TO THE MEMBERS OF ANYA POLYTECH AND FERTILZERS LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of ANYA POLYTECH & FERTILIZERS 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 ended on that date and notes to the financial statements, including a summary of material 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, except for the possible effects of the matters described in paragraphs (i) to (vi] below, 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 prescribed under Section 133 of the Act (Ind AS] and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and of its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date:
i. Non-confirmation and non-reconciliation of balances of trade receivables and trade payables, as the balances outstanding from debtors and creditors could not be independently confirmed and reconciled as at the reporting date.
ii. Non-reconciliation of miscellaneous credits amounting to Rs. 76.93 lakhs and miscellaneous debits amounting to Rs. 1.25 crores appearing in the imprest account of the Director, Mr. Yash Pal Singh Yadav. The aforesaid balances were ultimately adjusted against the loan account of the Director at the year-end; however, the underlying transactions could not be satisfactorily reconciled and substantiated.
iii. As referred to in Note No. 39 to the Standalone Financial Statements, an amount aggregating to Rs. 3.65 crores towards Self-Assessment Income Tax remained unpaid as at the reporting date, comprising Rs. 1.86 crores pertaining to Assessment Year 2024-25 and Rs. 1.79 crores pertaining to Assessment Year 2025-26, excluding applicable interest and penalties.
iv. The Company has given advances aggregating to Rs. 5.29 crores to certain persons without entering into any formal agreement or having adequate underlying supporting documentation and without stipulating any terms relating to interest or repayment The relevant details are disclosed in Note No. 10 to ihe Standalone Financial Statements.
v. As referred to in Note No. 30 to the Standalone Financial Statements, certain amounts payable to Micro and Small Enterprises (MSME) creditors remained unpaid beyond the prescribed period, and the Company has not provided for interest payable on such delayed payments, as required under the applicable provisions of law.
vi. As referred to in Note No. 37 to the Standalone Financial Statements, the Company had an unspent Corporate Social Responsibility (CSR) amount of Rs. 15.87 lakhs as at March 31, 2026. Further, the aforesaid unspent CSR amount was not deposited in the specified account within the prescribed time limit, i.e., by April 30,2026, as required under the applicable provisions of the Companies Act, 2013.
Basis of Opinion
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing ( SAs) specified under section 143(10) of the Act Our responsibilities under those Standards are further described in the Auditor s 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 ICAI s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.
Key Audit Matters
| Key Audit Matter | Auditors response |
| Share Application Money Paid to Subsidiary | Our audit procedures included, amongst others, the following: |
| The Company had paid Rs. 8.50 crores in January 2025 out of the IPO proceeds to its subsidiary, Arawali Phosphate Limited, towards share application money. However, the amount remained outstanding as at March 31, 2026, as the shares were not allotted by the subsidiary within the stipulated period of 30 days. Further, the share application money has neither been refunded to the Company nor has any interest been accrued, booked or received thereon. | \u2022 We obtained and examined the relevant supporting documents, correspondence and bank statements relating to the payment of Rs. 8.50 crores towards share application money |
| As represented by the management, the shares are proposed to be allotted in due course; however, no specific timeline for such allotment has been provided. The amount has been presented under Loans and Advances in the books of the Company, while the corresponding amount has been presented under Current Liabilities in the books of Arawali Phosphate Limited. | \u2022 We verified the payment made to Arawali Phosphate Limited and traced the same to the Companys bank records. |
| We considered this matter to be a Key Audit Matter due to the materiality of the amount involved, the nature of the transaction, the period for which the amount has remained outstanding, and the uncertainty regarding its ultimate settlement through allotment of shares or refund. | \u2022 We reviewed the terms and conditions relating to the proposed share allotment and evaluated the accounting treatment adopted by the Company. |
| \u2022 We obtained confirmation of the outstanding balance from Arawali Phosphate Limited and verified the corresponding accounting treatment in its financial statements. | |
| \u2022 We discussed with management the status of the proposed share allotment and the reasons for the amount remaining outstanding beyond the stipulated period. | |
| \u2022 We evaluated the recoverability and classification of the outstanding amount and considered whether any provision, adjustment or other accounting treatment was required. | |
| \u2022 We assessed the adequacy of the related disclosures in the Standalone Financial Statements with reference to the applicable Indian Accounting Standards and the requirements of the Companies Act, 2013 |
Emphasis of Matter
We draw attention to Note 39 to the Standalone Financial Statements, which sets out the details of statutory dues payable by the Company as at 31 March 2026. The significant matters disclosed in the said Note include:
a. TDS amounting to t6.60 lakhs, which was outstanding for a period of more than six months as at 31 March 2026, and TDS amounting to 121.57 lakhs payable for the six months ended 31 March 2026. The Company has been irregular in depositing statutory dues within the prescribed timelines.
b. We draw attention to Note 46 to the Standalone Financial Statements, which sets out the details of certain GST demands raised by the GST authorities and the status of appeals filed by the Company in respect thereof. As represented to us by the management, the Company has filed appeals against certain such demands aggregating to 14.93 crores. The ultimate outcome of these matters is presently uncertain and may result in additional liabilities towards GST, including applicable interest and penalties, to the extent such demands are ultimately confirmed by the GST authorities.
c. Work Contract Tax amounting to 113.04 lakhs, which has remained outstanding since financial year 2014- 15.
