We have audited the accompanying financial statements of ADVANCE
PETROCHEMICALS LIMITED (“the Company”), which comprise the Balance Sheet as at
March 31, 2024, and 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 then
ended and a summary of the 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 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 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 its profit, 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 standard on auditing
specified u/s. 143(10) of the act (SAs). Our responsibilities under those standards are further
described in the auditor’s responsibilities for the audit of financial statements section of our
report. We are independent of the company in accordance with the code of ethics issued by ICAI
together with Independence Requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the rules made there under, 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 the basis for our audit opinion on the 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. We have determined the matters described below to be the key audit matters to be
communicated in our report.

Information other than Financial Statements and Auditor’s Report thereon

The company’s Board of Directors’ are responsible for the preparation of the other information.
The other information comprises the information included in the management discussion and
analysis, board’s report including annexure to board’s report, Business responsibility report,
Corporate governance and Shareholder’s information but does not include the financial
statement and our auditor’s report thereon.

Our opinion on the financial statements does not cover the 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 the work we have performed, we conclude that there is material misstatement of this
other information; we are required to report the fact. We have nothing to report in this regard.

Management’s Responsibility for the 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 financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended including the
Companies (Indian Accounting Standards) Amendment Rules, 2019. 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 the 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 a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the 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 charged with governance are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our
audit. In conducting our audit, we have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made there under and the Order issued
under section 143(11) of the Act.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional Scepticism 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 bank 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 in the standalone financial statements made by the
Management and Board of Directors.

• Conclude on the appropriateness of the 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
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 a Company to cease to continue as a going
concern.

We conducted our audit of the standalone financial statements in accordance with the Standards
on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the standalone financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the
standalone financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Company’s preparation of the
standalone financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the accounting estimates made by the
Company’s Directors, as well as evaluating the overall presentation of the standalone financial
statements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the standalone financial statements.

Report on Other Legal and Regulatory Requirements

1. 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 books of account.

d) In our opinion, the afore said standalone financial statements comply with the Indian
Accounting Standards prescribed 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 of the Company as
on March 31, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2024 from being appointed as a director in terms of Section
164(2) of the Act.

f) As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014, for the financial year commencing April 1, 2023, every
company which uses accounting software for maintaining its books of account, shall use
only such accounting software which has a feature of recording audit trail of each and
every transaction, creating an edit log of each change made in the books of account along
with the date when such changes were made and ensuring that the audit trail cannot be
disabled.

Based on our examination which included test checks, performed by us on the Company,
have used accounting software for maintaining their respective books of account for the
financial year ended March 31, 2024 which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions
recorded in the software except following :

(i) The feature of recording audit trail was not enabled at the database layer to log any
direct data changes for the accounting software used for maintaining the books of
accounts relating to general ledger and consolidation process

(ii) The audit trail was not enabled for certain changes which were performed by users
having privilege access rights, for the accounting software used for maintaining the books
of accounts relating to the general ledger.

Further, for the period audit trail (edit log) facility was enabled and operated for the
respective accounting softwares, we did not come across any instance of the audit trail
feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April
1, 2023,reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31, 2024.

g) 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 A”. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s internal financial controls over financial
reporting.

h) 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 amend:

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.

i) Withre sp ecttotheothermatterstob eincludedintheAuditor’ sReportinacco rdancewithRule 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.

ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.

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 (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. No dividend has been proposed and hence this clause is Not Applicable.

2. 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 B” a
statement on the matters specified in paragraphs 3 and 4 of the Order.

Suresh R Shah & Associates
Chartered Accountants
FRN:110691W

Place: Ahmedabad Mrugen K Shah

Date: 24-05-2024 (Partner)

M. No.: 117412

UDIN: 24117412BKAHPI7635