A. We have audited the accompanying
Standalone Financial Statements of APIS
India Limited ("the Company"), which
comprise the Balance Sheet as at March
31, 2025, the Statement of Profit and
Loss (including Other Comprehensive
Income), the Statement of Changes in
Equity and the Statement of Cash Flows
for the year ended on that date, and a
summary of the significant accounting
policies and other explanatory
information (hereinafter referred to as
"the Standalone Financial Statements").

B. 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, the
profit and total comprehensive income,
changes in equity and its cash flows for
the year ended on that date.

2. BASIS FOR OPINION

We conducted our audit of the Standalone
Financial Statements in accordance with the
Standards on Auditing specified under section
143(10) of the Act (SAs). 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 independence requirements
that are relevant to our audit of the financial
statements under the provisions of the Act and
the Rules made there under, 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 audit opinion on the Standalone
Financial Statements.

3. EMPHASIS OF MATTERS

We draw the attention on the trade receivable
amounting to Rs. 213.21 Lakhs which is classified
as disputed trade receivable-considered good.
Management has made a provision of expected
credit loss on for Rs. 195.87 lakhs on their
foreign debtors that is classified under disputed
trade receivables. However, as explain to us,
management is in position to recover the amount
and same is also covered under ECGC.

Further, the delays in receipt of proceeds
denominated in foreign currency against export
of goods made by the Company to its overseas
customers aggregating to Rs. 650.06 lakhs as on
31 March 2025, beyond the timelines stipulated
under the Foreign Exchange Management Act,
1999. The management of the Company has filed
the necessary applications with the appropriate
authority for condonation of such delays to
regularize the default. Pending condonation
of such delay by the appropriate authority,
management is of the view that the possible
penalties that may be levied are currently
unascertainable but would not be material and
accordingly, no consequential adjustments have
been made to the accompanying statement with
respect to such delay/default.

Our opinion is not modified in respect of the
above.

4. 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 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 determined that there are no matters to be
described as key audit matters.

5. INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR'S REPORT THEREON

A. 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 Annexure to
Board's Report, Corporate Governance
and Shareholder's Information to the
extent applicable, but does not include
the Standalone Financial Statements and
our auditor's report thereon. Our opinion
on the standalone financial statements
does not over the other information and
we do not express any form of assurance
conclusion thereon.

B. 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 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 material misstatement of
this other information; we are required
to report that fact. We have nothing to
report in this regard.

6. MANAGEMENT'S RESPONSIBILITY
FOR THE STANDALONE FINANCIAL
STATEMENTS

A. The Company's Board of Directors
is 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, financial performance, total
comprehensive income, changes in
equity and cash flows of the Company
in accordance with the Ind-AS and other
accounting principles generally accepted
in India. This responsibility also includes
maintenance of adequate accounting

records in accordance with the provisions
of the Act for safeguarding 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 standalone financial
statements that give a true and fair view
and are free from material misstatement,
whether due to fraud or error.

B. 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 dose.

The Board of Directors is responsible
for overseeing the Company's financial
reporting process.

7. AUDITOR'S RESPONSIBILITY FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

A. 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 the aggregate, they
could reasonably be expected to influence
the economic decisions of users taken on
the basis of these Standalone Financial
Statements.

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

(i) 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.

(ii) 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.

(iii) Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting
estimates and related disclosures
made by management.

(iv) 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.

(v) 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.

C. Materiality is the magnitude of
misstatements in the Standalone
Financial Statements that, individually
Orin aggregate, makes it probable that
the economic decisions of a reasonably
knowledgeable user of the Standalone
Financial Statements maybe 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.

D. 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.

E. 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.

F. 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 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.

II. REPORT ON OTHER LEGAL AND

REGULATORY REQUIREMENTS

1. 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
purposes of our audit.

B. In our opinion, proper books of
account as required by law relating
to preparation of the aforesaid
financial statements 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,
Statement of Changes in Equity
and the Statement of Cash Flows
dealt with by this Report are in
agreement with the relevant
books of account maintained for
the purpose of preparation of the
aforesaid standalone financial
statements.

D. In our opinion, the aforesaid
standalone financial statements
comply with the "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 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. 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 "A". Our report
expresses an unmodified opinion
on the adequacy and operating
effectiveness of the Company's
internal financial controls over
financial reporting.

G. With respect to the other matters
to be included in the Auditor's
Report in accordance with the
requirements of section 197(16) of
the Act, as amended:

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

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 have pending
litigations in various matter
as reported in Note 30 for
which management cannot
estimate the impact on its
financial position and shown
as contingent liability.

ii. The Company did not have
any long-term contracts
including derivative contracts
for which there were any
material foreseeable losses.

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
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 mis¬
statement.

v. During the year, company has
declared or paid dividend on
preference shares during the
year which is in compliance
with section 123 of the
Companies Act, 2013.

vi. Based on our examination
which included test checks,
performed by us on the
Company have used
accounting software for
maintaining its respective
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. Further, during the
course of audit, we have not
come across any instance of
the audit trail feature being
tampered with.

As proviso to Rule 3(1) of
the Companies (Accounts)

"Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the
Order to the extent applicable.

For G A M S & Associates LLP
(Chartered Accountants)

FRN 0N500094

CA Anil Gupta
(Partner)

M. No.088218

Date: May 30, 2025

Place: New Delhi

UDIN: 25D88218BMKVSP3937