We have audited the accompanying standalone financial statements of CONTAINER CORPORATION OF INDIA
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and
Loss (including other comprehensive income), Statement of Changes in Equity, Statement of Cash Flows for the year
then ended and notes to the financial statements, including a summary of material accounting policies and other
explanatory information (herein after 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 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 2025, its profit (including other comprehensive income), changes
in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of standalone financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. 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 ethical 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 Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matters

We draw the attention to:

a) Refer Note no. 30, 39 and 51, which describe payment of Land License Fee to Indian Railways for land
leased to it on the basis of company assessment in line with Master circular dated 04.10.2022 issued by
Railway and is not final. In view of the uncertainty of the lease terms, no Right of Use (ROU) has been
assessed as required under Ind AS 116.

b) Refer Note no. 12 of the financial statements, which discloses trade receivables of ^24.56 crore that have
remained outstanding for more than three years. The management has made a provision for doubtful debts
amounting to ?4.84 crore. No provision has been made for the remaining ^19.72 crore, which includes ?6.52
crore from certain parties against whom the company has initiated legal proceedings. The ultimate outcome
of these litigations remains uncertain.

c) Balances of Sundry Debtors, Sundry Creditors, advances etc. to/from parties including Railways shown in
financial statements are subject to confirmation/reconciliation as referred to Note no. 68(a). These balances
include outstanding for more than three years. The effect of the same is not ascertainable

Our Opinion is not modified in respect of the above matters

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current year ended 31^st March 2025.

We have determined that there are no key audit matters to communicate in our report.

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

The Company's Board of Directors is responsible for the other information. The other information comprises the
Management Discussion and Analysis, Director's Report including annexure to Director's Report, Business
Responsibility Report, Corporate Governance, ten years Financial/physical performance and data and letter from
CMD included in the annual report of the company, but does not include the standalone financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of this auditor's report.

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
identified above when it becomes available and, in doing so, consider whether the other information is materially
inconsistent with the standalone 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 communicate the fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements

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, changes in equity 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. 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, the Board of Directors 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 the Board of Directors 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 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 scepticism
throughout the audit. We also:

a) Identify and assess the risks of material misstatement of the financial results, 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.

b) 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 Control System in place and the operating
effectiveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Board of Directors.

d) Conclude on the appropriateness of the Board of Directors' 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.

e) Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the 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 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.

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, to the extent applicable.

2. The Comptroller & Auditor General of India has issued directions indicating the areas to be examined in terms
of Sub section (5) of Section 143 of the Act, compliance of which are set out in "Annexure-B".

3. 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 accounts 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 (including other comprehensive income), the Statement
of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books
of accounts.

d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.

e. As per the notification number G.S.R. 463(E) dated 5^th June, 2015 issued by Ministry of Corporate Affairs,
section 164(2) of the Act regarding the disqualifications of Directors is not applicable to the Company, since
it is a Government Company.

f. With respect to the adequacy of internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure C".

g. With respect to the other matters to be included in the Auditor's Report, as per notification number G.S.R.
463(E) dated 5th June, 2015 issued by Ministry of Corporate Affairs, section 197(16) of the Act regarding
the Managerial Remuneration is not applicable to the Company, since it is a Government Company.

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, 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/arbitrations on its financial position in its
standalone financial statements. Refer note no. 42 to the standalone financial statements.

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

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

iv. (a) The Management of the Company have represented to us that, to the best of their 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, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Company or any of such subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.

(b) The Management of the Company has represented to us that, to the best of their knowledge and belief,
no funds (which are material either individually or in the aggregate) have been received by the Company
or any of such subsidiaries from any person or entity, including foreign entity ("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.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances performed by us on the Company, 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.

v. As stated in Note 19.2 to the standalone financial statements:

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

b. The interim dividend declared and paid by the Company during the year and until the date of this report
is in compliance with Section 123 of the Act.

c. The Board of Directors of the Company have proposed final dividend for the year which is subject to
the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed
is in accordance with section 123 of the Act, as applicable.

vi. We draw attention to the fact that the position of Independent Director remained vacant during the period
from November 9^th, 2024 to March 31^st, 2025. Consequently, the Company did not have any Independent
Directors on its Board during this period, which is not in compliance with the provisions of Section
149(4) of the Companies Act, 2013 and the applicable requirements under the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

vii. Based on our examination which included test checks, the company has used an accounting software
(i.e. Oracle e Business Suite) for maintaining its books of account for the financial year ended 31^st March
2025 which has a feature of recording audit trail (Edit Log) facility and the same has been operated
throughout the year for all relevant transactions recorded in the software. During the course of our audit,
we did not come across any instance of audit trail feature being tampered with. Further, the same has
been preserved as per the statutory requirements.

For Hem Sandeep & Co.

Chartered Accountants

FRN: 009907N

Place: Delhi CA Priyank Varshney

Date: May 22^nd, 2025 Partner

M. No. 421308

UDIN: 25421308BMNXKY2038