We have audited the accompanying Standalone Ind AS Financial Statements of Avi Polymers
Limited ("the Company”], which comprise the Balance Sheet as at March 31, 2025, the Statement
of Profit and Loss including the Statement of Other Comprehensive Income, the Statement of
Changes in Equity and the Statement of Cash Flows for the year then ended and notes to the
Standalone Ind AS Financial Statements, including a summary of significant accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid Standalone Ind AS Financial Statements give the information required by the
Companies Act, 2013, as amended ("the Act”) in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025, its profit including other comprehensive income,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs) specified under section 143(10) ofthe Act. Our responsibilities under
those Standards are further described in the Auditor's Responsibilities for the Audit of the
Standalone Ind AS Financial Statements’ section of our report We are independent of the
Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants
of India together with the ethical requirements that are relevant to our audit of the 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 obtained by us is sufficient and appropriate to provide a basis for
our opinion on Standalone Ind AS Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the standalone Ind AS financial statements for the financial year ended March 31,
2025. These matters were addressed in the context of our audit ofthe standalone Ind AS financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company's Board of Directors is responsible for the other information. The other information
comprises the Director’s Report and its annexures, Management Discussion and Analysis Report
and Corporate Governance Report but does not include the Standalone Ind AS Financial
Statements and our Auditor’s Report thereon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information
and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the Standalone Ind AS Financial Statements or our knowledge
obtained during the course of our 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.

Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these Standalone Ind AS 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 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 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 Statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, the Management is responsible for
assessing the ability of the Company 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 are also responsible for overseeing the financial reporting process of the
Company.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 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 Standalone Ind AS Financial
Statements.

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

• Identify and assess the risks of material misstatement of the Standalone Ind AS 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(3X0 of the Act, 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 management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the Standalone Ind AS 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 Ind AS Financial
Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
Standalone Ind AS Financial Statements.

We communicate with those charged with governance regarding, amongst 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 Ind AS Financial Statements
of the current year 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

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

a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books.

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

d) In our opinion, the aforesaid Standalone Ind AS 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.

e) On the basis of the written representations received from the directors as on March 31,2025
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B".

g) With respect to the other matters to be included in the Auditor’s Report in accordance with
the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of
our information and according to the explanation given to us, the remuneration paid by the
Company to its Directors during the year is in accordance with the provisions of section 197
of the Act.

h) 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, in our opinion and to the best of
our information and according to the explanations given to us:

1) The Company has adequately disclosed the impact of pending litigations on its financial
position in its Standalone Ind AS Financial Statements.

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

3) There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

4) a) The Management has represented that, to the best of its knowledge and belief, other

than as disclosed in the notes to the accounts, no funds (which are material either
individually or in the aggregate) 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, 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, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) 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, 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 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 Sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

5) The Company has not declared and paid any dividend during the year under review.

6) Based on our examination which included test checks, the company has 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 all relevant
transactions recorded in the software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with.

For JAIN KEDIA & SHARMA
Chartered Accountants
Firm Reg. No. 103920W

Place: AHMEDABAD Ajaykrishna Sharma

Dated: May 15, 2025 Partner

Membership No. 035075
UDIN: 25035075BMILDQ4757