We have audited the accompanying financial statements of Mitsu Chem
Plast Limited (“the Company"), which comprise the Balance Sheet as
at 31st March 2026, 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 material accounting policies 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 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 31st March 2026, and its profit and
total comprehensive income, changes in equity 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 (SA's) 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 independence requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made 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 financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement,
were of most significance in our audit of the 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. We have determined the matters described below to be the key
audit matters to be communicated in our report.

Information Other than the 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 Management Discussion Analysis, Board Report including
Annexures to Board Report, Corporate Governance and other Shareholder
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 to the extent made available to us and, in doing
so, consider whether the other information is materially inconsistent with the
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.

Responsibilities of Management and Those Charged with Governance
for the Financial Statements

The Company's Management and Board of Directors are responsible for the
matters stated in section 134(5) of the Act with respect to the preparation
of these 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, including
Indian Accounting Standards as prescribed 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 the assets of the
Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgements 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 true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the Company's Management and
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
management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Board of Directors are 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 the 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 scepticism throughout the audit. We 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
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 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 in preparation of Financial Statements 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 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 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 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, based on our audit 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
Statement of Cash Flow dealt with by this Report are in agreement
with the relevant books of account.

d) In our opinion, the aforesaid 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 31st March 2026, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2026
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". 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 read with Schedule V 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 has disclosed the impact of pending litigations on
its financial position (Refer note no 33 of the financial statements
: Contingent liabilities and Commitments).

ii. The Company did not have any long-term contracts including
derivative contracts for which there are 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 (“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;

(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
misstatement

v. As stated in Note 13.7 to the financial statements

(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 have proposed 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.

vi. Based on our examination, which included test checks, the
Company has used accounting software systems for maintaining
its books of account for the financial year ended 31st March 2026
which have the feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant
transactions recorded in the software systems. 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.

For Gokhale & Sathe

Chartered Accountants

Firm Reg. No.: 103264W

Atul A. Kale

Partner

Membership No: 109947

UDIN: 26109947BTIYQR4882

Place: Mumbai

Date: 2^nd May 2026