We have audited the Separate financial statements (also
known as Standalone Financial Statements) of VINATI
ORGANICS LIMITED (“the Company”), which comprise the
Balance Sheet as at 31st March 2025, the Statement of Profit
and Loss (including other Comprehensive Income), Statement
of Changes in Equity and Statement of Cash Flows for the
year then ended, and a summary of 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 (Ind AS) prescribed under Section 133
of the Act read with Companies (Indian Accounting Standards)
Rules, 2015, as amended and other accounting principles
generally accepted in India, of the state of affairs (financial
position) of the Company as at 31st March 2025, and its
profit(financial performance including Other Comprehensive
Income), the Changes in Equity and its Cash Flows for the
year ended on that date.

BASIS FOR OPINION

We conducted our audit of the Standalone 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 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 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 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.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current year. 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.

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

The Company’s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Board’s Report
including Annexures to Board’s Report, Management
Discussion and Analysis, Report on Corporate Governance,
Business Responsibility and Sustainability Report, 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 RESPONSIBILITY FOR THE
STANDALONE FINANCIAL STATEMENTS

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 including other 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 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.

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 responsible for overseeing the
Company’s financial reporting process

AUDITOR’S RESPONSIBILITY 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 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 judgement and maintain professional scepticism
throughout the audit. We also:

• I dentify 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 adequate
internal financial controls with reference to 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 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 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.

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 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.

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.

c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income),
Statement of Changes in Equity and the Cash
Flow Statement 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 prescribed under Section 133 of the Act.

e) On the basis of the written representations
received from the directors as on 31st March, 2025
taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March,
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 with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure B”. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s
internal financial controls with reference to
standalone financial statements.

g) As required by section 197(16) of the Act, based
on our audit, we report that the Company has
paid and provided for 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

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 has disclosed the impact of
pending litigations on its financial position in its
Standalone financial statements - Refer Note
28 (j) to the Standalone financial statements;

ii. The Company did not have any long-term
contracts including derivative contracts, for
which there were any material foreseeable
losses during the year ended 31st March,
2025;

iii. There has been no delay in transferring
amounts, required to be transferred to the
Investor Education and Protection Fund by
the company.

iv. (a) As represented to us by the management

and to the best of its knowledge and
belief, no fun ds h ave 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 persons
or entities, 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; and

(b) As represented to us by the management
and 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; and
(c) Based on such audit procedures that
h ave 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
misstatement.

v. The Company has complied with the
provisions with respect to Section 123 of
the Companies Act, 2013 in respect of final
dividend proposed in the previous year and
paid during the year and the proposed final
dividend for the year which is subject to the
approval of members at the ensuing Annual
General Meeting and;

vi. Based on our examination which included
test checks, the company has used an
accounting software (SAP) for maintaining its
books of account which has a inbuilt 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 our audit we did
not come across any instance of audit trail
feature being tampered with. Additionally,
the audit trail has been preserved by the
company as per the statutory requirements
for record retention.

For M M NISSIM & CO LLP

Chartered Accountants
(Firm Regn. No. 107122W/W100672)

(Dimple Maru)

Partner
Mem. No.: 141312
Mumbai, 15th May, 2025
UDIN : 25141312BMJKDN7057