Unjha Formulations Ltd Directors Report.

To the Members of

UNJHA FORMULATIONS LIMITED

Report on the Standalone Financial Statements

Wo haye audited Iho accompanying standalone financial statements erf Unjha Formulations Limited (the Company!, which comprlsu iho tHiInnco shoot as at 31 March 2021 ihrr t.taUiment of profit and low itnd Iho cash flow statement for Iho year then ended, and a summary of significant accounting policies and other explanatory information

Managements Responsibility for the Standalone Financial Statements

The Comprin/s Board of Directors in responsible for the matters stated in Section iS4(5)of the Companler. Act. 20131 the Ad) with res()ect to the preparation and presentation of these standalone linanciat statements that give a true and lair view of the financial poaiUon. financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified undei Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014 Tni& responsibility also includes maintenance of adequate -iccourtang records in accordance with the provisions of the Act for safeguarding the assets of Iho Company and for preventing and detecting frauds and othor irregularities selection and application of appropriate accounting policies, making judgments and-estimates that are reasonable and prudent: and design implementation arid maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting reoords r&levnnf to the preparation and presentation of the financial statements Ilia! give a true and fan view and are free from material misstatement, whether duo to fraud or nrrot

Auditors Responsibility

Our rosponsjDilfty is to express an opinion cm these standalone financial statements oased on out audit.

Wu have token into account tne provisions of ll to Act the accounting and auditing standards and matters which are lequired to be Included in Iho audit report under iho provhionn of the Ac! and the Rules inode there under

Wis conducted our audit m accordance with the Standards on Auditing specified under Section 143(10) of the Act Those Standards raguire that wo comply with ethics! requirements and plan and perform the audit to obtain reasonable assurance about whether toe financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures In the financial statements. The procedures selected depend on the auditors judgment, including the assessment of Ifte risks of material misstatement of tho financial statements, whether due to fraud or error In making those risk assessments, the uuijltor considers Internal financial control relevant to the Companys preparation of tho financial statements that give a true and fair view in order to design audit procedures that are appropnale in the arcurmttances. An audit also includes evaluating pin appropriate ness of tho

Accounting policies uaed and the reasonableness of the accounting estimates made by the Companys Directors, aa well as evaluating the overall presentation of the financial statements

Wo believe that the audit evidence we nave obtained is sufficient arid appropriate to provide a basis for our audit opinion on the standalone financial statements

Opinion

In our opinion and to the best of our information anti according to the explanations given to us, the aforesaid standalone financial statements give Urn information required !:y Ihe Act in the manner so required arid give a hue nnd fair viow in conformity with tho accounting principles genu rally accepted in India, of the state of affairs ol the Company as at 31 March 2021 and Its profit and Its cash Hows for the year ended on that dale.

Roport on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditors Report) Order, 2016 fthe Order") Issued by the Central Govornmuril of India in terms of sub-section (11) of section 143 of tho Act, wofliva in tho AnnexwrnA. a statement on the matters specified in tfie paragraph 3 and 4 of the order

2. As required by Section 143 (3) of Urn Act. we reporting!

a) we have sought and obtained alt Ihe information and explanations which to the best of our knowledge and belief wore necessary tor tho purposes of our audit

b) in our opinion proper books ot account as required by law have been kopt by the Company so far as t appears from our examination of those books:

ct the balance si loot, the Statement of profit and loss and the cash flow statement doaft with oy fhig Report ate in agreement with the bonks of account;

d) in our opinion, the aforesaid standalone financial -Jtatements comply wilh Ihfc Accounting Standards specified under Section 133 ot the Act read with Rule 7 cf the Companies (Accounts) Rules. 2014;

e) on the basts cif the written representations received from Itie directors as on 31 March 2021 taken on record by Ihe Beard of Directors, none of the directors is disqualified as on 31 March 2021 from being appointed rth a director in terms Of Section 164 (2) of the Ad;

f) with resped to Ihe adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of sudi controls, refer to out separate report In "Annoxurp B"; and

g) willi respect to the other matters to be included in the Auditors Report m accordance with Rule 11 of the Companies (Audit arid Auditors) Rules, 2014. (n our opinion and to the best of our information and according U the explanations given to ua

I Tho Company has dlsdosed the impac! c*f ponding litigations on its financial position in lb; financial stutnmenta

II The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any on long-term contracts including derivative contracts.

