We have audited the accompanying financial statements of INTEGRATED
THERMOPLASTICS LIMITED ("the company”) which comprise the Balance Sheet as at
March 31, 2025, and the statement of Profit and Loss, and the statement of cash flows for the
year then ended and notes to the financial statements, including a summary of material
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 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, of the state of affairs of the Company
as at March 31, 2025 and the loss and its cash flows for the year ended on that date.

Basis for Qualified Opinion

1. Amounts receivables and payables to various parties are subject to confirmation and
reconciliation. Pending such confirmations and reconciliations, we were unable to
obtain sufficient and appropriate audit evidence in respect of the carrying amounts of
debtors and creditors at 31.3.2025. Due to which, we were unable to determine
whether any adjustments might have been found necessary in respect of said
balances.

2. The Company has not appointed the Internal Auditor as required by Section 138 of
the Companies Act 2013. The audit is not carried out and audit reports were not
available. However, it is clarified by the management that internal auditor will be
appointed in FY 2024-25.

We conducted our audit of the financial statements in accordance with the Standards on
Auditing 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
financial statements under the provisions of the Act and the Rules there under, 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 audit opinion on the financial statements

Key Audit Matters

Key audit matters('KAM') are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current period.
These matters were addressed in the context of our audit of the consolidated 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 following matters as key audit matters to be communicated in our
report:

1. The financial statements indicate that the company has accumulated loss of Rs.
64,95,23,148 and its net-worth has been fully eroded. The Company incurred net loss
of Rs.6,05,95,403 during the current financial year and in the previous year Rs.
10,03,40,959 and hence there is a uncertainty in smooth functioning of the company
in future.

2. Company has taken Loan from Andhra Pradesh State Financial Corporation towards
additional Working Capital Loan in the year 2012 and the Company has been default
in repayment of Interest & Principal of the same. The Interest Accrued on the term
loan has been reclassified at same place (as long-term liability) in order to have clear
view of debt under OTS, as the company has submitted OTS proposal to the bankers
for the settlement of the dues. As per the discussion with the management the
tentative amount of settlement is at principal or thereabouts.

Hence the Interest on the above said loan has not been provided in the books during
the year.

3. Based on verification of records we found that the operational creditor SP Coal
Resources Private Limited filed Form-5 with NCLT to initiate Corporate
insolvency resolution process on 26^th February 2022 and adjudication process is
not commenced.

4. The Company has availed following facilities from Union Bank of India

Union Bank of India vide letter dated 14^thMarch 2022 informed the Company that
the abovementioned loan accounts were classified as Non Performing Asset w.e.f 9^th
Nov 2021.

Hence the Interest on the above said loan has not been provided in the books during
the year.

5. As per the information and explanation given to us and based on verification of
records Mr. Surender Singh filed a case against the Company claiming that factory
land belongs to him and case is pending before City Civil Court at Medak.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other
information comprises the information of board of director's report 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 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.

Responsibility of Management for 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 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 statements
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.

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 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 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 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.

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.

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', a statement on the matters specified
in the Order, to the extent applicable.

2. Asrequiredbysection143 (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 purpose of our audit.

(b) In our opinion proper books of account as required by law have been kept by the
company so far as appears from our examination of those books and there are no
branches to the company to the best of our knowledge;

(c) The Balance Sheet,the Statement of Profit and Loss 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 Accounting
Standards referred to in section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

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

(f) Reporting on the adequacy with respect to the internal financial controls over
financial reporting of the company and the operating effectiveness of such controls are
not applicable to the company.

(g) In our opinion, Section197of the Companies Act, 2013 is not applicable to Private
Limited Company.

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

i. The Company does not have any pending litigations which would impact its
financial position;

ii. The Company does not have any long term contracts including derivative
contracts for which there were any material foreseeable losses; and

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

(a) Management has represented that, to the best of its knowledge and belief, other
thanas 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 person(s) or entity(is), 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) Management has represented that, to the best of its knowledge and belief, other than
as disclosed in the notes to the accounts, no funds have been received by the Company
from any person(s) or entity(ies), 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, and

(c) Based on the audit procedures adopted by us, nothing has come to our notice that has
caused us to believe that the representations made by the Management under sub clause
(a) and (b) above, contain any material misstatement.

(d) Based on our examination which included test checks, the Company, has used
accounting software for maintaining its books of accounts for the financial year 2024-25,
which has a feature of recording audit trail (edit log) facility but that audit trail is not
enabled at the transaction level and database level for accounting software. The audit
trail facility has not been operating throughout the year for all relevant transactions
recorded in the software.

v. As stated in Note 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 Director of the Company have proposed final dividend for the year,
which is subject 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.

For GRANDHY & CO
Chartered Accountants
FRN-001007S

Sd/-

CA. Sudheendra Rao. S

Partner

MNo-226611

UDIN-25226611BMMHSD6436

Place:-Hyderabad
Date :-29-05-2025