We have audited the accompanying Standalone IND AS
financial statements of M/s. Polyspin Exports Limited (“the
Company") which comprises the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss (Including
Other Comprehensive Income), Statement of Changes in
Equity and statement of cash flows for the year 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 standalone
IND AS financial statements give the information required by
the Act in the manner so required and give a true and fair view
in conformity with the IND AS and accounting principles
generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, and Profit, total
comprehensive income, the changes in equity and its 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
Companies Act, 2013. 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 together with the ethical
requirements that are relevant to our audit of the standalone
IND AS financial 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 opinion.

Emphasis of Matter

We draw attention to Note No.34.8 to the standalone
financial statements, which describes the status of
confirmation of balance of Trade Debtors, Trade
Creditors and other Parties.

Our opinion is not modified in respect of these matters.
Key Audit Matters :

Key Audit Matters are those matters that, in our professional
judgement, 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
informing 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 Standalone Financial
Statements and Auditor's Report thereon

The Company's Board of Directors are responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Board's Report including annexures to Board's
Report, Corporate Governance and Shareholder's
Information, but does not include the standalone financial
statements and our auditor's report thereon.

Our opinion on the standalone 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 standalone financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the 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 report in this regard.

Responsibilities of Management and those charge with
Governance for the Standalone IND AS Financial
Statement

The Company's Board of Directors are 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 AS 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 accounting principles
generally accepted in India including Indian Accounting
Standards (IND AS) prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. 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 AS financial statement that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the 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.

The Board of Directors are also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone
IND AS Financial Statement

Our objectives are to obtain reasonable assurance about
whether the Standalone IND AS 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 standalone
IND AS financial statements.

A further description of the auditor's responsibilities for the
audit of the standalone IND AS financial statements is included
in Annexure A. This description forms part of our auditor's
report.

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 B a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

A) 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.

c) The Balance Sheet, the Statement of Profit and

I nss PinH thp Hash Flnw Stafpmpnt Hpplt with h\/

this Report are in agreement with the books of
account.

d) In our opinion, the aforesaid standalone IND AS
financial statements comply with the Indian
Accounting Standards specified under Section 133
of the Act.

e) On the basis of the written representations
received from the directors as on 31^st March 2025
taken on record by the Board of Directors,
none of the directors is disqualified as on
31^st March, 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 Control with reference to Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure C"

B) 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 in its standalone
IND AS financial statements - Refer Note No.34.3
to the Standalone IND AS financial statements;

ii) The Company has recognized material foreseeable
losses, if any, on long-term contracts including
derivative contracts - Refer Note No 29.1 (a) to the
IND AS financial statements;

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.

(c) 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;

(d) 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 No. 35.8 to the standalone financial
statements

The Company has not recommended any dividend
for the financial year 2024 - 2025.

C) With respect to the matter to be included in the Auditors'
Report under section 197(16) of the Act as amended:

In our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of section 197 of the Act.

D) Reporting Under Rule 11(g) of companies (Audit and
Auditors) Rules ,2014

Based on our examination, which included test checks,
the Company has used accounting softwares for
maintaining its books of account for the financial year
ended March 31,2025 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 softwares. Further, during the course of our audit
we did not come across any instance of the audit trail
feature being tampered with.

For KRISHNAN AND RAMAN

CHARTERED ACCOUNTANTS
Firm's Registration No. 001515S

V. SRIKRISHNAN

Partner

^place ^{: R}ajapalaya^m Membership No. 206115

Date : May 29, 2025 UDIN : 25206115BMIKWC1360