ఆడిటర్ నివేదిక Archean Chemical Industries Ltd.

Mar 31, 2026

S. No	Key Audit Matter	Our Response
1.	Revenue from sale of products is recognized on	Our audit procedures included verification of existence,
	transfer of control to the Customer.	completeness, accuracy and cut-off for the sales transactions.
	The Company is catering to clients in the Asia	• Our tests included performance of an understanding
	regions. Delivery to customers might take extended	and evaluation of the internal controls over the revenue
	time periods from the date of dispatch from the	recognition and a validation of relevant controls.
	premises of Company.	• Assessing the appropriateness of the Company''s revenue
	There is a risk of inherent misstatement of the	recognition accounting policies under Ind AS 115.
	Standalone financial statements related to transactions recorded close to the year end in the context of the terms of supply and the point of transfer of control and thus, the point of recognition as per Ind AS 115 (cut off risk).	• The tests further covered the proper recognition of revenue through testing of samples of sales transactions, obtaining appropriate supporting evidence including third party survey report for each despatch with specific attention to key contractual terms that regulate the various performance
	Contractual terms may also differ amongst various	obligations.
	customers and recognition of revenue accordingly is also a key requirement.	• Our audit procedures included analytical review of sales transactions and accounting of revenue.

S. No	Key Audit Matter	Our Response
	Considering magnitude and high volume of sales transactions carried out, revenue recognition is considered as a key audit matter.	• It also extended to performing confirmation procedures over trade receivables with the objective of validating trade receivable balances, testing samples of credit notes and year-end accruals and cut off procedures. • Evaluated the adequacy of disclosures relating to revenue recognition made in the standalone financial statements in accordance with the applicable Indian accounting standards.
2.	Inventory at the year end The Company''s inventory, generally, is located at its plant at Kutch and its finished goods at the Jakhau and Mundra ports. The Company has a policy of performing verification of its inventory at these locations. The Company has conducted the physical verification of inventories across at Washery plant, Jakhau, and Mundra port between March 20, 2026 and March 26, 2026 by engaging specialists (management experts). Considering the bulk nature and reliance of third Party technology for salt quantity determination, physical verification of inventories at year end is considered as key audit matter.	With respect to existence of inventories at the year end, we performed the following procedures: • Understood and evaluated the Management''s internal controls process to establish the existence of inventory such as: (a) The process of physical verification carried out by the Management, the scope and coverage of the verification programme, the results of such verification including analysis of discrepancies, if any, (b) Maintenance of stock records at all locations. • Understood and evaluated the competence, independence and objectivity of the experts engaged by the Management. • Participated in the stock count performed by the management/management expert. • Checked roll forward procedures from the date of the physical verification to the year end based on third party certified physical verification report to the book stock. • On a sample basis, tested the quantity reconciliation from April 1, 2025 to March 31, 2026 of raw material, work in progress and finished goods, that was prepared by the Management.

We have audited the accompanying standalone financial
statements of Archean Chemical Industries Limited (“the
Company”), which comprise the standalone balance sheet
as at March 31, 2026, and the standalone statement of
Profit and Loss (including other comprehensive income),
standalone statement of changes in equity and standalone
statement of cash flows for the year then ended, and notes
to the standalone financial statements, including a summary
of material accounting policies and other explanatory
information (hereinafter referred to as “standalone 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 Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, (Ind AS) and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2026, its profit and other

comprehensive income, changes in equity and its cash
flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the
Act. Our responsibilities under those SAs 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 ethical
requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a
basis for our 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 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.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORS'' REPORT
THEREON

The Company''s Management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises the information included
in the Company''s annual report, / Board report / Corporate
Governance report / Management Discussion aand Analysis
/ Business Responsibility and Sustainability Report, but
does not include the standalone financial statements and
our auditors'' report thereon. These are expected to be
made available to us after the date of auditors'' report.

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
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or our
knowledge obtained during 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.

