Auditor Report of Solve Plastic Products Ltd.

Mar 31, 2025

We have audited the accompanying Standalone financial statements of Solve Plastic Products
Limited, Tholicodu, Punalur ("the Company") which comprises the Balance Sheet as at 31^st
March 2025, the Statement of Profit and Loss and Statement of cash flows for the year then
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 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at 31^st March 2025, and
LOSS and its cash flows for the year ended on that date.

2. 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 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.

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of these Standalone Financial Statements of the current period. These
matters were addressed in the context of our audit of the Standalone 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:

Key Audit Matter	How our audit addressed the matter
Financial Reporting and Disclosures relating to the Initial Public Offering (IPO) and any Restated Financial Information (Refer Note 26.8 to the Standalone Financial Statements) The Company successfully completed its Initial Public Offering (IPO) on the NSE SME platform during the year. Events such as an IPO involve complex accounting treatments for the issuance of shares, associated costs, and require comprehensive disclosures in compliance with regulatory requirements and accounting standards. Furthermore, information indicated the possibility of restated financial information for prior periods in connection with the IPO process. Such restatements require significant audit attention to understand their nature, the underlying reasons, and the financial impact, ensuring they are appropriately accounted for and disclosed. Considering the significance of	Our audit procedures included, but were not limited to, the following: i. Reviewed relevant documents related to the IPO, including the prospectus and other regulatory filings, to understand the terms and conditions. ii. Examined the accounting treatment for the proceeds from the share issue and the associated IPO expenses, ensuring compliance with applicable accounting standards. iii. Where financial information (including previous year comparatives) was restated, we obtained and evaluated management’s basis for such restatements, reviewed supporting evidence for the adjustments made, and assessed whether these were accounted for and disclosed correctly. iv. Focused on the adequacy and completeness of disclosures in the financial statements relating to the IPO, including the utilization of IPO proceeds (if applicable within the period), changes in equity, and the details
the above matter to the overall financial statements and extent of management’s estimates and judgements involved, the	and impact of any restated comparative information. v. Obtained written representations from
accuracy, completeness, and compliance of the financial reporting and disclosures surrounding these significant events required significant auditor attention. Accordingly, we have identified this as a key audit matter.	management and those charged with governance, wherever considered necessary

l.Other Matters

1. The Financial Statements of the Company for the year ended March 31, 2024, were audited by
predecessor audit firm. The predecessor auditor''s report, dated July 22, 2024, expressed an
unmodified opinion on those financial statements.

Our opinion is not modified in respect of this matter.

2. Information other than the Financial Statements and Auditors Report thereon

The Company''s Board of Directors is responsible for the Information other than the financial
statements and auditors report thereon. The said information comprises the information
included in the Directors Report (Other information), but does not include the financial
statements and our audit report thereon. The Other Information is expected to be made
available to us after the date of this auditor''s report

Our opinion on the financial statements does not cover the other information and we will 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 identified above when it becomes available, and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, otherwise appear to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

3. Responsibility of Management and Those Charged with Governance for the Standalone
Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles generally accepted
in India, including the accounting Standards specified 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 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 financial statement 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 Board of Directors are also responsible for overseeing the company''s financial reporting
process.

1. Auditor''s Responsibility 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 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 skepticism 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 control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, 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 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.

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

2. (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 Loss, and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards 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 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 controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
Annexure B.

g. The managerial remuneration for the year ended March 31, 2025, has been paid / provided
by the Company to its directors in accordance with the provisions of section 197 read with
Schedule V to the Companies Act, 2013.

(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, in our opinion and to the best of our
information and according to the explanations given to us:

a. The Company does not have any pending litigations which would impact its financial
position except for as disclosed in Note 26.2 of the financial statements.

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

c. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

d. (i) The management, as explained in Note No.26.11.1 of the financial statements, has
represented that, to the best of it''s knowledge and belief, other than as disclosed in the notes
to the accounts, 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 persons or entities, 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.

(ii) The management, as explained in Note No.26.11.2 of the financial statements, has
represented, that, to the best of it''s knowledge and belief, other than as disclosed in the notes
to the accounts, no funds have been received by the company from any persons or entities,
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

Based on such audit procedures, that we 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) contain any material mis-statement.

e. The Company has not declared or paid any dividend during the year.

f. Based on our examination which included test checks, the company has used accounting
software for maintaining its books of accounts 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. Further during the course of our audit, we did not come across any
instance of audit trail feature being tampered with in respect to the accounting
software.Additionally, the audit trail has been preserved by the company as per the statutory
requirements for documentation retention.

For R. G. N. Price & Co.,

Chartered Accountants

G. Surendranath Rao
Partner, M. No. 022693
FRN: 002785S

UDIN:

Place: Kollam
Date: May 23^rd, 2025