We have audited the accompanying financial statements of Tirth Plastic Limited (“the
company”], which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit
and Loss (including Other Comprehensive Income], the Statement of Changes in Equity and
the Statement of Cash Flows for the year ended on that date and notes to the financial
statements, including a summary of material accounting policies and other explanatory
information.

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 (the “Act”] in the manner so required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed under section 133 of the Act, (“Ind AS”] and
other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity
and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of Financial Statement in accordance with the Standards on
Auditing (SAs) specified under Section 143(10] of the Act. 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
(‘ICAI’] together with the ethical requirements that are relevant to our audit of financial
statements under the provisions of the Act and the Rules made there under, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for ouraudit opinion on the financial statements.

Emphasis of Matter

We would like to draw your attention to Note No-1 of the financial statements, showing
loans and advances of Rs. 30.02 Lakhs out of which Rs.5 lakhs were given to M B Parikh & Co.
and Rs.25.02 lakhs were given to M B Parikh Fin Stocks Ltd. Against these, legal proceedings
are pending before Honorable Court. As informed to us, the management is confident in
recovering the said amounts from the parties mentioned above. Our opinion is not modified
in respect of this matter. However, we have already created provision in the books of
Account for the said receivable amount.

We would also like to draw your attention to Note No-3 of the financial statements, in which
an amount is recoverable from Shrimm Construction Private Limited for cancellation of
agreement for purchase of property. As informed to us by the management, the said
agreement stands cancelled and the seller is in the process of refunding the full amount.
The total amount recoverable as on 31-03-2024 amounts to Rs.143.34 Lakhs. Our opinion
is not modified in respect of this matter.

We would further like to draw your attention to Note No-4 of the financial statements, in
which an amount of Rs. 128.58 Lakhs is shown as Inventory which is non-movable in nature.
As informed to us by the management, the inventory is having the realizable value more than
its cost price. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements an Auditor's Report Thereon

The Company’s Board of Directors is responsible for the preparation of other information.
The other information comprises the information included in the Management Discussion
and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility and Sustainability Report, Corporate Governance and Shareholder’s
Information, but does not include the standalone 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 during the course of
our 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 Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5] of
the Act with respect to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, statement of changes in equity and cash flows of the company in
accordance with the Ind AS and other accounting principles generally accepted in India.
This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, that
were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financialstatements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management and Board of Directors is responsible for
assessing the Company's ability to continue as 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.

The 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 are free frommaterial 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 financial control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls with reference to the financial
statements 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 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 auditors’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 standalone 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 financial 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 Section 143(3) of the Act, based on our audit, we report, to the extent
applicable, 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 of the
aforesaid financial statements.

b) In our opinion, proper books of account as required by law relating to preparation of
the aforesaid financial statements have been kept so far as it appears from our

examination of those books.

c) The balance sheet, the statement of profit and loss including Other Comprehensive
Income, the statement of changes in equity and the statement of cash flows dealt with
by this report are in agreement with the relevant books of account maintained for the
purpose of preparation of the financial statements.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified
under Section 133 of the Act.

e) On the basis of the written representations received from the directors of the
Company, as on 31March 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.

f) With respect to adequacy of the internal financial controls over the financial reporting
of the company with reference to these Financial Statements and the operating
effectiveness of such controls, refer to our separate Report in “Annexure-B" to this
report. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls with reference to
standalone financial statements.

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 company has not paid any remuneration to the directors of the
company during the year, and hence, the company has complied with the provisions
of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors’ Report in accordance
with Rule 11 ofthe Companies (Audit and Auditor’s] Rules, 2014, as amended, in our
opinion and to the best of our information andaccording 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 derivatives contracts
for which there were any material foreseeable losses.

iii. There has been no amount required to be transferred, to the Investor Education and
Protection Fund by the Company

iv.

a. The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate] 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 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 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;

b. The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate] have been
received by the Company from any person or entity, including foreign entity
(“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;

c. Based on the audit procedures that have been 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) of Rule 11(e), as provided under (a]
and (b] above, contain any material misstatement.

v. The company has not declared any dividend for the financial year 2022-23.

vi. Based on our examination, which included test checks, the Company has used
accounting software 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
softwares. 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.

2. As required by the Companies (Auditors’ Report] Order, 2020 (“the Order”] issued by

the Central Government of India in terms of Section 143(11] of the Act, we give in
"Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

For Shambhu Gupta & Co.

Chartered Accountants

FRN: 007234C

sd/-

CA Gorang Baheti

Partner

M.No: 426813

UDIN: 24426813BKASJI8289

Place: Mumbai

Date: 08/05/2024