TECHNICHEM ORGANICS PRIVATE LIMITED
Report on the Financial Statement Opinion
We have audited the accompanying financial statements of TECHNICHEM ORGANICS PRIVATE LIMITED (“the company”), which comprise the Balance Sheet as at 31/03/2024. and the statement of Profit and Loss and Cash Flow Statement for the year ended, and 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 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, of the state of affairs of the Company as at 31/03/2024, its profit (or Loss) and cash flows for the year ended on that date
Basis for opinion
We conducted our audit in accordance with the standards on auditing 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 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 Act and the rules 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 tg \ provide a basis for our opinion.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the 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. Reporting of Key audit matters as per SA 701, Key Audit Matters are not applicable to the company as it is an unlisted company
Information other than the financial statements and auditors’ report thereon
The Company's board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Board’s Report including Annexures to Board's Report. Business Responsibility Report but does not include the financial statements and our auditor's report thereon.
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 standalone 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 information; we are required to leport that fact We have nothing to report in this regard
Management’s Responsibility for the Financial Statements
The Company’s board of directors are responsible for the matters stated in section 134 (5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance wilh the accounting principles generally accepted in India, including the accounting standards 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 other irregularities, selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudenl, and design, implementation and maintenance of adequate internal finane^l
controls, 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 a true and fair view and are free from material misstatement, whether due to fraud or error
In preparing the 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 lo cease operations, or has no realistic alternative but to do so.
The boards of directors are also responsible for overseeing the Company's financial reporting process.
Auditor's responsibility
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 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 financial statements
As part of an audit in accordance with SAs. we exercise professional judgment and maintain professional skepticism throughout the audil We also
r 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 lo 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 Ihe 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 Companies Act. 2013, we are also lesponsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls X'k, ^
> Evaluate the appropriateness of accounting policies used ana;^the reasonableness of accounting estimates and related disclosures made by manag^rhfehV^TLl
> 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 uncertainly exists, we are required to draw attention in our auditor's 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 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 the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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 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 I.As required by section 143(3) of the Act. based on our audil we report that
a) We have souyht 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.
c) The balance sheet, the statement of profit and loss, and the cash flow statement dealt with by this report are in agreement with the books of account
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d) In our opinion, the aforesaid financial statements comply with the Accounting standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules. 2014;
e) On the basis of written representations received from the directors as on 31/03/2024. taken on record by the Board of Directors, none of the directors is disqualified as on 31/03/2024, from being appointed as a director in terms of section 164(2) of the companies Act. 2013
f) With respect to the adequacy of the Internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A".
g) With respect to the other 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 according to the information and Explanations given to us. the limit prescribed by section 197 for maximum permissible managerial remuneration is not applicable to private limited company
h) With respect to the other matters to be included in the Auditors 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 As explained, the Company does nol have any pending litigations which would impact its financial position.
II As explained, the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
III As explained to us, no such amount is required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013 and the rules made there under
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 kmd of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediates ) . 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 (“Ultima^.
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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 entity . including foreign entity ("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 the audit procedures that have been 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 (i) and (li) of Rule 11 (e). as provided under (a) and (b) above, contain any material misstatement.
V The company has not declared any dividend during the year;
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 except that the audit trail feature of Tally prime software used by the company operates form dated 23.08.2023 Further, during the course of our audit we did not corne across any instance of audit trail feature being tampeied with
2 As required by the Companies (Auditor's Report) Order. 2020 (“the Order") issued by the Central Government in terms of Section 143(11) of the Act we give in "Annexure B" a statement on the matters specified in paragraphs 3 of the Order
For. Devpura Navlakha & Co.
Chartered Accountant FRN-121975W .
Rahul R. Modi (Partner) ; IJ < Afl
Membership No.184321 \
UDIN: 24184321 BKABZF581>-^^
Place; Ahmedabad Date: 14/05/2024
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