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,
2025, 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, 2025, and its profit (financial performance

including other comprehensive income), changes
in equity and its cash flows for the year ended on
that date.

BASIS FOR OPINION

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 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 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.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR'S REPORT THEREON

6. The Company’s Board of Directors is responsible
for the preparation of other information. The other
information comprises the information included in
the Management Discussion and Analysis, Board’s
Report including Annexures to the Board Report,
Business Responsibility and Sustainability Report,
Corporate Governance report and Shareholder’s
information, but does not include the standalone
financial statements and our auditor’s 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.

RESPONSIBILITY OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE
FOR THE STANDALONE FINANCIAL
STATEMENTS

9. The Company’s 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 Company’s ability to continue as a going
concern, disclosing, as applicable, matters related
to going concern and using the going concern
basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do
so.

11. The Board of Directors is also responsible for
overseeing the Company’s financial reporting
process.

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

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 auditor’s 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:

• 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 Company’s
ability to continue as a going concern. If we
conclude that a material uncertainty exists,
we are required to draw attention in our
auditor’s report to the related disclosures
in the standalone financial statements or, if
such disclosures are inadequate, to modify
our opinion. Our conclusions are based on
the audit evidence obtained up to the date of
our auditor’s 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
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

17. As required by the Companies (Auditor’s 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:

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 except for the matter stated
in paragraph 18 (viii)(f) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended);

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, 2025
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, 2025 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 Auditor’s 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:

a. The Company has disclosed the impact of
pending litigations on its financial position
as at 31 March, 2025 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, 2025;

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;

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

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, 2025 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;

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, 2025 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. 49 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, except that, audit trail
feature is not enabled for direct changes
to data in the underlying database and
in the application when using certain
privileged access rights. Further, 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.

For S A R A & Associates

Chartered Accountants
FRN No. 120927W

Manoj Agarwal

Partner

Place: Mumbai Membership No.: 119509

Date: 27^th May, 2025 UDIN: 25119509BMHYAR8410