We have audited the Financial Statements of PITHAMPUR POLY
PRODUCTS LIMITED ("the Company"), which comprise the balance
sheet as at 31" March 2024, and the statement of profit and loss,
(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 "the Financial Statements"]

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Financial Statements give the
information required by the Companies Act, 2013 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, and its profit/loss,
(changes in equity) and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements 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
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.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the standalone
financial statements of the current period. 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. We have
determined the matters described below to be the key audit matters
to be communicated in our report.

Information Other than the Financial Statements and Auditors'
Report Thereon

The Company's Board of Directors are responsible for the other
information, The other information comprises the [information
included in the report, but does not include the Financial Statements
and our auditor's report thereon.]

Our opinion on the 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 Financial Statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the Financial Statements or our knowledge obtained in the audit
of 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.

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, financial performance, (changes in equity) and cash
flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian (Ind
AS) accounting Standards specified under section 133 of the
Act. 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 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 Financial Statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the Financial Statements, the Board of Directors 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 the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative
but to do so.

Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the 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 Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism

throughout the audit. We also:

Identify and assess the risks of material misstatement of the
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 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
Financial Statements, including the disclosures, and whether
the Financial Statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the Financial Statements may be
influenced. We consider quantitative materiality and
qualitative factors in

(i) Planning the scope of our audit work and in evaluating the
results of our work; and

(ii) to evaluate the effect of any identified misstatements in
the Financial Statements.

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 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

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 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.

As required by Section 143(3) of the Act, we report that:

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.

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 (and proper returns adequate for
the purposes of our audit have been received from the
branches not visited by us.)

The Balance Sheet, the Statement of Profit and Loss, (the
Statement of Changes in Equity) and the Cash Flow Statement
dealt with by this Report are in agreement with the books of
accounts and with the returns received from the branches not
visited by us).

In our opinion, the aforesaid Financial Statements comply with
the Ind AS specified under Section 133 of the Act.

On the basis of the written representations received from the
directors as on 31" March, 2024 taken on record by the Board
of Directors, none of the directors is disqualified as on 31"
March, 2024 from being appointed as a director in terms of
Section 164(2) of the Act.

With respect to the adequacy of the internal financial controls
over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in
"Annexure B".

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.

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

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

There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.

The management has represented that, to the best of it's
knowledge and belief, other than as disclosed in the notes to
the accounts, 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 person(s) or entity(ies), 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.

The management has represented, that, to the best of it's
knowledge and belief, other than as disclosed in the notes to
the accounts, no funds have been received by the company
from any person(s) or entity(ies), including foreign entities
("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 identified 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;

Based on such audit procedures which 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-clause (i) and (ii) contain any
material mis-statement.

The company has not declared or paid any dividend during the
year is in accordance with section 123 of the Companies Act
2013", Hence clause not applicable.

With respect to the matter to be included in the Auditor's
Report under Section 197(16) of the Act: In our opinion and
according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the
current year is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is not in
excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required to be
commented upon by us.

Based on our examination, which included test checks, the
Company has used accounting software's for maintaining its
books of account for the financial year ended March 31, 2024
which has a feature of recording audit trail (edit log) facility and
the same 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 the
audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable from April 1, 2023, reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for
record retention is not applicable for the financial year ended
March 31, 2024.

For M/s Arora A & Co.

Chartered Accountants

Firm Registration No. 025530C

Place: Indore Proprietor

Dated: May 30, 2024