Auditor Report of Anya Polytech & Fertilizers Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of ANYA POLYTECH &
FERTILIZERS LIMITED (the “Company"), which comprise the Balance Sheet as at March 31,
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 notes to the financial statements, including a summary of material accounting policies
and other explanatory information (hereinafter referred to as the "Standalone Financial
Statements”).

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, find AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025 and its profit total comprehensive income, changes in equity and its cash
flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the Standalone 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 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 Act and the Rules
made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICATs Code of Ethics. 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.

Emphasis of Matter

• We draw attention to Note 5 of the standalone financial statements, which explains a
change in management''s estimate regarding the useful life of Plant and Machinery. Based
on a technical assessment and review of the assets’ condition and expected usage, the
company has revised the estimated useful life from 15 years to 20 years during the
current financial year. Consequently, the depreciation charge for the year has been reduced
by Rs. 70 lakhs compared to what it would have been under the previous calculation of
depreciation. This change has been accounted for prospectively in accordance with the
applicable Indian Accounting Standards (Ind AS). Our opinion is not modified in respect
of this matter.

• We draw attention to Note 48 of the Standalone Financial Statements, which outlines the
assessments and demand orders issued under the Income Tax Act 1961, as well as the
Goods & Service Tax and Work Contract Tax. Additionally, it addresses the appeal filed by
the company against the demand order issued under the Goods and Services Tax (GST)

Act, 2017. These matters have been disclosed by the company as contingent liabilities in
the financial statements. In our opinion, the disclosure made by the company in respect of
these contingent liabilities is adequate. Our opinion on the financial statements remains
unmodified In this regard.

• We draw attention to Note 62 of the Standalone Financial Statements, which details the
adjustment of IPO expenses amounting to Rs. 5.31 crores, charged against the Securities
Premium, in accordance with the requirements of Ind AS 32. The note provides reference
to the accounting treatment adopted for the adjustment of the IPO-related costs, in line
with the provisions of Indian Accounting Standards.

Management''s Responsibility for the Standalone financial results

The statement has been prepared based on the standalone annual financial statements. The
Company''s Board of Directors is responsible for the preparation and presentation of the
statements that give a true and fair view of the net profit and other comprehensive income of
the company and other financial Information In accordance with the applicable accounting
standards prescribed under section 133 of the Act read with relevant rules issued thereunder
and other accounting principles generally accepted in India and in compliance with Regulation
33 of the listing regulations. 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 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
Statement that give a true and fair view and are free from material misstatement, whether due
to fraud or error.

In preparing the Statement, the Board of Directors are 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 the Board of Directors either
Intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.

The board of directors are responsible for overseeing the company''s financial reporting
process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Result

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is
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 arc considered
material If, individually or in the aggregate, they could reasonably be expected to Influence the
economic decisions of users taken based on the Statement.

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 Statement, 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 to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(ij of the Act,
we are also responsible for expressing our opinion on whether the company 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 made by the Board of Directors.

• Conclude on the appropriateness of the 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
financial results 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, and the same have not been estimated.

• Evaluate the overall presentation, structure and content of the Statement, Including the
disclosures, and whether the Statement represents the underlying transactions and
events in a manner that achieves fair presentation.

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 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

L 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, 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 J 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 except for the matters
stated in the paragraph 2 (1)-(vi) below on reporting under Rule 11(g).

e) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income], the Statement of Changes in Equity and the Statement of Cash Flows dealt with
by this Report agree with the books of account

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian
Accounting Standards specified under Section 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended

e) Based on the written representations received from the directors as on 31 March 2025
taken on record by the Board of Directors, none of the directors Is disqualified as on 31
March 2025 from being appointed as a director in terms of Section 164 (2) of the Act

Q With reference to the maintenance of accounts and other matters connected therewith,
refer to our comment in Paragraph 2 (b) above and refer to our comment in paragraph
2(i)(vi) below on reporting under rule 11 (g).

g) With respect to the adequacy of the internal Financial controls with reference to the
Standalone Financial Statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in Annexure B.

h) As required by section 197 (16) of the Act; in our opinion and according to information
and explanation provided to us, the remuneration paid/ provided by the Company to Its
directors for the current year is in accordance with the provisions of section 197 of the
Act and remuneration paid/ provided to directors is not in excess of the limit laid down
under this section.

1) With respect to the other manors 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:

L The Company has disclosed the Impact of pending litigations on its financial position in Its
Standalone Financial Statements - Refer Note 48.

il. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses as at 31 March 2025.

iii. There is no delay In amount required to be transferred, to the investor Education and
Protection Fund by the Company during the year ended 31 March 2025.

Iv. (a) The management has represented to us that, to the best of its knowledge and belief,
no funds 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 entities ("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 to us. that, to the best of its knowledge and belief
no funds have been received by the Company from any person or entity, including foreign
entities ("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 information and explanation given to us and 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 representations made by the management
and as mentioned under sub-Claus (iv)(a) and (iv)(b) above contain any material
misstatement.

v. The company has not declared or paid any dividend during the year by the company as
per the provision of Section 123 of the Company Act 2013.

vi. Based on our examination which included lest checks, the Company, has used accounting
software, for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year.

For Jerath & Co
Chartered Accountants
Firm Registration No. 08407N

sd/-

CA Navneet jerath

Proprietor

Membership No. 085790
UDIN- 25085790BMIEKN7032

Dated-30th May 2025
Place-Noida