When we read the other information, if we conclude that
there is a material misstatement of this other information,
we are required to communicate the matter to those charged
with governance and take necessary actions, as applicable
under the relevant laws and regulations.

RESPONSIBILITIES OF THE MANAGEMENT AND
BOARD OF DIRECTORS FOR 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 state of affa i rs,
profit and other comprehensive income, changes in equity
and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including
the Indian 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
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 standalone 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 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is also responsible for overseeing
the Company''s financial reporting process.

AUDITORS'' 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 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 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:

• I dentify 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.

• Obtain an understanding of internal financial control
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 with reference to
the standalone financial statements in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.

• Conclude on the appropriateness of Management and
Board of Directors 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 auditors'' 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 auditors''
report. However, future events or conditions may
cause the Company to cease to continue as a going
concern; and

• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone 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 standalone 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 the Companies (Auditors'' Report)
Order, 2020 (“the Order”), issued by the Central
Government of India in terms of Section 143 (11) of the
Act, we give in the “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, 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 except for the matters stated in paragraph
2(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,2014.

(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive income), the Standalone
Statement of Changes in Equity and the
Standalone statement of cash flows dealt with
by this Report are in agreement with the books
of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133
of the Act.

(e) On the basis of the written representations
received from the directors as on March 31, 2026
taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,
2026 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 with reference to the standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure B”.

(g) The observation relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(b) above on
reporting under Section 143(3)(b) and paragraph
2(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

(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,
in our opinion and to the best of our information
and according to the explanations given to us:

i. The Company has disclosed the impact of
pending litigations as at March 31, 2026
on its financial position in its standalone
financial statements - Refer Note 37 to the
standalone financial statements;

ii. The Company did not have any long-term
contracts including derivative contracts 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 during
the year ended March 31, 2026; and

iv. (a) The management has represented

that, to the best of its knowledge
and belief, other than as disclosed
in the notes 40A to the standalone
financial statements 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 its knowledge and
belief, as disclosed in the note 40 A to
the standalone financial statements,
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.

(c) Based on such audit procedures that
we have 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
(a) and (b) contain any material
mis-statement.

v. The final dividend paid by the Company

during the year in respect of the same
declared for the previous year is in
accordance with Section 123 of the Act to
the extent it applies to payment of dividend.

As stated in Note 40 H to the standalone
financial statements, the Board of Directors
of the Company has proposed final dividend
for the year which is subject to the approval
of the members at the ensuing Annual

General Meeting. The dividend declared is in
accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

vi. Relying on representations/explanations
from the company and based on our
examination which includes test checks
on the software application the Company
has used accounting software (ERP) 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
and we did not come across any instance of
audit trail feature being tampered with during
the course of our audit.

However, audit trail was not enabled to log
any direct data changes at database level
both in application layer and database layer
of the accounting software.

Additionally, the audit trail has been
preserved by the Company as per the
statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors''
Report under Section 197(16) of the Act:

I n our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197 of
the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of
the Act.

For PKF Sridhar & Santhanam LLP

Chartered Accountants
Firm''s Registration No.003990S/S200018

S. Prasana Kumar

Partner

Membership No. 212354
UDIN: 26212354YGQWKM7037

Place: Chennai

Date: May 11,2026

---

Mar 31, 2025

We have audited the accompanying standalone
financial statements of Archean Chemical
Industries Limited (“the Company”), which
comprise the standalone balance sheet as at 31
March 2025, and the standalone statement of
Profit and Loss (including other comprehensive
income), standalone statement of changes in
equity and standalone statement of cash flows for
the year then ended, and notes to the standalone
financial statements, including a summary of
material accounting policies and other explanatory
information (hereinafter referred to as “standalone
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 Indian
Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended,
(Ind AS) and other accounting principles generally
accepted in India, of the state of affairs of the
Company as at 31 March 2025, the profit and
other comprehensive income, changes in equity
and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities
under those SAs 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 ethical requirements that are
relevant to our audit of the standalone financial
statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe
that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our 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
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 determined the matters described below
to be the key audit matters to be communicated in
our report.

