Western India Plywoods Ltd Auditor Reports

To The Members of

The Western India Plywoods Limited

Report on the Audit of the standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of THE WESTERN INDIA PLYWOODS LIMITED (“the Company”), which comprises the Standalone Balance Sheet as at 31*‘March 2024. and the Standalone Statement of Profit and Loss, (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash How for the year then ended, and notes to the Standalone Financial Statement, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements").

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 (Act?) in the manner so required and give a true and lair view in conformity with the accounting principles generally accepted in India, including the (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS") and the relevant rules issued thereunder, of the state of affairs of the Company as at 3T‘ March 2024. and its profit (including other comprehensive income), changes in equity and cash flows for the year ended on that date.

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 Auditors Responsibilities for the audit of the standalone 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 arc relevant to our audit of the financial statements under the provisions of the Companies Act. 2013 and the rules made there under, 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 on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our Professional judgement, were of most significance in our audit of the standalone 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 each matter 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 matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor?s responsibilities for

the- audit of the Standalone Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Financial Statements.

Sr.No	The Key Audit Matters	How the matter was addressed in our audit
1.	Impairment testing of investment in subsidiary	Our Audit procedure included, but were not limited to the following;
	Refer Note No 4.02 to the accompanying standalone financial statements	• We Evaluated the Company?s process regarding the impairment assessment and fair valuation by involving independent expert to confirm that the assessment are made in line with the relevant IND AS • We assessed the carrying value/fair
	The equity as well as the preference shares investment in the subsidiary company named Mayabandar Doors limited, account for a significant percentage of the companys total investments.
	As at 31 March, 2024, the carrying amount of equity investment in subsidiary company Viz. Mayabandar Doors Limited is Rs 232.25 Lakhs.	value calculation of the investment in subsidiary to determine whether the valuation is within the acceptable range determined by us.
	Further the company has also invested in 6% Non- cumulative redeemable as well as 8% redeemable cumulative preference share capital of the above said subsidiary, the carrying amount of which as at 31“ March, 2024 is Rs 340.00 Lakhs as well as Rs 180.00 Lakhs respectively.
		• We assessed the professional competence, objectivity and capabilities of the valuation specialist engaged by the management.
		• Wc evaluated the adequacy of disclosure made in the standalone financial statement.
	As the carrying amount of the investment in the above said subsidiary exceeds the carrying amounts in the financial statements of the subsidiaries Net assets, the management has performed an impairment assessment and has estimated the recoverable amount of its investment in subsidiaries through an independent valuer. The accounting for investment in above subsidiary is a Key Audit Matter as the estimation of recoverable amount involve the use of significant estimate and assumptions that are dependent on expected future market and economic conditions.
		Based on the above procedure performed, we did not identify any significant exception in the management?s assessment in relation to the impairment loss and the carrying value of investments in subsidiary.
	As per such assessment done by the management, there is no impairment loss as disclosed in Note No 4.02 lb this standalone financial statement.
2.	Recoverability of insurance claim receivable	Our audit procedures included, but were not limited to the following:
	Refer Note No 14.01 to the accompanying standalone financial statements
		• Wc have assessed and reviewed the
	As on 31*“ March. 2024, as per the financial statement, an amount of Rs 210.36 Lakhs is outstanding as insurance claim and interest receivable from the insurance company based on the judgement in favour of the company by the Kerala State Consumer Disputes Redressal Commission.	issue in detail and discussed with management, the recent developments and the present status.
		• Considered the Judgment in favor of the company by the Kerala State Consumer Disputes Redressal Commission.
	However, the insurance Company filed an appeal against the above said judgement and the condonation petition in respect of the same is yet to be heard.	• We considered external legal opinions, where relevant, obtained by management.
		• We assessed the adequacy of the company?s disclosures in the financial statement
	Considering the materiality involved and the uncertainty about the ultimate outcome of the appeal, the above matter is identified as Key Audit matters.
		Based on our above procedure, the management?s assessment and disclosure in respect of the above matter is considered to be reasonable.

Other Information

The Company?s Board of Directors is responsible for the other information. I he other information comprises the information included in the Board Report including Annexure to Boards Report. Management Discussion and Analysis, Business Responsibility Report. Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditor?s report thereon. The above referred information is expected to be made available to us after the date of this auditor?s report.

Our opinion on the standalone 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 standalone 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 standalone financial statements or our knowledge obtained in the audit or otherwise appears to he materially misstated. When we read the information. If, wc conclude that there is a material misstatement therein, we arc required to communicate the matter to those charged with governance and take appropriate actions necessitated by the circumstances and the applicable laws and regulation. We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the Standalone Financial Statements

The Company?s Board of Directors are responsible for the matters stated in section 134(5) of the 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, total comprehensive income, changes in equity and Cash flow 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 provision 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 control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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 ceases operations, or has no realistic alternative but to do so.

