Sabar Flex India Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying financial statements of Sabar Flex India
Limited(“the company”), which comprise the Balance Sheet as at 31st March, 2025, the
Statement of Profit and Loss, the Cash Flow Statement for the year then ended and
notes to the Financial Statements which comprises of 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, 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 accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2025 and its profit and its cash flows for the
year ended on that date.

Basis for Opinion

we conducted our audit 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
together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made 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.

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

The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Director’s 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 during
the course of our audit or otherwise appears to he 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.

When we read the Director’s report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged
with governance and describe actions applicable in the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the
Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section
134(3) of the Act with respect to the preparation of these financial statements that give
a true and fair view of 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, read with
Rule 7 of the Companies (Accounts) Rules, 2014. 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 arc reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy nnd 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, 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.

The Board of Directors arc also responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives arc 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 mis statement 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 risk of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risk, 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 controls with reference to financial statements
relevant to the audit in order to design audit procedures that arc 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 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 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,
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.

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 (1 1) of section
143 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.

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

d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2014.

c. 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 ns on 31st March, 2025, from being appointed ns a
director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls with reference
to financial statements of the company and operating effectiveness of such
controls, refer to our separate report in “Annexure B”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls with reference to financial statements.

g. 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 :

a) As informed to us, the Company does has pending litigations which
would impact its financial position; records not provided to us.

b) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;

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

d)

i. The Management has represented that, to the best of its
knowledge and belief, as disclosed in —to the financial
statements 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 enuty(ies). including foreign
entities ("Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in other persons
or entities identified m 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.

ii. The Management has represented, that, to the best of its
knowledge and belief, as disclosed in Note 41 to the
financial statements, no funds have been received by the
Company from any person(s) or entity(ics), including
foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the
Company shall, 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.

iii. Based on the audit procedures performed 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(c), as provided under (a) and (b)
above, contain any material misstatement.

e) The Company has not declared or paid any dividend during the year
and has not proposed final dividend for the year.

3. 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 being a Public company, section 197 of
the Act related to the managerial remuneration is applicable.

For, Patel Jain & Associates
Chartered Accountants
(Registration No. 129797W)

Sd/-

CA Vivek A. Bhatt
Partner

Place: Ahmedabad Membership No. 193504

Date: 28* May, 2025 UDIN: 25193504BMGYSF9943

---

Mar 31, 2024

We have audited the accompanying financial statements of Sabar Flex India Limited("the company”],
which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended and notes to the Financial Statements which comprises of 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, 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March, 2024 and its profit
and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit 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 together with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules made 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.

Information Other than the Financial Statements and Auditor''s Report thereon

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Director’s 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 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.

When we read the Director’s report, if we conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged with governance and describe actions
applicable in the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the 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 of these financial statements that give a true and fair view of 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 read with Rule 7 of the Companies (Accounts) Rules, 2014. 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, 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.

The 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 controls with reference to financial statements 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 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 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, 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.

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 Act, we give in
"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 Cash Flow Statement dealt with by
this Report are in agreement with the books of account.

d. In our opinion, the aforesaid 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 31st March,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 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 with reference to financial
statements of the company and operating effectiveness of such controls, refer to our
separate report in "Annexure B". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls with
reference to financial statements.

g. 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 :

a. As informed to us, the Company does not have any pending litigations which would
impact its financial position;

b. The Company did not have any long-term contracts including derivatives contracts for
which there were any material foreseeable losses;

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

d. The Management has represented that, to the best of its knowledge and belief, as
disclosed in —to the financial statements 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, 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

i. The Management has represented, that, to the best of its knowledge and belief,
as disclosed in Note 41 to the financial statements, 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, 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.

ii. The Management has represented, that, to the best of its knowledge and belief,
as disclosed in Note 41 to the financial statements, 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, 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.

iii. Based on the audit procedures performed 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 ll(e], as provided under [a] and [b] above, contain any
material misstatement

e] The Company has not declared or paid any dividend during the year and has not
proposedfinal dividend for the year.

3. 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 being a Public company, section 197 of the Act related to the managerial
remuneration is applicable.

For, Patel Jain & Associates
Chartered Accountants
(Registration No.l29797W)

(CA Vivek A. Bhatt)
Partner

Membership No. 193504
UDIN: 24193504BKBZKB9381

Place: Ahmedabad
Date: 28th May, 2024