We have audited the accompanying financial statements of POLYMAC THERMOFORMERS LIMITED
(“the Company”), which comprise the Balance Sheet as at 31st March, 2026, Statement of Profit & Loss A/c,
and Cash Flow Statement for the year then ended, and 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 explanation given to us, the aforesaid
financial statements give the information required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India,
a. In the case of the Balance Sheet, of the state of affairs of the company as at March 31st, 2026;
b. In the case of the Statement of Profit & Loss Account, of the Profit of the company for the year ended
on that date.
c. In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that
date.
BASIS FOR OPINION
We conducted our audit in accordance with 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 Financial statements section of our report. We are independent of the company
in accordance of 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.
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the
financial position and financial performance of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are responsible and prudent; and design,
implementation and maintenance of internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view 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 our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which
are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the
Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
financial statements. 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 or error. In making those
risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 of the Act, we give in the “Annexure
A” a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent
applicable.
(2) As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the 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 it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit & Loss Account and the cash flow statement dealt
with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting
standards specified under Section 133 of the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2026
taken on record by the Board of Directors, none of the directors is disqualified as on March
31st, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to Financial
Statements of the Company and the operating effectiveness of such controls, refer to our
separate report in “Annexure B”
(g) According to information and explanation given to us and based on our examination of the
records of the company, the company has not paid / provided managerial remuneration in
accordance with the requisite approvals mandated by the provisions of section 197 of the Act.
(h) In our opinion and to the best of our information and according to the explanations given to
us, we report as under with respect to the other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Accounts) Rules, 2014;
a. The Company does not have any major pending litigations which would
impact its financial positions in future.
b. The Company did not have any long-term contracts including derivative
contracts; as such 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 report to transfer any sums to the Investor Education and Protection
Fund. The question of delay in transferring such sums does not arise.
d. (i) The management has represented that, to the best of their
knowledge and belief, no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other persons or entities,
including foreign entities (“intermediaries”) . with the understanding
whether recorded in writing or otherwise, that the intermediary shall
whether, directly or indirectly lend or invest in other persons or entities
identified in any 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, no funds have been received by the Company from
any persons or entities, including foreign (“Funding Parties”), with the
understanding whether recorded in writing or otherwise, that the company
shall, whether, directly or indirectly, lend or invest in other 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 on
behalf of the Ultimate Beneficiaries;
e. Based on the audit procedures that we have considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub- clauses (i) of Rule
11(e), as provided under (a) and (b) above, contain any material
misstatement.
f. No dividend has been declared and paid during the year by the Company.
g. Based on our examination which included test checks, the company has
used an accounting software with edit log facility for maintaining its books of
account which has operated throughout the year for all relevant transactions
recorded in the software.
Further, during the course of our audit, we did not come across any instance
of audit trail feature being tampered with. Additionally, the audit trail has
been preserved by company as per the statutory requirements for record
retention.
For PANKAJ VERMA & ASSOCIATES
Chartered Accountants
Firm Regn.No.322593E
(PANKAJ K VERMA)
Proprietor
Membership No.056691
ICAI UDIN: 26056691Q2JAP12307
Place: KOLKATA
Date: 20/05/2026
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