We have audited the accompanying standalone financial statements
of AMI ORGANICS LIMITED ("the Company"), which comprise
the standalone balance sheet as at March 31, 2025, the standalone
statement of Profit and Loss (including Other Comprehensive Income),
standalone statement of changes in equity and the standalone statement
of cash flows for the year then ended, and notes to the standalone
financial statements including material 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 standalone 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 and its profit, total comprehensive income, changes in equity
and its cash flows 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 standalone 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 standalone 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 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 standalone 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 standalone financial
statements of the current year. 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.

Other Information

The Company's Management and Board of Directors are responsible for
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 standalone financial statements and our auditor's
report thereon.

• Our opinion on the standalone 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 standalone financial statements,
our responsibility 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 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
report that fact. We have nothing to report in this regard.

Management's and Board of Directors' Responsibilities
for the Standalone Financial Statements

The Company's Management and 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 standalone 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. 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 implementation
and maintenance of 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 statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone 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 is 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 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
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 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 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 standalone 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
standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial
Statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the
Standalone 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 Standalone
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 standalone financial statements of the current year 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 Section 143(11) of the Act, 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. A. As required by Section 143(3) of the Act, based on our audit

report 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 purpose 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(B)(f) below
on reporting under Rule 11 (g) of the Companies (Audit
and Auditors) Rules, 2014.

c) The standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), standalone statement of
changes in equity and the standalone statement of
cash flow dealt with by this Report are in agreement
with the books of account.

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

e) 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.

f) The reservation relating to the maintenance of accounts
and other matters connected therewith are as stated
in the paragraph 2(A) (b) above on reporting under
Section 143(3)(b) and paragraph 2B(f) below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

g) With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".

B. 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:

a) The Company has disclosed the impact of pending
litigations as at March 31, 2025 on its financial
position in its standalone financial statements. Refer
Note 41 to the standalone financial statements.

b) The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses under the applicable law
or accounting standards.

c) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company, if any; and

d) (i) 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;

(ii) 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 ("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;

(iii) 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 (i) and (ii) above,
contain any material misstatement.

e) According to information and explanations given to us:

(a) The final dividend proposed in the previous year,
declared and paid by the Company during the
year, is in accordance with section 123 of the
Act, as applicable.

(b) The Board of Directors of the Company has
proposed a final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount of
dividend proposed is in accordance with section
123 of the Act, as applicable.

f) 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, 2025 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
and the audit trail has been preserved by the Company
as per the statutory requirements for record retention,
as applicable.

C. As With respect to the matter to be included in the Auditor's
Report under Section 197(16) of the Act:

In our opinion and according to the information and
explanations given to us, the remuneration paid/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/ 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 Maheshwari & Co.
Chartered Accountants
Firm's Registration No.105834W

Sd/-

Vikas Asawa

Partner

Place: Surat Membership No. 172133

Date: May 02, 2025 UDIN: 25172133BMHZYV6454