A. We have audited the Standalone Financial
Statements of India Glycols Limited (“the
Company”), which comprise the Balance Sheet
as at March 31,2025, 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
financial statements including a summary of the
material accounting policies and other explanatory
information (hereinafter referred to as “the
Standalone Financial Statements”).
B. 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 March 31,2025, and
its Profit, other comprehensive income, changes in
equity and its cash flows for the year ended on that
date.
2. Basis for Opinion
We conducted our audit inaccordance 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 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 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 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.
3. 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 that there are no
key audit matters to be communicated in our report.
4. Information Other than the Standalone Financial
Statements and Auditor’s Report thereon
A. 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 Annexures 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.
B. In connection with our audit of the financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with the
Standalone Financial Statements or our knowledge
obtained during the course of our audit or otherwise
appears to be materially misstated. If, based on the
work we have performed, we conclude that there
is a material misstatement of this other information,
we are required to report that fact. We have nothing
to report in this regard.
5. Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements
A. 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,
other comprehensive income, changes in equity
and cash flows of the Company in accordance with
the accounting principles generally accepted in India
including Indian Accounting Standards (Ind AS)
specified under section 133 of company Act. 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 standalone
financial statements that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.
B. 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.
6. Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements
A. 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 aggregate, they could
reasonably be expected to influence the economic
decisions of users taken on the basis of these
Standalone Financial Statements.
B. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional skepticism throughout the audit. We
also:
i) 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.
ii) Obtain an understanding of internal financial
controls 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.
iii) Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by
management.
iv) 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.
v) 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.
C. 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.
D. 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.
E. 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 (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 A” a statement on the matters
specified in paragraph 3 and 4 of the Order, to the
extent applicable.
2. (A) 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 including Other Comprehensive Income,
Statement of Changes in Equity and the Statement
of Cash Flows dealt with by this Report are in
agreement with the relevant books of account;
d. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.
e. On the basis of the written representations
received from the directors as on March 31,2025
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
B”.
(B) 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, 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 on its financial position in its Standalone
Financial Statements; Refer note 38(A)(i) 40 and
41 to the standalone financial statements;
ii) The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-term
contracts including derivative contracts; Refer note
51(B) to the standalone financial statements;
iii) There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.
iv) (a) The management has represented that, to the
best of its knowledge and belief, as disclosed
in in Note 62(d) 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
persons or entities, including foreign entities
(“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that
the Intermediary shall:
• directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or
on behalf of the Company or
• Provide any guarantee, security or the like
to or on behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the
best of its knowledge and belief, as disclosed
in in Note 62(e) to the standalone financial
statements, no funds have been received by the
Company from any persons or entities, including
foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or
otherwise, that the Company shall:
• directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or
on behalf of the Funding Party or
• Provide any guarantee, security or the
like from or on behalf of the Ultimate
Beneficiaries.
(c) Based on such audit procedures as considered
reasonable and appropriate in the nothing has
come to our notice that has caused us to believe
that the representations under sub-clause (iv) (a)
and (iv) (b) contain any material misstatement.
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 56 and 60, to the standalone
financial statements, the Board of Directors of the
Company have 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) Based on our examination which included test
checks, the Company has used accounting software
for maintaining its books of account for the financial
year ended March 31, 2025 which has a feature of
recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the software. Further, during
our audit we did not come across any instance of
audit trail feature being tampered with and the audit
trail has been preserved by the Company as per the
statutory requirements for record retention.
(C) 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,:
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.
For K.N. Gutgutia & Co.
Chartered Accountants
(Firm’s Registration No. 304153E)
(B.R. GOYAL)
lace: Noida Partner
ate : 16th May, 2025 (Membership No. 12172)
(UDIN: 25012172BMIGSR2618)
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