RG & Associates Chartered Accountants #13-6-463/A/6 Ashok Vihar ColonyHyderabad-500067

1. Opinion

We have audited the accompanying financial statements of Bio Green Papers Limited("the Company") which comprises the Balance Sheet as at March 31 2019 theStatement of Profit and Loss the Cash Flow statement and Changes in Equity for the yearended and summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Accounting Standards prescribed under section 133 of theAct read with the Companies (Accounting Standards) Rules 2006 as amended("AS") and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2019 the Loss and its cash flows for the yearended on that date.

2. Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion

3. Key Audit Matters:

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial Statements of the current period. These matterswere addressed in the context of our audit of the Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

4. Other information - Board of Directors' Report

A. The Company's Board of Directors is responsible for the preparation and presentationof its report (herein after called as "Board Report") which comprises variousinformation included in the management discussion and Analysis Board's Report IncludedAnnexures to Board's Report required under section 134(3) of the Companies Act 2013 butdoes not include the financial statements and our auditor's report there on. Our opinionon the financial statements does not cover the Board Report and we do not express any formof assurance conclusion thereon.

B. In connection with our audit of the financial statements our responsibility is toread the Board Report and in doing so consider whether the Board Report is materiallyinconsistent with the financial statements or our knowledge obtained during the course ofour audit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement in this Board Report. We arerequired to report that fact. We have nothing to report in this regard.

5. Management's Responsibility for the Financial Statements

A. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Financial Statements that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

B. In preparing the Financial Statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

C. The Board of Directors are responsible for overseeing the Company's financialreporting process.

6. Auditor's Responsibilities for the Audit of the Financial Statements

A. Our objectives are to obtain reasonable assurance about whether the FinancialStatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are

considered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of theseFinancial Statements.

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

I. Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

II. Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the Company's internal control systems.

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

IV. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern

V. Evaluate the overall presentation structure and content of the FinancialStatements including the disclosures and whether the Financial Statements represent theunderlying transactions and events in a manner that achieves fair presentation

C. Materiality is the magnitude of misstatements in the Financial Statements thatindividually orin aggregate makes it probable that the economic decisions of a reasonablyknowledgeable user of the Financial Statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements in the Financial Statements.

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

E. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

6. Report on Other Legal and Regulatory Requirements:

1. As required by the Companies(Auditor's Report) Order 2016 (the Order) issued by theCentral Government of India in terms of sub-section(ll) of section 143 of the Act we givein the annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder 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 bestof

our knowledge and belief were necessary for the purpose of our audit;

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

Company so far as appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt

with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow

Statement comply with the Accounting standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31st March

2019 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164(2) of the Act.

f) In our opinion the provisions of Section 143(3)(i) with regard to opinion oninternal

financial controls with reference to financial statements and operating effectivenessof such controls is not applicable to the company.

g) With respect to the other matters included in the Auditor's Report in accordancewith

Rule 11 of the companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

> The Company does not have any pending litigations which would impact its financialposition.

> The Company does not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

There were no amounts which are required to be transferred to the Investor Educationand protection fund by the company.

The Annexure referred to in our Independent Auditor's Report to the members of thecompany on the financial statements for the year ended March 31 2019 we report that:

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The Company has a regular program of physical verification of its fixed assets andin our opinion the frequency of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies were noticedon such verification.

2. a) The Inventory has been physically verified during the year and in our opinionthe frequency of verifications is reasonable

b) In our opinion the procedures of the physical verification of inventory followed bythe Management are reasonable and adequate in relation of the size of the Company and Thenature of its business. However company need to take some more procedures to Improveinventory controls

c) The Company is maintaining proper records of inventory and as explained to us therewas no material discrepancies noticed on such verification of stocks as compared to bookrecords.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013. Therefore requirements of clauses (a) (b) of paragraph 3(iii) of the order arenot applicable.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. The company has not accepted any deposits from Public.

6. The Central Government has not prescribed the maintenance of cost record undersection 148(1) of the Companies Act 2013.

7. (a) According to the records of the company and explanations given to us and on thebasis of our examination of the records of the company undisputed statutory duesincluding Profession Tax Provident Fund Goods and Service Tax and other materialstatutory dues applicable to it have been regularly deposited with the appropriateauthorities. Further as

explained to us no undisputed statutory dues were in arrears as at 31st March 2019 fora period of more than 6 months from the date they become payable.

(b) According to the information and explanation given to us there are no dues ofProfession Tax Provident Fund Goods and Service Tax expect income-tax which have notbeen deposited on account of any dispute.

8. The Company has not defaulted in repayment of borrowings from FinancialInstitutions/ Banks. The Company does not have any borrowings from Government or DebentureHolders.

9. The Company has not raised any monies by way of any Public Offer or has not takenany Term Loans during the year under review.

10. Based on the audit procedures performed and information and explanations given tous by the management we report that no fraud on or by the company has been noticed orreported during the course of our audit.

11. The Managerial remuneration paid/provided by the company is in accordance withCompanies Act 2013.

12. The Company is not a Nidhi Company

13. The transactions with related parties are in compliance with the provisions ofsection 177 and 188 of the Companies Act2013 and the details have been disclosed in theFinancial Statements as required by the applicable Accounting Standards.

14. The Company has not made any preferential allotment or the Company made privateplacement of shares by way of Investment in another Company or Debentures during the yearunder review.

15. The Company has not entered into any non-cash transactions with its Directors orpersons connected with them.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.