Wc have audited the standalone financial statements ofBARFLEX POLYFILMS L1M11 ED (FORMER! A knO'X 1
VS B VRFI EX POLYFILMS PRIVATE LIMITED) (“the Company”), which comprise the balance sheet as at Mate ,
31 2025 the statement of profit and loss, and statement of cash (lows for the period then ended, and notes to the
financial statements, including a summary of significant accounting pohc.es and other explanatory information
in out opinion and to die best of our information and according to the explanauons given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 in t e mannci “
and give a true and fair view in conformity with the accounting principles generally accepted in India, of the slate o
affairs of the Company as a. March 31,2025, the statement of profit and loss, the statement of changes m cqtuty, and
the statement of cash flows for the period ended on that date.
audit in accordance with die Standards on Auditing <SA.) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described n, the Auditors
Responsibilities fot the Audi, of the Ftnancal Statements” sect,on of out report. We are independent of the -mpan
in accordance with the Code of Ethics issued by (he Institute of Chartered Accountants of ludta together Ae
ethical requirements that are relevant to our audit of the financed statements under the provisions o Ý e ^
Act 2013 and the Rules thereunder, and wc have fulfilled our other ethical responstbtbttes tn accordance
requirements and the Code of Ethics. We believe that the audit evidence we have obtained » sufficient and appropr.au
to provide a basis for our opinion.
Other Information , . >
The Company’s Board of Directors is responsible for the other information. The other mfonuauon comprtscs
information included in the annual report but does no, include .he financial statements and our auditors repot
thereon. The annual report is expected to be made available to us after the date of tins auditor s report.
Our opinion on the financial statements does not cover the other information and we will not express any form ,
assurance or conclusion thereon. , ,
In connection with our audit of the financial statements, our responsrbrltty is to read the other mfonuauon tdenufic
above when it becomes available and, in doing so, cons.der whether the other mfonuauon is matenaUy .ncons.s e,
with the financial statements or our knowledge obtained in the and.,, or otherwise appears to be matcnally mtsstated.
When wc will read the annual report, if we conclude that there is a material misstatement therein, we are require o
communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements ^ , _ , «ni.
The Company’s Board of Directors is responsible for the matters stated in section 134(5) o t ie ompanits ct, -
(“the Act”) with respect to the preparation of these standalone financial statements that give a true and lair view ot
the financial position, financial performance, and cash flows of 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 accordance with the provisions of t he Act
for safeguarding of die 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 die going concern
basis of accounting unless the Board of Directors cither intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Ihose Board of Directors is 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 arc 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, tiiey 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 nsks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those nsks, 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 m 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. 1
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.
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 identity
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.
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 Companies Act, 2013, we give in the “Annexurc 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 puiposes 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 financial statements comply with the 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 March 31,2025 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 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 controls 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 matter to be included in die Auditor’s Report under Section 197(16) of the Act:
In our opinion, the managerial remuneration for the period ended March 31, 2025 has been paid by the Company
to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
h. With respect to the other matters to be included in die 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.Thc Company does not have any pending litigations which would impact its financial position.
ij.The Company did no. have any long-term contracts including denvative contracts for winch there were any
material foreseeable losses.
iii.There were no amounts which were required to be transferred, to the Investor Education and Protection bund
by the Company.
iv a) The Management has represented that, to the best of its knowledge and belief, no funds (which arc material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds
or share premium or any otto sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise
that the Intermediary shall, whether, directly or indirectly lend or invest ltl other persons or entities identified
in any manner whatsoever by or on behalf of the Company (“Ultimate Beneflcianes”) or provide any guarantee,
security or the like oil behalf of the Ultimate Beneficiaries,
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which art material
either mdlv,dually or m the aggregate) have been received by the Company from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether recorded in wrmng or otherwise, ilia, the
Company shall, whether, directly or indirectly, lend or invest m other persons or entities identified m 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;
(A Based on the audit procedures performed that we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations made uni er
sub-clauses (a) and (b) contain any material misstatement.
For KRA & Co.
Chartered Accountants
(Firm Registration No.020266N)
Rajat iLiy*!
Partner
Membership No.: 503150
UDIN: 25503150BMJBZB8008
Place: Delhi
Date: 16-05-2025
1
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
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