TO THE MEMBERS OF POLYMAC THERMOFORMERS LIMITED

REPORT ON THE FINANCIAL STATEMENTS:

We have audited the accompanying financial statements of POLYMAC THERMOFORMERS LIMITED(“the Company”) which comprise the Balance Sheet as at 31^st March2022 Statement of Profit & Loss A/c and Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

OPINION:

In our opinion and to the best of our information and according to the explanationgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

a. In the case of the Balance Sheet of the state of affairs of the company as at March31^st 2022;

b. In the case of the Statement of Profit & Loss Account of the Profit of thecompany for the year ended on that date.

c. In the case of the Cash Flow Statement of the cash flows of the company for theyear ended on that date.

BASIS FOR 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 ofFinancial statements section of our report. We are independent of the company inaccordance of the Code of Ethics issued by the Institute of Chartered Accountants of Indiatogether with the ethical requirements that are relevant to our audit of the financialstatements under the provisions of the Companies Act 2013 and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are responsible and prudent; anddesign implementation and maintenance of internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY:

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS:

(1) As required by the Companies (Auditor's Report) Order 2020 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the “Annexure A” a statement on the matters specified in theparagraph 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 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 thecompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit & Loss Account and the cash flowstatement dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the Accountingstandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31^stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on March 31^st 2022 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer to our separate report in “Annexure B”

(g) According to information and explanation given to us and based on our examinationof the records of the company the company has not paid / provided managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 ofthe Act.

(h) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Accounts) Rules2014;

a. The Company does not have any pending litigations which would impact its financialpositions in future.

b. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise

c. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. -/The question ofdelay in transferring such sums does not arise

d. (i) the management has represented that to the best of their knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities including foreign entities (“intermediaries”) . with theunderstanding whether recorded in writing or otherwise that the intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company (“Ultimate Beneficiaries”)or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(ii) the management has represented that to the best of their knowledge and belief nofunds have been received by the Company from any persons or entities including foreign(“Funding Parties”) with the understanding whether recorded in writing orotherwise that the company shall whether directly or indirectly lend or invest inother persons or entities in any manner whatsoever by or on behalf of the Funding Party(“Ultimate Beneficiaries”) or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; and Based on the audit procedures that we haveconsidered reasonable and appropriate in the circumstances nothing has come to our noticethat has caused us to believe that the representations under sub- clauses (i) of Rule11(e) as provided under (a) and (b) above contain any material misstatement. e. Nodividend has been declared and paid during the year by the Company.

For PANKAJ VERMA & ASSOCIATES

Chartered Accountants

Firm Regn.No.322593E

Sd/-

(PANKAJ K VERMA)

Proprietor

Membership No.056691

ICAI UDIN: 22056691AJWGGD6902

Place: KOLKATA

Date: 30/05/2022

“ANNEXURE A” TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading ‘Report on Other Legal and RegulatoryRequirements' of our report of even date to the financial statements of the Company forthe year ended March 31^st 2022:

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

(b) The Fixed Assets have been physically verified by the Management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of the Company.

II. (a) As explained to us inventories have been physically verified by the managementduring the period at reasonable intervals.

(b) In our opinion the procedures of physical verification of inventory followed bythe Management are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) In our opinion the Company has maintained proper records of inventories and nomaterial discrepancies were noticed on physical verification.

III. According to the information and explanations provided to us the company hasprovided loans or advances in the nature of loans or given guarantee or provided securityto any other entity.

(a) (i) The details of such loans or advances and guarantees or security to partiesother than subsidiary joint ventures and Associates are as follows.

(ii) The details of such loans or advances and guarantees or security to subsidiaryjoint ventures and Associates are as follows.

(b) According to the information and explanations provided to us and based on the auditprocedures performed by us the terms and conditions of trade advances in the nature ofloans granted by the company during the year to other entities amounting to Rs. 3356.19Lakh and having an outstanding balance as at march 31^st 2022 amounting to Rs.2969.99 Lakh are prejudicial to the interest of the company as these trade advances arenon-interest bearing. The company has not made any investment provided any guaranteesgiven and security or granted any loans.

(c) In respect of trade advances in the nature of loans provided by the company thereis no stipulated repayment schedule and hence we are unable to comment on the regularityof the repayment. As the trade advances in the nature of loan are non- interest bearingthere is no question of commenting on regularity of the payment of interest. The companyhas not granted any loans.

(d) As the repayment schedule is not stipulated in the agreement for trade advances inthe nature of loans provided by the company we are unable to comment on amount overdue asat balance sheet date and reasonable steps taken by the company for recovery of theprincipal and interest.

(e) As the repayment schedule is not stipulated in the agreement for trade advances inthe nature of loans provided by the company the provisions of paragraph 3(iii)(e) of theorder are not applicable.

(f) (i) According to the information and explanations provided to us the company hasgranted advances in the nature of loan to the parties which are repayable on demand;details whereof are given below:

(ii) According to the information and explanations provided to us the company hasgranted advances in the nature of loan to subsidiary joint ventures and associates whichare repayable on demand; details whereof are given below

IV. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and security.

V. The Company has not accepted any deposits during the period from the public andhence the directives issued by the Reserve Bank of India and the provisions of sections 73to 76 or any other relevant provisions of the Act and the Companies (Acceptance ofDeposit) Rules 2015 with regard to the deposits accepted from the public are notapplicable.

VI. As informed to us the Central Government has not prescribed for the maintenance ofcost records under sub-section (1) of section 148 of the Act in respect of the activitiescarried on by the company.