Those Board of Directors are 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 standalone financial statements as a whole arc free from material misstatement, whether due to fraud or error, and to issue an auditors report that inc ludes our opinion. Reasonable assurance is a high level of 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 arc 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 scepticism 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 controls 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 arc also responsible for expressing an 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 the 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 standalone financial statements or, if such disclosures arc 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.

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 standalone 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 standalone 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 auditors 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 Wythe 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 the paragraph 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 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 it appears from our examination of those books except for the matters stated in

the paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 20I4(as amended).

c) The standalone Balance Sheet, standalone Statement of Profit and Loss (including other comprehensive income), the standalone statement of Cash Flows and the standalone statement of changes in Equity dealt with by this Report are in agreement with the books of account:

d) In our opinion, the aforesaid standalone financial statements comply with Indian Accounting Standards specified under Section 133 of the Act.

c) On the basis of written representations received from the directors as on March 31, 2024. and 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 maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 2(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014(as amended).

g) With respect to the adequacy of the internal financial controls with reference to standalone financial statement of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B".

h) With respect to the others 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 explanation given to us. the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

i) With respect to the other matters to be included in the Auditors Report in accordance with Rule II 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 on its financial position in its standalone financial statements Refer Nine No 40.01 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 and

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.

(iv) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the Note No 57 &• 58 to the standalone financial statements,

(a) 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 entitv(ics). 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 of the Ultimate Beneficiaries; and

(b) 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.

(c) Based on audit procedures carried out by us, that we have 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) above of Rule 11(e) contain any material mis-statement.

(v) The final dividend paid by the Company during the year ended 31** March 2024 in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extend it applies to payment of dividend .

As stated in Note No 17.02 to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31^u March,2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

(vi) As stated in Note No 50 to the standalone financial statements and 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, except in respect of maintenance of payroll records wherein the accounting software did not have the audit trail feature, enabled throughout the year. Further, the audit trail facility has operated throughout the year for all relevant transaction in the software and during the course of our audit we did not come across any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1. 2023, reporting under rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirement for record retention is not applicable for the financial year ended March 31. 2024.

Place: Kannur	For Sankar & Moorthy Chartered Accountants Firm Reg. No. 003575S Sd/- CA VINEETH KRISHNAN KV, FCA. D1SA (Partner) Mem. No. 232371
Date: 29-05-2024	UDIN: 24232371BKACMQ1443

“ANNEXURE - A” TO THE INDEPENDENT AUDITOR?S REPORT

[REFERRED TO IN PARAGRAPH I OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/S THE WESTERN INDIA PLYWOODS LIMITED ON THE ACCOUNTS OF THE COMPANY FOR TFFE YEAR ENDED 31^sr MARCH, 2024

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including

quantitative details and situation of Property, Plant and Equipment and intangible assets.

(b) As per the information and explanation given to us and the records of the company examined by us, the Property, Plant and Bquipment of the company are physically- verified by the management in accordance with a phased programme at reasonable intervals and that no material discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company and based on the details of land and buildings furnished to us by the company, the title deeds of immovable properties arc held in the name of the Company.

(d) The Company has not revalued any of its Property. Plant and Equipment (including right-of-usc assets) and intangible assets during the year.

(e) According to the information made available by the management, the Company do not hold any bciiami property nor carried out any benami transaction under the Bcnami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii) (a) According to the information made available and based on the records examined by

us. the Company is conducting physical verification of inventories (other than stock of timber lying in the pond and goods in transit) at reasonable intervals. The coverage and procedure of such verification by the management in our opinion, is appropriate having regard to the size of the company and nature of its business. As per the reports made available there are no discrepancies of 10% or more in aggregate for each class of Inventory have been noticed on such verification by the company.

(b) During the year, the Company has been sanctioned working capital limits in excess of Rs5 Crore, in aggregate, from Bank on the basis of security of current assets. The quarterly returns filed by the company to the Bank is in agreement with the book of accounts maintained by the company except the following (Refer Note no 43 of the standalone financial statement.

