We have audited the financial statements of AMEENJI RUBBER LIMITED (“the
Company”), which comprise the Balance Sheet as at 31^st March 2024, the
Statement of Profit and Loss, including Other Comprehensive Income,
Statement of Cash Flows for the year then ended, and notes to the financial
statements, including material accounting policy information 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 accounting
principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2024, the profit and total comprehensive income, and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the 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 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 and with the consideration of the report of the branch auditor
referred to in the “Other Matters” section below is sufficient. and appropriate to
provide a basis for our opinion.

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

The Company’s Board of Directors is responsible for the preparation of the
other information. The other information comprises the information included in
the Management Discussion and Analysis, Board’s Report including Annexures
to Board’s Report, Business Responsibility Report, Corporate Governance and
Shareholder’s Information, but does not include the financial statements and
our auditor’s report thereon.

Our opinion on the 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 financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other
information is materially inconsistent with the 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 communicate the
matter to those charged with governance under SA 720 The Auditor’s

responsibilities Relating to Other Information. We have nothing to report in this
regard.

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 and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014. 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, the 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 the Board of Directors
either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors is 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 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:

• 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
controls.

• 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 an 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 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.

• 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 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 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, 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 except for the matters stated in the paragraph 2 (i) (vi) below on
reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules,
2014 as amended.

c) 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 except for the matters stated in the paragraph 2 (i) (vi) below on
reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules,
2014 as amended.

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

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 Directors,
none of the directors are 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 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 on its
financial position in its financial statements to the financial
statements.

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.

iv. A) 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 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, 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 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. The company has neither declared nor paid any dividend during
the year as per Section 123 of the Act.

vi. Based on our examination, which included test checks, the
Company has used accounting software’s for maintaining its books
of account for the financial year ended March 31, 2024, 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’s. Further, during the course of our audit we did
not come across any instance of the audit trail feature being
tampered with.

vii. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 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, 2024.

For M M REDDY & CO.,
Chartered Accountants
Firm Reg. No.010371s

M Madhusudhan Reddy

Partner

Date: 06-09-2024 Membership No. 213077

Place: Hyderabad UDIN: 24213077BKBHMF9334