We have audited the accompanying financial statements of KG PETROCHEM
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 Cash Flows and the Statement of Changes in Equity for the year ended
on that date, and notes to the financial statements including a summary of the
significant accounting policies and other explanatory information which are
incorporated in 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 Companies Act, 2013 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 March
31,2025, its Profits (including other 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 ("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 (“ICAI”) 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 ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on Financials Statement.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of the
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 that there are no key audit matters to communicate in our
report. *

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 included in the Annual Report, but does not
include the financial statements and our auditor’s report thereon. The Annual Report
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
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 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 during the course of our audit or otherwise
appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged
with governance and take necessary actions, as applicable under the relevant laws
and regulations.

On the auditor's report date, we have nothing to report in this regard, as the Annual
Report expected to be made available to us after the date of this auditor's report.

Responsibilities of Management and Those Charged with Governance for the
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 including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the Indian Accounting Standards (IND AS)
as prescribed under Section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2021, and other accounting principles generally accepted in India.
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 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 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 the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Financial Statements.

.4

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.

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.

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 paragraphs 3 and 4 of the Order, to the
extent applicable.

2. 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,
also refer to the matter as stated in the paragraph 2(h)(vi) below, on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

c) The Balance Sheet, the Statement of Profit and Loss (including other
comprehensive income), Statement of changes in equity and the Cash
Flow Statement 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 Indian
Accounting Standards specified under Section 133 of the Act.

e) On the basis of the 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) 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) In our opinion and to the best of our information and according to the
explanation given to us the remuneration paid by the Company to its
directors during the year is in accordance with the provisions of Section
197 read with Schedule V to 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, 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 financial statements - Refer Note No-45 to the
financial statements.

ii. The Company has made provision as required under the applicable law or
accounting standards for material foreseeable losses if any on long-term
contracts including derivative contracts- Refer note 53 to the financial
statements.

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, other than as disclosed in the notes to the accounts, 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(s) or entity(ies), including ^foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, 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, other than as disclosed in the notes to accounts, no funds (which are
material either individually or in the aggregate) 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, 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 has 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) The Company has not declared or paid any dividend during the year and has
not proposed final dividend for the year.

(vi) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 is applicable from 1 April 2023.

Based on our examination which included test checks, the company has
used an 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 all relevant transactions recorded in the software
except the inventory management software through which the entity is
maintaining its day-to-day stock records.

Further, during the course of our audit we did not come across any instance
of audit trail feature being tampered with and the audit trail has been
preserved by the company as per the statutory requirements for record
retention.

Place: Jaipur For H C Bothra & Associates

Date: 28-05-2025 Chartered Accountants

FRN: 008950C

Mnui:

(Abhishek Jain)

Partner

UDIN: 25401501BMJKSH4464 Membership No.: 401501