Our opinion on the Standalone Financial Statements is not modified in respect of these matters.
Managements Responsibility for the Standalone financial results
The statement has been prepared based on the standalone annual financial statements. The Companys Board of Directors is responsible for the preparation and presentation of the statements that give a true and fair view of the net profit and other comprehensive income of the company and other financial information in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the listing regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are 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.
The board of directors are responsible for overseeing the companys financial reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial Result
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 based on the Statement
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 Statement, 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 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 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 the Board of Directors.
Conclude on the appropriateness of the 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 financial results 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, and the same have not been estimated.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents 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.
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 auditor s 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 [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.
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 purposes of our audit
a. 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).
b. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report agree with the books of account
c. In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
d. Based on the written representations received from the directors as on 31 March 2026 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
e. With reference to the maintenance of accounts and other matters connected therewith, refer to our comment in Paragraph 2 (b) above and refer to our comment in paragraph 2(i)(vi) below, on reporting under rule 11 (g).
f. 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.
g. As required by section 197 (16) of the Act; in our opinion and according to information and explanation provided to us, the remuneration paid/ provided by the Company to its directors for the current year is in accordance with the provisions of section 197 of the Act and remuneration paid/ provided to directors is not in excess of the limit laid down under this section.
h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in the Standalone Financial Statements under the heading Contingent Liabilities. Refer to Note 46 to the Standalone Financial Statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2026.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2026.
iv. (a) The management has represented to us that, to the best of its knowledge and belief, 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 or entity, 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.
(b) The management has represented to us, that, to the best of its knowledge and belief no funds have been received by the Company from any person or entity, 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 the information and explanation given to us and 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 representations made by the management and as mentioned under sub-clause (iv)(a) and (iv)(b) above contain any material misstatement
v. The company has not declared or paid any dividend during the year by the company as per the provision of Section 123 of the Company Act 2013.
vi. 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 and the same has operated throughout the year.
| For Jerath & Co |
| Chartered Accountants |
| Firm Registration No. 08407N |
| Sd/- |
| CA Navneet Jerath |
| Proprietor |
| Membership No. 085790 |
| UDIN- 26085790EUPNMP3432 |
| Dated- 04 th June 2026 |
| Place-Noida |
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
Referred to in paragraph 1 under the heading, Report on Other legal and Regulatory Requirements of our report on even date:
i. (a] (A] The Company is maintaining records showing particulars, including quantitative details and situation of property, plant and equipment.
(B) The Company does not have any intangible asset, hence the maintenance of relevant records by the company does not arise.
(b) The Company has a regular program of physical verification of its property, plant and equipment by which its property, plant and equipment are verified in a phased manner over a period of three years. In our opinion, the periodicity of physical verification of property, plant and equipment is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program majority of the property, plant and equipment were verified during the year and according to the information and explanation provided to us by the Management no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and based on our examination of the records of the Company, title deeds of immovable properties as disclosed in the Standalone Financial Statements are held in the name of the Company.
(d) The Company has chosen cost model for its property, plant and equipment (including Right to Use Assets] and intangible assets. Consequently, the question of our commenting on whether the revaluation is based on the valuation by a Registered Valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of property, plant and equipment (including Right to Use Assets] or intangible assets does not arise.
(e) According to the information and explanations provided to us, there are no proceedings that have been initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016] and rules made thereunder.
ii. (a) The inventory, except goods in transit, has been physically verified by the management during the year. In our opinion, the frequency, coverage and procedure of such verification is reasonable and appropriate. In respect of good-in-transit, subsequent goods delivery documents have been verified by the management The discrepancies noticed on verification between the physical stocks and the book records were not 10% or more in the aggregate for each class of inventory and have been properly dealt with in the books of account
(b) According to the information and explanations provided to us, the Company has been sanctioned working capital limits more than five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets.
