We have audited the accompanying Standalone Financial
Statements of TCPL Packaging Limited (“the Company”),
which comprise of the Balance Sheet as at March 31 2025,
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
material 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 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 accounting
principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2025, its profit including other
comprehensive income, its cash flows and the changes in equity
for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone 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 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 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 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
audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements for the Financial year ended
March 31, 2025. These matters were addressed in the context
of our audit of the Standalone Financial Statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided
in that context.

We have determined the matters described below to be the key
audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities
for the audit of the Standalone Financial Statements section of
our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement
of the Standalone Financial Statements. The results of our audit
procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the
accompanying Standalone Financial Statements.

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

The Company’s Board of Directors are responsible for the other
information. The other information comprises the Directors
Report included in the Annual report, 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 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 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 are required to report that fact. We have
nothing to report in this regard.

Responsibilities of Management for the
Standalone 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 Standalone Financial Statements that
give a true and fair view of the financial position, financial
performance including other comprehensive loss, 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 are 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 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
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.

Those charged with governance are also responsible for
overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

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.

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 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 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 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.

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, 2025 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 out weight the public interest benefits
of such communication.

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” statement on the matters

specified in paragraphs 3 and 4 of the Order.

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, except
for the matter stated in paragraph 2 (h) (vi) below;

(c) The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive loss,
the Cash Flow Statement and Statement of Changes
in Equity dealt with by this Report are in agreement
with the books of account;

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
2015, as amended;

(e) On the basis of the written representations received
from the directors and taken on record by the Board
of Directors, none of the directors is disqualified as
on March 31, 2025 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 over financial reporting of the Company with
reference to these Standalone Financial Statements
and the operating effectiveness of such controls, refer
to our separate Report in “Annexure B” to this report;

(g) With respect to the matter to be included in the
Auditor’s Report under Section 197(16) of the Act,
in our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current 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 litigations on its financial position in its
Standalone Financial Statements - Refer Note
38 to the Standalone Financial Statements;

ii. The Company has accounted for material
foreseeable losses for long-term contracts
including derivative contracts if any.

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

iv. The Management has represented that, to the
best of its knowledge and belief:

a) 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, recorded in writing
or otherwise, that the intermediary shall,
either 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) No funds have been received by the Company
from any person(s) or entity(ies) including
foreign entities (“Funding Parties”), with
the understanding, recorded in writing or
otherwise, that the Company shall, either
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 audit procedures, as considered
reasonable and appropriate in the
circumstances, performed by us, we
report that nothing has come to our
notice that has caused us to believe that
the representations as above contain any
material mis-statement.

v. The final dividend proposed in the previous
year, declared and paid during the year by the
Company is in accordance with Section 123 of
the Act.

vi. The company has used such accounting software
for maintaining its books of account which
has a feature of recording audit trail (edit log)
facility at application level. The audit trail at
database level was available from November
2024 onwards. During the course of our audit,
we did not come across any instance of audit
trail feature being tampered with in respect
of such accounting software. We are unable to
comment on audit trail feature being changed
w.r.t. database level trail for period prior to
November 2024.

The audit trail has been preserved by the
Company as per the statutory requirements for
record retention except for database level audit
logs which is preserved from November 2024
onwards.

For Singhi & Co.

Chartered Accountants
Firm Registration Number: 302049E

Sameer Mahajan

Partner

Date: 30^th May, 2025 Membership No:123266

Place: Mumbai UDIN: 25123266BMJDNA9394