We have audited the accompanying Ind AS Financial Statements of Innovative Tech Pack Limited (“the Company”) which
comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as
“Ind AS Financial Statement”).

Based on the information and explanations provided to us, except for the possible effects of the matter described in the "Basis
for Qualified Opinion" section of our report, we are of the opinion that the Statement:

a. is presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations; and

b. gives a true and fair view in conformity with applicable Indian accounting standards prescribed under section 133 of the
Companies Act 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally
accepted in India, of the net profit, total comprehensive income and other financial information of the Company for the
year ended March 31,2024

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 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 Standalone Ind AS Financial Statements under the provisions of the Companies Act, 2013 and
the Rules there under, 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.

Emphasis of Matters

a) We draw attention to Note 9(i)(a) of the financial statement which describe that, the company has debtors
outstanding Rs. 1309.49 Lakhs, out of which debtors amounting Rs. 141.20 Lakhs are under litigation in NCLT,
However Consent Letter has been signed with Customer in March' 2023, where he is agreeing to pay Amount of
Rs. 169 Lakhs (Including Interest) during the period of March'2022 to Sep'2022 as per consent terms.

However, the company only repaid amount of Rs. 35 Lakh out of Rs. 169.00 Lakhs and again defaulted in balance
payment. The case has again gone to NCLT for further action against the party and the company is in opinion that
there is high probability of recovery hence no provision of ECL has been created by the Company.

b) We draw attention to Note 23 of Financial Statement which describe that, the Individual wages payment to
Contract Worker made by the company is above the limit specified in respective laws governing Provident fund
(PF) and Employee state Insurance (ESI) and accordingly, no prima facie liability to pay PF and ESI Arises on
company. Further, on worker Request, the company pay wages in Cash.

c) We Draw Attention to Note 45 of the financial Statement which describe that, due to pending Balance
confirmation, The Balances of Trade Receivables and Trade Payables are subject to Reconciliation and
confirmation. The impact, if any that may result on reconciliation and confirmation of the balances could not be
ascertained.

d) We draw attention to Note 17 of Financial Statement which describe that, Bonus of Rs. 21.18 Lakhs pertaining to
previous financial years is still pending to be paid as on 31st March 2025 though the exact breakup of employee
wise financial year wise not available. Further for the FY 2024-25 Bonus of Rs 14.17 Lakhs is provided by the
company though the detailed calculation is not available for the review.

e) We draw attention to Note No 16 of Financial Statement which describe that, the company has not paid interest
on amount paid beyond the appointed date to MSME Creditors as payment is due for more than 45 days are as
per the payment terms under the supply agreement with the vendors.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financials statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters. We
have determined the matter described below to be the key audit matter to be communicated in our report.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's annual report, but does not include the standalone financial statements
and our auditor's 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 is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone Ind As 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 information; we are required to report that fact.
We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the Standalone Ind AS 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 Standalone Ind AS Financial Statements that give a true and fair view
of the financial position, financial performance including other comprehensive income, change in equity and cash flows of
the Company in accordance with the Indian Accounting Standards (Ind AS) and accounting principles generally accepted
in India, specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended. 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 implementation and maintenance of accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate 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 Standalone Ind AS Financial Statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS 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.

Board of Directors is also responsible for overseeing the company's financial reporting process.

Auditor’s Responsibilities for the Audit of Standalone Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 Ind AS Financial Statements.

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 Ind AS Financial Statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a 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 internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing
our opinion on whether the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

• 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 auditor's report to the related disclosures in the Standalone Ind AS 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's report. However, future events or conditions may cause the Company
to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including
the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and 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
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most

significance in the audit of the standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 (“the Order”), issued by the Central Government of
India in terms of sub-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

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 purposes 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 and Loss, and the Cash Flow Statement dealt with by this Report
are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record
by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 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 Control over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”

g) With respect to the other matters to be included in the Auditor's report in accordance with the requirements of
section 197 (16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the company to its directors during the year is in accordance with the provisions of section 197 of the
Act.

h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:

i) The Company does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company

For MAHESH YADAV AND COMPANY
Chartered Accountants
ICAI Firm Registration No. 036520N

SD/-

Mahesh Yadav
Proprietor
Membership No.:548924
UDIN: 25548924BMUKIY7576
Place: Noida
Date:30^th May,2025