S. No	Key Audit Matter	Our Response
1.	Revenue from sale of products is recognized on transfer of control to the Customer. Company is catering to clients in the Asia regions. Delivery to customers might take Extended time periods from the date of dispatch from the premises of Company. There is a risk of inherent misstatement of the financial statements related to transactions recorded close to the year end in the context of the terms of supply and the point of transfer of control and thus, the point of recognition as per IND AS (cut off risk). Contractual terms may also differ amongst various customers and recognition of revenue accordingly is also a key requirement. Considering magnitude and high volume of sales transactions carried out, revenue recognition is considered as a key audit matter	Our audit procedures included verification of existence, completeness, accuracy and cut-off for the sales transactions. • Our tests included performance of an understanding and evaluation of the internal controls over the revenue recognition and a validation of relevant controls • The tests further covered the proper recognition of revenue through testing of samples of sales transactions, obtaining appropriate supporting evidence including third party survey report for each despatch with specific attention to key contractual terms that regulate the various performance obligations. • Our audit procedures included analytical review of sales transactions and accounting of revenue. • It also extended to performing confirmation procedures over trade receivables with the objective of validating trade receivable balances, testing samples of credit notes and year-end accruals. • Evaluating the disclosures made with requirements under the Accounting Standards and the Companies Act, 2013
2.	Inventory at the year end The Company''s inventory, generally, is located at its plant at Kutch and its finished goods at the Jakhau and Mundra ports. The Company has a policy of performing verification of its inventory at these locations. The Company has conducted the physical verification of inventories across at Washery plant, Jakhau, and Mundra port between 15th April 2025 and 18th April 2025 by engaging specialists (management experts).	With respect to existence of inventories at the year end, we performed the following procedures: > Understood and evaluated the Management''s internal controls process to establish the existence of inventory such as: (a) the process of physical verification carried out by the Management, the scope and coverage of the verification programme, the results of such verification including analysis of discrepancies, if any, (b) maintenance of stock records at all locations. > Understood and evaluated the competence, independence and objectivity of the experts engaged by the Management.

S. No	Key audit Matter	our Response
	Considering the bulk nature and reliance of third Party technology for salt quantity determination, physical verification of inventories at year end is considered as key audit matter.	> Participated in the stock count performed by the management expert¬ > Checked roll back procedures from the date of the physical verification to the year end based on third party certified physical verification report to the book stock. > On a sample basis, tested the quantity reconciliation from 1st April ,2024 to 31st March, 2025 of raw materials, and finished goods, that was prepared by the Management.

Information Other than the Standalone
Financial Statements and Auditors'' Report
Thereon

The Company''s Management and Board of
Directors are responsible for the preparation of the
other information. The other information comprises
the information included in the Company''s Board
Report, Management Discussion and Analysis,
Report on Corporate Governance, Business
Responsibility and Sustainability Report but does
not include the financial statements and our
auditors'' 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 standalone financial
statements or our knowledge obtained during
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 the Management and
Board of Directors for 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 state
of affairs, profit and other comprehensive income,
changes in equity and cash flows of the Company
in accordance with the accounting principles
generally accepted in India, including the Indian
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
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 standalone 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 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 the Board of Directors either intends to
liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Board of Directors is also responsible for
overseeing the Company''s financial reporting
process.

Auditors'' 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 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 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:

• 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.

• Obtain an understanding of internal financial
control 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 with reference to the
standalone financial statements in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by the Management.

• Conclude on the appropriateness of
Management and Board of Directors 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 auditors'' 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 auditors'' report.
However, future events or conditions may
cause the Company to cease to continue as a
going concern; and

• Evaluate the overall presentation, structure
and content of the standalone financial
statements, including the disclosures, and
whether the standalone 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 standalone 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 the Companies (Auditors''
Report) Order, 2020 (“the Order”), issued by
the Central Government of India in terms of
Section 143 (11) of the Act, we give in the
“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, 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 except for the
matters stated in paragraph (h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules,2014.

