1. We have audited the accompanying standalone financial statements of PACT INDUSTRIES LIMITED ("the Company"),
which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date, and notes to the financial statement including a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "the Standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone 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 section133 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 the state of affairs of the
Company as at March 31, 2024, the profit and total comprehensive income, changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

2. We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the Standalone 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 (ICAI) together with the independence requirements that are relevant to our
audit of the standalone financial statements under the provisions of the Act and the Rules made there under,
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 we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the standalone financial statements.

Material Uncertainty Related to Going Concern

We draw attention to notes which indicates the following matters -

• The company has suffered a loss during the current F.Y. for Rs. 516.28 Lakhs (Previous Year Rs. 102.54 Lakhs),
resulting in significant erosion of Net Worth.

• The account of the company has been classified as Non-Performing Asset by its banker namely State Bank of
India and subsequently recovery notices have been issued under relevant laws.

Our opinion is not modified in this regard.

Emphasis of Matter

a) The credit facility from bank have been classified as Non-Performing Assets by the bank, so no interest has
been booked in the books of accounts.

b) We draw attention to Note 32 of the financial statements, which describes that the company has filed an
appeal with The Honorable CIT(A) under Income Tax Act, 1961 against the demand of Rs. 103.01 Lac.

c) Further the appeal has been filed with The Honorable Commissioner - Appeal against the demand and penalty
of Rs. 67.03 Lac plus interest raised by The Good and Service Tax Department.

d) We draw attention to Note 43.1 of the financial statements, which describes that balances of parties under
Trade Payables, Other Current Liabilities, Long Term Loans & Advances, Trade Receivables, Short Term Loans &
Advances and Other Current Assets are subject to confirmation as none of the balance confirmations have
been received during the course of audit. Even the bank statement not provided to the auditors.

e) As per information and explanation provided to us the Good and Service Tax Department has conducted the
survey on business premises of the company on 18.8.2023, however, the copy of the order is not provided to
us.

f) As per information and explanation given to us, the company has no bank account as on 31.03.2024 except of
Non- performing Assets.

Our opinion is not modified in respect of these matters.

We further state that in the absence of relevant information with regard to point (c) we are unable to
quantify the amount of impact over financial statements for the year ended 31.03.2024.

Key Audit Matters

3. As all the matters are duly disclosed in the accompanying notes to accounts and financial statements so no other matters
as a key audit matters is communicated.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

4. The Company's Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexure to Board's Report, Business Responsibility Report and Sustainability Report, Corporate
Governance and Shareholder's Information, but does not include the standalone financial statements and our
auditor's report thereon.

Our opinion on the standalone 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 standalone 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 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.

Managements' Responsibility for the Financial Statements

5. 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 , cash flows and changes in equity of the Company in accordance with the
Accounting principles generally accepted in India, including the IND AS 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 standalone financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and board of director is responsible for
assessing the Company's ability to continue as a going concern, disclos ing, 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 company's Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditors' Responsibility

6. Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone financial statements.

7. 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 standalone 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 financial controls 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 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 standalone 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.

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.

8. 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.

9. 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.

10. 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 of the current period 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.

11. 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 the Annexure 'A' a statement on the matters specified in
paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act, based on our audit , 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 purpose of our audit;

b) 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 those books;

c) The Balance Sheet, Statement of Profit and Loss, other comprehensive income, statement of change in Equity including
Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statement comply with the Ind AS specified under Section 133 of the Act 2013.

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

f) With respect to the adequacy of the internal financial controls with reference to standalone financial
statement 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 Company's internal financial controls with reference to Standalone financial Statement.

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, as amended:

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 of the 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 to us:

i) The company has disclosed the impact of pending litigation on its financial statements in it's standalone
financial statement. Refer to Note No. 32.1

ii) As there are not any material foreseeable losses, on long term contracts, therefore the company has not made
any provision, required under the applicable law or accounting standards.

iii) There has been no delay in transferring amounts, required to be transferred if any, to the investor Education
and Protection Fund by the Company.

iv. a The Management has represented that to the best of its knowledge and belief 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 whether recorded in writing or otherwise
that the Intermediary shall whether 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;

b The Management has represented that to the best of its knowledge and belief 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 neither declared a nor paid any dividend during the previous year as well as current year.

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

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 PARMOD G GUPTA & ASSO.

CHARTERED ACCOUNTANTS

(FIRM'S REG. NO. 018870 N)

Place : LUDHIANA (PARMOD GUPTA)

Date : 29.05.2024 PARTNER

M. NO. 096109