VII. (a) According to the record of the Company examined by us the Company isgenerally regular in depositing undisputed statutory dues including Provident FundEmployees State Insurance Income Tax Sales Tax Wealth Tax Service Tax Customs DutyExcise Duty Cess and any other statutory dues applicable to it with appropriateauthorities. According to the information and explanations given to us there is noundisputed outstanding statutory dues as at the end of the year for a period exceeding sixmonths from the date they became payable.

(b) On the basis of our examination of records and according to explanations given tous there are no dues as on 31^st March 2022 of sales tax income tax customsduty wealth tax Goods & service tax and Cess which have not been deposited onaccount of any disputes.

VIII. According to the information and explanations given to us and on the basis of ourexamination of the records of the company there were no transactions relating topreviously unrecorded income that were surrendered or disclosed as income during the yearin the tax assessment under the Income Tax Act 1961 (43 of 1961 ).

IX. (a) According to the information and explanations provided to us and based on thedocuments and records produced before us the company has not defaulted in repayment ofborrowings or in the payment of interest thereon to any lender during the year.

(b) According to the information and explanations provided to us and on the basis ofour audit procedure the company has not been declared wilful defaulter by any bankfinancial institution or any other lender.

(c) In our opinion and according to the information and explanations provided to usthe company has not taken any term loans during the year. Hence the provision of paragraph3(ix)(c) of the order are not applicable.

(d) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the Financial Statements of the companywe report that funds raised on short-terms basis have prime facie not been used forlong-term purposes by the company.

(e) According to the information and explanation provided to us the company does nothave any subsidiaries associates or joint ventures. Hence the provisions of paragraph3(ix)(e) of the order are not applicable.

(f) According to the information and explanation provided to us the company has notraised any loan during the year. Hence the provisions of paragraph 3(ix)(e) of the orderare not applicable.

X. (a) According to the information and explanation provided to us the company hasneither raised money through initial public offer or further public offer (including debtinstruments). Hence the provisions of paragraph 3(x)(a) of the order are not applicable.

(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally) during the year. Hence theprovisions of paragraph 3(x)(b) of the order are not applicable.

XI. (a) During the course of our audit examination of the books and records of thecompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of fraud by the company nor on the company.

(b) We have not come across of any instance of fraud by the company or on the companyduring the course of audit of the Standalone Financial Statement for the year ended March31^st 2022 accordingly the provisions stated in paragraph (xi)(b) of the orderis not applicable to the company.

(c) As represented to us by the management there are no whistle-blower complaintsreceived by the company during the year. Accordingly the provisions stated in paragraph(xi)(c) of the order is not applicable to the company.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

XIII. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Financial Statements as required by the applicableIndian Accounting Standards.

XIV In our opinion and based on our examination the company does not require to complywith provisions of section 138 of the Act. Hence the provisions stated in paragraph3(xiv)(a) to (b) of the order are not applicable to the company.

XV According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with the Directors or persons connected with him and hence the question ofcommenting on compliance with provisions of Section 192 does not arise.

XVI (a) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 93d. Hence the provisions of paragraph 3(xvi)(a) and (b) of the Orderare not applicable. (b) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by Reserve Bank of India. Hence the provisions of paragraph3(xvi)(c) of the Order are not applicable. (c) The Group does not have any CIC. Hence theprovisions of paragraph 3(xvi)(d) of the Order are not applicable.

XVII The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year. Hence the provisions stated inparagraph clause 3(xvii) of the order are not applicable to the company.

XVIII There has been resignation of the Statutory Auditor during the year there wereno issues objections or concerns raised by the outgoing auditors.

XIX According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities. Other information accompanying the Financial Statements ourknowledge of the Board of Directors and Management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

XX According to the information and explanations provided to us and based on ourexamination of the records of the company the provision of section 135 of the Act are notapplicable to the company. Hence the provisions of paragraph (xx)(a) to (b) of the orderare not applicable to the company.

For PANKAJ VERMA & ASSOCIATES

Chartered Accountants

Firm Regn.No.322593E

Sd/-

(PANKAJ K VERMA)

Proprietor

Membership No.056691

ICAI UDIN: 22056691AJWGGD6902

Place: KOLKATA

Date: 30/05/2022

ANNEXURE “B” TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls with reference to Financial Statements underClause (i) of sub -section 3 of Section 143 of the Act.

We have audited the internal financial controls with reference to Financial Statementsof POLYMAC THERMOFORMERS LIMITED (“the Company”) as of March 31st 2022 inconjunction with our audit of the Financial Statements of the Company for the year endedon that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company‘s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering be essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAl) These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company‘s internal financialcontrols with reference to Financial Statements based on our audit We conducted our auditin accordance with the Guidance Note and the Standards on Auditing issued by ICAI enddeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to FinancialStatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to Financial Statements and theiroperating effectiveness. Our audit of internal financial controls with reference toFinancial Statements included obtaining an understanding of internal financial controlswith reference to Financial Statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk The procedures selected depend on the auditor‘sjudgment including the assessment of the risks of material misstatement of the FinancialStatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemwith reference to Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A Company's internal financial controls with reference to Financial Statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Financial Statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control withreference to Financial Statements includes those policies and procedures that (1 ) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of FinancialStatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the Financial Statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS

Because of the inherent limitations of internal financial controls with reference toFinancial Statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to Financial Statements to future periods are subject to the risk that theinternal financial control with reference to Financial Statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to Financial Statements and such internalfinancial controls with reference to Financial Statements were operating effectively as atMarch 31^st 2022 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the 'Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting" issued by the ICAI.

For PANKAJ VERMA & ASSOCIATES

Chartered Accountants

Firm Regn.No.322593E

Sd/-

(PANKAJ K VERMA)

Proprietor

Membership No.056691

ICAI UDIN: 22056691AJWGGD6902

Place: KOLKATA

Date: 30/05/2022