We have audited the Standalone Financial Statements of APOLLO INGREDIENTS LIMITED (
FOREMERLY KNOWN AS INDSOYA LIMITED) (“the Company”), which comprises the Balance sheet
as at 31^st March 2025, and the Statement of Profit and Loss, Statement of Changes in Equity and Statement
of Cash Flows for the year then ended, and notes to the Standalone Financial Statements , including a summary
of significant 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
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 Standards prescribed under section
133 of the Act read with the Companies (Accounting Standards) Rules, 2006, as amended (“Accounting
Standards”)and other accounting principles generally accepted in India, of the state of affairs of the Company
as at 31^st March 2025, and its loss for the year ended on that date.

Basis for Opinion

We conducted our audit of in accordance with the Standard on Auditing (SAs) specified under section 143(10)
of the Act. Our responsibilities under those Standard are further described in the Auditor’s Responsibilities
for the Audit of Standalone Financial Statement section of our report. We are independent of the company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountant of India (ICAI) together
with the ethical independence requirements that are relevant to our audit of the standalone Financial Statement
under the provisions of the Act and the rules made 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.

Key Audit Matters

Key audit matters (‘KAM’) are those matters that, in our professional judgment, 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. We have nothing to report as Key Audit Matters.

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

The Company’s management and Board of Directors are responsible for the other information. The
information comprises the information included in the Board of Directors Report, but does not include the
standalone financial statements and auditor’s report thereon.

Our opinion standalone financial statements do 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 responsibilities 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. 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 and Those Charged with Governance for the Standalone Financial
Statements

The Company’s management and Board of Directors are 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 (state of affairs), financial performance (Profit/ Loss),changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in India, including the
Accounting Standards (Ind AS) 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 irregularities; selections 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 and Board of Directors are 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 Responsibilities for the Audit of the 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 fraud or error, and to issue an auditor’s report that
include 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. Misstatement
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 procedure 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 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 disclosure 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 disclosure are in adequate, 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 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 significance audit findings, including any significant deficiencies in internal controls
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 relationship 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 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 based on our audit we report that:

a) We have sought and obtained all the information and explanation which to the best of our knowledge
and believe were necessary for the purposes of our audit.

b) In our opinion, proper books of accounts 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, the Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this report are in agreement with the relevant Books of
Accounts.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting
Standards (Ind AS) specified under Section 133 of the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014.

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

f) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Company(Audit and Auditors) Rule 2014, In our opinion and to the best of our information and according
to the explanation given to us:

i. The Company has disclosed the impact of pending litigations, if any, as at 31^st March 2025 on its
financial position in its standalone financial statements- Refer Notes to the standalone financial
statements.

ii. The Company did not have any long term contracts including derivative contract for which there were
any material foreseeable losses.

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

iv. The management has represented that, to the best of it’s knowledge and belief, other than as 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(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;

v. The management has represented, that, to the best of it’s 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

vi. Based on such audit procedures that has considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused them to believe that the representations under sub-clause
(i) and (ii) contain any material mis-statement.

vii. The company has not declared any dividend during the year under section 123 of the Companies Act,
2013.

For, DMKH & Co
Chartered Accountants

Sd/-

Dinesh Mundada
Partner

Membership No.122962
Firm’s Registration No. 116886W
UDIN:- 25122962BMIQCU1025
Place - Pune
Date - 29/05/2025