JAIPAN INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s JAIPAN INDUSTRIES LIMITED, which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information,

Opinion

We have audited the accompanying financial statements of Page Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, including the Statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity 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. the aforesaid financial statements give the information required by the Companies Act. 2013, as amended ("the Act") in the manner so required and give a true and fair view In conformity with the accounting principles generally accepted in India,M of the state of affairs of the Company as at March 31. 2024. its profit including other comprehensive income, its cash flows and the changes in equity for the year then ended.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs). as 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 thereunder, and we have fulfilled our ottier 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 ouraudit opinion on ttie financial statements

Emphasis of Matter

We draw attention to note no. 22 to the financial statements, which describes the effects of a fire in the Company's production facilities Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters ('KAM') are those matters that in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period These matters were addressed in the context of ouraudit of the

consolidated financial statements as a whole, and In forming our opinion thereon, and we do not provide a separate opinion on these matters.

Other Information

Trie Company's Management and Board of Directors are responsible for the other Information. The other Information composes the information included in the Annual 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 such other information Is materially Inconsistent with the financial statements or our knowledge obtained in the 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 arc required to report that tact to those charges to governance. We have nothing to report in this regard.

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 Companies Act. 2013 (“the Act") with respecl to the preparation of these financial statements that give a true and fair view of the financial position.

financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India. Including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies {Indian Accounting Standards) Rules, 2015, as amended 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 aro reasonable and prudent; and the 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 matenal 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 realisbc 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 standalone financial statements as a whole are free from matenal 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 matenal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit In accordance with SAs, we exercise professional Judgment and maintain professional skepticism throughout the audit Weaiso:

• Identify and assess the risks of matenal misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropnato 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 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

Ý 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation

• Obtain sufficient appropnate audit evidence regarding the financial statements of the Company to express an opinion on the financial statements

Materiality is the magnitude of misstatements In the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 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 for the financial year ended March 31.2023 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

R?Bpjl^onj?iherJ^al^a48ea«LaA9ryRejigireme nts

1 As required by the Companies (Auditor's Report) Order, 2020, issued by the Central Government of India in term of sub-section < 11) of section 143 of the Companies Act,2013, we give in the Annexure A statement on the matters specific in the 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 of the aforesaid Financial Statement,

b. In our opinion proper books of account as required by la w ha ve been kept by the Com pan y so far as appears from our examination of those books

c. The Balance Sheet, the Statement of Profit and Loss, statement of changes in equity and Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the Financial Statement,

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended:

e. On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board

f. of Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director in terms of section 164(2) of the Act:

g. With respect to the adequacy of the internal financial controls with reference to financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annoxure B", Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls with reference to financial reporting.

h. With respect to the matters to be included in the Auditor's Report under Section 197(16) of the Act, in our opinion, and to the best of our information and according to the explanations given to us the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with Schedule V of the Act, and

l Wltti 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. as amended, in our opinion and to the best of our information and according to the explanations given to us:

t. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements

ii The Company did not have any long-term

contracts including derivative contracts for which

them were any material foreseeable losses:

Hi. (a) The management has represented that, to the best of its knowledge and belief, 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 or entity, including foreign entity ("Intermediary”), 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 Beneficiary") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiary:

(b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entity (“Funding Party*), 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 Beneficiary") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiary: and

(c) Based on such audit procedures that were 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 (a)and (b) contain any material misstatement.

(d) No dividend has been declared or paid dunng the year by the Company.

(e) Proviso to Rule 3(1) of the Companies (Accounts) Rules. 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules. 2014 is not applicable for the financial year ended March 31,2024.

For SDA & ASSOCIATES CHARTERED ACCOUNTANTS

DAYARAM PAUWAL M. NO. 108393

PLACE : MUMBAI FIRM REG NO. 120759W

DATE • 30-05-2024 ^{UCHN :} 24109393BKFLXJ6331