ఆడిటర్ నివేదిక Twinkle Papers Ltd.

TWINKLE PAPERS LIMITED Report on the Audit of the Standalone Financial Statements

Report on the Financial Statements

We have audited tine accompanying financial statements ol TWINKLE PAPERS LIMITED (“the Company") which comprises the Balance Sheet as at Marcli 31, 2024, the Statement of Profit and Loss and Statement of Cash Flows lor the year then ended, and notes to the financial statements, including 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 principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the Profit/(Loss) and its Cash flows for the year 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 tire 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 line ethical requirements that are relevant to our audit of the financial statemenLs under the provisions of the Ac t 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 ol the financial statements of the current period. These matters w*ere addressed in the context ot our audit ol the finarw lui statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable to the Company as it is an unlisted company.

Information other than the financial statements and auditors'' report thereon

The Company''s board ot directors is responsible for the preparation of the other information. The other informalion comprises the information included in the Board''s Report including Annexures to Board''s Report. Business Responsibility Report 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 Ihe financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on tiro work we have performed, we conclude that there is a matenal misstatement of this other information; we are required to report that fact. We have nothing to reporl in this regard.

Management''s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated m Section 134(5) of the Companies Act, 201'' ("the Act") with respect to the preparation of these standalone financial statements that give a true and lair view ol the tinancial position, linancial pertormance and cash flows ot the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance ol adequate accounting records in accordance with the provisions of the Act for safeguarding ol 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 ol 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 _Eive a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, os applicable, matters related to going concern and using the going concern basis ol accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Th,, board ot 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 tree Iroro 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 ot assurance, hut 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 flee 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 ant appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting Iron, fraud is higher than for one resulting from error, as fraud may involve collusion, lorgery. 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 tine circumstances. Under section 143(3)

• Evaluate tine 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 uncertainly exists related to events or cond.tions that may cast significant doubt on the Company''s ability to continue as a going concern. U 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 flu* disclosures, and whether tine financial statements represent the underlying transactions and events in a manner that ai hieves

fair presentation. _t .

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit fundings, including any significant deficiencies in internal control lhal we identify during our audit

Wo 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 he thought to hear on our independence, and where applicable, related safeguards From the matters communicated with those charged with governance, we determine those matters that were ot most significance m 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 ot such communication,

Report on Other Legal and Regulator)'' Requirements

1 As required by the Companies (Auditors 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 ui the ''Annexure A ’

statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 ot our knowledge and

belief were necessary for the purposes of our audit.

(h) 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 tor the matters stated in the paragraph (g)(vi) below, on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(3 The Balance Sheet, the Statement of Profit and Loss and Cash flow statement dealt with by this report are in agreement with the hooks ot account.

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

(e) On the basis of the written representations received from the directors as on 31st March. 2024 taken on record by the Board of Directors, none of the directors Is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act

(0 With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company s interna financial controls over financial reporting;

(g) The reservations relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3) of the Act and paragraph (h)(v.) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(h) With respect to tire 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 ot our information and

according to the explanations given to us:

, The Company did not have any pending litigations. Accordingly there is no impact of any litigation on its financial position in its financial statements.

,i Tire Company did not have any long term contracts including derivative contracts for which them were any material foreseeable losses.

iii Tire provisions relating to the Investor-Education and Protection Fund is not applicable to the Company.

IV a) The management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or m the aggregate ) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind ol funds) by tine Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, 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 die 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, no funds (which are material either individually or in the aggregate ) have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parlies''), 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; and

O Based on such audit procedures performed that have been 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 (a) and (b) contain any material misstatement.

v No dividend has been declared or paid during the year by the Company.

vi Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility, however the same has not operated throughout the year for all relevant transactions recorded in the respective software. Hence, we are unable to comment on audit trail feature of the said software.