Auditor Report of Deepak Chemtex Ltd.

Mar 31, 2025

We have audited the accompanying Standalone financial statements of DEEPAK CHEMTEX LIMITED ("the
Company"), which comprise the Balance Sheet as at March 31^st, 2025, the Statement of Profit and Loss,
the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting
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 Accounting Standards
prescribed under section 133 of the Act and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, 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 section 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
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 (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, 2025. 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 information 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 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 and, in doing so, consider whether the other information 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 information; 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 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, financial performance and cash flows of the Company in accordance with the
Accounting Standards and other accounting principles generally accepted in India. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding 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
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 Standalone 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 to
cease operations, or has no realistic alternative but to do so.

The Board of Directors are 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 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. 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.

2. Obtain an understanding of internal financial controls relevant to the audit in order to design audit
proce- dures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsi- ble for expressing our opinion on whether the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

4. 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 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.

5. Evaluate the overall presentation, structure and content of the Standalone financial statements,
including the disclosures, and whether the 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 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 Section 143(3) of the Act, based on our audit 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 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 examination 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 Accounting Standards 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 March 31, 2025 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 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".
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company''s internal financial controls over financial reporting.

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 to the best of our information
and according to the explanations 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

a) 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 does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts; as such the question
of commenting 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 Education and Protection Fund.

(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 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;

(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 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

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

v. The company has not declared or paid any dividend during the year.

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 and 4 of the Order.

For Mittal & Associates Chartered CA Sourabh Bagaria

Accountants Partner

FRN: 106456W M.NO.:183850

Date: 30th May, 2025
UDIN: 25183850BMKZAY6686
Place: Mumbai
Chartered Accountants Firm

---

Mar 31, 2024

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.

For ADV & Associates Chartered Accountants Firm Registration number: 128045W

Sd/-Pratik Kabra Partner

Pl m b _i Membership number: 611401

Da^ate;^:30/05/2024 ^UDIN: M⁶¹¹⁴⁰™''™''™¹⁶²