1. We have audited the accompanying standalone financial statements of AYM Syntex Limited ("the Company"), which comprise
the standalone Balance Sheet as at March 31, 2026, and the standalone Statement of Profit and Loss (including Other
Comprehensive Income), the standalone Statement of Changes in Equity and the standalone Statement of Cash Flows for the
year then ended, and notes to the standalone financial statements, including material accounting policy information and other
explanatory information (hereinafter referred to as "the standalone financial statements")

2. 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 accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2026, and total comprehensive income (comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 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.

Key audit matters

4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
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.

Other Information

5. 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 standalone financial statements and our
auditor's report thereon. The annual Report is expected
to be made available to us after the date of auditor's
report.

Our opinion on the standalone 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 standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the
standalone financial statements or our knowledge
obtained in the 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 appropriate action as applicable
under the relevant laws and regulations.

Responsibilities of management and those charged with

governance for the standalone financial statements

6. The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of 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, changes in equity and
cash flows of the Company in accordance with the
accounting principles generally accepted in India,
including the Indian 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 standalone
financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud
or error.

7. In preparing the standalone financial statements, 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 Board of

Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do
so.

8. Those Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the standalone

financial statements

9. Our objectives are to obtain reasonable assurance about
whether the standalone 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 standalone financial
statements.

10. As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
scepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the standalone 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)(If the Act,
we are also responsible for expressing our opinion
on whether the Company has adequate internal
financial controls with reference to standalone
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 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 standalone 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 standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

11. 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.

12. 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.

13. 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

14. 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 B a statement on the
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

15. 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, except for the matters stated in paragraph
15(h)(vi) below on reporting under rule 11(g) of
the companies (Audit and Auditors) Rules 2014,
(As amended) ('the rules"), Further, in the
absence of sufficient appropriate audit evidence,
we are unable to verify whether the backup of
books of account and other books and papers of
Payroll maintained in electronic mode has been
maintained on a daily basis on servers physically
located in India during the year.

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

(e) On the basis of the written representations
received from the directors as on April o1, 2026,
taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2026,
from being appointed as a director in terms of
Section 164(2) of the Act.

(f) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 15(b) above on
reporting under Section 143 (3) (b) and paragraph
15 (h) (vi) below on reporting under Rule 11(g) of
Companies (Audit and Auditors) Rules, 2014 (as
amended)

(g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure A".

(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 in
its standalone financial statements - Refer
Note 39 to the standalone financial
statements;

ii. The Company has made provision, as

required under the applicable law or Indian
Accounting Standards, for material
foreseeable losses, if any, on long-term
contracts including derivative contracts -
Refer Note 23 to the standalone financial
statements;

iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company during
the year ended March 31, 2026.

iv. (a) The management has represented that,

to the best of its knowledge and belief, as
disclosed in Note 51(v) to the standalone
financial statements, 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(ies), 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 U ltim ate
Beneficiaries;

(b) The management has represented that,
to the best of its knowledge and belief, as
disclosed in the Note 51(v) to the
standalone financial statements, no
funds have been received by the
Company from any person(s) or
entity(ies), including foreign entities
("Fu n di n g Pa rti es") , with th e
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 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 (a) and (b) contain any
material misstatement.

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

vi. Based on our examination, which included test
checks, the Company has used multiple software
for maintaining its books of account, which have a
feature of recording audit trail (edit log) facility
and that has operated throughout the year for all
relevant transactions recorded in the software,
except for the following:

(i) In respect of the core accounting software,
the audit trail is not maintained in case of
modification by certain users with specific
access and the audit trail feature was not
enabled at the database level to log any direct
data changes;

(ii) With respect to another software of a third-
party service provider used for maintaining
payroll records, in the absence of
independent service auditor's report, we are
unable to comment on the audit trail (edit log)
feature in that accounting software.

During the course of performing our procedures,
other than the aforesaid instances of audit trail
not maintained, where the question of our
commenting does not arise, we did not notice any
instance of audit trail feature being tampered
with. Further, the audit trail, to the extent
maintained in the prior year, has been preserved
by the Company as per the statutory
requirements for record retention.

16. The Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Pankaj Khandelia

Partner

Membership Number: 102022
UDIN: 26102022QNDEMK3695

Place: Mumbai

Date: May 19, 2026