We have audited the accompanying Standalone financial statements of Dutron Polymers Limited (“The Company”) which
comprises the Balance Sheet as at 31stMarch, 2025, the Statement of Profit and Loss, Statement of Changes in the Equity
and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
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 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 profit, statement of changes in equity and its cash flows for the year ended on that date.
BASIS OF OPINION
We conducted our audit by the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013. 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 together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Companies Act, 2013 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.
EMPHASIS OF MATTER
During the course of our audit for the financial year 2024-25, we made inquiries regarding any potential instances of
fraud or irregularities. However, one of the Directors, Mr. Sudip Patel, who also holds the responsibility of Vigilance
Officer of the Company, did not respond to our repeated requests for information despite multiple reminders. We draw
attention to Note No. 63 of the financial statements, which further elaborates on this matter.
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 for the financial year ended March 31, 2025. 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.
KEY AUDIT MATTER: MANAGEMENT DISPUTE AND ITS IMPACT ON FINANCIAL REPORTING
Description of Key Audit Matter:
During the year, there were ongoing disputes among the key managerial personnel and shareholders namely (a) Mr.
Sudip Patel, (b) Mr. Nilay Patel, (c) Mrs. Rachana Patel regarding management control and decision-making authority
including oppression and mismanagement. The matter has been pending before Ahmedabad bench of Hon'ble National
Company Law tribunal. These disputes have the potential to affect the governance structure and financial decision¬
making of the Company.
How the matter was addressed in our audit:
We obtained and reviewed minutes of board and shareholder meetings, legal documents, and correspondence relating
to the dispute. We assessed the impact of such disputes on the going concern assumption, impairment of assets, and
adequacy of disclosures in the financial statements. We also evaluated the appropriateness of management's judgments
in preparing the financial statements and ensured relevant disclosures were made in accordance with Ind AS and the
Companies Act, 2013.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS’ REPORT THEREON
The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual Report but does not include the Standalone 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 such other information is materially
inconsistent with the financial statements, or our knowledge obtained in 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.
RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013
(“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, (changes in equity)[iv] 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 implementation and maintenance of 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 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 also responsible for overseeing the company's financial reporting process.
AUDITORS’ RESPONSIBILITY FOR THE AUDIT OF THE 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 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 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'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.
• 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditor's Report) Order, 2016 (“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 ‘Annexure A' a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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 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, Statement of Change in Equity and the Cash Flow
Statement 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 Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on 31st 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 over financial reporting 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 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:
1. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
2. During the year, the Company transferred the amount of unpaid dividend of financial year 2016-17 ' 1,19,510
on 3rd December, 2024 while the due date being 1st December, 2024. The delay is due to processing by
banks.
3. (i)The management has represented that to the best of its knowledge and belief, other than as disclosed in the
notes to accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kinds 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 intermediately 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 like on behalf of the Ultimate Beneficiaries;
(ii) )The management has represented that to the best of its knowledge and belief, other than as disclosed in
the notes to accounts, no funds have been received by the company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with understanding whether recorded in writing or otherwise, that
the company shall whether directly and 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 ultimate beneficiaries; and
(iii) The management has represented that, to the based on audit procedures which we 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 (i) and (ii) contain any material mis-statements.
4. The Final dividend was approved by the Company at its 43rd AGM held on 12 July 2024 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. However, the same dividend remained unpaid due to Court order. Refer Note
61 of financial statements for the detail. As stated in Note No. 61 to the accompanying standalone financial
statements, the Board of Directors of the Company have proposed final dividend for the year ended March 31,
2025 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.
5. In our opinion, the managerial remuneration for the year ended 31st, March, 2024 has been paid / provided by
the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
6. With respect to reporting required under rule 11(G), in our opinion and based on our verification, the
accounting software use by the company has a feature to record the audit trail (edit log) and the same has
been operated throughout the year. As per representation received from the management, there has been no
tampering of the audit trail and the same has been operated throughout the year. As per the representation
received by the management, there has been no tampering of the audit trail and it has been preserved in
accordance with statutory requirements.
FOR KRUTESH PATEL & ASSOCIATES
Chartered Accountants
(Firm Reg. No. 100865W)
KRUTESH PATEL
Partner
Place:Ahmedabad Membership No. 140047
Date: 13th May, 2025
UDIN:25140047BMHEPJ1287
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