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