We have Audited the accompanying financial
statements of Delta Autocorp Limited (Formerly
Known as Delta Autocorp Private Limited)
(Formerly Known as Delta Autocorp LLP) ("the
Company"), which comprise the Balance
Sheet as at March 31, 2025, the Statement of
Profit and Loss and the Cash Flow Statement
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 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 Accounting Standards specified under
section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2021, as
amended ("Accounting Standards") and other
accounting principles generally accepted in
India, of the state of affairs of the Company as
at March 31, 2025, its profit and cash flows for
the year ended on that date.
2. Basis for Opinion
We conducted our audit of the 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 Responsibility 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 (iCAl) 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 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
obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on financial
statements.
3. Other Matters- a) The Company Delta
Autocorp Limited was incorporated by way of
conversion from Delta Autocorp Pvt Ltd. which
was incorporated by way of conversion from
M/s Delta Autocorp LLP on 23/07/2023 and was
listed on NSE SME Platform on 14/01/2025.
b) We draw attention to the intangible assets
under development as per note no 10 and
ageing analysis under note no 37 (viii) & (ix)
amounting to INR 290.60 lakhs (Previous year
INR 103.27 lakhs) are pending capitalization.
4. Information Other than the Financial
Statements and Auditor's Report
Thereon
• The Company's management and
Board of Directors are responsible for
other information. The other information
comprises the information included in the
Management Discussion and Analysis,
Director's Report (the "Reports") including
Annexures to Director's Report, Corporate
Governance and Shareholders' Information
but does not include the financial
statements and our auditor's report
thereon.
• Our opinion on the financial statements
does not cover the other information and
we do not express any form of assurance or
conclusion thereon.
• In connection with our audit of the financial
statements, our responsibility is to read the
other information identified above when
it becomes available, and in doing so,
consider whether the other information is
materially inconsistent with the 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.
5. Management and Those Charged
with Governance's Responsibility for
the 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 financial statements that
give a true and fair view of the financial position,
financial performance and cash flows of the
company in accordance with the Accounting
Standards and other 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 the assets of the Company
and for preventing and detecting frauds and
other irregularities; selection and application
of appropriate implantation 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 financial statement 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 and 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 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.
6. Auditor's Responsi bility for the Audit
of the 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 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 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 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 74 error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of
internal control.
• Obtain an understanding of internal
financial 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 the 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.7
of Companies (Meetings of Board and its
Powers) Rules, 2014, your Company has
established a vigil mechanism. Further,
Whistle Blower & Vigil Mechanism Policy as
required has been uploaded on the website
of the Company at www.deltic.co.
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.
7. Report on Other Legal and Regulatory
Requirements
As required by the Companies (Auditor's
Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub¬
section (ll) of section 143 of the Companies
Act, 2013, we give in the 'Annexure A' statement
on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.
8. 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 dealt with by this report are
in agreement with the relevant books of
account and return.
• D. In our opinion, the aforesaid financial
statements comply with the Accounting
Standards specified under Section 133 of the
Act, read with the Companies (Accounting
Standards) Rules, 2021.
• E. In our opinion there is no observation or
comment to be made by us on financial
transactions or matters which have any
adverse effect on the functioning of the
company.
• F. On the basis of the written representations
received from the directors as on March
31, 2025 taken on record by the Board
of Directors, none of the directors are
disqualified as on March 31, 2025 from
being appointed as a director in terms of
Section 164(2) of the Act.
• G. 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".
• H. There is no qualification, reservation or
adverse remark relating to the maintenance
of accounts and other matters connected
therewith;
• I. 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
during the period is in accordance with the
provisions of section 197 of the Act.
• J. 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, 2021, as
amended in our opinion and to the best
of our information and according to the
explanations given to us:
• a) The company has disclosed the impact
of pending litigations on its financial
position in its financial statements.
• b) The Company did not have any long¬
term contracts including derivative
contracts for which there were any material
foreseeable losses.
• c) There were no amounts which were
required to be transferred to the Investor
• Education and Protection Fund by the
Company.
• cl)
• i. The management has represented that,
to the best of its and belief,
other than as disclosed in the notes to the
accounts, 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 Intermediary shall,
directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by
or on behalf of the Company provide any
guarantee, security or the like to or 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 the
accounts, no funds have been received
by the Company from any persons or
entities, including foreign entities ("Funding
Parties"), with the understanding, whether
recorded in writing or otherwise, that the
Company shall directly or indirectly, lend or
invest in other persons or entities identified
in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the
Funding Party or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries; and
• iii. Based on such audit procedures
performed 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 subclause (d)
(i) and (d) (ii) contain any material mis¬
statement.
• e) The Company has not declared any
dividend during the period and hence,
compliance with Section 123 of the Act is
not applicable.
• f) The company has. used such accounting
software for maintaining its books of
account which has a feature of recording
audit trail (edit log) facility and the same
has been operated throughout the year for
all transactions recorded in the software
and the audit trail feature has not been
tampered with and the audit trail has been
preserved by the company as per the
statutory requirements for record retention.
OBLIGATION OF COMPANY UNDER THE SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL)
ACTS, 2013
For Padam Dinesh & Co.
Chartered Accountants
(FRN : 009061N)
For V. Singhi & Associates
Chartered Accountants
(FRN : 0311017E)
Padam Kumar Gupta(Partner)
(M No: 087747)
UDIN: 25087747BMIKDE4688
Place: New Delhi
Date: 30-May-25
Naveen Kankaria ( Partner)
(M No : 153214)
UDIN: 25153214BMIFRB3105
Place: New Delhi
Date: 30-May-25
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