We have audited the accompanying standalone financial statements of THE WESTERN INDIA
PLYWOODS LIMITED ("the Company"), which comprises the Standalone Balance Sheet as at 31^st
March 2025, 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 flow for the
year then ended, and notes to the Standalone Financial Statement, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as "the standalone
financial statements").

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
('Act') in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, including the (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and the relevant rules issued thereunder, of the state of affairs of the Company as
at 31^st March 2025, and its profit (including other comprehensive income), changes in equity and cash
flows 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 Companies Act, 2013. 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 financial statements under the provisions of the Companies Act, 2013 and the rules made 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 opinion on the standalone financial statements.

Key Audit Matters

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 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 matters to be communicated
in our report. We have fulfilled the responsibilities described in the Auditor's 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.

Other Information

The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Board Report including Annexure to Board's Report,

Management Discussion and Analysis, Business Responsibility Report, Corporate Governance and
Shareholder's Information, but does not include the standalone financial statements and our auditor's
report thereon. The above referred information is expected to be made available to us after the date
of this 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 identified above when it becomes available 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 information,
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 actions necessitated by the
circumstances and the applicable laws and regulation. We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the Standalone
Financial Statements

The Company's Board of Directors are responsible for the matters stated in section 134(5) of the 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, total
comprehensive income, changes in equity and Cash flow 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 provision 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 control 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 true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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 the Board of Directors either intends to liquidate
the Company or to ceases operations, or has no realistic alternative but to do so.

Those Board of Directors are 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 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
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 controls 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 an 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 the 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.

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 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 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 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

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 paragraph 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 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 it appears from our examination of those books except for the matters stated in the
paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014(as amended).

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

e) On the basis of written representations received from the directors as on March 31, 2025, and
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 maintenance of accounts and other matters connected therewith, reference is
made to our remarks in paragraph 2(b) above on reporting under Section 143(3)(b) of the Act
and paragraph 2(i)(vi) below on reporting under Rule 11 (g) of the Companies (Audit and Auditors)
Rules, 2014(as amended).

g) With respect to the adequacy of the internal financial controls with reference to standalone
financial statement of the Company and the operating effectiveness of such controls, refer to
our separate report in "Annexure B".

h) With respect to the others matters to be included in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as amended, 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 of the Act.

i) 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 No 40.01 to the financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses and

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the company.

(iv) The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the Note No 57 & 58 to the standalone financial statements,

(a) 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 Ultimate Beneficiaries; and

(b) 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.

(c) Based on audit procedures carried out by us, that we have 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) above of Rule 11 (e) contain
any material mis-statement.

(v) The final dividend paid by the Company during the year ended 31^st March 2025 in respect
of the same declared for the previous year is in accordance with section 123 of the Act to
the extend it applies to payment of dividend .

As stated in Note No 17.02 to the accompanying standalone financial statements, the
Board of Directors of the Company have proposed final dividend for the year ended 31^st
March,2025 which is subject to the approval of the members at the ensuing Annual
General Meeting. The dividend declared is in accordance with section 123 of the Act to
the extent it applies to declaration of dividend.

(vi) As stated in Note No 59 to the standalone financial statements and based on our
examination which included test checks, the company has used accounting software for
maintaining its books of account, which has a feature of recording audit trail (edit log)
facility, except in respect of maintenance of payroll records wherein the accounting
software did not have the audit trail feature. Further, during the course of our audit we did
not come across any instance of audit trail feature being tampered with, in respect of

accounting softwares where the audit trail has been enabled. Additionally, the audit trail
of relevant prior years has been preserved by the Company as per the statutory
requirements for record retention, to the extent it was enabled and recorded in those
respective years.

For Sankar & Moorthy

Chartered Accountants

Firm Reg. No. 003575S
Sd/-

CA JAYAPRAKESH, MC, FCA

Place: Kannur (Partner) Mem. No. 215562

Date: 26 May 2025 UDIN: 25215562BMJJFJ5345