<p ><dhhead>Independent Auditors' Report</dhhead></b></p>

<p >To</p>

<p >The Shareholders of</p>

<p >DUTRON POLYMERS LIMITED </p>

<b>

<p >OPINION</b></p>

<p >We have audited the accompanying Standalone financial statements of

M/s. Dutron Polymers Limited (&quot;the Company&quot;) which comprises theBalance Sheet

as at 31st<b> </b>March 2022 the Statement of Profit and Loss statementof changes in

the Equity and statement of cash flows for the year then ended and notes to thefinancial

statements including a summary of significant accounting policies and otherexplanatory

information.</p>

<p >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 Act in the manner so required and give a true and fair viewin

conformity with the accounting principles generally accepted in India of the state of

affairs of the Company as at 31st March 2022 and profit/loss statement of change in

equity and its cash flows for the year ended on that date.</p>

<b>

<p >BASIS OF OPINION</b></p>

<p >We conducted our audit by the Standards on Auditing (SAs) specified

under section 143(10) of the Companies Act 2013. Our responsibilities under those

standards are further described in the Auditor's Responsibilities for the Audit of

the Financial Statements section of our report. We are independent of the Company in

accordance with the Code of Ethics issued by the Institute of Chartered Accountants of

India together with the ethical requirements that are relevant to our audit of the

financial statements under the provisions of the Companies Act 2013 and the Rules

thereunder and we have fulfilled our other ethical responsibilities in accordance with

these requirements and the Code of Ethics. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion. </p>

<b>

<p >KEY AUDIT MATTER </b></p>

<p >Key audit matters are those matters that in our professional judgment

were of most significance in our audit of the Standalone Financial Statements for the

financial year ended March 31 2022. 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. For each keymatter

our description of how our audit addressed the matter is provided in thatcontext.</p>

<p >We have determined that there are no key audit matters to be

communicated in our report.</p>

<p >We have fulfilled the responsibilities described in the Auditors'

responsibilities for the audit of the Standalone Financial Statements section of our

report including in relation to these matters. Accordingly our audit included the

performance of procedures designed to respond to our assessment of the risks ofmaterial

misstatement of the Standalone Financial Statements. Accordingly our audit includedthe

performance of procedure designed to respond to our risk of material mistaken of the

Standalone financial statements. The result of our audit procedure provides the basisfor

our audit opinion on the standalone financial statement.</p>

<b>

<p >INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS'

REPORT THEREON</b></p>

<p >The Company's Board of Directors is responsible for the other

information. The other information comprises the information included in the Annual

Report but does not include the Standalone Financial Statements and our auditors'

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 isto

read the other information and in doing so consider whether such other information is

materially inconsistent with the 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 informationwe

are required to report that fact. We have nothing to report in this regard.</p>

<b>

<p >RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS</b></p>

<p >The Company's Board of Directors is responsible for the matters

stated in section 134(5) of the Companies Act 2013 (&quot;the Act&quot;) withrespect to

the preparation of these standalone financial statements that give a true and fair viewof

the financial position financial performance (changes in equity)[iv] and cash flowsof

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 accordancewith

the provisions of the Act for safeguarding of the assets of the Company and forpreventing

and detecting frauds and other irregularities; selection and application of appropriate

implementation and maintenance of accounting policies; making judgments and estimatesthat

are </p>

<p >37 reasonable and prudent; and design implementation and maintenance

of adequate internal financial controls that were operating effectively for ensuringthe

accuracy and completeness of the accounting records relevant to the preparation and</p>

<p >presentation of the financial statement that give a true and fair view

and are free from material misstatement whether due to fraud or error.</p>

<p >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. The Board of Directors arealso

responsible for overseeing the company's financial reporting process</p>

<b>

<p >AUDITORS' RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STATEMENTS

</b></p>

<p >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 auditors' 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 FinancialStatements.</p>

<p >As part of an audit in accordance with SAS we exercise professional

judgement and maintain professional skepticism throughout the audit. We also:&#149;

Identify and assess the risks of material misstatement of the Standalone Financial

Statements whether due to fraud or error design and perform audit proceduresresponsive

to those risks and obtain audit evidence that is sufficient and appropriate to providea

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 internalcontrol.