(c) The standalone Balance Sheet, the
standalone Statement of Profit and Loss
(including other comprehensive income), the
standalone Statement of Changes in Equity
and the standalone statement of cash flows
dealt with by this Report are in agreement with
the books of account.

(d) In our opinion, the aforesaid standalone
financial statements comply with the Indian

Accounting Standards (Ind AS) specified
under Section 133 of the Act.

(e) On the basis of the written representations
received from the directors as on 31 March
2025 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31 March 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 with reference to the
standalone financial statements of the
Company and the operating effectiveness of
such controls, refer to our separate Report in
“Annexure B”.

(g) The observation relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph (b)
above on reporting under Section 143(3)
(b) and paragraph (h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

(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, in our opinion and to
the best of our information and according to
the explanations given to us:

i. The Company has disclosed the impact of
pending litigations as at 31 March 2025 on
its financial position in its standalone financial
statements - Refer Note 37 to the standalone
financial statements;

ii. The Company did not have any long-term
contracts including derivative contracts 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 during
the year ended 31 March 2025; and

iv. (a) The management has represented that,

to the best of its knowledge and belief,

other than as disclosed in the notes 40A
to the standalone financial statement 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 its knowledge and belief, 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

(c) Based on such audit procedures that
we have 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 (a) and (b) contain any
material mis-statement.

v. The final dividend paid by the Company during

the year in respect of the same declared
for the previous year is in accordance with
Section 123 of the Act to the extent it applies
to payment of dividend.

As stated in Note 40H to the standalone
financial statements, the Board of Directors

of the Company has proposed final dividend
for the year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

vi. Relying on representations/explanations from
the company and based on our examination
which includes test checks on the software
application the Company has used accounting
software (ERP) 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 and we did not come
across any instance of audit trail feature being
tampered with during the course of our audit.

However, audit trail was not enabled to log
any direct data changes at database level
both in application layer and database layer of
the accounting software.

Additionally, the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

3. In our opinion and according to the information
and explanations given to us, the remuneration
paid by the Company to its directors during
the current year is in accordance with the
provisions of Section 197 of the Act. The
remuneration paid to any director is not in
excess of the limit laid down under Section
197 of the Act.

For PKF Sridhar & Santhanam LLP

Chartered Accountants
Firm''s Registration No.003990S/S200018

S.Prasana Kumar

Partner

Membership No. 212354
UDIN: 25212354BMJMWC8299
Place of Signature: Chennai
Date: 2^nd May 2025

---

Mar 31, 2024

Archean Chemical Industries Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Archean Chemical Industries Limited (“the Company”), which comprise the balance sheet as at 31 March 2024, and the statement of Profit and Loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as “standalone 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs 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 ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our 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 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.

S.No	Key Audit Matter	Our Response
1.	Revenue from sale of products is	Our audit procedures included verification of existence,
	recognized on transfer of control to	completeness, accuracy and cut-off for the sales
	the Customer.	transactions.
	Company is catering to clients in the	• Our tests included performance of an understanding
	Asia / Europe regions. Delivery to	and evaluation of the internal controls over the
	customers might take extended time	revenue recognition and a validation of relevant
	periods from the date of dispatch from the premises of Company.	controls.

