Independent auditors’ report

Members of the Company

Omni-Plus System Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Omni-Plus System Limited (‘the Company’) and its subsidiaries (‘the Group’), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 March 2025, and the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows of the Group for the year then ended, and notes to the financial statements, including a summary of material accounting policy information, as set out on pages FS1 to FS72.

In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (‘the Act’) and Financial Reporting Standards in Singapore (‘FRSs’) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 March 2025 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with Singapore Standards on Auditing (‘SSAs’). Our responsibilities under those standards are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (‘ACRA Code’) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. 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 are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment assessment of non-financial assets, including goodwill (Refer to Note 4, 5, 6,10 to the financial statements)
The key audit matter | How the matter was addressed in our audit
As at 31 March 2025, the net carrying amount of the Group’s non-financial assets including goodwill amounted to US$34.45 million (2024: US$25.5 million). At reporting date, management has assessed that certain cash generating units (CGUs) have indicators of inpairment. As part of the annual inpairmant assessment on goodwill, management allocated the goodwill to the r espective CGUs where it arose and compared the carrying amounts of these CGUs (including goodwill) to the recoverable amounts from each of these CGUs. The recoverable amount of these CGUs are determined using value-in-use (“VIU”) impairmant models or fair value less costs to sell (“FVLCTS”) method. Impairment assessment of these certain CGUs is a key audit mtter given the elevated and significant inherent risks associate with the assumptions the Group applied in their VIU impairment models, including annual revenue growth rate, gross profit margin, terminal growth rate and discount rate applied in these models and the data used under the FVLCTS method. | We obtained an understanding and performed walkthrough over the impairment assessment process, including the identification of respective CGUs. We discussed and evaluated appropriateness of CGUs identified and whether the impairment indicators have been appropriately identified by management based on our understanding of the current business environment which the Group operates in. We evaluated the following key assumptions used in the VIU impairment models: ・Annual revenue growth: Compared the annual revenue growth rate used to historical information, prevailing industry trends, and industry analysts’ reports. ・Gross profit margin: Compared to the gross profit margin used to historical information and made inquiries with management whether the Group is able to maintain its gross profit margin by passing on any increase in cost of goods to its customers. We also made inquiries with management regarding their future plans for these CGUs. ・Terminal growth rates: Assessed the long-term growth rates by comparing to forecasted inflation rates and nominal GDP growth. ・Discount rate: Involving our valuation specialist ro form an independent expectation on the discount rates and compared to the rates and compared to the rates used by management. We performed sensitivity analyses over significant inputs and their impact to the recoverable amounts for these certain CGUs.

Impairment assessment of non-financial assets, including goodwill (continued) (Refer to Note 4, 5, 6,10 to the financial statements)
The key audit matter | How the matter was addressed in our audit
| We evaluated the fair value of the land determined by external valuer and equipment held under the CGU, whose recoverable amount is determined using FVLCTS method. We assessed the qualification and competence of the external valuer. Weconsidered the valuation methodology used in the valuation of land and assessed the reasonableness of land priceused by the valuer and compared this information against market data for compareable pieces of land in the vicinity and the relevant adjustments made by the valuer. For the equipment, quotes were obtained from prospective buyer of these equipment. We assessed the appropriateness of the disclosures in the financial statements in accordance with the requirements of the accounting standards.

Accounting for significant acquisitions (Refer to Note 25 to the financial statements)
The key audit matter | How the matter was addressed in our audit
During the financial year ended 31 March 2025, the Group completed t he acquisitions of International Material Suppliers Co., Ltd (“IMS”) and Ecopoly Global (Shanghai) Co., Ltd (“Ecopoly”) (formerly known as Plastech (Shanghai) Co., Ltd) (collectively as ‘acquisitions’), which were accounted for as business combinations. In accounting for business combinations, there are further judgment involved and inherent uncertainty in the assumptions used by management in allocating the overall purchase price to the indentifiable assets, liabilities and goodwill that make up the acquisitions. . | We examined the purchase agreements to determine whether the acquisitions is appropriately classified and accounted for in accordance with the relevant accounting standards, and faithfully presents the nature of the transactions. We read the purchase price allocation reports prepared by management’s experts. Together with our valuation specialist, we discussed with management on the purchase price allocation to understand their basis of identifying and valuing the identified assets and liabilities. We also considered the objectivity, independence and competency of management’s experts, and scope of their engagement. We compared the methodologies and key assumpations used in determining the fair values of the identified assets acquired and liabilities assumed to generally accepted market practices and market data. We checked the computations for allocating the purchase price to those assets, liabilities and goodwill acquired. We also considered the appropriateness of disclosures for the acquisitions in the financial statements.

Other information

Management is responsible for the other information contained in the annual report. Other information is defined as all information in the annual report other than the financial statements and our auditors’ report thereon.

We have obtained the other information prior to the date of this auditors’ 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 and, in doing so, consider whether the other information is materially inconsistent with the 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.

Responsibilities of management and directors for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Group’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 Group or to cease operations, or has no realistic alternative but to do so.

The directors’ responsibilities include overseeing the Group’s financial reporting process.

Auditors’ responsibilities 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 auditors’ 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 SSAs 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.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism 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 controls.

・Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal 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 Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ 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 auditors’ report. However, future events or conditions may cause the Group 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.

・Plan and perform the group audit to o btain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the g roup as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant 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 relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' 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

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.

The engagement partner on the audit resulting in this independent auditors’ report is Yap Wee Kee.

KPMG LLP

Public Accountants and

Chartered Accountants

Singapore

2 August 2025