We have audited the accompanying Ind AS financial statements of Raj Packaging Industrie's Limited ("the Company"), whichcomprise the Balance Sheet as at March 31, 2024the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and tire Statement of Cash Flows for the year ended on that date, and a summary of tire material accounting policies and other explanatory information (hereinafter referred toas"lnd ASfinancialstatenrents").

In our opinion and to tire best of our information and according to tire explanations given to us, tire aforesaid Ind AS 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 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of tire state of affairs of tire Company as at March 31, 2024 and its loss, other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of thehrd AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of tire Act (SAs). Our responsibilities under those Standards are further described in tire Auditor's Responsibilities for the Audit of the Financial Statenrentssection of our report We are independent of tire Company in accordance with tire Code of Ethics issued by tire Institute of Chartered Accountants of India(lCAl) 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on tire Ind AS financialstatements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of tire Ind AS financial statements of tire current year. These matters were addressed in tire context of our audit of the Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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

The Company's Board of Directors is responsible for the preparation of the other information Tire other information comprises the information included in the Board's Report including Annexures to Board's Reportand Shareholder's Information, but does not include the Ind AS financial statements and our auditor's reportthereon

Our opinion on the Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusionthereon

In connection with our audit of the hid AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materiallyinconsistent with tire hid AS financial statements or our knowledge obtained during the course of our audit or otherwise appeals to be materiallymisstated.

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 thisregard.

Responsibility of Management and those charged with Governance for the FinancialStatements

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 Ind AS financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 tire accuracy and completeness of tire accounting records, relevant to tire preparation and presentation of tire IndAS financial statements drat give a true and fair view and are free from material misstatement, whether due to fraud or error.

hr preparing dre Ind AS financial statements, management is responsible for assessing dre Com parry's ability to continue as a going concern, disclosing, as applicable, maders related to going concern and using dre 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 responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financials tatements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identity and assess the risks of material misstatement of thelnd AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. Tire 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 tire override of intemalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in tire circumstances. Under Section 143(3)(i) of tire Act, we are also responsible for expressing our opinion on whether tire Company has adequate internal financial controls system in place and the operating effectiveness of suchcontrols.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made bynrairagement.

• Conclude on the appropriateness of management's use of tire 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 hr tire 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 goingconcern.

• Evaluate the overall presentation, structure and content of thelnd AS financial statements, including tire disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fairpresentalion

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that tire economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitativefactors in (i) planning the scope of our audit work and hr evaluating tire results of our work; and (ii) to evaluate the effect of any identified misstatements hr tire financial statements.

We communicate with those charged with governance regarding, among other matters, tire planned scope and timing of the audit and sigirilicantaudit findings, including any significant deficiencies in internal control that we identify during ouraudit

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, relatedsafeguards.

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 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.

2. As required by Section 143(3) of tire Act, based on our audit we reportthat:

a) We have sought and obtained all tire infomration and explanations which to thebestofourknowledgeand belief were necessary for tire purposes of ouraudit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears fronr our examination of thosebooks.

c) Tire Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash How dealt with by this Report are in agreement with the relevant booksofaccount.

d) In our opinion the aforesaid Ind AS financial statements complywith the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014

e) On tire basis of the written representations received from the directors as on March 31, 2024taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024fronr being appointed as a director in terms of Section 164 (2) of theAct

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company 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 operating effectiveness of the Company⁷ s internal financial controls over financialreporting.

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, asamended:

hi 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 of tire Act

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, as amended in our opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financial position in its Ind ASfinancialstatements - Refer Note 32.

ii The Company did not have any long-term contracts including derivative contracts for which there were material foreseeable losses.

iii. There has been no delay in transferring amounts, required to lx⁵ transferred, to the Investor Education and Protection Fund by the Company.

h. (a) The Management has represented that, 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,

wnetner recorded in writing or otherwise, that the intermediary shall, whether, direc tly 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, 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 in the current and the previous financial year.

vi Based on our examination which includes test checks, the Company has used accounting software's for maintaining its books of accounts 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 software's. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered.

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.

For NACAnd Associates LLP ICAI FRN: 119375W/S200011 Chartered Accountants

Nik hi 1 Surana Partner

Place: Hyderabad Membership No.: 232997

Date: 25.05.2024 UDIN:24232997BKCEWU8663