&#149; Obtain an understanding of internal control relevant to the audit in orderto

design audit procedures that are appropriate in the circumstances. Under Section143(3)(i)

of the Act we are also responsible for expressing our opinion on whether the Companyhas

adequate internal financial controls with reference to financial statements in placeand

the operating effectiveness of such controls. </p>

<p >&#149; Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by management.&#149;

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 Auditors' Report to the

related disclosures in the Financial Statements or if such disclosures are inadequateto

modify our opinion. Our conclusions are based on the audit evidence obtained up to the

date of our auditors' report. However future events or conditions may cause the

Company to cease to continue as a going concern. &#149; Evaluate the overallpresentation

structure and content of the Standalone Financial Statements including thedisclosures

and whether the Standalone Financial Statements represent the underlying transactionsand

events in a manner that achieves fair presentation. We communicate with those chargedwith

governance regarding among other matters the planned scope and timing of the auditand

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 regardingindependence

and to communicate with them all relationships and other matters that may reasonably be

thought to bear on our independence and where applicable le related safeguards. Fromthe

matters communicated with those charged with governance we determine those mattersthat

were of most significance in the audit of the Standalone Financial Statements for the

financial year ended 31st March 2022 and are therefore the key audit matters. Wedescribe

these matters in our auditors' report unless law or regulation precludes public

disclosure about the matter or when in extremely rare circumstances we determine thata

matter should not be communicated in our report because the adverse consequences ofdoing

so would reasonably be expected to outweigh the public interest benefits of such

communication. </p>

<b>

<p >REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS</b></p>

<p >As required by the Companies (Auditor's Report) Order 2016

(&quot;the Order&quot;) issued by the Central Government of India in terms ofsub-section

(11) of section 143 of the Companies Act 2013 we give in the &#145;Annexure - A'a

statement on the matters specified in paragraphs 3 and 4 of the Order to the extent

applicable.</p>

<p >As required by Section 143(3) of the Act we report that:</p>

<p >We have sought and obtained all the information and explanations which

to the best of our knowledge and belief were necessary for our audit. a. In ouropinion

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 b. The Balance Sheet the Statement ofProfit

and Loss Statement of Changes in Equity and the Cash Flow Statement dealt with by this

Report are in agreement with the books of account. c. In our opinion those above

standalone financial statements comply with the Accounting Standards specified under</p>

<p >Section 133 of the Act read with Rule 7 of the Companies (Accounts)

Rules 2014. d. Based on the written representations received from the directors as on

31st March 2022 taken on record by the Board of Directors none of the directors is

disqualified as on 31st March 2022 from being appointed as a director in terms ofSection

164 (2) of the Act. e. Concerning the adequacy of the internal financial controls over

financial reporting of the Company and the operating effectiveness of such controlsrefer

to our separate Report in &quot;Annexure B&quot;. f. Concerning the othermatters to be

included in the Auditor's Report by Rule 11 of the Companies (Audit and Auditors)</p>

<p >Rules 2014 in our opinion and to the best of our information and

according to the explanations given to us:</p>

<p >1. The Company does not have any pending litigations which would impact

its financial position.</p>

<p >2. The Company did not have any long-term contracts including

derivative contracts for which there were any foreseeable material losses. </p>

<p >3. There has been no delay in transferring amounts required to be

transferred to the Investor Education and Protection Fund by the Company. </p>

<table CELLSPACING="0" BORDER="0" WIDTH="100%"cellpadding="2">

<tr>

<td ></td>

<td ALIGN="RIGHT"><b>FOR MANTHAN M SHAH &amp;ASSOCIATES</b></td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT">Chartered Accountants</td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT"><b>MANTHAN SHAH</b></td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT">Proprietor</td>

