognition	In this regard, our audit procedures included:
Company''s revenue is derived	Assessing the appropriateness of
primarily from sale of goods.	the accounting policy for revenue
Revenue from sale of goods is	recognition with relevant accounting
recognised when control of the products being sold is transferred to the customer and	standards;
there are no longer any	Evaluating the design and
unfulfilled performance	implementation of the Company’s
obligations. The performance	key internal financial controls in
obligations in the contracts are	relation to timing of revenue
fulfilled at the time of dispatch,	recognition and tested the operating
delivery or upon formal customer	effectiveness of such controfs for
acceptance depending on customer terms.	selected samples
Inappropriate assessment could	Performing detailed testing by
lead to risk of revenue being	selecting samples of revenue
recognized before transfer of	transactions recorded during the
control.	year and around the year end date using statistical sampling We assessed fulfilment of performance
In view of the above and since	obligations during the year by
revenue is a key performance	verifying the underlying documents.
indicator of the Company, we	These documents included contract
have identified timing of revenue	specifying terms of sale, invoices,
recognition from sale of goods	goods dispatch notes, customer
as a key audit matter.	acceptances and shipping documents; I fa/ Y?\\ In (F.R.n.in340Wj*u. tU MMEPHftD M_

Valuation of Inventories

The Company is a plastic packing materials manufacturer and the inventory primarily comprises of plastic, granules, film, paper roll, printed film and pouches. Inventories are valued at lower of cost and net realisable value. The Company maintains its inventory levels based on forecast demand and expected future selling prices. There is a risk of inventories being measured at values which are not representative of the lower of costs and net realisable value (‘NRV’)

The Company exercises high degree of judgment in assessing the NRV of the inventories on account of estimation of future market and economic conditions. The carrying value of inventories is material in the context of total assets of the Company. We identified the valuation of inventories as a key audit matter.

Testing, on a sample basis using specified risk based criteria, journal entries affecting revenue recognised during the year to identify unusual items.

In this regard, our audit procedures included:

Assessing the appropriateness of the accounting policy for inventories with relevant accounting standards:

Evaluating the design and implementation of the Company’s key internal financial controls over valuation of inventories and testing the operating effectiveness of such controls for selected samples;

Observing the physical verification of inventory on a sample basis. In this regard, we have considered the physical condition of inventory by way of obsolescence or wear and tear, wherever relevant and applicable, in determining the valuation of such inventory.

For NRV testing, selecting inventory items, on a sample basis at reporting date and compared their carrying value to their subsequent selling prices as indicated in sales invoices subsequent to the reporting date.

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 obtained at the date of this auditor’s report is information included in the Directors'' Report including the Annexures to the Directors'' report, 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 on the other information that we obtained prior to the date of this auditor’s report, 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.

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 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, cash flows and changes In equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 statement 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 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. (W

(I* [F.R.N. :117340W] *|J.

AHAVDABAD )y>H

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibility 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 scepticism throughout the audit. We also:

i) 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.

ii) 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 system in place and the operating effectiveness of such controls.

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

iv) 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 conciusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditioti^ma^^ause the Company to cease to continue as a going concern, ((«>/

^a f * F.R.M,: UTMOWW .

v) 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.

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 of India in terms of sub-section (11) of the section 143 of the Act, we give in the Annexure “A”, a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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;

lUfF.R.N.: 11T340W|*1|.

>1 I .imAiriin L-Jl

(c) The balance sheet, the Statement of profit and loss including Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Row dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with relevant rules issued there under

(e) On the basis of written representations received from the directors as on March 31, 2023 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 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 over financial reporting of the Company and the operating effectiveness of such control, refer to our separate report in the Annexure-B . Our report expresses an unmodified opinion.

(g) With respect to the 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 / provided 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 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 the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financial

position in its Financial Statements.

ii. The company has made provision, as required under the applicable law or IND

AS, for material foreseeable losses, if any, on long term contracts including derivative contracts.

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, to the 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 oM entities, including foreign entities (‘‘Intermediaries"), with the understanding)©^

whether recorded in writing or otherwise, that the Intermediary shatJ:

vv''S.V A /kll

• directly 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, to the financial statements, 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 Parties 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-ciause h(iv) (a) & (b) contain any material mis-statement.

v. The Company has not declared any dividend during the year.

For BHANWAR JAIN & CO.,

Chartered Accountants.

Firm Registratfon No.117340W

(B. M. JAIN) O''

Partner.

M. No. 34943

Ahmedabad: 15th May, 2023.

U D 2M ’ 2.3034B43B