Padmanabh Alloys & Polymers Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the accompanying Standalone financial statements of PADMANABH ALLOY & POLYMERS
LIMITED which comprises the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including
other comprehensive income), the 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.

In our opinion and to the best of our information and according to the explanations given to us, subject to
qualifications mentioned herein after in this report, the aforesaid standalone Ind AS financial statements give the
information required by the Companies Act, 2013 in the manner sorequired 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,including other total comprehensive income, the changes in equity and cash flows for the year
ended on that date.

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 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
financial 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, and we do not provide a separate opinion on these
matters.For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We
have fulfilledthe responsibilities described in the Auditor''s responsibilities for the audit of the Standalone Financial
Statements section of ourreport, including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks
of materialmisstatement of the Standalone Financial Statements. The results of our audit procedures, including the
procedures performedto address the matters below, provide the basis for our audit opinion on the accompanying
Standalone Financial Statements.

Sl. no.	Key Audit Matters	Auditor''s Response
(i)	Trade Receivables:	Management has confirmed balances of trade
	Balance Confirmation from Trade	receivables with non moving balances worth13.77 lacs
	Receivables having non-moving balances is	being undisputed with no credit risk.
	not obtained by the company.	The company has not made any provision for doubtful debts for the year unde consideration.

Information other than the financial statements and auditors'' report thereon.

The Company''s Board of Directors are responsible for the preparation of the other information. The other information
comprises the information included in the Board''s Report including Annexures to the Board''s Report, Business
Responsibility Report but does not include the financial statements and our auditor''s report thereon. The report is
expected to be made available after the date of this auditor''s report.

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 standalone financial statements,
or our knowledge obtained duringthe 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.

Management''sResponsibility for the Standalone 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 financial statements that give a true and fair view of the
financial position, financial performance, including other comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India, including the IndianAccounting
Standardsspecified under section 133 of the Act and Companies Ind AS Rules, 2016, as amended from time to time and
other accounting principles generally accepted in India.

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 statement 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 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.

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

Auditor''s Responsibilityfor 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
Standards of Auditing(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 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 maintainprofessional 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.

We communicate with those charged with governance regarding, among other matters, theplanned scope and timing
of the audit and significant audit findings, including anysignificant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical
requirements regarding independence, and to communicate with themall relationships and other matters that may
reasonably be thought to bear on ourindependence, and where applicable, related safeguards.

From the matters communicatedwith those charged with governance, we determine those matters that were of
mostsignificance in the audit of the financial statements of the current period and are thereforethe key audit matters.
We describe these matters in our auditor''s report unless law orregulation precludes public disclosure about the
matter or when, in extremely rarecircumstances, we determine that a matter should not be communicated in our
reportbecause the adverse consequences of doing so would reasonably be expected to outweighthe 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 theCentral Government of India
in terms of sub-section (11) of section 143 of the CompaniesAct, 2013, we give in the Annexure "A", a statement on
the matters specified in paragraphs 3and 4 of the Order, to the extent applicable.

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 ofour 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 theCompany so far as it appears
from our examination of those books.

(c) The standalone balance sheet, the standalone statement of profit and loss, and the cash flow statement
dealtwith by this report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the accounting standardsspecified 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 31,2024, taken on record
by the board of directors, none of the directors is disqualified as onMarch 31, 2024 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 theCompany and the
operating effectiveness of such controls, refer to our separate report in"Annexure B". Our report expresses an
unmodified opinion on the adequacy and operatingeffectiveness of the Company''s internal financial controls
over financial reporting.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirement of
section 197(16) of the Act and as amended, in our opinion and to the best of our information and according to the
explanation 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; and

(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 thebest of our information and according to

the explanations given to us;

a. The Company does not have any pending litigations which would impact its financialposition.

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any
material foreseeable losses; and

c. There has been no delay in transferring the amounts required to be transferred, to theInvestor Education
and Protection Fund by the Company.

d. (i) The management has represented that, to the best of its knowledge and belief, no funds have

been advancedor loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by thecompany to or in any other person or entity, including foreign entities
("Intermediaries"), with the understanding,whether recorded in writing or otherwise, that the
Intermediaries shall, whether, directly or indirectly lend orinvest in other person or entity identified
in any manner whatsoever by or on behalf of the Company ("UltimateBeneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(ii) The management has represented that, to the best of its knowledge and belief, no funds have been
receivedby the company from any person or entity, including foreign entities ("Funding Parties"),
with the understanding,whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or investin other person or entity identified in any manner whatsoever by
or on behalf of the Funding Parties ("UltimateBeneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries; and

(iii) Based on the audit procedures that were considered reasonable and appropriate in the circumstances,
nothinghas come to our notice that has caused us to believe that the representations under sub¬
clause (a) and (b) containany material misstatement.

e. The company has not declared or paid any interim or final dividend during the year.

f. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility, and the
same has operated throughout the period from 06 April 2023 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
featurebeing tampered with.

For and on behalf of SNK & Co.

