We have audited the accompanying standalone financial statements of
FINEOTEX CHEMICAL LIMITED (“the Company”), which comprise
the Balance Sheet as at 31st March 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the 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 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 the Companies (Indian Accounting Standards) Rules,
2015, as amended (“Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs (financial position) of the
Company as at March 31, 2025, and its Profit (financial performance
including other comprehensive income), the changes in equity and its
Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone 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 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 ethical requirements that are relevant to our audit
of the standalone 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 ICAI’s
Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion on the
standalone 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 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.

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 Annual Report, but does not include the consolidated financial
statements, 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 standalone 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.

Responsibilities of Management and Those Charged with
Governance for the Standalone 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 standalone financial statements that give a true
and fair view of the state of affairs (financial position), profit or loss
(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, including the Ind AS.
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 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 standalone financial statements, the Board of Directors
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 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 Standalone 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 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
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 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 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.

• 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.

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 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 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.

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 standalone financial statements 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 Ind AS specified under Section 133 of the
Act;

(e) . 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 31st March, 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 the financial statements of the
Company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure B” to this report;

(g) . With respect to the other matters to be included in the

Auditors Report in accordance with the requirements of
Section 197(16) of the Act, as amended, in our opinion
and according to the information and explanations given to
us, the remuneration paid / payable by the Company to its
directors during the current year is in accordance with the
provisions of and not in excess of limits laid down under
Section 197 read with Schedule V to the Act. The Ministry
of Corporate Affairs has not prescribed other details under
section 197 (16) which are required to be commented upon
by us;

(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 No. 35(1) 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 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 31st March, 2025.

iv. a) 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 person(s) or entity(ies), including
foreign entities (“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
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, 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; and

c) As per the information and explanation given to
us , to the best of our knowledge and belief, and
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 under sub-clause
(a) and (b) contain any material mis-statement.

v. As stated in Note No 19(b) and 48 to the standalone
financial statements

a) The Company has paid dividend during the year
in accordance with the provisions of Section 123
of the Companies Act, 2013.

b) The Board of Directors of the Company has
proposed a final dividend for the year, which
is subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in accordance with the
provisions of Section 123 of the Companies Act,
2013, as applicable.

vi. Based on our examination, which Included test
checks, the Company has used an 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 except that audit
trail was not enabled at the database level to log any
direct changes..

FOR ASL & CO.

Chartered Accountants

(Regn. No 101921 W)

(Shikha Jain)
Partner

Place: Mumbai Membership No. : 136484

Date: May 20, 2025 UDIN: 25136484BMJMWB2957