We ha\e audited the accompanying financial statements of Quality Foils (India) Limited (“the
Company”), for the year ended 3 1" March, 2025 which comprise tire Balance Sheet and the
Statement of Profit and 1 oss and die Statement of Cash Flows as at and for the year ended on that
date, and a summary of the significant accounting policies and othc' explanatory information
(hereinafter referred to as “the financial statements”).

In our opinion and to the best of otr information and according to the explanations given :o us. the
aforesaid Financial Statements giv« the information in accordance with Regulation 33 of he SEBI
(Listing Obligation and Disclosure Requirements) Regulations. 2015 and give a true and fair view
in conformity w th the Accounting Principles generally accepted in Incia of the State of Affairs of
the Company for the Year ended Mcrch 31. 2025. and its Profit and Cash Flows for the Year ended
on that date.

Basts for opinion

We conducted our audit of the financial starements h accordance w ith the Standards on Auditing
(SAs) specified under section 143 (10) of the Companies Act. 2013. Uur responsibilities under
those Standards are further desc'ibed in the Auditor's Responsibil ties for the Aud t of the
Financial Statements section of oar report We are indepencent of the Company in accordance
with the Code cf Ethics issued by the Institute of Chartered Accountants of India ("the ICAI")
together with the ethical requirements that are relevant to our audit of the firancial statements
under the provisions of the Act ard the rules thereunder, anc we have fulfilled our other ethical
responsibilities n 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.

Key Aidil Matters

Key audit matters arc those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the curren period, t hese matters were addressed in the
context of our audit of the financial statements as a whole, and in formirg our opinion thereon, and
we do not provide a separate opinion on these matters. Based an the work during the year no such
matter to be reported in this regard

Information other than the Financial Statements and Auditors’ report thereon

The Cun puny's Board of Directors is responsible for the preparation of the other information.
The otter information comprises the information includec in the Board’s Report including

Anncxurcs to Board’s Report. Business Responsibility Report but does not include the financial
statements and our auditor's rcpoit thereon

Our opinion on the financial statements Joes net 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 othe-
information and. in doirg so. consider whether the other reformation is materially inconsistent
with the financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be material!) misstated.

If. based on the work we have performed on the other information obtained prior to the date o!
this audit report, we conclude that there is no material misstatement ol this other information, we
arc required to report that fact. We have nothing to report in this regarJ.

Responsibility of Management and Those charged with Governance lor 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 it accordance with
the accounting principles generally accepted in India, including the accounting standards
specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting reccrds in accordance with the provisions of the Act lor safeguarding of the assets or
the Company and for preventing and detecting frauds and other iTegularitics; selection anc
application of appropriate accounting policies: making judgments and estimates that are
reasonable and prudent: and design, implementation and maintenance of adequate interna
financial controls, that were operating effectively for ensuring the accuracy and completeness o:
the accounting records, relevant to the preparation and presentation of the financial statement tha:
give a rue and air view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible fo' 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 ot to ccasc operations, or has no realistic alternative hut to do so.

I he Board of Directors is 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 £
whole are Iree Iront material misstatement, whether due to fraud or eiTor 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, individua ly 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. sve exercise professional judgment and maintain
professional skepticism throughoU the audit. We also:

/^A%\

• 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 control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section I43(3X ) of the
Companies Act. 2013. we are also responsible for expressing our opinion on whether the
company his adequate internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness o’
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis ot
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 tinancia
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 ojr auditor’s repon. However, future
events or conditions may cause the Company to cease to continue is a going concern.

• Evaluate the overall presentaton. structure and content of the financial statements, ncluding
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

Materiality is (he magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that Ue economic decisions of a reasonably knowledgeable user of the
financial statements may he influenced. We consider quantitative material it* 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 am identified misstatements in the 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 .he matters comnunicatec with those charged with governance, we determme those
matters that were of most significance in the audit cf the financial statements of the cutrent year
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, n extremely rare
circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing sc would reasonably be expected to outweigh the public interest
benefits of such communication.

