INDEPENDENT AUDITOR’S REPORT

To the Members of

ITD Cementation India Limited

Report on the Audit of the Standalone Financial

Statements

1. OPINION

We have audited the accompanying standalone financial
statements of ITD Cementation India Limited (“the
Company ”), which comprise the standalone Balance
Sheet as at 31 March 2023, and the standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the standalone Statement of Cash Flows and
the standalone Statement of Changes in Equity 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 “the standalone financial statements”).

I n 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 2023, and its profit (including
other comprehensive income), its cash flows and the
changes in equity for the year ended on that date.

2. BASIS FOR OPINION

We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the “Auditor’s Responsibility 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 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 obtained by
us is sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

3. KEY AUDIT MATTERS

Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the standalone financial statements of the current
year. 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.

4. INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR’S REPORT THEREON

The Company’s Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in
Company’s Annual Report, 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 and will
not express any form of assurance conclusion thereon.
The Annual Report is expected to be made available to
us after the date of this auditor’s report.

I n 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 course of our audit, or otherwise appears to be
materially misstated. When we read the Annual report,
if we conclude that there is a material misstatement
therein, we are required to communicate the matter to
those charged with governance.

5. RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
THE STANDALONE FINANCIAL STATEMENTS

The accompanying standalone financial statements have
been approved by the Company’s Board of Directors.
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 and presentation
of these standalone financial statements that give a

true and fair view of the financial position, financial
performance including other comprehensive income,
changes in equity and cash flows of the Company in
accordance with the Ind AS 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 judgements 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
statement 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 management 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.

6. AUDITORS’ RESPONSIBILITY 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 judgement 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 system 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’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 auditors’
report. However, future events or conditions may cause
the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content
of the 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.

7. OTHER MATTER

Corresponding figures of the Company for the year ended
31 March 2022 have been audited by another auditor who
expressed an unmodified opinion dated 26 May 2022 on
the standalone financial statements of the Company for
the year ended 31 March 2022.

Our opinion is not modified in respect of these matters.

8. REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS

a) 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
Companies Act, 2013, we give in the “Annexure A”,
a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

b) As required by Section 143(3) of the Act, we report
that:

i. 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.

i i. I n our opinion, proper books of account as
required by law have been kept by the Company
, in electronic mode so far as it appears from
our examination of those books.

iii. The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, Standalone Statement
of Changes in Equity and the Standalone Cash
Flow Statement dealt with by this Report are in
agreement with the books of account.

iv. In our opinion, the aforesaid standalone
financial statements comply with the Ind AS
specified under Section 133 of the Act read with
the Companies (Indian Accounting Standards)
Rules, 2015, as amended.

v. On the basis of the written representations
received from the directors as on 31 March
2023 taken on record by the Board of Directors,
none of the directors is disqualified as on
31 March 2023 from being appointed as a
director in terms of Section 164 (2) of the Act.

guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
and

(iii) Based on such audit procedures
performed and information and
explanation given, nothing has come
to our notice that has caused us
to believe that the representations
under sub-clause (i) and (ii) contain
any material mis-statement.

e) 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 43 to the standalone
financial statements, the Board of
Directors of the Company have proposed
final dividend for the year which is subject
to the approvals 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.

f) As proviso to rule 3(1) of the Companies
(Accounts) Rules, 2014 is applicable for
the Company only w.e.f. 1 April 2023,
reporting in respect of mandatory use of
accounting software with requisite audit
trail facility is not applicable.

c. With respect to the other matters to be included in
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 informations 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 the Section 197 of the Act.

For T R Chadha & Co LLP

Chartered Accountants
Firm Regn. No: 006711N/N500028

Pramod Tilwani

Place: Mumbai Partner

Date: 25 May 2023 Membership No. 076650

DIN: 23076650BGUWKI1581