Jolly Board Ltd Auditor Reports

TO THE MEMBERS OF JOLLY BOARD LIMITED

Report on the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Jolly Board Limited ("the Company"), which comprise the Balance Sheet as at 31 st March, 2022, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and notes to the financial statements including a summary of the 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 standalone 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 31st March, 2022 and its profit and its cash flows for the year ended on that date.

Basis of 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 Auditors 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 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 ouropinion.

Emphasis of Matter

We draw reference to Note 2.41 to the accompanying standalone financial statements, which describes the effects of uncertainties relating to Covid - 19 pandemic outbreak on the

Companies operations and managements evaluation of its impact on the accompanying standalone financial statements as at 31 st March, 2022, the impact of which is dependent on future developments. Our opinion is not modified in respect of this matter.

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

The Companys 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 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, management is responsible for assessing the Companys 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 companys financial reporting

process.

Auditors 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 misstatements, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not guaranteed 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 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 financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(l) of the Act, 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 reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of managements use of going concern basis of accounting and, based on audit evidence obtained, whether a material uncertainty exists,

we are required to draw attention in our auditors 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 auditors 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.

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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020, ("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 I" a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, based on our audit, 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 aud it.

(b) In our opinion, proper books of account as required by the 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, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone 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, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2022 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 the operating effectiveness of such controls, refer to our separate Report in "Annexure II" and;

(g) With respect to the other matters to be included in the Auditors 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 year is in accordance with the provisions of Section 197 ofthe Act-Refer Note 2.33 and 2.34 to the accompanying standalone financial statements.

(h) With respect to the other matters to be included in the Auditors 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 on its financial position in its standalone financial statements - Refer Note 2.25 to the accompanying standalone financial statements;

ii. The Company does not have any long

term contracts including derivative contracts which required provision for any material forseeable 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, other than as disclosed in the notes to the accompanying standalone 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(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 the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf ofthe Ultimate Beneficiaries.

(b) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the note to the accompanying standalone financial statements, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("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; and

(c) Based on such audit procedures that were 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. Dividend amounting to Rs100 per share has been declared/paid during the year by the Company.

For R. A. Sheth & Associates

Chartered Accountants

Firm Registration No.113270W

Saloni R. Sheth

Partner

Membership No. 046460

UDIN:22046460AJHVAB9101

Mumbai, 11th May, 2022

ANNEXURE I TO THE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF JOLLY BOARD LIMITED

(Referred to in our report of even date)

I. (a) (A) The Company has generally maintained records showing particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has generally maintained records showing particulars of Intangible Assets.

(b) As explained to us, Property, Plant and Equipment, except furniture and dead stock, have been physically verified by the Management in a phased programme designed by the Company over reasonable intervals. According to the information and explanations given to us and representations made to us, discrepancies, if any, noticed on physical verification have been adjusted in the books of account.

(c) In our opinion and according to information and explanations given to us, representations made to us by the Management and on the basis of an examination of the records of the Company, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the accompanying standalone financial statements are held in the name of the Company.

(d) According to the information and explanations given to us, the Company has not revalued its Property, Plant and Equipment or Intangible Assets or both during the year.

(e) In our opinion and to according to the information and explanations given to us, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ii. (a) As explained to us, the stocks of finished goods, raw materials and stores and spare parts in its possession have been physically verified by the Management during and / or at the close of the year. In our opinion, for the year under review, the coverage and procedure of such verification by the management is appropriate.

Discrepancies of 10% or more in the aggregate for each class of inventory which were noticed on physical verification of such inventory as compared to book records, have been properly dealt with in the books of account.

(b)The Company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions. Accordingly, paragraph 3(ii)(b) of the Order is not applicable to the Company.

iii. According to the information and explanations given to us, the Company has not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, limited liability partnerships or any other parties.

iv. According to the information and explanations given to us, the Company has not given loans, investments, guarantees and security covered by the provisions of Sections 185 and 186 of the Act.

v. As explained to us, during the year, the Company has not accepted any deposits to which the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Rules framed thereunder are applicable. As explained to us, there has been no order passed by the Company Law Board or National Company Law Tribunal or Reserve Bank which requires compliance by the Company.

vi. According to information and explanations given to us and pursuant to the provisions of sub-section (1) of Section 148 of the Companies Act, 2013, read with Rule 3 of the Companies (Cost Records and Audit) Rules, 2014, the Central Government has not prescribed the maintenance of cost records by the Company in respect of its products.

vii. (a) According to the information and explanations given to us and the records of the Company examined by us, the Company has been generally regular in depositing the undisputed statutory dues including with respect to Goods and Services Tax, duty of Customs, Cess and other material statutory dues applicable to it with the appropriate authorities. However, there have been delays in depositing dues with respect to Income-tax, Employees State Insurance and Provident Fund. There were no dues outstanding as at the last day of the financial year, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of Income-tax, Goods and Services Tax, duty of Customs which have not been deposited on account of a dispute are as under:

Name of the Statute	Nature of Dues	Amount (Rs)	Period to which the amount relates	Forum where the dispute is pending
Income- tax Act, 1961	Allowability of Interest under section 36(1)(iii)	Not ascertained	Assessment Year 1999-00	Commissioner of Income-tax (Appeals), Mumbai
Central Excise Act, 1944	Credits on input services	13.17 lakhs and penalty 3.25 lakhs	January 2014 to December 2014	Customs Excise and Service Tax Appellate Tribunal, Sangli

viii. On the basis of the records examined by us and according to the information and explanations given to us, there are no unrecorded transactions in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. (a) On the basis of the records examined by us and according to the information and explanations given to us, the Company has not defaulted during the year in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) As per the information and explanations given to us, the Company is not a declared wilful defaulter by any bank or financial institution or other lender.

