1. We have audited the accompanying standalone
financial statements of Amines and Plasticizers
Limited ( "the Company”), which comprise the
Standalone Balance Sheet as at March 31,
2026, the Standalone Statement of Profit and
Loss (including other comprehensive income),
Standalone Statement of Changes in Equity and
Standalone Statement of Cash Flows for the
year then ended, and notes to the standalone
financials statements, including a summary of
the significant accounting policies and other
explanatory information (hereinafter referred to
as ‘Standalone Financial Statements’).

2. 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 accounting principles generally accepted
in India including Indian Accounting Standards
(‘Ind AS’) specified under Section 133 of the
Act, of the state of affairs (financial position)
of the Company as at 31 March 2026, and its
profit (financial performance including other

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

BASIS FOR OPINION

3. 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 SAs 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 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 we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the standalone
financial statements.

KEY AUDIT MATTERS

4. 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 financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.

5. We have determined the matter described below to be the key audit matters determined to be
communicated in our report on standalone financial statements.

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

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

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

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

9. The Company’s Board of Directors are
responsible for the matters stated in section
134(5) of the Act with respect to the preparation
and presentation of these standalone financial
statements that give a true and fair view of
the financial position, financial performance
including other comprehensive income,
changes in equity and cash flows of the Company
in accordance with the Ind AS specified under
section 133 of the Act 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
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 standalone financial statements that give
a true and fair view and are free from material
misstatement, whether due to fraud or error.

10. In preparing the standalone financial
statements, the Board of Directors 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 the
Board of Directors either intends to liquidate
the Company or to cease operations, or has no
realistic alternative but to do so.

11. 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

12. 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
Standards on Auditing 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.

13. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act 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 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 standalone
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;

• Conclude on the appropriateness of Board
of Directors’ 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.

14. 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.

15. 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.

16. 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.

REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS

17. 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 the
‘‘Annexure A”, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

18. As required by section 143(3) of the Act, we
report, that:

i. 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 of
the accompanying standalone financial
statements;

ii. 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;

iii. The standalone financial statements dealt
with by this report are in agreement with
the books of account;

iv. In our opinion, the aforesaid standalone
financial statements comply with the
Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules 2014;

v. On the basis of the written representations
received from the directors and taken on
record by the Board of Directors, none of
the directors is disqualified as on 31 March
2026 from being appointed as a director in
terms of section 164(2) of the Act;

vi. With respect to the adequacy of the
internal financial controls with reference
to standalone financial statements of the
Company as on 31 March 2026 and the
operating effectiveness of such controls,
refer to our separate report in "Annexure B”

wherein we have expressed an unmodified
opinion; and

vii. As required by section 197(16) of the Act
based on our audit, we report that the
Company has paid remuneration to its
directors during the year in accordance
with the provisions of and limits laid down
under section 197 read with Schedule V to
the Act

viii. 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 on its financial
position as at 31 March 2026 in the
Standalone Financial Statements-
[Refer Note 30 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.

c. There has been no delay in transferring
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company during the year
ended 31 March 2026:

d. i. The management has represented

that, to the best of its knowledge
and belief, no funds have been
advanced or loaned or invested
(either from borrowed funds or
securities premium or any other
sources or kind of funds) by the
Company to or in any person(s)
or entity(ies), including foreign
entities (‘the 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 (‘the Ultimate
Beneficiaries’) or provide any
guarantee, security or the like on
behalf the Ultimate Beneficiaries;

ii. The management has represented
that, to the best of its knowledge
and belief, no funds have been
received by the Company from any
person(s) or entity(ies), including

foreign entities (‘the 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

iii. Based on such audit procedures
performed as considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us
to believe that the management
representations under sub-clauses
(i) and (ii) above contain any
material misstatement.

e. i. The final dividend paid by the
Company during the year ended
31 March 2026 in respect of such
dividend declared for the previous
year is in accordance with section
123 of the Act to the extent it
applies to payment of dividend.

ii. As stated in note 43 to the
accompanying standalone

financial statements, the Board
of Directors of the Company have
proposed final dividend for the
year ended 31 March 2026 which
is subject to the approval of the
members at the ensuing Annual
General Meeting. The dividend
recommended by the Board is in
accordance with Section 123 of
the Act to the extent it applies to
the recommendation of dividend.

f. As stated in note no. 48 to the
standalone financial statements and
based on our examination which
included test checks, the Company
has used an accounting software for
maintaining its books of account which
has a feature of recording audit trail
(edit log) facility and the same has
been operated throughout the year for
all relevant transactions recorded in the
software. During the course of our audit,
we did not come across any instance
of audit trail feature being tampered
with in respect of the accounting
software. Further, the audit trail has
been preserved by the Company as per
the statutory requirements for record
retention.

For S A R A & Associates

Chartered Accountants
FRN No.: 120927W

Manoj Agarwal

Partner

Membership No.: 119509

Place: Mumbai UDIN: 26119509AOPXUY5748

Date: 28^th May, 2026