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

Date;-21 Jun&,2021 Fnr, Ms Miiind Shah & Co
PtecsyAJimodnbed Chartered A ccountants
MILJNDKSHAH (Proprietor)
fwl.NO 036482 FR NO 127734W
UDIN NO 21G36462AAAAAW1577

Annoxurc • A to tho Auditors* Rnport

Thu Armoxure reforrnd to in Independent Auditors Report to the members of tho Company on tlie standalone financial statements for the year ended 31 March 2021.

wc report that:

(i) (3) The Company has maintained proper records showing lull particulars, including quantitative details ami situation of fixed assets

(tTho Company has d regular programme of physical verification of 11 r. fixed assets by wh irJi fixed nunetn are verified In a phased manner over a period of three years In accordance with this programme, certain fixed assets were verified during tho year and no materiel discrepancies were noticed on such verification in our opinion, this periodicity of physical verification is reasonable having legard to tho ruze of ihe Company and the nature of i ts assets

(c) According to ihe Information and ox plana! ions given to us and an tho basis of our examination of the records of the Company, he title deeds of immovable properties are held In the name of tho Company

(if) As explained to ur. me inventories were physically verified during Ihe year by ihe Management at reasonable intervals and no male dal discrepancies were noticed on physical verification

(ill) The Company him not granted any loans, secured or unsecured to companies, firms;, limited liability partnerships or other parlies covered In fits resists r maintained under Section t 89 of the Ac!

(iv) In our opinion and (recording io Ihe information aixf explanations given to uu the Company has compiled with Ihs provisions ol section 185 and 186 of the Act. with respect to the loans and investments made

(v) The Company has not accepted any deposits from the public

(v!) The Central Govemmonl has not prer.cnbod Ihn maintenance ol cost records under section 148(1) of Ihe Act for any of the services rendered by the Company

(vni toj According to tho information and explanations grvon to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued m the hooks of account in respect of undisputed statutory dues inducting provident fund, rncome-tux. safes tax. value added tax. duty of customs, service tax, cess and cifhnr materiel statutory dues have been regularly doposllod during the year by the Company with Ihe appropriate aulhoniies. As explained to us, the Company did not havb any dues on account of employees slate insurance and duty of excise

According to ttie information and explanations given to us, no undisputed amounts payable in respect ot provident fund income tax. sales tax. value added tax duty of customs, service Lax cess and other malarial statutory dues wore In mreure as at 31 March 2021 for ;t period of more than six months from the date they became payable.

(b) According to the information and explanations given to us. mere are no material duos of duty of customs Income tax. sales lax. duly of excise, sor/lco tax and value added tax

(viu) :n got opinion and according to the Information and explanation* given to us, the Company lias nol defaulted In the repayment cif loans or borrowings to bankn The Company dees not have any loans or borrowings from financial institutions or government arid has not issued any debentures

(ix) Trie Company dirt noi rase any money by way of initial public otter or further public offer (Including debt instruments) and term loans during the year Accordingly, paragraph 3 (ix) of thir? Order is not applicable.

ix) According Id the information and explanation* given to us no material fraud by Die Company or on the Company by Its officers or employees has been noticed or reported during the course of our audit

(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid ^provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read vytlh Schedule V to the Act.

