We have audited the accompanying Standalone Financial
Statements of DHABRIYA POLYWOOD LIMITED ("the
Company"), which comprise the Balance Sheet as at 31^st
March 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Cash Flow Statement
and the Statement of Changes in Equity for the year then
ended, and notes to the Standalone Financial Statements,
including a summary of the 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 ("the financial
statements") give the information required by the
Companies Act, 2013, as amended ("the Act") in the
manner so required and give a true and fair view in
conformity with the Indian Accounting Standards ('Ind
AS') specified under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as
amended and Other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31^st March 2025, its profit including other
comprehensive income, its cash flows and changes in
equity for the year ended on that date.

Basis for Opinion

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 ('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 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 audit opinion on the Standalone Financial
Statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the Standalone Financial Statements for the
financial year ended 31^st March 2025. 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. For each matter below, our
description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be
the key audit matter to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditors' responsibilities for the audit of the Standalone
Financial Statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the Standalone Financial Statements. The results of our
audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit
opinion on the accompanying Standalone Financial
Statements.

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

The Company's Board of Directors are 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.

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 such other
information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during
the course of 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.

Responsibilities of Management for the Standalone
Financial Statements

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 including other comprehensive
income, changes in equity and cash flows of the Company
in accordance with the accounting principles generally
accepted in India, including the Indian Accounting

Standards (Ind AS) specified under Section 133 of the Act,
read with the Companies (Indian accounting standards)
Rules 2015, as amended from time to time.

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 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.

In preparing the Standalone 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.

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

Auditor's Responsibility for the audit of Standalone
Financial Statements

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.

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 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)(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 Standalone Financial
Statements, 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.

Materiality is the magnitude of misstatements in the

Standalone Financial Statements that, individually or in

aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Standalone
Financial Statements may be influenced. We consider
quantitative materiality and qualitative factors (i) in
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 Standalone 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.

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 for the financial year ended 31^st March 2025
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

1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of Section 143(11) of
the Act, we give in "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;

(c) The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income),
the Cash Flow Statement and Statement of
Changes in Equity 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 prescribed under Section
133 of the Act read with relevant rules issued
there under;

(e) On the basis of the written representations
received from the Directors of the Company as
on 31st March 2025, taken on record by the
Board of Directors, none of the directors is
disqualified as on 31st 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 of the Company with reference
to these Standalone Financial Statements and
the operating effectiveness of such controls,
refer to our separate Report in "Annexure B" to
this report;

(g) In our opinion, the managerial remuneration for
the year ended 31_st March 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 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, 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;

(ii) The Company did not have any long-term
contracts including derivative contracts;

hence, the question of any material
foreseeable losses does not arise;

(iii) There were no amounts 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, 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 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;

(b) . The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or in the
aggregate) have been received by the
Company from any person 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; and

(c) . Based on such 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 management representations

under sub-clauses (a) and (b) above contain
any material misstatement.

(v) The final dividend proposed for the previous
year, declared and paid by the Company
during the year in accordance with Section
123 of the Act, as applicable

As stated in Note 42 to the Standalone
Financial Statements, the Board of Directors of
the Company have proposed final dividend
for the year which is subject to the approval of
the members at the ensuing Annual General
Meeting. The dividend proposed is in
accordance with section 123 of the Act, as
applicable.

(vi) 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. 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 in
the accounting software where audit trail is
enabled.

For NARENDRA SHARMA & CO.

Chartered Accountants

(Firm Regn. No.004983C)

(CA YOGESH GAUTAM)
Partner

Membership No. 072676
UDIN: 25072676BMJNHB9411

Place: Jaipur
Date: May 23, 2025