We have audited the accompanying financial statements of GothiPlascon (India) Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss, Statement of Cash Flows and
Statement of Changes in Equity for the year then ended, and notes to the financial statements, including a summary of
significant 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 financial
statements give the information required by the Companies Act, 2013 (‘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
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, its profits and 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
Act (SAs). Our responsibilities under those SAs are further described in the Auditor’s responsibilities for the Audit of the
Financial Results 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 together with the ethical requirements that are relevant to our audit of
the financial results under the provisions of the Act and the rules thereunder, and we have fiilfilled 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.

Emphasis of Matter

Key Audit Matters are those matters that, in our professional judgments, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the contexts of our audit of the financial
statements as a whole, and in forming our opinion there on, and we do not provide a separate opinion on these matters.
We have nothing to report in this regard.

Information other than the Standalone Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Director's Report including Annexures to the Director's Report, 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 and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated. If, based on die 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 Results

The Company's Board of Directors is responsible for the matters stated in sec 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, cash flow's and changes in equity 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 asset 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 financial statement that give a true and fair view
and are free from material misstatement whether due to fraud or error.

In preparing the financial statement, the management is responsible for assessing the company’s ability to continue as a
going concern, disclosing, as applicablematters 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 as 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 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 results.

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 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 Companies Act, 2013, 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 and Board of Directors.

• Conclude on the appropriateness of Management and 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 financial results 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 thefinancial statements, including the disclosures, and whether
the financial statementsrepresent 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 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. 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 of the aforesaid financial statements.

(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, the 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 financial statements.

(d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.

(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 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 Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us;

i.The Company does not have any pending litigations which would impact its financial position;

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

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) 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 share premium or any other sources or kind of funds) by the
company to or hi 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) The management has represented that, to the best of its knowledge and belief, no funds have been received
by the company from any persons or entities, including foreign entities '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 audit procedures carried out by us, that we have considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us believe that the representations under sub-clause (i) and
(ii) of Rule 11 (e) of the Act, 2014 contain any material misstatement.

v. In our opinion and according to the information and explanations given to us, the dividend declared or paid during the
year by the company is in compliance with section 123 of the Companies Act, 2013.

vi. The company has maintained its books of accounts manually. Hence reporting requirements as prescribed under Rule
11(g) of the Companies ( Audit and Auditors) Rules, 2014 are not applicable to the Company.

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.

For and on behalf of

N Singhal& Co

Chartered Accountants

Firm's Registration No.006249C

Sd/-

CA Akliil Jain
Partner

Membership number: 418990
UDIN: 25418990BMJIGY4009

Place: JAIPUR
Date:23/05/2025