Hindcon Chemicals Limited

Report on the Audit of the Standalone Financial Statements

Opinion

l have audited the accompanying standalone financial statements of Hindcon Chemicals Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss ( Including Other Comprehensive Income ), the statement of Cash Row and the Standalone Statement ot 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 my opinion and to the best of my information and according to the explanations given to me., the aforesaid standalone financial statements give the information required by the Companies Act, 2013{‘the Act'lin the manner so required and give a t rue 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 31,2026, its profit (financial performance including other comprehensive income) its cash flows and the changes in equity for the year ended on that date

BasisforOpinion

l conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section I43( 10) of the Act. My responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of my report. I am independent of the Company in accordance with the Code of Ethics'issued by the Institute of Chartered Accountants(ICAI I of India together with the ethical requirements that are relevant to my audit of the standalone financial statements under the provisions of the Act and the Rules there under, and I have fulfilled my other ethical responsibilities in accordance wit h these requirements and the ICAIs Code of Ethics. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in my professional judgement were of most significance in my audit of the standalone financial statements of the current period. These

matters were addressed in the context of my audit of the standalone financial statements as a whole, and in forming my opinion thereon, and l do not provide a separate opinion on these matters.

I have determined that there are no Key audit matters to communicate in my 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 my auditor's report thereon.

My opinion on the Standalone financial statements does not cover the other information and I do not express any form ot assurance conclusion thereon.

In connection with my audit of the Standalone financial statements, my responsibility is to read the other information arid, in doing so. consider whether such other information is materially inconsistent with the Standalone financial statements or my knowledge obtained during the course of niy audit or otherwise appears to be materially misstated.

If, based on the work I have performed, I conclude that there is a material misstatement of this other information: I am required to report that fact. I have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company's 8oard 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 generallyaccepted in India and the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies(lndian 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 t he standalone financial statements, management is responsible for assessing the Company'sability 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

My 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 my 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 i exercise professional judgment and maintain professional scepticism throughout t he audit. I also:

? Identify andassesstherisksof 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 my 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 K3(3Xi) of the Act. I am also responsible for expressing my 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 ol 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 I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the standalone financial statements or. if such disclosures are inadequate, to modify our opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Company to cease to continue asagoing 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. I consider quantitative materiality and qualitative factors in{i) planning the scope of my audit work and in evaluating the results of my work: and(ii)to evaluate the effect of any Identified misstatements in the standalone financial statements.

I 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 I identify during my audit.

I also provide those charged with governance with a statement that I 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 my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance I 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. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances. I determine that a matter should not be communicated in my 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 Centra! Government of India in terms of sub-section 11 of section 143 of the Act. I give in the Annexure - 'A. a statement on the matters specified In paragraphs 3 and 4 of the Order, to the extent applicable.

7 Asrequiredbysection143(3)o(theAct, Ireport that:

> I have sought and obtained all the Information and explanationsv/hich to the best of my knowledge and belief were nece sary for the purposeof my audit:

> In my opinion, proper books of account as required by law have been kept by the Company so far as it appears from my examination of t hose 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 my opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Companies{lndian Accounting Standards) Rules. 2015. asamended from time to time.

> On the basis of the written representations received from the directors as on March 31. 2026. taken on record by t he 8oard of Directors, none of t he directors arc disqualified as on March 31, 2026 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 my separate report in Annexure - 'B'; My 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 my opinion and to the best of my information and according to the explanations given to me. the remuneration paid by the Company to its directors for the year ended March 31. 2026 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 my opinion and to the best of my Information and according to the explanations given tome:

(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 v/hich 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 orany other sources or kind of funds) by the company to or in any other person or entity, including foreign entity(lntermediaries), with the understanding whether recorded in writing or otherwise that the intermediary shall, whether directly or indirectly lend or invest in oilier persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, secur'd y 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 <n the aggregate ) have been received by the company from any person any fund from any person(s) or entities). 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 )orprovideany guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(a) The feature of recording audit trail (edit logl facility is not available al the database level to log any direct data changes for the accounting software used for maintaining the books of accounts relating to general ledger and inventory.

(b) The feature of recording audit trail (edit log) facility provides the details of the modification done in the books of accounts at the application level.

Further, where audit trail (edit log) facility was enabled and operated throughout the year for the accounting software. I did not come across any instance of the audit trail feature being tampered with.

The daily back up of audit trail (edit log) in respect of its accounting software for maintenance of accounting records is not preserved by the Company.

Sd/-

(CA. Anushka Agrawal)

Chartered Accountant Kolkata Membership No.313960

May 14. 2026. UDIN: 26313960FPE0LP9471