(c) As per the information and explanation to given to us, the company has not taken any term loans and hence the reporting under paragraph 3(ix)(c) of the Order is not applicable to the Company.

(d As per the information and according to the explanations given to us, the Company has not raised any funds on short term basis and hence the reporting under paragraph 3(ix)(d) of the Order is not applicable to the Company.

(e) As per the information and explanations given to us, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures and hence the reporting under paragraph 3(ix)(e) of the Order is not applicableto the Company.

(f) As per the information and explanations given to us, the Company has not raised any loans during the year on pledge of securities held in its subsidiaries, joint ventures or associate companies and hence the reporting under paragraph 3(ix)(f) of the Order is not applicable to the Company.

(a) The Company has not raised money by way of initial public offer or further public offer (including debt instruments). Accordingly, paragraph 3(x)(a) of the Order is not applicable to the Company.

(b) Based upon the audit procedures performed and the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accordingly, paragraph 3(x)(b) of the Order are not applicable to the Company.

xi. (a) During the course of our examination

of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instances of fraud noticed or reported by the Company or on the Company by its officers or employees during the year, nor have we been informed of such cases by the Management.

(b) No report under section 143(12) of the Companies Act, 2013 has been filed by us.

(c) Based upon the audit procedures performed and the information and explanations given to us and representations made by the management, we report that no whistle blower complaints were received during the year by the Company.

xii. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us, the transactions with the related parties are in compliance with Section 177 and 188 of Act, where applicable, and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

xiv. According to the information and

explanations given to us, internal audit is not applicable to the Company during the year under review. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with its directors.

xvi. According to information and explanations given to us, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi) of the Order is not applicable to the Company.

xvii The Company has not incurred cash losses in the financial year and in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditor during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report and that Company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

xx. (a) According to the information and

explanations given to us, representations made to us by the management and the books of account examined by us, in respect of other than ongoing projects, reference is invited to Note 2.38 to the financial statements which gives details of the Corporate Social Responsibility (CSR) activities. The Company has spent Rs 46.72 lakh during the year out of Rs51.88 lakh being the amount required to be spent by it during the year. Hence, an amount of Rs 5.16 lakh is the unspent amount for the year under review and the same would have to be transferred to a Fund specified in Schedule VII to the Companies Act, 2013 within a period of six months of the expiry of the financial year in compliance second proviso to sub-section (5) of section 135 of the said Act. An amount of Rs 5.01 lakh is the shortfall relating to the previous year.

(b) According to the information and explanations given to us, representations made to us by the management and the books of account examined by us, the Company has not undertaken any ongoing projects. Hence there is no amount remaining unspent under subsection (5) of section 135 of the Companies Act, 2013, pursuantto any ongoing project that has to be transferred to a special account in compliance with the provisions of sub-section 135 of the said Act.

xxi. Since these are standalone financial statements, paragraph 3(xxi) of the Order is not applicable to the Company.

For R. A. Sheth & Associates

Chartered Accountants

Firm Registration No.113270W

Saloni R. Sheth

Partner

Membership No. 046460

UDIN:22046460AJHVAB9101

Mumbai, 11th May, 2022

ANNEXURE II TO THE INDEPENDENT AUDITORS REPORT - 31st MARCH,2022 TO THE MEMBERS OF JOLLY BOARD LIMITED

(Referred to in our report of even date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Act

We have audited the internal financial controls over financial reporting of Jolly Board Limited ("the Company") as at 31st March, 2022 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (" IC AI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required underthe Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control over financial reporting includes those policies and procedures that:

(a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company

(b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

The system of internal financial controls over financial reporting with regard to the Company were not made available to us. Because of this reason, we are unable to obtain sufficient appropriate audit evidence to provide a basis for our opinion whether the Company had established adequate internal financial controls over financial reporting and whether such internal financial controls were operating effectively as at 31 st March, 2022.

We have considered the disclaimer reported above in determining the nature, timing and extent of audit tests applied in our audit of the Standalone Financial Statements of the Company, and the disclaimer does not affect our opinion on the Standalone Financial Statements of the Company.

For R. A. Sheth & Associates

Chartered Accountants

Firm Registration No.113270W

Saloni R. Sheth

Partner

Membership No. 046460

UDIN:22046460A]HVAB9101

Mumbai, 11th May, 2022