AMS Polymers Ltd Auditor Reports

To the Members of

AMS POLYMERS LIMITED

(Formerly, Sai Moh Auto Links Limited)

Report on the Audit of the Standalone Financial Statements for Financial Year 2025-26

Opinion

We have audited the accompanying standalone financial statements of AMS POLYMERS LIMITED (Formerly, SAI MOH AUTO LINKS LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "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 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India: • of the state of affairs of the Company as at March 31, 2026; • of its profit / (loss) and total comprehensive income for the year ended on that date; • of changes in equity of the Company for the year ended on that date; and • of the cash flows of the Company 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 ("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 made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to the fact that we have evaluated the Companys ability to continue as a going concern. Based on our audit procedures and the information provided by management, including financial ratios, ageing of financial assets and liabilities, and management plans, we have not identified any material uncertainty that casts significant doubt on the Companys ability to continue as a going concern for the twelve months from the balance sheet date. Our opinion is not modified in respect of this matter.

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

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 SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements 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 financial statements or, if such disclosures are inadequate, to modify our opinion.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, we give in Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

• 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.

• 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.

• The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

• In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

• On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164(2) of the Act.

• There are no qualifications, reservations or adverse remarks relating to the maintenance of accounts and other matters connected therewith.

• With respect to the adequacy of the Internal Financial Controls with reference to the standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B.

3. 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:

• The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 29 to the financial statements.

• The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

• (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested by the Company to or in any other person or entity with the understanding that the intermediary shall lend or invest in other persons or entities identified by or on behalf of the Company or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

• (b) The Management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity with the understanding that the Company shall lend or invest in other persons or entities or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

• (c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under (a) and (b) above contain any material misstatement.

• No final dividend or interim dividend has been declared or paid during the year. The Board of Directors has not proposed any final dividend for the year ended March 31, 2026.

• Based on information and explanation given to us, the Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has 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 the audit trail feature being tampered with and the audit trail has been preserved as per the statutory requirements for record retention.

• As per information and explanations given to us, there are no amounts required to be spent towards Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year.

• As the Audit Report is on Standalone Financial Statements, paragraph 3(21) of the Order is not applicable.

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of our Report of even date)

Referred to in paragraph 1 under the heading Report on Other Legal Regulatory Requirement of our report of even date to the financial statements of the Company for the year ended March 31, 2026. On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we report as follows:

1. Property, Plant and Equipment

• (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment (PPE). A detailed Fixed Asset Register has been maintained containing asset-wise details including historical cost, accumulated depreciation, useful life, and carrying amounts, in compliance with Ind AS 16.

• (B) As per the financial statements, the Company does not have any Intangible Assets; hence sub-clause (B) of paragraph 1 of the Order is not applicable.

• No Physical verification of all PPE has been conducted by the management during the year. The frequency and procedure of such verification are not reasonable having regard to the size of the Company and the nature of its assets. Unable to provide any material discrepancies were noticed on such physical verification.

• As per the financial statements of the Company, no immovable properties are held in the name of the Company; hence clause (C) of paragraph 1 of the Order is not applicable.

• The Company has not revalued any of its Property, Plant and Equipment or intangible assets during the year.

• No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder during the year.

2. Inventories

• (a) Physical verification of inventories has been conducted at reasonable intervals during the year by the management. The coverage and procedure of such verification by the management is appropriate. No discrepancies of 10% or more in the aggregate for each class of inventory were noticed on such verification. Inventory has been valued at the lower of cost and net realisable value in accordance with Ind AS 2.

• (b) The Company has not been sanctioned working capital limits in excess of five crore rupees in aggregate from banks or financial institutions on the basis of security of current assets; quarterly returns or statements filed by the Company with such banks or financial institutions are in agreement with the books of account of the Company.

3. Loans, Investments, Guarantees and Security

• (a) During the year, the Company has provided loans or advances in the nature of loans, or stood guarantee, or provided security to entities as disclosed in the financial statements.

• (b) The investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the Companys interest.

• (c) In respect of loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal and payments of interest are regular.

• (d) No amounts are overdue in respect of loans granted by the Company for a period exceeding ninety days.

• (e) No loan or advance in the nature of loan granted has fallen due during the year that has been renewed or extended or fresh loans granted to settle overdues of existing loans to the same parties.

• (f) The Company has not granted any loans or advances in the nature of loans repayable on demand or without specifying any terms or period of repayment.

4. Compliance with Sections 185 and 186

As per the information available, the Company has not given any loan to directors or any other person in whom a director is interested, and has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013.

5. Deposits

The Company has not accepted any deposits from the public. Therefore, the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder are not applicable.

6. Cost Records

Maintenance of cost records has not been prescribed by the Central Government under Section 148(1) of the Companies Act, 2013 for the Company.

