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, 2025, the Statement of Profit
and Loss (including Other Comprehensive Income), and 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 for the year then ended (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, because of the significance
of the matter discussed in the Basis for Adverse Opinion Section of our report, the aforesaid financial statements do not
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, changes in equity and its of its cash
flows for the year then ended.

Basis for Adverse Opinion

For the paragraphs mentioned below, we are unable to obtain sufficient and appropriate audit evidence on the matters
mentioned below, which may have a material and pervasive impact on the financial position of the Company for year ended
on March 31, 2025.

1. The Company has not maintained a proper Fixed Asset Register and did not provide detailed records necessary for
the verification of property, plant, and equipment (PPE). In the absence of asset-wise records, information
regarding useful lives, methods, and supporting documentation for physical verification, we were unable to obtain
sufficient and appropriate audit evidence regarding the existence, classification, and valuation of fixed assets as
reported in the financial statements.

In accordance with the Indian Accounting Standard (Ind AS) 16 - Property, Plant and Equipment, an entity is
required to maintain detailed records of each class of PPE, including historical cost, accumulated depreciation, and
carrying amount. IndAS-16 also mandates that depreciation be systematically allocated over the useful life of each
asset, which must be reviewed annually. Further, physical verification of assets is a critical internal control practice
to support their continued existence and condition.

Due to the absence of proper documentation and records, we were unable to evaluate whether the recognition and
measurement principles as per Ind AS 16 have been appropriately applied. Consequently, we are unable to
determine whether any adjustments may be necessary in respect of PPE balances.

The potential impact of these limitations is considered material and pervasive to the financial statements.
Accordingly, we have expressed an adverse opinion.

2. We were unable to obtain sufficient and appropriate audit evidence regarding the existence, condition, and
valuation of inventory (stock-in-hand) as at March 31, 2025. The management did not provide any report of
physical verification or valuation of inventory as at the balance sheet date. In the absence of such documentation,
we were unable to perform alternative audit procedures to verify the inventory quantities and valuation.

Inventories are a material component of the Company's financial statements. As per the accounting policies
disclosed by the Company, inventories are required to be measured at the lower of cost and net realisable value in
accordance with the principles laid down under Indian Accounting Standard (Ind AS) 2 - Inventories. Due to the
lack of audit evidence, we were unable to determine whether adjustments were necessary to the carrying amount
of inventories, and consequently, to the cost of goods sold and profit for the year.

Accordingly, we believe that the possible effects of the undetermined adjustments arising from this matter are
material and pervasive to the financial statements, and therefore, we have expressed an adverse opinion.

3. The Company has not provided ageing schedules for trade receivables and trade payables as at the balance sheet
date. Furthermore, no external confirmations were obtained from customers and suppliers to substantiate these
balances. We also observed that certain trade receivables have been outstanding for periods exceeding one year.
Despite the prolonged overdue status and uncertainty regarding their recoverability, the Company has not
recognised any provision for doubtful debts.

In accordance with the requirements of Indian Accounting Standard (Ind AS) 109 - Financial Instruments, an entity
is required to assess at each reporting date whether there is objective evidence of impairment of financial assets
measured at amortised cost, including trade receivables. Additionally, Ind AS 107 - Financial Instruments,
Disclosures mandates adequate disclosure of credit risk and ageing of financial assets. The Company has not
complied with these requirements. Further, the Company has not disclosed information relating to dues to Micro,
Small and Medium Enterprises (MSME) as required under the Micro, Small and Medium Enterprises Development
Act, 2006.

In the absence of ageing schedules, disclosure of MSME dues, balance confirmations, and an appropriate
assessment of expected credit losses, we were unable to obtain sufficient and appropriate audit evidence to verify
the completeness, existence, accuracy, and valuation of trade receivables and trade payables as reported in the
financial statements.

Accordingly, we are unable to determine whether any adjustments may be required in respect of these balances.
The potential impact of these limitations is considered material and pervasive to the financial statements. As a
result, we have expressed an adverse opinion.

4. The Company has not made any provision for gratuity as required under Indian Accounting Standard (Ind AS) 19 -
Employee Benefits, nor has it disclosed the actuarial valuation, assumptions, or other related disclosures mandated
by the Standard. This constitutes a non-compliance with the applicable financial reporting framework. In the
absence of such provision and disclosure, the employee benefit obligations are understated, and the liabilities and
expenses for the year are not fairly presented. The impact of this non-compliance is material and pervasive to the
financial statements. Accordingly, we have expressed an adverse opinion.

