We have audited the accompanying standalone financial statements of
financial statements of REX SEALING AND PACKING INDUSTRIES LIMITED

("the Company"), which comprise the Balance Sheet as at 31^st March
2024, the Statement of Profit and Loss and Cash Flow Statement for the
period ended, and a summary of significant 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 accounting
standards prescribed under section 133 of the Act and other accounting
principles generally accepted in India, of the state of affairs of the Company
as at 31^st March 2024, and its profit and its cash flows for the period ended
on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing
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 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.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

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

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
Annexures to Board's Report, but does not include the financial statements
and our auditor's report thereon. These reports are expected to be made
available to us after the date of our auditor’s report.

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 identified above when it becomes available
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.

When we read the other information included in the above reports, if we
conclude that there is material misstatement therein, we are required to
communicate the matter to those charged with governance and determine
the actions under the applicable laws and regulations.

Management's Responsibility for 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 standalone
these financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India including
accounting standards referred to in section 133 of the Act, as applicable. This
responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 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 Board of Directors are also responsible for overseeing the Company's
financial reporting process.

Auditor's Responsibility

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 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 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
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 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 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 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 section

143(11) of the Act, we give in “Annexure A", a statement on the matter

specified in the paragraph 3 and 4 of the Order.

2. As required under provisions of section 143(3) of the Companies Act,

2013, 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 and Statement of Profit and Loss including
Statement of Cash Flow dealt with this report are in agreement
with the books of account;

d. In our opinion, the aforesaid Financial Statement comply with
the Accounting Standards specified under Section 133 of Act,
read with relevant rule issued thereunder.

e. On the basis of written representations received from the
directors as on March 31, 2024, 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
over financial reporting of the company and operating
effectiveness of such controls, referred to our separate report
in “Annexure B".

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 period is in accordance
with the provisions of section 197 of the Act.

h. With respect to other matters to be included in the Auditor’s
Report in accordance with Rule 11 of the Companies (Audit
and Auditor) Rules, 2014, in our opinion and to the best of our
knowledge and belief and according to the information and
explanations given to us:

(a) The Company has disclosed the impact of pending
litigations as at 31 March 2024 on its financial position
in its standalone financial statements - Refer Note (vii)
of Annexure - A to the standalone financial statements

(b) The Company did not have any long-term and derivative
contracts as at March 2024.

(c) There has been no delay in transferring amounts,
required to be transferred, the Investor Education and
Protection Fund by the Company during the period
ended March 31, 2024.

• provide any guarantee, security or the like from
or on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as 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 (d) (i) and (d) (ii)
contain any material Mis-statement.

(e) The company has not neither declared nor paid any dividend
during the period under Section 123 of the Act.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014
for maintaining books of account using accounting software
which has a feature of recording audit trail (edit log) facility is
applicable with effect from April 1, 2024 to the Company and
its subsidiaries, which are companies incorporated in India, and
accordingly, reporting under Rule 11(g) of Companies (Audit
and Auditors) Rules, 2014 is not applicable for the financial
year ended March 31, 2024.

For B B Gusani & Associates
Chartered Accountants

Bhargav B Gusani
Proprietor
M. No. 120710

Place: Jamnagar FRN: 140785W

Date: 30-05-2024 UDIN: 24120710BJZWDF3373