The Management of the Company has provided us with the quarterly returns or statements, which they have represented to us have been filed by the Company with their banks or financial institutions based on the sanction terms. Based on our procedures and in our opinion the quarterly returns or statements filed by the Company for the quarter ended 31 st March 2026 with such banks or financial institutions were overstated by Rs. 74.13 lakhs as compared with the books of account of the Company. For the other quarters the same was unverifiable.
iii. According to the information and explanations provided to us, the Company has made investments in subsidiary companies during the year. Further, during the year, the Company has provided guarantee and has granted unsecured loans to its subsidiary companies.
(a) According to the information and explanations provided to us, during the year, the Company has provided loans and stood guarantee for its subsidiary companies.
| Aggregate amount given during the year (Rs Lakhs) | Balance outstanding at the balance sheet date (Rs Lakhsl | Subsidiaries, joint ventures, associates and others | Nature of transaction |
| Nil | 908.82 | Arawali Phosphates Ltd (subsidiary) | Loan given |
| 156.90 | 419.76 | Yara Green Energy Pvt Ltd (subsidiary) | Loan given |
| Nil | 975.34 | Polyfirm Packaging Pvt Ltd (subsidiary) | Loan given |
(b) According to the information and explanations provided to us and based on our review of the terms, conditions and circumstances, the investments made and guarantees provided and the terms and conditions of the grant of loans are not prejudicial to the Companys interest, except loans given to Yara Green Energy Pvt Ltd and Polyfirm Packaging Pvt Ltd who have been given interest free loans without any stipulation as to repayment
(c) According to the information and explanations provided to us, in respect of loans, the schedule of repayment of principal and payment of interest have been stipulated. The repayments or receipts are as per the schedule stipulated.
(d) According to the information and explanations provided to us and based on the terms and conditions of the loans, no amount is overdue.
(e) According to the information and explanations provided to us, no loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same parties.
(f) According to the information and explanations provided to us, the Company has granted loans repayable on demand of Rs. 1124.21 lakhs in current year (Last year Rs. 2612.87 lakhs]. The outstanding balance is Rs 2,303.92 lakhs (last year Rs. 2,594.75 lakhs). These have been given to related parties as defined in clause (76) of section 2 of the Act (refer note 39 to the Standalone Financial Statement) which are 76 % of the total loans to related parties. (Refer note no 28).
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Act with respect to loans, investments, guarantees and security, as applicable.
v. According to the information and explanations given to us, the Company has not accepted monies from outside parties which can be deemed to fall within the meaning of deposits from the public within the meaning of Sections 73 to 76 of the Act and the Rules made thereunder or amounts which are deemed to be deposits.
vi. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1) of the Act, and are of the opinion that, prima facie, the prescribed records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income-Tax, Sales-Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and any other material statutory dues have not been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, during the year, the Company did not have any dues on account of Cess.
According to the information and explanations given to us, no undisputed amounts payable in respect of statutory dues referred in sub clause (a) above, except mentioned below, were in arrears as of 31 March 2026, for a period of more than six months from the date they became payable.
| Name of Statue | Nature of Dues | Amount (Rs Lakhs) | Status |
| Income Tax Act | Self-assessment tax and interest for Financial year 2023-24 | 185.73 Lakhs | Payable by the company |
| Income Tax Act | Self-assessment tax and interest for Financial year 2024-25 | 178.74 Lakhs | Payable by the company |
| Income Tax Act | Additional Demand for Assessment year 2018-19 | 2.77 lakhs | Payable by the company |
| Income Tax Act | TDS demands for various years | 6.60 lakhs | Payable by the company |
(b) According to the information and explanations given to us, there are no dues of statutory dues referred in sub clause (a] above as of 31 March 2026, which have not been deposited by the Company on account of disputes, except for the following:
| Name of Statue | Nature of Dues | Amount (Rs Lakhs) | Period to which the amount relates | Forum where the dispute is pending |
| WCT Act | WCT | 13.05 Lakhs | 2014-15 | Information Not Available |
| GST Act | GST | 98.82 Lakhs | 2017-18 | GSTAT |
| GST Act | GST | 6.27 Lakhs | 2017-18 | GSTAT |
| GST Act | GST | 11.59 Lakhs | 2018-19 | GSTAT |
| GST Act | GST | 28.97 Lakhs | 2018-19 | GST Appeals |
| GST Act | GST | 111.61 Lakhs | 2019-20 | GSTAT |
| GST Act | GST | 68.30 Lakhs | 2020-21 | GST Appeals |
| GST Act | GST | 20.39 Lakhs | 2021-22 | GST Appeals |
| GST Act | GST | 1.00 Lakhs | 2023-24 | High Court |
| GST Act | GST | 0.50 Lakhs | 2024-25 | High Court |
viii. According to the information and explanations given to us and records examined by us, there are no transactions which were not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
ix. (a) Based on our audit procedures; in our opinion and according to the information and explanations given to us, the Company has defaulted in repayment of EMIs of Rs. 18,08,418/- to two banks against loans, borrowings and interest thereon.