5. During the course of our audit, we observed that the Company has not complied with the provisions of Section 177
and Section 188 of the Companies Act, 2013, in respect of related party transactions. The Company has neither
maintained a proper register of contracts or arrangements in which directors are interested, as required under
Section 189, nor obtained prior approval or necessary disclosures from the Audit Committee and the Board of
Directors, wherever applicable, for transactions with related parties.

Further, there was a lack of appropriate documentation and supporting evidence to substantiate the nature, terms,
and arm's length basis of such related party transactions. The absence of proper records and approvals not only
constitutes a violation of the statutory requirements but also raises significant concerns over governance,
transparency, and the potential risk of misstatement or misappropriation.

In view of the above, we were unable to obtain sufficient and appropriate audit evidence regarding the completeness,
accuracy, and disclosure of related party transactions in accordance with Indian Accounting Standard (Ind AS) 24 -
Related Party Disclosures. This non-compliance is considered material and pervasive to the financial statements,
particularly in the context of related party balances and transactions. Accordingly, we have expressed an adverse
opinion on the financial statements.

We conducted our audit in accordance with Standards on Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. 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 and provisions of the Companies Act, 2013 that are relevant to our audit of the standalone financial statements in
India under the Companies Act, 2013, and we have fulfilled our other ethical responsibilities in accordance with the Code of
Ethics and the requirements under the Companies act, 2013. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our adverse opinion.

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 Companies Act,2013 (“the
Act”) with respect to the preparation of these 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 Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015.

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 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.

The Board of Directors are also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our responsibility is to conduct an audit of the entity's Financial Statements in accordance with Standards on Auditing and
to issue an auditor's report. However, because of the matters described in the Basis for Adverse Opinion paragr aph of our
report, we were unable to obtain sufficient appropriate audit evidence to provide an opinion on these 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 Standards on
Auditing (“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 skepticism
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 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 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 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.

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 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 (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 Companies Act, 2013 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:

a) We have sought and, except for the possible effects of the matter described in the Basis for Adverse Opinion
paragraph above, obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit.

b) Except for the possible effects of the matter described in the Basis for Adverse Opinion paragraph above, in our
opinion proper books of account as required by law have been kept by the Company so far as appears from our
examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, statement of
change in equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant
books of accounts presently maintained by the Company and disclosed to us.

d) Except for the matter described in the Basis for Adverse Opinion paragraph above, in our opinion, the aforesaid
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 31st March, 2025 taken on record by
the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a
director in terms of Section 164 (2) of the Act.

f) The adverse remarks relating to the maintenance of accounts and other matters connected therewith are as
stated in the Basis for Adverse Opinion paragraph above.

g) With respect to the adequacy of the Internal Financial Control over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

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, 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 litigations on its financial position in its financial statements-
Refer Note 37 to the financial statements.

(ii) Except for the possible effects of the matter described in the Basis for Adverse Opinion paragraph above, the
Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses- Refer Note XX.

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

(iv) (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in the notes to
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 entity (“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, that, to the best of its knowledge and belief, as disclosed in the notes to
accounts, no funds (which are material either individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity (“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 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.

(v) (a) During the year No final dividend proposed, declared and paid by the Company in accordance with
Section 123 of the Act, as applicable.

(b) During the year No interim dividend declared and paid by the Company until the date of this report is in
compliance with Section 123 of the Act.

(c) The Board of directors of the Company have neither proposed final dividend for the year which is subject to
the approval of the members at the ensuing Annual General Meeting nor the dividend proposed is in
accordance with section 123 of the Act, as applicable.

v. Based on information and explanation given to us, which included test checks, the company has used an
accounting software “Busy” for maintaining its books of account for the financial year ended March 31, 2025
which has not a feature of recording Audit Trail (edit log) facility and the same has operated throughout the
year. So, we are unable ascertain whether there were any instances of the audit trail feature been tampered or
not during the year.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 01^st April, 2023, reporting
under rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the financial year ended March 31, 2025.

For KVA & Company
Chartered Accountants
(Firm’s Registration No. 017771C)

Sd/-

Vimal Kishore Agrawal
Partner

Membership No. 510915
Place: New Delhi
Date: 28.05.2025
UDIN: 25510915BMLJXX3636