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Hindcon Chemicals Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 266.45 Cr. P/BV 5.93 Book Value (Rs.) 8.77
52 Week High/Low (Rs.) 70/15 FV/ML 2/1 P/E(X) 61.70
Bookclosure 10/11/2023 EPS (Rs.) 0.84 Div Yield (%) 0.00
Year End :2023-03 

Independent Auditors’ Report

To

The Members of
Hindcon Chemicals Limited

Report on the Audit of the Standalone Financial
Statements
Opinion

We have audited the accompanying standalone financial
statements of Hindcon Chemicals Limited ("the Company"), which
comprise the Balance Sheet as at March 31,2023, the Standalone
Statement of Profit and Loss (Including Other Comprehensive
Income), the statement of Cash Flow and the Standalone
Statement of Changes in Equity for the year then ended, and notes
to the standalone financial statements, including a summary of
significant accounting policies and other explanatory information
(hereinafter referred to as "the standalone financial statements").

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, and other
accounting principles generally accepted in India, of the state of
affairs (financial position) of the Company as at March 31, 2023,
its profit (financial performance including other comprehensive
income), its cash flows and the changes in equity 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 (ICAI) of India 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 there
under, 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 audit opinion
on the standalone financial statements.

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 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
communicate in our report.

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board's Report including Annexures
to Board's Report, Business Responsibility Report, Corporate
Governance and Shareholder's Information, but does not include
the Consolidated financial statements, 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 during the course of our 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 Act with respect to the preparation
of these standalone financial statements that give a true and fair
view of the financial position, financial performance including
other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting
principles generally accepted in India and the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015,
as amended. 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 judgements and estimates that are reasonable and
prudent; and the 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, 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 charged with the governance are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibility 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 Standards on Auditing,
we exercise professional judgment and maintain professional
scepticism 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(3X0 of the Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with
reference to the Standalone 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 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.

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 standalone 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 standalone 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 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 Act, 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:

• We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit;

• 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.

• The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Cash Flow and Standalone Statement of Changes in
Equity dealt with by this Report are in agreement with
the books of account.

• In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read
with Companies (Indian Accounting Standards) Rules,
2015, as amended from time to time.

• On the basis of the written representations received
from the directors as on March 31, 2023, taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31, 2023 from being appointed
as a director in terms of Section 164(2) of the Act.

• With respect to the adequacy of the internal financial
controls with reference to standalone financial statement
of the Company and the operating effectiveness of
such controls, refer to our separate report in "Annexure
B"; Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company's
internal financial controls with reference to standalone
financial statements.

• 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 :

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors for
the year ended March 31, 2023 is in accordance with
the provisions of section 197 read with Schedule V to
the Act, and

• With respect to 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) The Company has disclosed the impact of pending
litigations on its financial position in its Standalone
financial statements - Refer Note 37 to the
Standalone 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, 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 to or 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 any fund
from any person(s) or entity(ies), including
foreign entities (Funding Party) 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 to or on behalf
of the Ultimate Beneficiaries.

(c) Based on our 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
representation under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

(v) (a) The dividend paid by the Company during the

year in respect of dividend declared for the
previous year is in accordance with section
123 of the Companies Act, 2013 to the extent
it applies to payment of dividend.

(b) The Board of Directors of the Company has
not proposed any dividend for the year.

(vi) 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 April 1, 2023
and accordingly, reporting under Rule 11(g) of the

Companies (Audit and Auditors) Rules, 2014 is not
applicable for the financial year ended March 31,
2023.

For R B ROY & CO.

Chartered Accountants
Firm Regn. No.322805E

Sd/-

(CA. N. Krishnan)

Partner

Kolkata Membership No.062381

May 26, 2023 UDIN: 23062381BGYOSP9186


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