</tr>

<tr>

<td >Place:<b> Ahmedabad</b></td>

<td ALIGN="RIGHT">Membership No. 150534</td>

</tr>

<tr>

<td >Date: <b>23rd May 2022</b></td>

<td ALIGN="RIGHT">Firm Reg. No. 145136W</td>

</tr>

<tr>

<td >UDIN: 22150534AJLWIK813</td>

<td ></td>

</tr>

</table>

<b>

<p >Annexure - A to Independent Auditors' Report under CARO2016</b></p>

<p >1. (a) The Company has maintained proper records showing full

particulars including quantitative details and situation of Plant property and

Equipments. </p>

<p >(b) The Company has a regular programme for physical verification in a

phased periodic manner which in our opinion is reasonable having regards to the sizeof

the Company and the nature of its assets. No material discrepancies were noticed onsuch

verification. </p>

<p >(c) According to information and explanations given by the management

the title deeds/lease deeds of immovable properties included in Property Plant and

Equipments are held in the name of the Company. </p>

<p >(d) The Company has not revalued Property Plant and Equipments or

intangible assets during the year.</p>

<p >(e) According to information and explanations given by the management

No proceeding has been initiated or pending against the company for holding anyproperty

under the Benami Transactions (Prohibition) Act 1988 or rules madethereunder.</p>

<p >2. (a) The management has conducted physical verification of inventory

at reasonable intervals during the year and no material discrepancies were noticed on

such physical verification. </p>

<p >(b) During any time of the year the Company does not have sanctioned

working capital limit in excess of Rupees Five Crore in aggregate from banks orfinancial

institutions on the basis of security of current assets. </p>

<p >3. The Company has not made any investments or provided guarantee or

security or granted loans to Companies Partnership Firms LLP or any other party or

promoters or related parties as defined under Section 2(76) of Companies Act 2013.</p>

<p >4. In our opinion and according to the information and explanations

provided to us provisions of section 185 and 186 of the Companies Act 2013 and inrespect

of loans to directors including entities in which they are interested and in respect of

loans and advances given investments made and guarantees and securities given havebeen

complied with by the Company. </p>

<p >5. The Company has not accepted any deposits within the meaning of

Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as

amended). Accordingly the provisions of clause 3(v) of the Order do not apply to the

Company. </p>

<p >6. We have broadly reviewed the books of account maintained by the

Company pursuant to the rules made by the Central Government for the maintenance ofcost

records under section 148(1) of the Companies Act 2013 related to the manufacturing

activities and are of the opinion that prima facie the specified accounts and records

have been made and maintained. We have not however made a detailed examination of the

same. </p>

<p >7. (a) The Company is generally regular in depositing with appropriate

authorities undisputed statutory dues including Provident Fund Employees' State

Insurance Income-Tax Sales-Tax Goods and Services Tax Service Tax Duty of Custom

Duty of Excise Value Added Tax Cess and Other Statutory Dues applicable to it.</p>

<p >(b) According to the information and explanations provided to us no

undisputed amounts payable in respect of Provident Fund Employees' State Insurance

Income-Tax Service Tax Sales-Tax Goods and Services Tax Duty of Custom Duty of

Excise Value Added Tax Cess and Other Statutory Dues were outstanding at the yearend

for a period of more than six months from the date they became payable. </p>

<p >8. No transactions recorded in the books of account have been

surrendered or disclosed as income during the year in the tax assessments under theIncome

Tax Act 1961 </p>

<p >9. (a) In our opinion and according to the information and explanations

provided by the management the Company has not defaulted in repayment of loans or

borrowing to a financial institution bank or government or dues to debentureholders.</p>

<p >(b) In our opinion and according to the information and explanations

provided by the management the Company has not been declared as wilful defaulter byany

bank or financial institution or any other lender. </p>

<p >10. In our opinion and according to the information and explanations

provided by the management the Company has utilised the monies raised by way of debt

instruments and term loans for the purposes for which they were raised. </p>

<p >11. (a) Based upon the audit procedures performed for the purpose of

reporting the true and fair view of the Financial Statements and according to the

information and explanations provided by the management we report that no fraud by the

Company or no fraud on the Company by the officers and employees of the Company hasbeen

noticed or reported during the year.</p>

<p >(b) The Auditor has not filed any report under sub-section (12) of

section 143 of the Companies Act in Form ADT-4 as prescribed under rule 13 of Companies

