We have audited the accompanying financial statements of
Ddev Plastiks Industries Limited ("the Company"), which comprise
the Balance Sheet as at March 31 2025, the Statement of Profit & Loss
(including the Statement of Other Comprehensive Income), the
Statement of Cash Flow and the Statement of Changes in Equity for
the year then ended, and notes to the financial statements, including
a summary of material 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 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 read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("Ind AS ") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at
March 31,2025, its profits (including other comprehensive income),
its cash flows and changes in equity 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) ofthe Act. Our responsibilities under
those Standards are further described in the 'Auditor's Responsibilities
for the Audit of the 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 ofthe financial
statements under the provisions of the Act and the Rules there under,
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 we have obtained is sufficient and appropriate to provide
a basis for our opinion on the 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 financial
statements for the financial year ended March 31, 2025. These
matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.

Information other than the Financial Statements and
Auditor's Report thereon

The Company's Management and Board of Directors are responsible
for the other information. The other information comprises the
information included in the Company's Annual Report including
Management Discussion and Analysis, Board's Report including
Annexures to Board's Report, Business Responsibility and
Sustainability Report, Corporate Governance and Shareholder's
Information but does not include the financial statements and our
auditor's report thereon. The Company's annual report is expected
to be made available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the
other information and we will not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our
responsibility is to read the other information identified above when
it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.

When we read the Company's annual report, if we conclude that there
is a material misstatement therein, we are required to communicate
the matter to those charged with governance and take necessary
actions, as applicable under the relevant laws and regulations.

Management's Responsibility for the 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 financial statements that give a true and fair view of
the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the
Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind
AS) specified under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended. 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 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 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 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 management either
intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Those charged with governance are also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about whether the
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 financial statements.

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

a. 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.

b. 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 Financial Statements in place and the operating
effectiveness of such controls.

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

d. 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 material uncertainty exists, we are required
to draw attention in our auditor's report to the related
disclosures in the 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.

e. 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.

Materiality is the magnitude of misstatements in the 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
financial statements.

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 financial statements for the financial
year ended March 31, 2025, 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 (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.

2) 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 are necessary for the purpose of our audit.

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

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

iv. In our opinion, the aforesaid financial statements comply
with the accounting standards specified under section
133 of the Act read with Companies (Indian Accounting
Standards) Rules, 2015, as amended from time to time.

v. On the basis of 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.

vi. With respect to the adequacy of the internal financial
controls with reference to the financial statement of
the Company and the operating effectiveness of such
controls, refer to our separate report in "Annexure B".

vii. 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 explanations given to us, during the year
the remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under
Section 197 of the Act. The Ministry of Corporate Affairs
has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.

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:

i) The Company has disclosed the impact of pending
litigation of its financial position in its financial
statements. Refer Note No. 36

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

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

iv) a) 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
share premium or any other sources or kind
of funds) by the Company to or in any other
persons or entities, 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 ("Ultimate
Beneficiaries") by or on behalf
of the Company or

• provide any guarantee, security
or the like to or 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
persons or entities, 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 ("Ultimate
Beneficiaries") by or on behalf of the
Funding Party or

• provide any guarantee, security or the
like from or on behalf of the ultimate
Beneficiaries; and

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

(ix) The final dividend declared or paid during the year by the
Company is in compliance with Section 123 of the Act. to
the extent it applies to payment of dividend.

As stated in Note 54 to the standalone financial
statements, the Board of Directors of the Company has
proposed final dividend for the year which is subject
to the approval of the members at the ensuing Annual

General Meeting. The dividend declared is in accordance
with Section 123 of the Act to the extent it applies to
declaration of dividend.

As stated in Note * to the standalone financial statements,
the Board of Directors of the Company has proposed final
dividend for the year which is subject to the approval of
the members at the ensuing Annual General Meeting. The
dividend declared is in accordance with Section 123 of
the Act to the extent it applies to declaration of dividend.

(x) Based on our examination which included test checks,
the Company has used the SAP S4 Hana accounting
software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility in
respect of the application and the same has operated
throughout the year for all relevant transactions. We did
not come across any instance of the audit trail feature
being tampered with in respect of accounting software.
Normal/Regular users are not granted direct database or
super user level access. The audit trail has been preserved
by the Company as per statutory requirements for
record retention.

For B. Mukherjee & Co.,

Chartered Accountants
Firm Registration No: 302096E

S.K. Mukherjee

(Partner)

Place:- Kolkata Membership No: 006601

Date: - 15^th Day of May 2025 UDIN: 2500660IBMIBQN5874