We have audited the accompanying Ind AS Financial statements of INDO EURO INDCHEM
LIMITED ("the Company”), which comprise the Balance Sheet as at 31^st March 2024, the
Statement of Profit and Loss including other comprehensive income, the Statement of
Changes in Equity and the Cash Flow Statement for the year ended and a summary of
significant accounting policies and other explanatory information (herein after referred to as
"Ind AS Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to
us, except for the effects of the matters described in the Basis for Qualified Opinion section of
our report, 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 u/s 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^st March,
2024, the Profits and total comprehensive income, changes in equity and its cash flows for the
year ended on that date.

Basis for Qualified Opinion

Refer Note 2

III. The Company has not made any provision for old receivables outstanding as the
management is putting efforts for recovery or settlement with the parties.

We conducted our audit in accordance with 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 Ind AS 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 Ind AS Financial Statements under
the provision 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 qualified opinion on the financial statements.

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 of the current period. 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 Auditors Report thereon The

Company’s Board of Directors is responsible for the other information. The Other information
comprises the information included in the Directors Report Management discussion & Analysis
and Business responsibility report, but does not include the financial statements and our
auditor's report thereon.

Our opinion on the financial statements does not cover 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 and, in doing so, consider whether the financial statements or our knowledge
obtained during the course of 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.

Management’s Responsibility for the Ind AS 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 Ind AS 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 Indian 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 Ind AS financial statement that
give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the Ind AS 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.

Those Board of Directors are also responsible for overseeing the company’s financial reporting
process.

Auditor’s Responsibility

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS
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 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
Companies Act, 2013, 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 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
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.

• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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 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
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
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 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 of India in terms of Section 143 (11) of the Act, we give in the
Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and
the Statement of changes in Equity dealt with by this Report are in agreement with the
books of account

d) In our opinion, the aforesaid Ind AS Financial Statements comply with the Indian
Accounting Standards specified under Section 133 of the Act read with the relevant
rule issued thereunder

e) On the basis of written representations received from the directors as on 31 March,
2024 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 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” and

g) 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, as amended:

According to the information and explanation given to us, the company has paid
remuneration to its directors during the year within the provision of section 197(16) of
the Act.

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) Rule, 2014, as amended, in our
opinion and to the best of our information and according to the explanation given to us:

i. The Company does not have any pending litigations which shall impact its
financial positions.

ii. The Company does not have any long terms contracts for which provisions are
required to be made.

iii. The Company is not liable to transfer any amount to the Investor Education and
Protection Fund.

iv. (a) The Management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate) 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 or entity, including foreign entity (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
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 the like on behalf of the
Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate) have
been received by the Company from any person or entity, including foreign
entity (“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether, 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 that have been 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) of

Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v. According to the information and explanation given to us, the company has not
paid/declared any Dividend during the year. Hence the provision of section 123
of the Act is not applicable to the company.

vi. 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 for part of
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.

As provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11 (g) of the Companies
(Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the financial
year ended March 31,2024.

For VORA & ASSOCIATES
CHARTERED ACCOUNTANTS
(ICAI Firm Reg. No.: 111612W)

SD/-

RONAK A. RAMBHIA
PARTNER

(Membership No. 140371)

UDIN: 24140371BKAKXP2840
PLACE: MUMBAI
DATED: 7^th May, 2024