Wc have audited the standalone financial statements of INDO BORAX & CHEMICAL LIMITED ("the
Company"] which comprises the Balance Sheet as at March 31, 2025. 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 materia! accounting policies
and other explanatory in formation.
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Jnd AS financial statements give the information required by the Act in the maimer so required and
givea true and fairviewin conformity with the accounting principles gen orally accepted in India, ofthestateof
affairs of the Company as at March 31, 2025, and its total comprehensive income (comprising of profit and
other comprehensive income). Its cash flows and the changes inequity 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 Standards arc Further described in the Auditor's
Responsibilities for the Audit of the Standalone Financial Statements section of our report. We arc
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.
Wc believe that the audit evidence wc have obtained is sufficient and appropriate to provide a basis For our
opinion.
Key Audit matter:
Wc have determined that there are no key audit matters to communicate in our report.
Em pha sis of Matter
We draw your kind attention to the Note No. 44 to the standalone financial statement; The Company has given
Inter Corporate Deposit in the nature of loan to one of the party, which has filed the application for corporate
insolvency resolution process u n d cr The Inso Iven cy a nd Ban kruptcy cod c, 2 016.
The company has filed its claim as Financial creditors as per the regulation 8 of the IBC code for the said
outstanding amount, The company is awaiting the outcome from National Company Law Tribunal [NCLTJ. Due
to uncertainty in realization of the said debt and pending decision of NOT company continues not to provide
interest on the said loan for the fi nanci ai year c nded 31-03-2025.
Ouropinion is not modified in respect ofthis matter.
Other 1 n form atio n:
The Company's Board of Directors is responsible for the other information. The other information comprises
the information included in the Annua! Report
> Our opinion on the standalone financial statements does not cover the other information and we
do not expre ss 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 ear our knowledge obtained during the
course ofouraudit or otherwise appears to be materially misstated.
^ Ifj. 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 Management and Those Charged with Governance for the Standalone Financial
Statements
The Company's Board of Directors is responsible for the matters stated in section 13 4(5) of the Companies Act,
2013 ("The Act"] with respect to the preparation of these lnd AS 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 accounting principles generally
accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safcguaitling of the assets of the Company and for preventing and detecting frauds and
other irregu lari ties; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of ad equate 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 lnd AS financial statement that give a
true andfairview and a re 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 unless the Board of Director either intends to liquidate the
Company or to cease operations, or has no realistic alternative buttodo so,
Th e ? oa rd of D i re cto is i s a is o respo nsi bic fo r ovc rs eci ng the com pa ny's fi nanciai reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives arc to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assuiance 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 arc 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
skepticismthroughouttheaudit. 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 auditcvidcncc that is sufficient and appropriate to provides 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 ofintcmal control.
(Li) Obtain an understanding of internal controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on whether the Company has in place an adequate internal financial controls with
reference to fi nanci al sta tc me n ts i n p la cc and the o pera ti ng c ffcctivcncs s o f s uch control s.
(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone financial statements made by the
Management.
(iv) Conclude on the appropriateness oT 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 ability of the company to continue as a
going concern. If we conclude that a material uncertainty exists, we arc required to draw
attention in our auditor's report to the related disclosures in the Stand alone 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) Evaiuatc the overall presentation, structure and content of the Ind AS financial statements,
including the disclosures, and whether the Standalone consolidated financial statements
re p re sent the u n d criying tra ns actions and eve nts in a man n cr that achi eves fai r prese n tation.
Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in [i) planning the scope of our audit work and in
evaluating the results of our work; and [ii) to evaluate the effect of any identified misstatements in
the standalone financial statements
We communicate with those charged with governance regarding among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
de Fici enci es i n in tc rnal control th at we ide n ti fy du l ing our aud i L
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 ail
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
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 of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we
give in the Annexurc "Ajr statement oil the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
2) As required by Section 143(3) ofthc Act, we report that:
a) We have sought and obtained all the information and explanations which to the best ofour
knowledge and belief were necessary for the pu rposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so
far as itappears from our examination of those books.
c) The Balance Sheet; the Statement of Profit and Loss, (including other comprehensive
income] the standalone statement of changes in equity and the standalone Cash Flow
Statemc nt dc a 11 wi th by this Repo rt a re i n agrocm ent w i th the b ooks of accou nt
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act, road with Rule 7 of the Companies [Accounts] Rules,
2014.
c] On the basis of the written representations received from the directors as on 31st March,
2025 taken on record by the Board of Directors, none of the directors is disqualified as on
31stMarch,2025 from being appointed as a directorin terms of Section 164 (2) ofthc Act.
f) With respect to the adequacy ofthc internal financial controls over financial reporting ofthc
Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure-B"
g] According to information and explanations given to us and based on our examination ofthc
records of the Company, the Company has paid/ provided managerial remuneration in
accordance with the provisions of Section 197 ofthc Act
3) W ith res pect to the othc r ma ttc rs to be inclu ded i n the Auditor's Rep o rt in accordance with Ru I c
11 of the Companies (Audit and Auditors} Rules, 2014, in our opinion and to the best of our
i n fo rotation and a cco rdi ng to the exp! ana tio ns gi ven to u s:
a] The company has disclosed the impact of pending litigations as at 31' March, 2025 on its
financial position in its Ind AS financial position in its standalone financial statements -
refer note 43 to the Ind AS financial statements
b) The Company did not have any long-term contracts including derivatc contracts as at3T'
March, 2025.
c] There has been no delay in transferring amounts, required to be transferred, to the
Investor education and Protection fund by the company during the year ended 31"1 March,
2025.
d) (ij The management has represented that, to the best of its knowledge and belief, 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'1), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shaii:
* directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on be ha Iforthc Company or
* provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries;
(ii] The management has represented that; to the best of its knowledge and belief, 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:
* d ircctly or ind i re ctly, I en d o r i nvest in other pens o ns or entities id cuti fie d i n 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; and
(hi) Based on such audit procedures that we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations undcrsub-clause(i) and (ii) contain any material misstatement
e) The dividend declared or paid during the year by the Company is in compliance with
Section 123 ofthc Act
fj Based on our examination which included test checks, the company has used an
accounting software for maintaining its hooks ol account which has a feature of recording
audit trail (editing) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit we did not
come acros s any instance o f audit tra i! featu re being ta m pered wi th.
for Bohra & Co.
Chartered Accountants
FRN No. 136492W
Anil Jain
Partner
Place: Mumbai Membership No,Q4899J
Date : 13* May, 2025 UDIN No.: 25039803BMCPTM6110
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