We have audited the accompanying standalone financial statements of Shentracon

Chemicals Limited (the Company) which comprise the balance sheet as at31 March
2026, the Statement of Profit and Loss (including Other Comprehensive Income) the Cash

Flow statement for the year then ended and Statement of changes in Equity and 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 AC, 2013 (The Act') in the manner so required and give a true and fair view in

conformity with the Indian Accounting Standards find AS') specified under section 133 of

the Act read with the Companies (Indian Accounting Standards) Rules. 2015 and other

accounting principles generally accepted in India, of the state of affairs of the Company as

at March 31, 2026, and its Loss, Cash flows and changes in equity 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 Companies Act. 2013, 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 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

Key Audit Matter

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.

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 standalone financial statements and our auditor’s 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
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 accompanying standalone financial statements have been approved by the
Company's Board of Directors The Management and Board of Directors of the Company
are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (‘Act’)
with respect to the preparation and presentation of these 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 Ind AS specified under section 133 of the Act and other accounting principles

generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding 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; design, implementation and maintenance of
adequate internal financial controls, that are operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation
of the 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, the 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 Board of
Directors 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.

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Auditor’s Responsibility for the Audit of the Standalone 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 Standards
on Auditing 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.

As part of an audit in accordance with Standards on Auditing, specified under section
, 143(10) of the Act we exercise professional judgment 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 interna! 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 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. If we conclude that a material uncertainty exists,

we are required to draw attention in our auditor’s report to the related disclosures in

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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.

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

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Report on Other Legal and Regulatory Requirements

1. As required by section 197(16) of the Act based on our audit, we report that the
Company has paid remuneration to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read with Schedule V to the Act.

2. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter
referred to as the ‘Order’), and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to information and
Explanation given to us, we give in the Annexure A, a statement on the matters
specified in the paragraph 3 and 4 of the order.

3- Further to our comments in Annexure A, 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 of
the accompanying standalone financial statements.

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;

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-d) In our opinion, the aforesaid financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act,

e) On the basis of the written representations received from the directors and taken
on record by the Board of Directors, none of the directors is disqualified as on 31
March 2026 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 as on 31st March, 2026 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 Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as
amended), in our opinion and to the best of our information and according to the
explanations given to us:

i. There are no pending litigations of the Company and accordingly, no

disclosure of the impact on its financial position as at 31st March, 2026;

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ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses as at 31st
March, 2026;

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, 2026.

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 persons or entities including foreign entities
(’intermediaries’) with the understanding whether recorded in writing or
•otherwise that the intermediaries shall whether directly or indirectly lend or

' invest in any other persons or entities identified in any manner whatsoever by
or on behalf of the Company (‘Ultimate Beneficiaries’) or provide any
guarantee or security or the like on behalf of the Ultimate Beneficiaries;

h) The Management has represented to the best of its knowledge and belief no funds

' - have been received by the Company from any person or the entities 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 parties (Ultimate Beneficiaries') or provide any guarantee or
security or the like on behalf of the Ultimate Beneficiaries

i) Based on such audit procedures that the auditor has considered reasonable and
appropriate in the circumstances, nothing has to their notice that has caused them
to believe that the management representations under sub clause (a) and (b)
contain any material misstatements.

j) The Company has not declared any dividend during the year under review.

k) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording audit
trail (edit log) facility is applicable to the Company with effect from 1st April, 2023
and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 has been complied by the company for the financial year ended 31st
March, 2026.

For MARK & Co.

Chartered Accountants
FRN: 142902W

--Rahul Lodha

Partner

M. No:148787

UDIN: 26148787BICZJZ8299
Place: Mumbai
Date: 30/05/2026