A. We have audited the accompanying Financial Statements of
Poddar Pigments Limited (“the Company”), which comprise
the Balance Sheet as at March 31, 2026, 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 ended on that date, and a summary of the
material accounting policies and other explanatory
information (hereinafter referred to as “the Financial
Statements”).
B. 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 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 of the
Company as at March 31, 2026, its profit and total
comprehensive income, changes in equity and its 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 specified under section 143(10) of
the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor's Responsibilities 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(ICAI) together
with the independent requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the
Rules made 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
audit opinion on the Financial Statements.
3. Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the Financial
Statements of the current period. These matters were addressed in
the context of our audit of the 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
matter which is required to be described as key audit matter to be
communicated in our report
4. Information Other than the Financial Statements and
Auditor's Report Thereon
A. 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 Financial Statements
and our auditor's report thereon. Our opinion on the Ind AS
Financial Statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
B. In connection with our audit of the financial statements, our
responsibility is to read the other information 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 no
material misstatement of this other information, we are
required to report that fact. We have nothing to report in this
regard.
5. Management's Responsibility for the Financial Statements
A. 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 Financial Statements that give a true
and fair view of the financial position, financial
performance, total comprehensive income, changes in equity
and cash flows of the Company in accordance with the Ind
AS 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; 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 statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.
B. In preparing the 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.
The Board of Directors are responsible for overseeing the
Company's with reference to financial statements process.
6. Auditor's Responsibilities for the Audit of the Financial
Statements
A. 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.
B. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
i) 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.
ii) Obtain an understanding of internal financial controls
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.
iii) Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by management.
iv) 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.
v) Evaluate the overall presentation, structure and content of the
Financial Statements, including the disclosures, and whether
the Ind AS Financial Statements represent the underlying
transactions and events in a manner that achieves fair
presentation.
C. Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the 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
Financial Statements.
D. 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.
E. 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.
F. 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.
II. Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit 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 including
Other Comprehensive Income, Statement of Changes in
Equity and the Statement of Cash Flow dealt with by this
Report are in agreement with the relevant books of account.
D. In our opinion, the aforesaid financial statements comply
with the Ind AS specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules,2015, as
amended.
E. On the basis of the written representations received from the
directors as on March 31, 2026 taken on record by the Board
of Directors, none of the directors is disqualified as on March
31, 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 over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate
Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over financial reporting.
G. 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 year is in
accordance with the provisions of section 197 ofthe Act.
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, 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 Financial Statements.
ii) The Company has made provision, as required under the
applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including
derivative contracts.
iii) There has been no delay in transferring amounts, 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 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 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 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 from or on behalf of
the Ultimate Beneficiaries.
(c) Based on such audit procedures as 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 (iv) (a) and (iv) (b) contain any material mis¬
statement.
v) The dividend declared or paid during the year by the company is in
compliance with section 123 ofthe Act.
vi) Based on our examination which included test checks, the
Company has used accounting software for maintaining its books
of account for the financial year ended March 31,2026 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. Further, during our audit we did not come across
any instance of audit trail feature being tampered with and the
audit trail has been preserved by the Company as per the statutory
requirements for record retention.
2. As required by the Companies (Auditor's Report) Order, 2020
(“the Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure B” a statement
on the matters specified in paragraphs 3 and 4 of the Order.
For K.N. Gutgutia & Co.,
Chartered Accountants
FRN 304153E
(B.R. Goyal)
Partner
M. No. 12172
UDIN: 26012172DFCRSX2536
Place : Chennai
Date : 15th May, 2026
|