(Audit and Auditors) Rules 2014 with the Central Government. </p>

<p >(c) The Auditor has not received any whistle blower complaint during

the year. </p>

<p >12. In our opinion the Company is not a Nidhi Company. Therefore the

provisions of clause 3(xii) of the Order do not apply to the Company and hence not

commented upon. </p>

<p >13. According to the information and explanations provided by the

management transactions with the related parties comply with section 177 and 188 of

Companies Act 2013 where applicable and the details have been disclosed in theFinancial

Statements as required by the applicable accounting standards.</p>

<p >14. (a) The Company has an internal audit system commensurate with the

size and nature of business of the Company. </p>

<p >(b) The reports of internal auditors were considered by the statutory

auditor of the company. </p>

<p >15. According to the information and explanations provided by the

management the Company has not entered into any non-cash transactions with directorsor

persons connected with him as referred to in section 192 of Companies Act 2013.</p>

<p >16. According to the information and explanations provided to us the

provisions of section 45-IA of the Reserve Bank of India Act 1934 do not apply to the

Company.</p>

<p >17. The Company has not incurred cash losses during the financial year

and in the immediately preceding financial year.</p>

<p >18. There is no resignation of the Statutory Auditor during theyear.</p>

<p >19. On the basis of the financial ratios ageing and expected dates of

realization of financial assets and payment of financial liabilities other information

accompanying the financial statements the auditor's knowledge of the Board of

Directors and management plans we are of the opinion that no material uncertaintyexists

as on the date of the audit report that company is capable of meeting its liabilities

existing at the date of balance sheet as and when they fall due within a period of one

year from the balance sheet date </p>

<p >20. Provisions of Section 135(5) of Companies Act 2013 are not

applicable to the company. </p>

<p >21. The Consolidated financial statements are not applicable to the

company. </p>

<table CELLSPACING="0" BORDER="0" WIDTH="100%"cellpadding="2">

<tr>

<td ></td>

<td ></td>

<td ALIGN="RIGHT"><b>FOR MANTHAN M SHAH &amp;ASSOCIATES</b></td>

</tr>

<tr>

<td ></td>

<td ></td>

<td ALIGN="RIGHT">Chartered Accountants</td>

</tr>

<tr>

<td ></td>

<td ></td>

<td ALIGN="RIGHT"><b>MANTHAN SHAH</b></td>

</tr>

<tr>

<td ></td>

<td ></td>

<td ALIGN="RIGHT">Proprietor</td>

</tr>

<tr>

<td >Place: <b>Ahmedabad</b></td>

<td ></td>

<td ALIGN="RIGHT">Membership No. 150534</td>

</tr>

<tr>

<td >Date: <b>23rd May 2022</b></td>

<td ></td>

<td ALIGN="RIGHT">Firm Reg. No.145136W</td>

</tr>

<tr>

<td >UDIN: 22150534AJLWIK813</td>

<td ></td>

<td ></td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT">41</td>

<td ></td>

</tr>

</table>

<b>

<p >Annexure - B to Independent Auditors' Report on Internal Financial

Controls</b></p>

<p >[Under Clause (i) of Sub-section 3 of Section 143 of the Companies Act

2013 (&quot;the Act&quot;)]</p>

<p >We have audited the internal financial controls over financial

reporting of Dutron Polymers Limited (&quot;the Company&quot;) as of 31stMarch 2022 in

conjunction with our audit of the financial statements of the Company for the yearended

on that date.</p>

<b>

<p >MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS</b></p>

<p >The Company's management is responsible for establishing and

maintaining internal financial controls based on the internal control over financial

reporting criteria established by the Company considering the essential components of

internal controls stated in the Guidance Note on Audit of Internal Financial Controlsover