	There is a risk of inherent misstatement of the financial statements related to transactions recorded close to the year end in the context of the terms of supply and the point of transfer of control and thus, the point of recognition as per IND AS (cut off risk). Considering magnitude and high volume of sales transactions carried out, revenue recognition is considered as a key audit matter.	• The tests further covered the proper recognition of revenue through testing of samples of sales transactions, obtaining appropriate supporting evidence including third party survey report for each despatch with specific attention to key contractual terms that regulate the various performance obligations. • Our audit procedures included analytical review of sales transactions and accounting of revenue. • It also extended to performing confirmation procedures over trade receivables with the objective of validating trade receivable balances, testing samples of credit notes and year-end accruals. • Evaluating the disclosures made with requirements under the Accounting Standards and the Companies Act, 2013.
2	Inventory at the year end The Company''s inventory, generally, is located at its plant at Kutch and its finished goods at the Jakhau and Mundra ports. The Company has a policy of performing verification of its inventory at these locations. The Company has conducted the physical verification of inventories across at Washery plant, Jakhau, and Mundra port between 3rd April 2024 and 7th April 2024 by engaging specialists (management experts). Considering the bulk nature and reliance of third Party technology for salt quantity determination, physical verification of inventories at year end is considered as key audit matter.	With respect to existence of inventories at the year end, we performed the following procedures: • Understood and evaluated the Management''s internal controls process to establish the existence of inventory such as: (a) the process of physical verification carried out by the Management, the scope and coverage of the verification programme, the results of such verification including analysis of discrepancies, if any, (b) maintenance of stock records at all locations. • Understood and evaluated the competence, independence and objectivity of the experts engaged by the Management. • Participated in the stock count performed by the management at Washery plant, Jakhau, and Mundra port. • Checked roll back procedures from the date of the physical verification to the year end based on third party certified physical verification report to the book stock. • On a sample basis, tested the quantity reconciliation from 1st April ,2023 to 31st March, 2024 of raw materials, and finished goods, that was prepared by the Management.

Information Other than the Standalone Financial Statements and Auditors'' Report Thereon

The Company''s Management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Directors report but does not include the financial statements and our auditors'' 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 standalone financial statements or our knowledge obtained during 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 the Management and Board of Directors for 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 state of affairs, profit and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian 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 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 standalone 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 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditors'' 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 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 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:

• 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.

• Obtain an understanding of internal financial control 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 with reference to the standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of Management and Board of Directors 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 auditors'' 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 auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern; and

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone 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 standalone 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 the Companies (Auditors'' Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the “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, 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) I n 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 except for the matters stated in paragraph (h) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014.

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the statement of cash flows dealt with by this Report are in agreement with the books of account.

(d) I n our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31 March 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 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 with reference to the standalone financial statements of the

Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

(g) The observation relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph (b) above on reporting under Section 143(3)(b) and paragraph (h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(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, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 March 2024 on its financial position in its standalone financial statements - Refer Note 37 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts 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 during the year ended 31 March 2024; and

iv. ( a) The management has represented

that, to the best of its knowledge and belief, 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 its knowledge and belief, 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

(c) Based on such audit procedures that the we have 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 (a) and (b) contain any material mis-statement.

v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

As stated in Note 40(H) to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend

declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.

vi. Relying on representations/explanations from the company and based on our examination which includes test checks on the software application the Company has used accounting software (ERP) 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 and we did not come across any instance of audit trail feature being tampered with during the course of our audit.

However, audit trail was not enabled to log any direct data changes at database level both in application layer and database layer of the accounting software.

3. With respect to the matter to be included in the Auditors'' Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act.

For PKF Sridhar & Santhanam LLP

Chartered Accountants Firm''s Registration No.003990S/S200018 S.Prasana Kumar Partner

Membership No. 212354 UDIN : 24212354BKGYYH4421 Place of Signature: Chennai Date: 14^th May 2024

---

Mar 31, 2023

Archean Chemical Industries Limited

(formerly known as Archean Chemical Industries Private Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Archean Chemical Industries Limited (“the Company”), which comprise the standalone balance sheet as at 31^st March 2023, and the standalone statement of Profit and Loss including other comprehensive income, standalone statement of changes in equity and standalone 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 “standalone 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 principles generally accepted in India, of the state of affairs of the Company as at 31^st March 2023, the profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the

Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs 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 ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our 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 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 determined the matters described below to be the key audit matters to be communicated in our report

S. No	Key Audit Matter	Our Response
1.	Revenue from sale of products is recognized on transfer of control to the Customer. The Company is catering to clients in the Asia / Europe regions. Delivery to customers might take extended time periods from the date of dispatch from the premises of company	Our audit procedures included verification of existence, completeness, accuracy and cut-off for the sales transactions. • Our tests included performance of an understanding and evaluation of the internal controls over the revenue recognition and a validation of relevant controls.