Quarter	Particulars	Amount as per Books of accounts	Amount as per Quarterly statement submitted to Bank	Difference amount
Q1 FY 2023-24(June ‘23)	1 nven tory	1,375.50	1,352.69	22.81
Q2 FY 2023-24 (September ‘23)	Inventory	1.419.19	1,403.23	15.96
Q3 FY 2023-24 (December *23)	Inventory	1,352.98	1,332.16	20.82
Q4 FY 2023-24 (March *24)	Inventory	1,299.79	1,276.56	23.23

(iii) According to the information and explanation given to us and on the basis of our examination of records, during the year, the company has made investments in. provided guarantee and security to company and granted unsecured loans to company and other parties (employees) in respect of which:

(a) The details of aggregate amount of guarantee of security provided and loans granted to company and other parties are as follows:

( f in Lakhs)

Particulars	Guarantees or security	Unsecured Loans
Aggregate amount provided or granted during the year :
Subsidiaries	-	7.96
Others (employees)	-	46.27
Balance outstanding as at balance sheet date in respect of:
Subsidiaries	500.00	75.50
Others (employees)	-	25.25

(b) According to the information and explanation given to us and on the basis of our examination of records of the company. In our opinion, the investments made, guarantee provided security given and the terms and conditions of the grant of loans and guarantee provided during the year are. prima facie, not prejudicial to the Company?s interest.

(c) According to the information and explanation given to us and on the basis of our examination of records, in respect of loans granted by the company, there is no stipulation of schedule of repayment of principal and payment of interest, if any. I Ience we are unable

(d) to make comment on the regularity of repayment of principal and payment of interest.

(c) According to the information and explanation given to us and on the basis of our

examination of records, in respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.

(0 According to the information and explanation given to us and on the basis of our examination of records, during the year, no loan granted has fallen due or has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

(g) According to the information and explanation given to us and on the basis of our examination of records, during the year Company has granted loans or advances in the nature of loans without specifying any terms or period of repayment. The details of loans/advances in nature of loans granted to related parties without specifying any terms or period of repayment are as follows-

( fin LiiUUs)

Particulars	Related party balance
Aggregate amount of loans granted to subsidiaries in the nature of loan during the year :
Repayable on demand (A)	-
Agreement does not specify any terms or period of repayment (B)	7.96
Total (A+B)	7.96
Percentage of loans/advances in nature of loans to the total loans	7.90 %

Further, according to the information and explanation given to us and on the basis of our examination of records, during the year, the Company has not made investment in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to Firms, and Limited Liability Partnerships

(iv) In our opinion and according to the information and explanation given to us. the company has complied with the provision of section 185 and 186 of the companies Act. 2013 in respect of loans, investment, guarantee and security.

(v) According to the information and explanation given to us and on the basis of our examination of records, the Company has not accepted any deposits or amounts which arc deemed to be deposits within the meaning of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder. Hence, the provisions of clause (v) of paragraph 3 of the Order are not applicable to the company.

(vi) To the best of our knowledge and according to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Act for the company at this stage.

(vii) (a) As per the information and explanation furnished to us and according to our

examination of the records of the Company, the company has been generally regular in depositing undisputed statutory dues including Provident Fund. Employees State insurance, Income Tax, Sales Tax, Service Tax, Goods & Service Tix, Duty of Customs. Duty of Excise, Value added Tax, Cess and the other statutory dues, as applicable to the company to the appropriate authorities during the year.

There are no arrears of undisputed statutory dues outstanding at the last day of the financial year for a period of more than six months from the date on which they become payable.

(b) According to information and explanations given to us and as per our verification of records of the Company, the statutory dues referred to in sub-clause (a) above which have not been deposited with the appropriate authorities as at 31“ March. 2024 on account of disputes are given below:

NAME OF THE STATUTE	NATURE OF THE DUES	TOTAL DEMAND	TOTAL TAX PAID UNDER PROTEST/ ADJUSTED	AMOUNT NOT DEPO SITED	PERIOD (FINAN CIAL YEAR)	FORUM WHERE THE DISPUTE IS PENDING
1C, ST	Difference in 1GST rate for material supplied to railways	139.43 lakhs (Including Penalty	6.97 Lakhs	132.46 Lakhs	2017-2020	Commissioner (appeals) Central Tax and Central Excise Cochin
Central Excise Duty	Difference Central Excise duty for material supplied to railways	33.96 Lakhs (Including Penalty)	1.27 Lakhs	32.69 Lakhs	2016- 2017 And 2017- 2018	Commissioner (appeals) central Excise Cochin

(viii) According to the information and explanations given to us and the records of the Company

examined by us, there are no transactions in the books of account that has been surrendered

or disclosed as income during the year in the tax assessments under the Income Tax Act.

1961, that has not been recorded in the books of account.

(ix) (a) As per the information made available and based on our verification we report that.

the company has not defaulted m repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) As per the record made available and explanations provided to us, the company has not been declared wilful defaulter by any bank or financial institution or other lender.

