To the Members of Amines and Plasticizers Limited
1. We have audited the accompanying standalone financial statements of Amines and Plasticizers Limited (the Company), which comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year then ended, and notes to the Standalone financials statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as Standalone Financial Statements).
2. 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 including Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at 31 March 2026, and its profit (financial performance including other comprehensive income), changes in equity and its cash flows for the year ended on that date.
3. 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 SAs 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 (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act 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 audit opinion on the standalone financial statements.
| 4. Key audit matters are those matters that, in our professional judgment, 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. 5. We have determined the matter described below to be the key audit matters determined to be communicated in our report on standalone financial statements. Key Audit Matters | Auditors Response (Audit Procedures followed) |
| Revenue Recognition The Company recognises revenue from sale of products when performance obligations are fulfilled at the time of dispatch. We identified the Companys assessment of the timing of fulfilment of its performance obligation towards the customers at point of time of dispatch to goods as a key audit matter since application of revenue recognition accounting standard ( Ind AS 115, Revenue from Contracts with customers ) is complex and involves a number of key judgments and estimates in mainly identifying performance obligations and related transaction price. | In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence: (a) We obtained an understanding of the revenue recognition processes, systems and controls implemented by the Company for recording revenue, and tested the Companys controls around the timely and accurate recording of sales transactions; (b) On selected specific samples of contracts, we tested that the revenue recognized is in accordance with the revenue recognition accounting standard including; (c) Evaluated the identification of performance obligations and the ascribed transaction price; and (d) Verified the underlying sales contracts and other related documents that evidence the dispatch and shipment of goods to the customers. |
| Litigations - Contingencies The Company has litigations in respect of certain direct and indirect tax and other litigations. In this regard, the Company has recognised provisions and has disclosed contingent liabilities (to the extent not provided for) as at March 31, 2026. Significant management judgment is required to assess these matters and to determine the probability of material outflow of economic resources and whether a provision should be recognised, or a disclosure should be made. Where considered relevant, management judgement is also supported with legal advice in these cases. We focused on this area as the ultimate outcome of these matters are uncertain and the positions taken by the management are based on the application of judgement, related expert advice, including those relating to interpretation of laws and regulations. Refer Note 30 to the Financial Statements. | Our audit procedures involved the following: (a) testing the effectiveness of controls around the recording and re-assessment of contingent liabilities; (b) discussing with management the status and recent developments of these matters, including their views on the likely outcome of each litigation and claim; (c) performing our assessment of the underlying calculations supporting the provisions or other disclosures made in the Financial Statements; (d) evaluating the managements assessment of these matters and monitoring changes in the disputes with reference to subsequent orders passed, in order to establish the appropriateness of the provisions/disclosures; (e) obtaining information from the Companys legal and tax consultants to confirm the facts and circumstances and assessment of the likely outcome; (f) evaluating managements assessment of the matters that are not disclosed, as the probability of material outflow is considered to be remote by the management; and (g) assessing the adequacy of the Companys disclosures. |
6. The Companys Board of Directors is responsible for the preparation of other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to the Board Report, Business Responsibility Report and Sustainability, Corporate Governance report and Shareholders information, but does not include the standalone financial statements and our auditors report thereon.
7. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
8. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
9. The Companys Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under Section 133 of the Act and other accounting principles generally accepted in India. 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
10. In preparing the standalone financial statements, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
11. The Board of Directors is also responsible for overseeing the Companys financial reporting process.
| 12. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, 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 a guarantee that an audit conducted in accordance with Standards on Auditing 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. 13. As part of an audit in accordance with Standards on Auditing, specified under Section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Clause | Auditors Responsibility |
| - | Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; |
| - | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements 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 Board of Directors 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone 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. |
14. 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.
15. 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.
16. 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.