S. No	Key Audit Matter	Our Response
	There is a risk of inherent misstatement of the financial statements related to transactions recorded close to the year end in the context of the terms of supply and the point of transfer of control and thus, the point of recognition as per IND AS (cut off risk). Considering magnitude and high volume of sales transactions carried out, revenue recognition is considered as a key audit matter	• The tests further covered the proper recognition of revenue through testing of samples of sales transactions, obtaining appropriate supporting evidence with specific attention to key contractual terms that regulate the various performance obligations. • Our audit procedures included analytical review of sales transactions and accounting of revenue. • It also extended to performing confirmation procedures over trade receivables with the objective of validating trade receivable balances, testing samples of credit notes and year-end accruals. Evaluating the disclosures made with requirements under the Accounting Standards and the Companies Act, 2013
2.	Inventory at the year end The Company''s inventory, generally, is located at its plant at Kutch and its finished goods at the Jakhau and Mundra ports. The Company has a policy of performing verification of its inventory at these locations. The Company has conducted the physical verification of inventories across at Washery plant, Jakhau, and Mundra port between 4th April 2023 and 8th April 2023 by engaging specialists (management experts).	With respect to existence of inventories at the year end, we performed the following procedures: • Understood and evaluated the Management''s internal controls process to establish the existence of inventory such as: (a) the process of physical verification carried out by the Management, the scope and coverage of the verification programme, the results of such verification including analysis of discrepancies, if any, (b) maintenance of stock records at all locations. • Understood and evaluated the competence, independence and objectivity of the experts engaged by the Management. • Participated in the stock count performed by the management at Washery plant, Jakhau, and Mundra port. • Checked roll back procedures from the date of the physical verification to the year end. • On a sample basis, tested the quantity reconciliation from 1st April, 2022 to 31st March, 2023 of raw materials, and finished goods, that was prepared by the Management.

Information Other than the Standalone Financial Statements and Auditors'' Report Thereon

The Company''s Management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Directors report but

does not include the financial statements and our auditors'' 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 standalone financial statements or our knowledge obtained during 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 the Management and Board of Directors for 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 state of affairs, profit and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian 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 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 standalone 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 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

the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditors'' 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 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 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:

• 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.

• Obtain an understanding of internal financial control 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 with

reference to the standalone financial statements in place and the operating effectiveness of such 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 and Board of Directors 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 auditors'' 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 auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern; and

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone 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 standalone 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

1. As required by the Companies (Auditors'' Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the “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, 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 standalone Balance Sheet, the standalone Statement of Profit and Loss (including other comprehensive income), the standalone Statement of Changes in Equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account

d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act.

e. On the basis of the written representations

received from the directors as on 31^st March 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March 2023 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 with reference to the standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

g. 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, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 ^st March 2023 on its financial position in its standalone financial statements - Refer Note 37 to the standalone financial statements;

ii. The Company did not have any longterm contracts including derivative contracts 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 during the year ended 31^st March 2023 and

iv. (a) The management has

represented that, to the best of its knowledge and belief, 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 its knowledge and belief, 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

(c) Based on such audit procedures that we have 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 (a) and (b) contain any material misstatement

v. The Company has not declared any dividend during the financial year. Accordingly, reporting on compliance with

the provisions of Section 123 of the Act is not applicable.

vi. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the company only w.e.f. April 1, 2023, reporting under clause g of Rule 11 aforestated is not applicable.

h. With respect to the matter to be included in the Auditors'' Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid

down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

For PKF Sridhar & Santhanam LLP

Chartered Accountants Firm''s Registration No.003990S/S200018

S.Prasana Kumar

Partner

Membership No. 212354 UDIN : 23212354BGYDUB3026

Place of Signature: Chennai Date: 26th May 2023