1. We have audited the accompanying standalone financial statements of Amines & Plasticizers Limited ("the Company"),which comprise theStandaloneBalanceSheetasat March 31,2024,the Standalone Statement ofProfit and Loss (including other comprehensive income), Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financials statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as 'Standalone Financial Statements').

2. 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 accounting principles generally accepted in India including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at March 31,2024, and its profit (financial performance including other comprehensiveincome),changes in equity and its cash flows for the year ended on that date.

BasisforOpinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the CompaniesAct,2013.Our responsibilities under those SAsarefurther 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 ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Actand the Rules thereunder,and wehave fulfilled our other ethical responsibilities in accordancewiththese requirementsandtheCodeofEthics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financialstatements.

KeyAuditMatters

4. Key audit matters are those matters that,in our professional judgment,were of most significance in our audit of the standalone 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 onthese matters.

5. We have determined the matter described below to be the key audit matters determined to be communicated in ourreportonstandalonefinancial statements.

Information Other than the Standalone Financial Statements and Auditor's ReportThereon

6. The Company's Board of Directors is responsible for the preparation of other information.The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to the Board Report, Corporate Governance report and Shareholder's information, but does not include thestandalonefinancialstatementsand our auditor's report thereon.

7. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

8. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the standalone 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 reportinthis regard.

Responsibility ofManagementfortheStandaloneFinancialStatements

9. The Company's Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation 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 cashflows of the Company in accordance with the Ind AS specified under section 133 of the Act 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 giveatrueand fair view andarefreefrommaterialmisstatement,whether due to fraud or error.

10. In preparing the standalone financial statements,the 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 ofaccounting unless the Board of Directors either intendstoliquidatethe Company or to cease operations,or has no realistic alternative but todo so.

11. The Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's ResponsibilitiesfortheAuditof the Standalone Financial Statements

12. 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 orerror,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 Standards on Auditing 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.

13. As part of an audit in accordance with Standards on Auditing,specified under section 143(10) of the Act we exercise professionaljudgmentandmaintain professionalskepticism throughout the audit.Wealso:

♦ 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^ theoverrideof 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 Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness ofsuch controls;

♦ Evaluate the appropriateness ofaccounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management;

♦ Conclude on the appropriateness of 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 causethe Company to cease to continue as agoingconcern;

♦ Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures,and whetherthe standalone financial statements represent theunderlying transactions and events in a mannerthatachieves fair presentation.

14. 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 identifyduring ouraudit.

15. 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 bethought to bearonourindependence,and where applicable,relatedsafeguards.

16. 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 period and are therefore the key audit matters.We describe these matters inour auditor's report unless law orregulation precludes publicdisclosure 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 outweighthepublicinterestbenefitsof such communication.

ReportonOther Legal and RegulatoryRequirements

17. 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 Act,wegive in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order,tothe extent applicable.

18. As required bySection143(3)oftheAct,wereportthat:

i. We have sought and obtained all the information and explanations which to the best of our knowledge and beliefwerenecessaryforthepurposesofourauditoftheaccompanyingstandalonefinancial statements;

ii. 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 except for the matter stated in paragraph 18 (viii)(f) below on reporting under Rule 11(g) oftheCompanies (Audit and Auditors) Rules,2014 (as amended);

iii. The standalone financial statements dealtwith by this report areinagreementwith the books ofaccount;

iv. In our opinion,the aforesaid standalone financial statements comply with the Accounting Standards specified under Section133 ofthe Act,readwith Rule7of the Companies (Accounts) Rules 2014;

v. On the basis of the written representations received from the directors and taken on record by the Board of Directors,none of the directors is disqualified as on 31 March 2024 from being appointed as a director in terms ofsection 164(2) ofthe Act;

vi. With respect to the adequacy of the internal financial controls with reference to standalone financial statements ofthe Company as on 31 March 2024 and the operating effectiveness of such controls,referto our separate report in "Annexure B" wherein we have expressed an unmodified opinion; and

vii. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with ScheduleVto theAct

viii. 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 tothe explanationsgiven to us:

a. The Company has disclosed the impact of pending litigations on its financial position as at 31 March 2024 in the Standalone Financial Statements-[ReferNote30totheStandaloneFinancial Statements];

b. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund bythe Company duringthe year ended 31 March2024;

d.

i. The management has represented that,tothe best of its knowledge and belief,no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) bythe Company to or in any person(s) or entity(ies), including foreign entities ('the 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 ('the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

ii. The management has represented that,to the best of its knowledge and belief,nofunds have been received by the Company from any person(s) or entity(ies), including foreign entities ('the 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

iii. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.

e.

i. The final dividend paid by the Company during the year ended 31 March 2024 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

ii. As stated in note 43 to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend recommended by the Board is in accordance withSection 123 oftheAct to the extent itappliestotherecommendationofdividend.

f.

a) As stated in note no. 48 to the standalone financial statements and based on our examination which included test checks, the Company, in respect of financial year commencing on 1 April 2023, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. except that,audit trail feature is not enabled for direct changes to data in the underlying database and in the application when using certain privileged access rights.Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of the accounting software.

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

For S A R A & Associates

Chartered Accountants

FRN No. 120927W

Manoj Agarwal

Partner

Membership Number : 119509

Place : Mumbai

Date :28^thMay,2024

UDIN : 24119509BKCMUI3941