We have audited the accompanying standalone Ind AS
financial statements of SOUTHERN LATEX LIMITED, which
comprise the Balance Sheet as at March 31, 2024, 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 Ind AS financial statements”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
Ind AS 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, 2024 and
total comprehensive income (comprising of profit and other
comprehensive income), changes in equity and its cash
flows for the year ended.

Basis of Opinion

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 Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone Ind
ASFinancial 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 together with the ethical requirements that are
relevant to our audit of the Standalone Ind ASfinancial
statements under the provisions of the Companies Act,
2013 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
opinionon the standalone Ind AS 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 Standalone Ind AS financial statements of
the current period. These matters were addressed in the
context of our audit of the Standalone Ind AS 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 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, but does
not include theStandalone Ind AS financial statements
and our auditors’ report thereon. Our opinion on the
Standalone Ind AS 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 theStandalone Ind ASfinancial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information
is materially inconsistent with theStandalone Ind
ASfinancial 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 Standalone Ind AS Financial
Statements

The Company’s Board of Directors is responsible for
the matters stated in section 134(5) of the Companies
Act, 2013 (“the Act”) with respect to the preparation of
these standalone Ind ASfinancial statements that give
a true and fair view of the financial position, financial
performance, (changes in equity) and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the accounting
Standards specified 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 of the assets of the Company
and for preventing and detecting frauds and other

irregularities; selection and application of appropriate
implementation and maintenance of 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 Ind ASfinancial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS 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. Those Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Ind ASfinancial 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 Ind ASfinancial
statements.

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 mis statement
of the Standalone Ind AS 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 ofnot 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 thecircumstances. Under Section 143(3)
(i) of the Act, we are also responsible for expressing
ouropinion on whether the Company has adequate
internal financial controls with reference to Standalone
Ind AS 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 auditors’ report to the related disclosures
in the Standalone Ind AS 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 auditors’ 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 Ind AS financial statements,
including the disclosures, and whether the Standalone
Ind AS financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the
standalone Ind AS financial statements that, individually
or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of
the standalone Ind AS 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
standalone Ind AS 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 Standalone Ind
AS financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditors' 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.

Other Matter

(i) Certain debit/credit balances including trade
receivables, other current and non-current assets,
trade payables, other financial liabilities and other
current and non-current liabilities in the Company are
pending independent confirmation and consequential
reconciliation thereof.

(ii) The determination of the transactions with MSME
vendors and balances thereof, have been done based
on the certificate received from the respective parties
as available from the system. In absence of complete
reconciliation in this respect, completeness of the
disclosures in respect of MSME vendors, interest liability
thereon as per MSME Act, Income tax computations as
such need to be ascertained.

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 sub-section (11) of
section 143 of the Companies Act, 2013, 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.

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 and

proper returns adequate for the purposes of our audit
have been received from the branches not visited by
us.

c) The Balance Sheet, the Statement of Profit and Loss
(including 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) In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Accounting
Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting Standards)
Rules, 2015, as amended.

e) On the basis of the written representations received
from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31st March, 2024 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”.

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, 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.

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

(d) Based on our examination, the Company has not used
any accounting software for maintaining its books of
account for the financial yearended March 31, 2024.
The accounts are being maintained manually and
hence, the requirement of commenting on feature of
recording audit trail (edit log)facility and the operation
of the same throughout the year for all relevant
transactions recorded in the software does not arise.

For Balaji and Thulasiraman

Chartered Accountants
Firm Registration No.: 007262S

Place: Chennai CA.S.Balaji FCA DISA

Date-22.05.2024 Partner

Membership No. 202992
UDIN -24202992BKENHD5993