Financial Reporting issued by the Institute of Chartered Accountants of India. These

responsibilities include the design implementation and maintenance of adequateinternal

financial controls that were operating effectively for ensuring the orderly andefficient

conduct of its business including adherence to company's policies the safeguarding

of its assets the prevention and detection of frauds and errors the accuracy and

completeness of the accounting records and the timely preparation of reliablefinancial

information as required under the Companies Act 2013.</p>

<b>

<p >AUDITORS' RESPONSIBILITY </b></p>

<p >Our responsibility is to express an opinion on the Company's internal

financial controls over financial reporting based on our audit. We conducted our auditin

accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial

Reporting (the &quot;Guidance Note&quot;) and the Standards on Auditing issuedby ICAI

and deemed to be prescribed under section 143(10) of the Companies Act 2013 to the

extent applicable to an audit of internal financial controls both applicable to anaudit

of Internal Financial Controls and both issued by the Institute of CharteredAccountants

of India. Those Standards and the Guidance Note require that we comply with ethical

requirements and plan and perform the audit to obtain reasonable assurance aboutwhether

adequate internal financial controls over financial reporting was established and

maintained and if such controls operated effectively in all materialrespects.</p>

<p >Our audit involves performing procedures to obtain audit evidence about

the adequacy of the internal financial controls system over financial reporting andtheir

operating effectiveness. Our audit of internal financial controls over financialreporting

included obtaining an understanding of internal financial controls over financial

reporting assessing the risk that a material weakness exists and testing andevaluating

the design and operating effectiveness of internal control based on the assessed risk.The

procedures selected depend on the auditor's judgment including the assessment of the

risks of material misstatement of the financial statements whether due to fraud orerror.</p>

<p >We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for my /our audit opinion on the Company's internal

financial control system over financial reporting.</p>

<b>

<p >MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING</b></p>

<p >A company's internal financial control over financial reporting is a

process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes inaccordance

with generally accepted accounting principles. A company's internal financial controlover

financial reporting includes those policies and procedures that </p>

<p >1. pertain to the maintenance of records that in reasonable detail

accurately and fairly reflect the transactions and dispositions of the assets of the

company; 2. provide reasonable assurance that transactions are recorded as necessary to

permit preparation of financial statements in accordance with generally accepted

accounting principles and that receipts and expenditures of the company are being made

only in accordance with authorizations of management and directors of the company; and</p>

<p >3. Provide reasonable assurance regarding prevention or timely

detection of unauthorized acquisition use or disposition of the company's assets that

could have a material effect on the financial statements.</p>

<b>

<p >INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL

REPORTING </b></p>

<p >Because of the inherent limitations of internal financial controls over

financial reporting including the possibility of collusion or improper management

override of controls material misstatements due to error or fraud may occur and not be

detected. Also projections of any evaluation of the internal financial controls over

financial reporting to future periods are subject to the risk that the internalfinancial

control over financial reporting may become inadequate because of changes inconditions

or that the degree of compliance with the policies or procedures maydeteriorate.</p>

<b>

<p >OPINION </b></p>

<p >In our opinion the Company has in all material respects an adequate

internal financial control system over financial reporting and such internal financial

controls over financial reporting were operating effectively as at 31st March 2022based

on the internal control over financial reporting criteria established by the Company

considering the essential components of internal control stated in the Guidance Note on

Audit of Internal Financial Controls Over Financial Reporting issued by the Instituteof

Chartered Accountants of India.</p>

<table CELLSPACING="0" BORDER="0" WIDTH="100%"cellpadding="2">

<tr>

<td ></td>

<td ALIGN="RIGHT"><b>FOR MANTHAN M SHAH &amp;ASSOCIATES</b></td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT">Chartered Accountants</td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT"><b>MANTHAN SHAH</b></td>

</tr>

<tr>

<td ></td>

<td ALIGN="RIGHT">Proprietor</td>

</tr>

<tr>

<td >Place:<b> Ahmedabad</b></td>

<td ALIGN="RIGHT">Membership No. 150534</td>

</tr>

<tr>

<td >Date: <b>23rd May 2022</b></td>

<td ALIGN="RIGHT">Firm Reg. No. 145136W</td>

</tr>

<tr>

<td >UDIN: 22150534AJLWIK813</td>

<td ></td>

</tr>

</table>

<b>

<p >