Chartered Accountants
F.R.No.109176W

Samir B. Shah

Partner

Place : Surat M. No.-103562

Date :May 28,2024 UDIN-24103562BKADRR4953

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Mar 31, 2011

1. We have audited the attached balance sheet of Padmanabh Alloys & Polymers Ltd. as at March 31, 2011 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Company (Auditors' Report) Order, 2003 issued by the Central Government in terms sub section (4A) of Section 227 of the Companies Act, 1956,we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that;

i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the audit;

ii. in our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of these books;

iii. the Balance Sheet and Profit and Loss Account and Cash flow Statement referred to in this report are in agreement with the books of accounts;

iv in our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with accounts standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; v. on the basis of the written representations received from the Directors, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31,2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; vi. in our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a. in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at March31,2011;

b. in so far as it relates to the Profit & Loss Account, of the profit for the year ended on March 31,2011;and

c. in so far as it relates to the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR' S REPORT (Referred to in Paragraph (3) of our report of even date).

1. a) The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets

b) All the fixed assets have not been physically verified by the management during the year but there is regular program for verification, which in our opinion is reasonable having regards to the size of the Company and nature of its assets. The Company has substantially completed the reconciliation of its physical inventory of Fixed Assets with the book records. No material discrepancies were noticed on physical verification

c) During the year, Company has not disposed off any substantial/major part of fixed assets.

2. a) As explained to us, inventory has been physical y verified during the year by the management. In our opinion frequency of verification is reasonable.

b) In our opinion and according to information and explanation given to us and on the basis of our examination the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to size of the Company and the nature of its business.

c) In our opinion and according to information and explanation given to us and on the basis of our ' examination of records inventory, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. a) The company has taken unsecured loans of Rs.29.16 Lacs from 6 directors listed in the Register maintained under 301 of the Companies act, 1956; however company has not granted any loan to parties listed in register maintained under section 301;

b) in our opinion, the rate of interest and terms and conditions on which loans have been taken are not prejudicial to the interest to company.

c) According to information and explanation given to us, in our opinion, parties from whom the loans and advances in the nature of loans have been taken, where stipulations are made, the company is regular in repayment of the principal amount and interest as stipulated.

d) According to information and explanation given to us, in our opinion, there is no overdue amount of loans taken from the parties listed in the Register maintained under section 301 of the Companies Act,1956.

4. In our opinion and according the information and explanation given to us there is an adequate internal control procedure commensurate with the size of the Company and nature of its business with regard to the purchase of inventory and fixed assets, and with regards to the sale of goods. During the - course of our audit, no major weakness has been noticed in the internal control.

5. a) In our opinion, and according to information and explanation given to us, all the transaction that need to the entered into the register maintained in pursuance of section 301 of the act have been so entered; b) As per the examination of records and according to information and explanations given to us the transaction made in pursuance of contract or arrangement entered in the register maintained under section 301 exceeding the value of five lakhs rupees during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. According to information and explanation given to us, in our opinion, the company has complied with the provisions of section 58Aand 58AAofthe Companies Act, 1956 and the Companies (Acceptance of deposits) Rules, 1975 with regard to the deposits accepted from the public. No order was passed by the National Company Law Tribunal.

7. According to information and explanation given to us, in our opinion, Company has internal audit system commensurate with the size of Company and nature of its business.

8. We have been informed by the management that no cost record have been prescribed by the Central Government under section 209(1 )(d) of the companies act, 1956 in respect of products manufactured by the Company.

9. a) As per the records of the Company, the company is generally regular in depositing with appropriate authority undisputed statutory dues including income tax, excise duty, cess and other statutory dues applicable to it except public provident fund and VAT where there was delay in ' depositing with appropriate authorities. [GST Payable for 2005-06 Rs.7733 & CST Payable for 2005-06Rs.207990,] b) According to information and explanation given, there was no disputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty there was no outstanding, as at 31/03/2011 for the period of more than six months.

10. The Company has accumulated losses of Rs.367.94 Lacs in excess of 50% of its net worth and company has incurred profit during the current year or Rs.64.88Lacs(Previous year Profit of Rs.15.49 Lacs) and cash Profit of Rs.81.69 Lacs(Previous year of Rs.32.40 Lacs)

11. Based on our audit procedure and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in repayments of dues to financial institutions and banks.

12. As per the records of the company, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

13. According to information and explanation given to us, we are of the opinion that the company is neither a chit fund nor a nidhi/mutual benefit society. Hence in our opinion, the requirements of Para 4(xiii) of the order do not apply to the Company.

14. As per the records of the company and the information and explanation given to us by the management the company is not dealing in shares, securities, debentures and other investment.

15. According to information and explanation given to us, as per the records of the company, the company has not given any guarantee for loans by others from bank or financial institutions.

16. To the best of our knowledge and belief and according to information and explanation given to us, No term loan was obtained by the Company during the period under review.

17. According to information and explanation given to us; on overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long-term investment by the company. No long term funds have been used to finance short term assets except permanent working capital.

18. The company has not made any preferential allotments to the parties and companies covered under registermaintainedundersection301 of the companies act, 1956.

19. As per the records of the company the company has not issued any debenture.

20. The company has not raised money by any public issues during the year.

21. Based upon the audit procedure performed and information and explanations given by the management, we report that no frauds on or by the company has been noticed or reported during the course of our audit. For Nilkanth Desai & Associates

Place. Surat Chartered Accountants

Date: 05/09/2010 (N.P.Desai)

Proprietor