We have audited the accompanying financial statements of Mitsu Chem
Plast Limited ("the Company"), which comprise the Balance Sheet as at
31st March 2025, 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 material accounting policies and other explanatory
information (hereinafter referred to as "the financial statements").

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 ("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 31st March 2025,
and its profit and 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 Standards on Auditing (SA's) specified under section 143(10) of the
Act. 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 (ICAI) together with the independence requirements that are
relevant to our audit of the financial statements under the provisions of
the Act and the Rules made thereunder, 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 a basis for our audit
opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement,
were of most significance in our audit of the 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 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 Financial Statements and
Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of
the other information. The other information comprises the information
included in the Management Discussion.

Analysis, Board Report including Annexures to Board Report, Corporate
Governance and other Shareholder Information 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 to the extent made
available to us and, in doing so, consider whether the other information is
materially inconsistent with the 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 Charged with Governance
for the Financial Statements.

The Company's Management and Board of Directors are 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, changes in equity and cash flows of the
Company in accordance with the Ind AS and other accounting principles
generally accepted in India, including Indian Accounting Standards as
prescribed 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 the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgements 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 statements that give true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the Company's Management and
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 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 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
statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional scepticism 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 financial controls 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 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.

• Conclude on the appropriateness of management's use of the going
concern basis of accounting in preparation of Financial Statements
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 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 the Company to
cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent 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 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.

2. 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 relevant books of account.

d) In our opinion, the aforesaid financial statements comply with
the Ind AS specified 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 as on 31st March 2025, taken on record by the Board
of Directors, none of the directors is disqualified as on 31st
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 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 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 read with Schedule
V 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, 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 (Refer note no 33 of the
financial statements : Contingent liabilities and
Commitments).

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

iii. 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

v. As stated in Note 13.7 to the financial statements

(a) The final dividend proposed in the previous year, declared
and paid by the Company during the year is in accordance
with Section 123 of the Act, as applicable.

(b) The Board of Directors of the Company have proposed
final dividend for the year which is subject to the approval
of the members at the ensuing Annual General Meeting.
The amount of dividend proposed is in accordance with
section 123 of the Act, as applicable.

vi. Based on our examination, which included test checks, the
Company has used accounting software systems for
maintaining its books of account for the financial year ended
31st March 2025 which have the feature of recording audit trail
(edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software
systems. Further, during the course of our audit we did not
come across any instance of the audit trail feature being
tampered with and the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

For Gokhale & Sathe

Chartered Accountants
Firm Reg. No.: 103264W

Atul A. Kale

Partner

Membership No: 109947
UDIN: 25109947BMKSGO9036

Place: Mumbai
Date: 8th May 2025