| 17. 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 Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 18. As required by Section 143(3) of the Act, we report, that: Clause | Reporting |
| i. | 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 audit of the accompanying standalone financial statements; |
| ii. | 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; |
| iii. | The standalone financial statements dealt with by this report are in agreement with the books of account; |
| iv. | 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; |
| v. | On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2026 from being appointed as a director in terms of Section 164(2) of the Act; |
| vi. | With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company as on 31 March 2026 and the operating effectiveness of such controls, refer to our separate report in Annexure B wherein we have expressed an unmodified opinion ; and |
| vii. | As required by Section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act |
| viii. | 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 (as amended), in our opinion and to the best of our information and according to the explanations given to us: (see sub-clauses a to f below) |
| Sub-clause | Reporting |
| a. | The Company has disclosed the impact of pending litigations on its financial position as at 31 March 2026 in the Standalone Financial Statements - [Refer Note 30 to the Standalone Financial Statements]; |
| b. | The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; |
| c. | There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March 2026; |
| d.(i) | The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (the 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 (the Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries; |
| d.(ii) | The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (the 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 |
| d.(iii) | Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (i) and (ii) above contain any material misstatement; |
| e.(i) | The final dividend paid by the Company during the year ended 31 March 2026 in respect of such dividend declared for the previous year is in accordance with Section 123 of the Act to the extent it applies to payment of dividend; |
| e.(ii) | As stated in Note 43 to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2026 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend recommended by the Board is in accordance with Section 123 of the Act to the extent it applies to the recommendation of dividend; |
| f. | As stated in Note No. 48 to the standalone financial statements and based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. During the course of our audit, we did not come across any instance of audit trail feature being tampered with in respect of the accounting software. Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention. |
| For S A R A & Associates | |
| Chartered Accountants | |
| FRN No.: 120927W | |
| Manoj Agarwal | |
| Partner | |
| Membership No.: 119509 | |
| UDIN: 26119509AOPXUY5748 | |
| Place: Mumbai | |
| Date: 28th May, 2026 |
(Report to the members of Amines and Plasticizers Limited for the year ended March 31, 2026)
On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we state that:
| Clause | Reporting |
| i. | In respect of the Companys Property, Plant and Equipment (PPE) and Intangible Assets: |
| (a)(A) | The Company has maintained proper records, showing full particulars, including quantitative details and situation of Property, Plant and Equipment, Capital Work-in-progress and relevant details of right of use assets. |
| (a)(B) | The Company has maintained proper records showing full particulars of intangible assets. |
| (b) | According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has a phased program of physical verification of Property, Plant and Equipment (PPE) so as to cover all the assets; in our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its PPE. Pursuant to the program of physical verification of PPE, physical verification of the assets has been carried out; no material discrepancies were noticed on such verification. |
| (c) | The title deeds of all the immovable properties (which are included under the Note 3 Property, plant and equipment ) are held in the name of the Company . |
| (d) | The Company has not revalued its Property, Plant and Equipment (including Right-of-Use assets) or Intangible assets or both during the year and hence reporting under clause 3(i)(d) of the Order is not applicable to the Company. |
| (e) | No proceedings have been initiated or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder hence reporting under clause 3(i)(e) of the Order is not applicable to the Company. |
| ii. | Inventory: |
| (a) | The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion the coverage and the procedure of such verification by the management is appropriate. No discrepancies of 10% or more in aggregate for each class of inventory were noticed on physical verification of inventories as compared to book records. |
| (b) | As disclosed in Note 18.1 to the standalone financial statements, the Company has been sanctioned working capital limits in excess of five crores in aggregate from banks during the year on the basis of security of current assets. The quarterly returns/statements filed by the Company with such banks are generally in agreement with the books of accounts of the Company. |
| iii. | Investments, loans, guarantees and security: |
| (a) | According to the information and explanations given to us and on the basis of our examination of the records of the Company during the year, the Company has not made any investments, or provided any 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 or to promoters or related parties, except as stated hereunder. |
| (b) | The Company had in an earlier year granted loans of \u20b9 48.81 Lakhs to its wholly owned subsidiary . The said loan has been repaid during the year . Balance outstanding of the loan is nil . The terms and conditions of the loans are prima facie, not prejudicial to the Companys interest. |
| (c) | In the case of loans given to a wholly owned subsidiary, the repayment of principal and payment of interest has been made during the year . Further, the Company has not given any advance in the nature of loan to any party during the year. |
| (d) | In our opinion, in respect of loan granted by the Company, there is not any amount remaining outstanding as at the balance sheet date. Hence, reporting under clause 3(iii)(d) is not applicable . |
| (e) | In our opinion, the Company has not granted any loan or advances in the nature of loans in respect of which renewal or extension or fresh loans granted to settle the over dues of existing loans given to the same parties. Hence reporting under clause 3(iii)(e) of the Order is not applicable to the Company. |
| (f) | Based on our verification of records of the Company and information and explanations given to us, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment, to Promoters or related parties as defined in clause (76) of Section 2 of the Companies Act, 2013. |
