We have audited the accompanying financial statements of
Aplab 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
Cash Flow Statement and the Statement of Changes in Equity
for the year then ended, and notes to the 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 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 Indian
Accounting Standards prescribed under section 133 of the
Act read with Companies (Indian Accounting Standard) Rules
2015, as amended and other 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, its cash flows and the 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) of
the Companies Act, 2013. 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 together with the ethical
requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013
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 opinion.

Emphasis of Matter

We draw your attention to

a. the Unpaid Statutory Dues included in “Other Current
Liabilities” amounts to Rs.124.55 lakhs, out of which
Rs.24.69 lakhs are subsequently paid to the government
and

b. the Unpaid Gratuity / other dues of separated employee
included in “Employee Benefit Obligations” amounts to
Rs. 547.16 lakhs at the year end.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, was of most significance in our audit of the
financial statements of the current period. 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.

Other Information

The Company Management and board of directors are
responsible for the preparation of the other information.
The other information comprises the information included in
the Annual report, but does not include the Ind AS financial
statements and our auditor’s report thereon.

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

In connection with our audit of the Ind AS financial statements,
our responsibility is to read the other information and, in doing
so, consider whether such other information is materially
inconsistent with the Ind AS financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated.

When we read the Other Information, if, we conclude that
there is a material misstatement therein, we are required to
communicate the matters to those charged with governance
as required under SA 720 (Revised) “The Auditor’s
Responsibilities Relating to Other Information”.

Responsibilities of Management and Those Charged with
Governance for the Financial Statements

The Company’s board of directors are responsible for the
matters stated in section 134 (5) of the Act with respect to
the preparation of these Ind AS 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 Ind AS 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 Board of Directors are also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Ind AS
Financial Statements

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

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

• Identify and assess the risks of material misstatement of
the 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(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 Ind AS 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 and Board of
directors.

• 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 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 Ind AS financial statements, including the disclosures,
and whether the Ind AS 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 Ind AS 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

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.

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, and the Cash
Flow Statement dealt with by this Report are in agreement
with the books of account.

d) In our opinion, the aforesaid financial statements comply
with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from
the directors as on 31^st March, 2025 taken on record by
the Board of Directors, none of the directors is disqualified
as on 31^st March, 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 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 as at 31 March 2025 on its financial
position in its financial statements - Refer Note 33 to
the financial statements.

ii. The company has not declared or paid any dividend
during the year. Hence, there is no requirement to
comply with section 123 of the Companies Act, 2013.

iii. The management has represented that, to the best
of it’s knowledge and belief, other than as disclosed
in the notes to the accounts, 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(s) or entity(ies), 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.

iv. The management has represented, that, to the best
of it’s knowledge and belief, other than as disclosed
in the notes to the accounts, no funds have been
received by the company from any person(s) or
entity(ies), 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.

v. Based on audit procedures which we considered
reasonable and appropriate in the circumstances,
nothing has come to their notice that has caused
them to believe that the representations under sub¬
clause (i) and (ii) contain any material mis- statement.

vi. The company has maintained an adequate audit trail
as required by the account rule. The company has
used ERP accounting software for maintaining its
books of account which has a feature of recording
audit trail facility and the same has been operated
throughout the year for all transactions recorded in
the software and the audit trail feature has not been
tampered with and the audit trail has been preserved
by the company as per the statutory requirements for
record retention. And the company has put restriction

where they can track the initiator of the entry and the
person who is finalizing the same. And report of the
same can be generated from the ERP.

h) With respect to the matter to be included in the Auditor’s
Report under Section 197(16) of of the Act:

In our opinion and according to the information and
explanations given to us, the remuneration paid and or
payable by the Company to its directors during the current
year is in accordance with the provisions of Section 197
of the Act. The remuneration paid and or payable 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.

For R. Bhargava & Associates
Chartered Accountants
Firm Reg. No. 012788N

Anuj Aggarwal

Partner

M. No. 525040

UDIN: 25525040BMNQHZ1905

Place: Navi Mumbai
Date: 30/05/2025