We We have audited the accompanying Financial
Statements of B&A Packaging India Limited (“The
Company”) which comprise the Balance Sheet as
at 31^st March, 2026, the Statement of Profit and
Loss (including Other Comprehensive Income),
Statement of changes in Equity and 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.

In our opinion and to the best of our information and
according to the explanations given to us, the
aforesaid 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 and other accounting principles
generally accepted in India, of the state of affairs of
the Company as at March 31,2026, and its Profit
(including other comprehensive income), Changes
in Equity and its Cash Flows for the year then ended.

Basis for Opinion

We conducted our audit 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 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 Financial Statements
under the provisions of the Companies Act, 2013
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 opinion.

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
period. These matters were addressed in the context
of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. For
matters mentioned 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 matter to be communicated in
our report. We have fulfilled the responsibilities
described in the Auditor’s responsibilities for the
audit of the financial statements section of our report,
including in relation to this matter. Accordingly, our
audit included the performance of procedures
designed to respond to our assessment of the risks
of material misstatement of the financial statements,
including the procedures performed to address the
matter below, provide the basis for our audit opinion
on the accompanying financial statements.

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

The Company’s Board of Directors is responsible
for the other information. The other information
comprises the information included in the, Board’s
Report including Annexures to Board’s Report,
and Shareholder’s Information, but does not include
the Financial Statements and our auditor’s report
thereon.

Our opinion on the 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 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.

Responsibility of Management for the 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 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
Indian 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 judgements 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

of the preparation and presentation of the financial
statement 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
Management and 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.

Those 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 Skepticism throughout the audit. We
also:

• 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 143(3)(i) of the
Companies Act, 2013, 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 Financial Statements, including the
disclosures, and whether the Financial Statements
represent the underlying transactions and events
in a manner that achieves fair presentation.

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.

Other Matters

The Financial Statements of the company for the
year ended 31^st March, 2025 have been audited by
SBA Associates, Chartered Accountants, the
predecessor auditor who expressed an unmodified
opinion vide their report dated May 23, 2025.

Our opinion is not modified in respect of matters
stated in Other Matters paragraph.

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 Companies Act, 2013, we
give in the Annexure - ‘A’ a statement on the
matters specified in paragraphs 3 and 4 of the
Order.

2. As required by the Sec 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, Statement of Changes in Equity and
the Cash Flow Statement dealt with by this

Report are in agreement with the books of
account.

d. In our opinion, the aforesaid Financial
Statements comply with the Accounting
Standards specified under Section 133 of the
Companies Act, 2013, read with the
Companies (Indian Accounting Standards)
Rules, 2015 as amended.

e. On the basis of the written representations
received from the Directors as on 31^st March,
2026 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31^st March, 2026 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
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 other matters to be
included in the Auditor’s Report in accordance
with the requirement 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/provided
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 litigations as at 31^st March,
2026 on its financial position in its
Financial Statements. Refer Notes 38 (b)
to the 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 has represented

that, to the best of its knowledge and
belief, as disclosed in the notes 59(a)
to the financial statements, 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
or entity, including foreign entity
(“Intermediaries”), with the under¬
standing, 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, as disclosed in the notes 59(b)
to the financial statements, no funds
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
representations under sub-clause (i)
and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any
material misstatement.

v. As stated in the note no. 34 to the

Financial Statement

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 Board of Directors of the
Company have proposed final
dividend for the year which is subject
to the approval of the members at the
ensuring Annual General Meeting.

The amount of dividend proposed is
in accordance with section 123 of the
Act, as applicable.

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 31,2026 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 performing our procedures,
we did not notice any instance of
audit trail feature being tampered with
and the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

For Salarpuria & Partners

Chartered Accountants
(Firm ICAI Reg. No. : 302113E)

Sarvesh Kumar Singh

Partner

Place: Kolkata, (Membership No.: 069367)

Date: 25^th May 2026 UDIN: 26069367NAFDKE9566