| iv. | The Company has not granted any loans or provided any guarantees or securities to parties covered under Section 185 of the Act. Further, provisions of Sections 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security have been complied with by the Company. |
| v. | In our opinion and according to the information and explanations given to us, Company has complied with the provision of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposit) Rules, 2014 as amended, with regard to the deposits accepted. According to the information and explanation given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any Tribunal. |
| vi. | We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Record and Audit) Rules, 2014, as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, in respect of its products and are of the opinion that prima facie, the specified accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether these are accurate and complete. |
| vii. | In respect of statutory dues: |
| (a) | According to the information and explanations given to us and on the basis of our examination of the records, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess, Goods and Services Tax and any other statutory dues to the appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were 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, there are no dues as referred in clause 7(a) above which have not been deposited on account of any dispute except the following (see table below). |
| viii. | According to the information and explanations given to us and on the basis of our examination of the records of the Company, there were no transaction relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) and hence reporting under clause 3(viii) of the Order is not applicable to the Company. |
| ix. | Borrowings and utilisation: |
| (a) | The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to the lenders and hence reporting under clause 3(ix)(a) of the Order is not applicable to the Company. |
| (b) | The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority. |
| (c) | During the year the Company has not availed of or has been disbursed any Term loans . |
| (d) | On an overall examination of the standalone financial statements of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company. |
| (e) | On an overall examination of the standalone financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries and hence reporting under clause 3(ix)(e) of the Order is not applicable to the Company. |
| (f) | During the year the Company has not raised any funds on the pledge of securities held in its subsidiaries and hence reporting under clause 3(ix)(f) of the Order is not applicable to the Company. |
| x. | (a) The Company has not raised any money 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 to the Company. (b) During the year, the Company has not made any preferential allotment, private placement of shares or fully or partly convertible debentures and hence reporting under clause 3(x)(b) of the Order is not applicable to the Company. |
| xi. | (a) During 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 instance of fraud by or on the Company, noticed or reported during the year, nor have we been informed of such case by the management. (b) During the year, no report under sub-section (12) of Section 143 of the Companies Act, 2013 has been filed in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government. (c) Based on our audit procedures performed and according to the information and explanations given to us, no whistle blower complaints have been received during the year by the Company and hence reporting under clause 3(xi)(c) of the Order is not applicable to the Company. |
| xii. | In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable to the Company. |
| xiii. | All the transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the standalone financial statements, as required by the applicable accounting standards. |
| xiv. | (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business. (b) We have considered the internal audit reports for the year under audit issued to the Company during the year and till date, in determining nature, timing and extent of our audit procedure. |
| xv. | The Company has not entered into any non-cash transactions prescribed under Section 192 of the Act with its directors or persons connected with them during the year. |
| xvi. | (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable to the Company. (b) In our opinion, there is no core investment company within the Companies in the Group as defined in the Core Investment Companies (Reserve Bank) Directions, 2016 and hence reporting under clause 3(xvi)(d) of the Order is not applicable to the Company. |
| xvii. | The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. |
| xviii. | During the year there is no resignation of Auditors in the company, hence reporting under Clause 3(xviii) of the Order is not applicable to the Company. |
| xix. | According to the information and explanations given to us and 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 and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention , which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not 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. 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 facts 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. | According to the information and explanations given to us, the Company does not have any unspent amount in respect of any ongoing or other than ongoing project as at the expiry of the financial year and hence reporting under Clause 3(xx) of the Order is not applicable to the Company. |
| xxi. | The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report. |
| Name of the Statute | Nature of Dues | Period to which it relates | Amount (in Lakhs) | Amount Paid as Pre-Deposit / Protest (in Lakhs) | Forum where dispute is pending |
| Central Excise Act, 1944 | Service Tax - Cenvat Input Credit | 2010 to 2015 | 385.60 | 28.92 | CESTAT |
| Income Tax Act, 1961 | Income Tax | AY 2013-14 to AY 2015-16 | 884.51 | NIL | CIT (Appeals) |
| CGST Act, 2017 | Excess ITC Availed | FY 2021-22 | 5.69 | 0.32 | Commissioner Appeals |
| For S A R A & Associates | |||||
| Chartered Accountants | |||||
| FRN No.: 120927W | |||||
| Manoj Agarwal | |||||
| Partner | |||||
| Membership No.: 119509 | |||||
| UDIN: 26119509AOPXUY5748 | |||||
| Place: Mumbai | |||||
| Date: 28th May, 2026 | |||||
| 6. A companys internal financial controls with reference to 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 companys internal financial controls with reference to standalone financial statements include those policies and procedures that: Clause | Policy / Procedure |
| (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 companys assets that could have a material effect on the standalone financial statements. |
| 8. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such controls were operating effectively as at 31 March 2026, based on internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI. | For S A R A & Associates |
| Chartered Accountants | |
| FRN No.: 120927W | |
| Manoj Agarwal | |
| Partner | |
| Membership No.: 119509 | |
| UDIN: 26119509AOPXUY5748 | |
| Place: Mumbai | |
| Date: 28th May, 2026 |
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