</p>
<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 ("the Company") 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 ("the Act") 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:•
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.
• 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 >• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by management.•
Conclude on the appropriateness of management's use of the going concern basis of
accounting and based on the audit evidence obtained whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the
Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists we are required to draw attention in our 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. • 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
("the Order") issued by the Central Government of India in terms ofsub-section
(11) of section 143 of the Companies Act 2013 we give in the ‘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 "Annexure B". 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 &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 &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 ("the Act")]</p>
<p >We have audited the internal financial controls over financial
reporting of Dutron Polymers Limited ("the Company") 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 "Guidance Note") 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 &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 >