(b) According to the information and explanations given to us, our audit procedures and as represented to us by the management, we report that the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(c) According to the information and explanations given to us and in our opinion, term loans availed by the Company in the current year have been prima facie; applied for the purpose for which they were obtained.
(d) According to the information and explanations given to us, the procedures performed by us, and on an overall examination of the financial statements of the Company, we report that no funds raised on shortterm basis have been used for long-term purposes by the Company.
(e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that the Company has not taken any funds (borrowings) from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.
x. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accordingly, reporting on clause x(b) is not applicable.
xi. (a) Based on the audit procedures performed by us and according to the information and explanation provided to us by the management, no fraud by the Company or no fraud on the Company has been noticed or reported to us during the year.
(b) According to information and explanation provided to us and based on our examination of records, 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) According to information and explanation provided to us and based on our audit procedures and enquiry with the vigil mechanism committee, there were no whistle-blower complaints received by the Company during the year and up to the date of this report
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it Accordingly, reporting on clause 3 (xii) (a), (b) & (c) 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 related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and the details of transactions, which include transactions done through the imprest account of the director, and have been disclosed in the Standalone Financial Statements as required by Ind AS 24 Related Party Disclosures. (Refer note 14 and 28).
xiv. (a) According to the information and explanations given to us and based on our examination of the records of the Company, in our opinion, the provisions of Section 138 of the Companies Act, 2013 were applicable to the Company during the financial year 2025-26. Accordingly, the Company had appointed an Internal Auditor for the period commencing from 1st April 2025. However, Mr. Rajit Malhotra, the Internal Auditor, resigned from his office with effect from 19th March 2026. Consequently, a casual vacancy arose in the office of the Internal Auditor, which had not been filled by the Company up to the date of our audit report
xv. According to information and explanations given to us and based on our examination of the records of the Company, the Company has entered into any non-cash transactions with the directors or persons connected with them during the year.
xvi. (a) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India, 1934. Accordingly, reporting on clause 3 (xvi) (b) & (c) of the Order is not applicable.
(b) According to the information and explanations given to us, there are no Core Investment Company within the Group.
xvii. The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year. Accordingly, reporting on clause 3 (xvhi) of the Order is not applicable.
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, 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 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. (a) There are unspent amounts towards Corporate Social Responsibility (CSR) amounting to Rs 15.67 lakhs on other than ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of Section 135 of the said Act, which have remained unspent and undeposited.
xxi. (b) According to the information and explanations provided to us, the amount remaining unspent under sub-section (5) of section 135 of the Companies Act, has not been deposited in a special account
| For Jerath & Co |
| Chartered Accountants |
| Firm Registration No. 08407N |
| Sd/- |
| CA Navneet Jerath |
| Proprietor |
| Membership No. 085790 |
| UDIN- 26085790EUPNMP3432 |
| Dated- 04 th June 2026 |
| Place-Noida |
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
REFERRED TO IN PARAGRAPH 2 (G) UNDER THE HEADING, REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT ON EVEN DATE:
REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONE FINANCIAL STATEMENTS UNDER CLAUSE [0 OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ( THE ACT )
We have audited the internal financial controls with reference to the Standalone Financial Statements of ANYA POLYTECH & FERTILIZERS LIMITED (the Company) as of 31 March 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 Company s management is responsible for establishing and maintaining internal financial controls based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. 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 Act
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the Companys internal financial controls with reference to the 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) and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. 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 the Standalone Financial Statements were 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 with reference to the Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to the 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 controls based on the assessed risk. The procedures selected depend on the auditor s 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 audit opinion on the Company s internal financial controls with reference to the Standalone Financial Statements.
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE STANDALONE FINANCIAL STATEMENTS
A Company s internal financial controls with reference to the 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 the Standalone Financial Statements 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 Companys assets that could have a material effect on the Standalone Financial Statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE STANDALONE FINANCIAL STATEMENTS
Because of the inherent limitations of internal financial controls 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 the Standalone Financial Statements to future periods are subject to the risk that the internal financial controls with reference to the 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, the Company has, in all material respects, adequate internal financial controls with reference to the Standalone Financial Statements and such internal financial controls were operating effectively as at 31st March 2026, except for the matters giving rise to the qualifications stated in the paragraph titled Opinion of our main Audit Report These internal financial controls with reference to the Standalone Financial Statements were established and maintained by the Company based on the internal control over financial reporting criteria established by the Company, having regard to 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.