(c) On an overall examination of the financial statement the Company, term loans obtained by the Company has been fully applied for the purpose for which the loan were obtained.

(d) On an overall examination of the financial statement of the Company, funds raised on short term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statement of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligation of its subsidiaries, associates or joint ventures.

(1) As per the record made available and explanations provided to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3 (x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) As per the information and explanation provided, no fraud by the company or any fraud on the company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(c) As per the information and explanation provided, no whistle blower complaints received by the Company during the year.

(xii) The Company is not a nidhi company. Accordingly, the reporting requirement under paragraph 3(xii) of the Order is 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 in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in Note No. 36 to the standalone financial statements as required by the applicable accounting standards.

(xiv) (a) In our opinion and according to the information and explanation given to us, the

Company has an internal audit system commensurate with the size and nature of its business.

(b) While framing this report we have considered the reports of the internal auditor issued to the Company during the year and till date.

(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 the directors. Accordingly, the reporting requirement under paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us and records of the company examined by us, the company is not required to be registered under section 45-1A of the Reserve Bank of India Act. 1934. Accordingly, the reporting requirement under paragraph 3 of the order is not applicable.

(xvii) The company has not incurred cash losses either in the preceding previous year or in the current year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year and accordingly the reporting under Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of analysis of information relating to financial ratios, ageing and expected dates of realisation of financial assets and payment of liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and Management plan and based on our examination, evidence and supporting assumptions, we arc of the opinion that no material uncertainty exist on the date of audit report and the company is capable of meeting its existing liabilities at the date Balance Sheet as and when they fall due within one year from the date of Balance Sheet. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the (acts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) As at balance sheet date, the Company docs not have any amount remaining unspent under Section 135(5) of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable.

(xxi) The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said clause has been included in this report.

Place: Kannur	For Sankar & Moorthy Chartered Accountants Firm Reg. No. 003575S Sd/- CA VINEETH KRISHNAN KV FCA, DISA (Partner) Mem. No. 232371
Dace: 29-05-2024	UDIN: 24232371BKACMQ1443

“ANNEXURE -B” TO THE INDEPENDENT AUDITORS REPORT

REFERRED TO IN PARAGRAPH 2(0 UNDER THE HEADING “REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF THE WESTERN INDIA PLYWOODS LIMITED FOR THE YEAR ENDED 31?* MARCH 2024

Report on the Internal Financial Controls with reference to these Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act")

We have audited the internal financial controls system with reference to standalone financial statements reporting of THE WESTERN INDIA PLYWOODS LIMITED (“the Company") as of 31st March 2024 in conjunction with our audit of the Standalone financial statements of the Company for the year ended on that date.

Management?s Responsibility for Internal Financial Controls

The Company?s management is responsible for establishing and maintaining internal financial controls based on the internal controls with reference to financial statement 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 (TCAP). 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 company?s 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 under the Companies Act. 2013.

Auditors? Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls system with reference to the standalone financial statements 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 Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to Standalone financial Statements. 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 system with reference to these standalone financial statements 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 with reference to these standalone financial statements reporting and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to the standalone financial statements, 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 auditor?s judgment, including the assessment of the risks of material misstatement of the standalone 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 Company?s internal financial controls system with reference to these standalone financial statements.

Meaning of Internal Financial Controls with reference to these Standalone Financial statements

A company?s internal financial control system with reference to these standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone financial statements for external purposes in accordance with generally accepted accounting principles. A company?s internal financial controls with reference to standalone financial statements reporting includes those policies and procedures that

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

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone 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

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company?s assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls system with reference to the standalone financial statements, 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 with reference to standalone financial statements to future periods arc subject to the risk that the internal financial controls system with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us. the Company has, in all material respects, an adequate internal financial controls systems with reference to these standalone financial statements and such internal financial controls system with reference to these standalone financial statements were operating effectively as at 31 March 2024, based on the internal control with reference to these standalone financial statements 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.

Emphasis of Matter

We draw attention to Note No 52 to the Standalone financial statements regarding the existence of adequate internal controls system with reference to standalone financial statements, which has been reviewed/tested by the managementncernal auditors on an ongoing basis, based on which there are no material weakness/deficiencics and that further strengthening of the internal control system/improvements thereof arc being assessed/carried out by the management on a continuing basis.

Our opinion is not modified in respect of this matter.

Place: Kannur	For Sankar & Moorthy Chartered Accountants Firm Reg. No. 003575S Sd/- CA VINEETH KRISHNAN KV FCA, DISA (Partner) Mem. No. 232371
Date: 29-05-2024	UDIN: 24232371BKACMQ1443