We have audited the accompanying financial statements of STANDARD SURFACTANTS LIMITED ("the
Company"), which comprise the Balance Sheet as at March 3 I, 2025, the Statement of Profit and
Loss (including Other Comprehensive lncome), the Statement of Changes in Equity and the Statement
of Cash flows for the year ended on that date, and a summary of the significant accounting policies
and other explanatory information including notes to financial statement (hereinafter referred to as
"the financial statements").
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, as
amended (''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, thereof(" Ind AS" ) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2025, and its profit
(including comprehensive income), changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
(SA's) 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 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 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.
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 Management Discussion and Analysis, Report on Corporate
Governance and Director's Report including Annexures to Director's Report, Business Responsibility
and Sustainability Report and Shareholder's information, but does not include the Financial
Statements and our auditor's report thereon. The aforesaid report is expected to be made available
to us after the date of this auditor's report.
Our opinion on the Financial Statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
ln 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.
When we read the company's annual report and if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance and shall take
appropriate actions, if required.
Responsibilities of Management and Those Charged with Governance for the 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 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, the Indian Accounting standard (Ind AS) 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 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.
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 financial reporting process.
Auditor's Responsibility 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.
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 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(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company has an adequate internal financial controls
system with reference to the Standalone Financial statement 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 and the Board of Directors.
• 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 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.
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 Section I 97(16) of the Act, 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 (''the Order"), issued by the Central
Government of India in terms of section 143(11) of the Act, we give in the Annexure - 'A' a
statement on the matters specified in paragraphs 3 and 4 of the Order;
3. As required by Sectionl43(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 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 I 33 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014 as
amended.
e) 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 is disqualified as on March
31. 2025 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 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
financial statements.
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. The Company has disclosed the impact of pending litigations as at March 31,2025 on its
financial position in its financial statements. Refer note 37 to the financial statement
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses as at March 31, 2025.
iii. There has been no amount during the year, which is required to be transferred to the Investor
Education and Protection Fund by the Company.
iv) (a) The Management has represented to us 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, 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 on behalf
of Ultimate Beneficiaries;
(b) The Management has represented to us that, to the best of its knowledge and belief, no
funds ( which are material either individually or in aggregate) have been received by the
company from any person(s) or 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 Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
c) Based on our audit procedure conducted that are considered reasonable and appropriate
in the circumstances, nothing has come to our attention that cause us to believe that the
representation under sub- clause (i) and (ii) of Rule 11 (e) as provided under paragraph (3) (g)
(iv) (a) & (b) above, contain any material misstatement.
4. The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.
5. Based on our examination which includes test checks, the company has used accounting software
for maintaining its books of account, which have a feature of recording audit trail (edit log) facility
and the same has operated through the period for all relevant transactions recorded in the
respective software Further, during the course of audit, we did not come across any instances of
the audit trail features being tampered with.
Additionally, the audit trail of relevant previous year has been preserved by the Company as per the
statutory requirement for record retention, to the extent it was enabled and recorded in the previous
year
FOR MITTAL GUPTA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 01847C
FIZA GUPTA
Partner
Membership No. 424196
Place: Kanpur
Date: 27.05.2025
UDIN: 25429196BMIWNB1732
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