We have audited the accompanying Standalone financial statements of DEEPAK CHEMTEX LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounfing policies and other explanatory information (hereinafter referred to as "the 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 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounfing Standards prescribed under secfion 133 of the Act and other accounfing principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of the Standalone financial statements in accordance with the Standards on Auditing specified under secfion 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements secfion of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Insfitute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the Standalone financial statements 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 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 the audit of the Standalone financial statements for the year ended March 31, 2024. 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 determined that there are no key audit matters to communicate in our report.
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the informafion included in the Management Discussion and Analysis, Board's
Report including Annexure to Board's Report, Business Responsibility Report, Corporate Governance and Shareholder's Information, 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 informaton and we do not express any form of assurance conclusion thereon.
In connecton with our audit of the Standalone financial statements, our responsibility is to read the other informaton and, in doing so, consider whether the other informaton is materially inconsistent with the financial statements or our knowledge obtained during the course of our 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 informaton; we are required to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in secton 134(5) of the Act with respect to the preparaton of these Standalone financial statements that give a true and fair view of the financial positon, financial performance and cash flows of the Company in accordance with the Accounting Standards and other accountng principles generally accepted in India. This responsibility also includes maintenance of adequate accountng records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventng and detectng frauds and other irregularites; selecton and applicaton of appropriate accountng policies; making judgments and estmates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operatng effectvely for ensuring the accuracy and completeness of the accountng records, relevant to the preparaton and presentaton 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 Standalone financial statements, management is responsible for assessing the Company's ability to contnue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountng unless management either intends to liquidate the Company or to cease operatons, or has no realistc alternatve but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportng process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectves 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:
1.
Identfy 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 detectng a material misstatement resultng from fraud is higher than for one resultng from error, as fraud may involve collusion, forgery, intentonal omissions, misrepresentations, or the override of internal control.
2.
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under secton 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 operatng effectveness of such controls.
3.
Evaluate the appropriateness of accountng policies used and the reasonableness of accountng estmates and related disclosures made by management.
4.
Conclude on the appropriateness of management's use of the going concern basis of accountng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condi-tons that may cast significant doubt on the Company's ability to contnue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attenton 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 conditons may cause the Company to cease to contnue as a going concern.
5.
Evaluate the overall presentaton, structure and content of the Standalone financial statements, including the disclosures, and whether the financial statements represent the underlying transactons and events in a manner that achieves fair presentaton.
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 quanttatve materiality and qualitatve factors in (i) planning the scope of our audit work and in evaluatng the results of our work; and (ii) to evaluate the effect of any identfied misstatements in the Standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and tming of the audit and significant audit findings, including any significant deficiencies in internal control that we identfy 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 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 regulaton 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 communicator
Report on Other Legal and Regulatory Requirements
1.
As required by Secton 143(3) of the Act, based on our audit we report that:
a)
We have sought and obtained all the informaton and explanatons 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 examinaton of those books.
c)
The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
d)
In our opinion, the aforesaid financial statements comply with the Accountng Standards specified under Secton 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 March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Secton 164 (2) of the Act.
f)
With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operatng effectveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operatng effectveness of the Company's internal financial controls over financial reportng.
g)
With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of secton 197(16) of the Act, as amended:
In our opinion and to the best of our informaton and according to the explanatons given to us, the remu-neraton paid by the Company to its directors during the year is in accordance with the provisions of secton 197 of 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 explanatons given to us :
1.
The Company does not have any pending litgatons which would impact its financial positon.
ii.
The Company did not have any long-term contracts including derivatve contracts; as such the queston of commentng on any material foreseeable losses thereon does not arise.
iii.
There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Educaton and Protecton Fund.
iv.
(a) 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 entty(ies), including foreign enttes ("Intermediaries"), with the understanding, whether recorded in writng or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enttes identfied in any manner whatsoever by or on behalf of the company ("Ultmate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultmate Beneficiaries;
(b) 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 entty(ies), including foreign enttes ("Funding Partes"), with the understanding, whether recorded in writng or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or enttes identfied in any manner whatsoever by or on behalf of the Funding Party ("Ultmate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultmate Beneficiaries; and
(c) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notce that has caused them to believe that the representatons under sub-clause (i) and (ii) contain any material mis-statement.
v.
The company has not declared or paid any dividend during the year.
2.
As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government in terms of Secton 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
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Daate;:30/05/2024 UDIN: M61140™'™'™162
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