(xil) In our opinion and according to die Information and explanations given to us, the Company is not a nldhl company Accordingly paragraph 3fxii) of the Older In not applicable

\xiii) According to the information and explanations given to us and based on our examination of the records of the Company transactions with the related parties are fn compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards

(xtv) According to the information and explanations give to us and based on our examination Of the records of the Company, the Company has nc-t made any pre ferentiat allotment or pnvate placement of shares or fully or partly convertible debentures during the year

(xv) According to the information and explanations given to us and based on our examination of the records of the Company the Company lias not entered Into non-cash transactions with directors ot persons connected with him. Accordingly, paragraph 3(xv)of the O/der is not applicable

(xvi) The Company In not required to be registered undet section 45-lAaf the Reserve Bank of India Act 11)34

Annexure • B to the Auditors* Report

Report on Iho Irrtornal Financial Controls undor Clause (i) of Sub*soction 3 of Section 143 of tho Companies Act. 2013 ("the Act")

We have audited the internal financial controls ovar financial reporting ol Unjhn Formula Hons Limited ( ins Company) 35 ot 31 March 2021 in coniunr.ilon with our audit oi the standalone financial statements of tho 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 baseci on the ml8mal control over financial reporting crltenn established by the Company r.ons*denng tne essential components of internal control stated in the Guidance Mots on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India flCAl). These responsibilities Include tile design. Implementation ncJ maintenance of adequate internal financial controls that wore operating effectively for ensuring the orderly and efficlenl conduct of its business including adherence to companys policies, fhe safeguarding ol 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 3s required under thft Companies Act. 2013

Auditors Responsibility

Our responsibility s 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 ICA! and deemed to be prescribed under section 143(10) of the Companies Act. 2013. to the extent applicable to an audit of Internal financial controls, both applicable to an audit of Internal Financial Controls 3nrt, both Issued b v t he institute of Chartered Accountants nf India Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to ohtain reasonable assurance sixiut >vhether 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 proceduios to obtain audit evidence about tho adequacy of the interna) financial controls system aver financial reporting and Ihair operating effectiveness Our audit cif internal financial controls over financial reporting Included obtaining an understanding of internal financial controls over financial reporting assessing the nsk that a materia! weakness exists, and footing and evaluating the design and operating effectiveness of infernal control based on the assessed risk The procedures selected depend on the auditors judgment including the assessment of the risks ot 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 tor our audit opinion on the Companys internal finonclol controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial contra) over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial stot aments for external purposes in accordance with generally accepted accounting principles. Acompany6 internal financial control

over financial reporting includes those policies and procedures mat (1) pertain to the maintenance of records that, in reasonable betail, accurately and fairly reflect tne transactions and dispositions of the assets of the company. (2) provide reasonable assurance that transactions are recorded as necessary to pormil preparation of financial statements in accordance with generally accepted accounting pnndptes and that receipts and expenditures of Ihe company are being made only In accordance with authorizations ol management and directors of the company, and (3) provide reasonable assurance regarding prevention or timely defection af unaulhorlzed acquisition usa or disposition of (he companys assets that could have a material effect on the financial statements

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of Ihe inherent limitations of internal financial controls over financial reporting, Including the possibility of collusion or improper management override of controls, material misstatements clue to error or fraud may occur and not be detected. Also, projections otany evaluation of the internal financial controls over financiol reporting to future ponods are subject to Ihe risK that Ihe internal financial control over financial reporting may become inadequate because of cha nges in conditions, or that the degree of compliance with the policies or procedures may deteriorate

Opinion

In our opinion the Company has. fcn all matonal respects, an adequate intomat financial controls system over financial reporting and such internal financial controls over financial reporting were op-eralmg effectively as al 31 March 2021, based on the internal control over financial reporting catena established by the Company considering the essential components of internal control stated in the Guidance Nolo on Audit of Internal Financial Controls Over Financial Reporting issued by trie Institute of Chartered Accountants of India

Date -21 June. 2021 For. Mfe.Milind Shah & Co
Plua* -Ahmvdubad CHnrto nxi Accountants
MILIND K SHAH (Propnetor)
M NO 03G4S2 . FR.NO I27734W
UDtN NO 21036*182AAAAAW1577