We have audited the Standalone Financial Statements of APOLLO INGREDIENTS LIMITED (
FORMERLY KNOWN AS INDSOYA LIMITED)

sheet as at 31^st March 2024, and the Statement of Profit and Loss, Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and notes to the Standalone Financial
Statements , including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as “the Standalone 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 Accounting
Standards prescribed under section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2006, as amended (“Accounting Standards”)and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31^st March 2024, and its loss
for the year ended on that date.

Basis for Opinion

We conducted our audit of in accordance with the Standard on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standard are further described in the Auditor’s
Responsibilities for the Audit of Standalone Financial Statement section of our report. We are
independent of the company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountant of India (ICAI) together with the ethical independence requirements that are
relevant to our audit of the standalone Financial Statement under the provisions of the Act and the
rules made thereunder, 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.

Key Audit Matters

Key audit matters (‘KAM’) are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Financial Statements of the current period. These matters
were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
nothing to report as Key Audit 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
information comprises the information included in the Board of Directors Report, but does not include
the standalone financial statements and auditor’s report thereon.

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

In connection with our audit of the standalone financial statements our responsibilities is to read the
other information and, in doing so, consider whether the 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

The Company’s management and Board of Directors are responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial statements that give a
true and fair view of the financial position (state of affairs), financial performance (Profit/
Loss),changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards (Ind AS) specified under section 133
of the Act. 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 irregularities; selections 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 and Board of Directors are 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 Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Financial Statements
as a whole are free from material misstatement, whether due fraud or error, and to issue an auditor’s
report that include 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. Misstatement 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.

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 standalone Financial Statements,
whether due to fraud or error, design and perform audit procedure 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 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 Financial Controls 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 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 disclosure 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 disclosure are in adequate, 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 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 significance audit findings, including any significant deficiencies in
internal controls 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 relationship and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

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 section 143(11) of the Act, we give in “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 based on our audit we report that:

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

b) In our opinion, proper books of accounts 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, the Statement of Changes in
Equity and the Statement of Cash Flow dealt with by this report are in agreement with
the relevant Books of Accounts.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards (Ind AS) 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 31^st
March 2024 taken on record by the Board of Director, none of the director is
disqualified as on 31^st March 2024 from being appointed as a director in terms of
section 164(2) of the Act.

f) With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Company(Audit and Auditors) Rule 2014, In our opinion and to
the best of our information and according to the explanation given to us:

i. The Company has disclosed the impact of pending litigations, if any, as at 31^st March
2024 on its financial position in its standalone financial statements- Refer Notes to
the standalone financial statements.

ii. The Company did not have any long term contracts including derivative contract 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.

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 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;

v. 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; and

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

vii. The company has not declared any dividend during the year under section 123 of the
Companies Act, 2013.

For, DMKH & Co
Chartered Accountants

Sd/-

Partner

Membership No.122962

Firm’s Registration No. 116886W

UDIN:-24122962BKBENU9255

Place - Pune
Date - 28/05/2024