•'4., ^x

Report on other Legal ami Regulatory Requirement"!

1 As required by die Companies (Auditor's Report) Order. 2020 ("the Order"), ssued by
the Central Government of India in terms of Section I43( 11 )cf the Conpanies Act. 2013
we give in the "Annexure- A" statement on the maners specified ir paragraphs 7 anc
4 of the Order, to the extent applicable.

2 As required by section I4t(3) of the Act. bited on our audit we report hat:

(1) We have sought and obtained all the information and explanation* which to the bey
of our know ledge and bcl ef were necessary for the purposes of our audit.

(2) In our opinion, proper books of account as required by law have been kept by the
Company so far is appears from our examination of those bocks.

(3) The Balance Sheet, the Statement of Profit and Loss and the Ca?h Plow Statement
dealt w th by this Report are in agreement w ith the books of account.

(4) In our opinion, the aforesaid Financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 ol the Companies
(Accounts) Rules. 2014.

(5) On the basis of written representations received from the directors as on 31“ March
2025 taken on record by the Board of Directors, none of the directors is disqualified as
oil 31" March, 2025 from being appointed as a director in terms of Section 161(2) of the
Act

(6) With respect to the adequacy of the internal Financial controls over Financial
reportirg of the Company and the operating effectiveness of such coatrols. refer to our
separate report in “Annexure B“ Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of th; Company's internal financial controls over
financial reportiug.

(7) With respect to the other matters to be included in the Auditor's Report in
accordance with the requirements of sect on 197( 6) of the Act. a; amended, in our
opinior and to the best cf our information and according to the exp analions given to
us. the remune'ation paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

(8) 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) 71k Company docs not have any pending litigation which would impact on its
financial position.

(b) The Company does not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses

(c) There were no amounts which were requircc to be transferred to the Investor
(Education and Protection Fund by the Company.

(d) (i) The management has represented that, to the best of it's knowledge and belief
other than as disclosed in the notes to the accounts, no funds have been advanced or
loaned or invested (either Irom borrowed funds or share premium or any other sources or

[j*J wf)*' lL.

kind of funds) by (he company to or in my other person(s) or cntity(ics). including
foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherw ise, that the Intermediary shall, wiclher. d rcctly or indirectly lend or invest ir
other persons or entities identified in any manner whatsoe'er by or on behalf of the
company (“Ultimate Beneficiaries") or provide any guarantee, security or the like or
behalf of the Ult mate Beneficiaries;

(ii) The management has represented, that. 10 the best of it's Rnowledpc and be icf. ollict
than as disclosed in tlac notes to the acounts. nc funds have been received by the
company from any pcrson(s) or entity(ics), including foreign entities ("Funding
Parties’), with the understanding, whether recordeJ in writing or otherwise that the
company shall, whether, directly or indirccily, 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; and

(iii) Rased on audit procedures which we consider reasonable and appropriate in the
circumstances, nothing has come to notice that has caused them to believe that the
representations tnder sub-clause (i) and (ii)contain any matenal mis-statement.

(e) The company has not Jeclared or paid any dividend during the year

(0 Based on our examination, which included test checks, the Company has used
accounting software systems for maintaining its bocks of account for the financial year
ended March 31. 2025 which have the feature of recording audit trail (edit log) facility
and the same has operated througiout the year for ill relevant transactions recorded in
the software systems. Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with and the audit trail has beer
preserved by the Company as per the statutory requirements for record retention

F*r KANSAL JAIN AND ASSOCIATES

Chartered Accountants
^ _ (Firm’s registration no. 023O83N)

IvCAw

M )“> ¹ (CA ARCHIL JAIN I

Place: Hisar PARTNER

Date: MAY 15.2025 — ,77 (M. No.: 517602 )

'“-^lt)IN:25517602BNUKXDI95ll