We have audited the accompanying financial statements of Tuticorin
Alkali Chemicals and Fertilizers Limited (“the Company”), which
comprise 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 material
accounting policy information and other explanatory information
(hereinafter referred to as the “financial statements”).

In our opinion and to the best of our information and according to
the explanations given to us the aforesaid 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 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, 2025, and profit (including other comprehensive loss),
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the 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 Responsibilities for the Audit of
the 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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements for
the year ended March 31, 2025. These matters were addressed in
the context of our audit of the 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.

Information Other than the Financial Statements and Auditor’s
Report Thereon

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Director's report but does not include the financial
statements and our auditor's report thereon. The Director's report
is expected to be made available to us after the date of this auditor's
report.

Our opinion on the 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 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 financial statements
or our knowledge obtained in the audit, or otherwise appears to be
materially misstated

When we read the Director's report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance under SA 720 ‘The
Auditor's responsibilities Relating to Other Information' and describe
actions applicable in the applicable laws and regulations

Responsibilities of Management and Those Charged with
Governance for the 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 financial statements that give a true and fair view
of the financial position, financial performance, changes in equity
and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the 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 financial statement that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, the 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 are also responsible for overseeing the
Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are 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 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 financial statements.

We give in “Annexure A” a detailed description of Auditor's
responsibilities for Audit of the Financial Statements.

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 Act, we give in

“Annexure B” 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 the paragraph h (vi) below on reporting under Rule
11 (g).

(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 Flow dealt
with by this Report are in agreement with the books of
account .

(d) In our opinion, the aforesaid financial statements comply
with the Accounting Standards 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 are 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 with reference to financial statements of the
Company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure C”.

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

(h) With respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, 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 financial
statements - Refer Note 33 to the 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.

iv. (a) The Management has represented that, to the

best of its knowledge and belief, as disclosed in
the Note 41 to the 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, 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 41 to the 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, 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 the audit procedures performed that
have been considered reasonable and appropriate
in the circumstances, and according to the
information and explanations provided to us by
the Management in this regard nothing has come
to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii)

of Rule 11(e) as provided under (a) and (b) above,
contain any material mis-statement.

v. The Company has neither declared nor paid any dividends
during the year.

vi. 1. Based on our examination, which included test checks,

the Company has used an accounting software 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 in the software. Further, during
the course of our audit, we did not come across
any instance of audit trail feature being tampered
with. Additionally, the audit trail of prior year has
been preserved by the Company as per the statutory
requirements for record retention to the extent it was
enabled and recorded in the previous year.

2. Based on our examination, the Company has used an
accounting software which is operated and maintained
by third party software service providers for processing
its payroll transactions for the year ended March 31,
2025. In the absence of independent auditors report
from the service provider, we are unable to comment
whether this software has a feature of recording audit
trail (edit log) facility, nor are we able to comment
on whether the audit trail feature was enabled in the
said software and operated throughout the year for all
relevant transactions recorded in this software.

3. In our opinion, according to information, explanations
given to us, the remuneration paid by the Company to
its directors is within the limits laid prescribed under
Section 197 read with Schedule V of the Act and the
rules thereunder.

For M S K A & ASSOCIATES
Chartered Accountants
ICAI Firm Registration No. 105047W

T.V. GANESH
Partner

Plate : Chennai Membership No. 203370

Date : 7^th May, 2025 UDIN : 25203370BMLDWT8490