7. Statutory Dues

• (a) The Company is regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Goods and Services Tax, Customs Duty, Cess and other material statutory dues to the appropriate authorities. There are no arrears of outstanding statutory dues as on the last day of the financial year for a period of more than six months from the date they became payable.

• (b) There are no statutory dues which have not been deposited on account of any dispute.

8. Unrecorded Income

The Company does not have any transactions not recorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

9. Borrowings and Default

• (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

• (b) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender.

• (c) Term loans have been applied for the purposes for which they were obtained.

• (d) Funds raised on short-term basis have not been utilised for long-term purposes.

• (e) The Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

• (f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

10. Public Issue and Preferential Allotment

• (a) The Company has not raised money by way of initial public offer or further public offer (including debt instruments) and no term loan has been taken during the year.

• (b) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partly or optionally) during the year; hence reporting under clause 3(10)(b) of the Order is not applicable.

11. Fraud

• (a) No material fraud by the Company or any fraud on the Company by its officers or employees 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 the Companies (Audit and Auditors) Rules, 2014 with the Central Government.

• (c) The Company has not received any whistle-blower complaints during the year.

12. Nidhi Company

The Company is not a Nidhi Company; hence reporting under clause 3(12) of the Order is not applicable.

13. Related Party Transactions

In our opinion and according to the information and explanations given to us, all transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013. Necessary approvals have been obtained from the Audit Committee and the Board of Directors, as applicable. A proper register of contracts has been maintained as required under Section 189 of the Act. Adequate disclosures in compliance with Ind AS 24 – Related Party Disclosures have been made in the financial statements.

14. Internal Audit

• (a) The Company has an internal audit system commensurate with the size and nature of its business.

• (b) The internal audit reports for the period covered by our audit have been considered by us.

15. Non-Cash Transactions

The Company has not entered into any non-cash transactions with its directors or persons connected with them; hence provisions of Section 192 of the Companies Act, 2013 are not applicable.

16. RBI Registration

• (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

• (b) There is no Core Investment Company (CIC) in the group; accordingly, provisions of clause 3(16)(d) of the Order are not applicable.

17. Cash Losses

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

18. Auditor Resignation

During the year, the statutory auditors of the Company resigned following the expiration of their tenure in accordance with the provisions of the Companies Act, 2013.

19. Going Concern

On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 the Company is incapable of meeting its liabilities existing at the date of the 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.

20. CSR

There are no amounts required to be spent towards Corporate Social Responsibility (CSR) in compliance with Section 135 of the Companies Act, 2013. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year.

21. Consolidated Financial Statements

As the Audit Report is on Standalone Financial Statements, paragraph 3(21) of the Order is not applicable.

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements of our report of even date)

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

We have audited the internal financial controls with reference to standalone financial statements of AMS POLYMERS LIMITED (Formerly, SAI MOH AUTO LINKS PRIVATE LIMITED) ("the Company") as of March 31, 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements 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") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. 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 with reference to standalone financial statements were established and maintained and whether 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 standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements includes obtaining an understanding of internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, 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 opinion on the Companys internal financial controls system with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

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 financial statements for external purposes in accordance with generally accepted accounting principles. Such controls include policies and procedures that: • pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; • provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and • provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

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

Because of the inherent limitations of internal financial controls with reference to 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 are subject to the risk that the internal financial control may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion on Internal Financial Controls

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to standalone financial statements and such internal financial controls were operating effectively as at March 31, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. Specifically, we report that:

• The Company doesnt maintain a proper Fixed Asset Register with asset-wise details and has conducted physical verification of PPE during the year.

• Physical verification and valuation of inventories have not been carried out and documented at reasonable intervals.

• Adequate ageing schedules for trade receivables and trade payables have been maintained; balance confirmations have been obtained wherever practicable; and appropriate provisions for expected credit losses have been made in accordance with Ind AS 109.

• The Company has not required to made provision for employee benefits including gratuity in compliance with Ind AS 19, supported by an actuarial valuation.

• Related party transactions have been properly identified, approved, documented and disclosed in accordance with Sections 177, 188, and 189 of the Companies Act, 2013 and Ind AS 24.

• The Company has implemented Standard Operating Procedures and an appropriate organisational structure with defined roles and responsibilities.

• The accounting software used for maintaining books of account has the feature of recording audit trail (edit log) facility and operated throughout the year without tampering.

For Roshan Agarwal & Associates

Chartered Accountants

(Firms Registration No. 019919C)

Roshan Agarwal

Partner

Membership No. 402252

UDIN: 26402252ZUJFBW7123

Place: Lakhimpur Kheri

Date: 22.05.2026