We have audited the IND AS financial statements (also known as Standalone IND AS Financial Statements) of
ADARSH PLANT PROTECT LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March
2025. the Statement of Profit and Loss (including other Comprehensive Income). Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and 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
standalone IND AS 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 (Ind AS)
prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, and
amended and other accounting principles generally accepted in India, of the state of affairs (financial position) of
the Company as at 31 st March, 2025, and its profit(financial performance including other comprehensive
income). the changes in equity and its cash flows for the year ended on that date.
. BASIS FOR OPINION
We conducted our audit of the standalone IND AS financial statements in accordance with the Standards on
Auditing 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 of India (ICAI) together with the independence 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 IND AS 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.
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Sr. No.
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Key Audit Matters
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Our Response
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Accuracy of recognition, measurement,
presentation and disclosures of revenues and
other related balances in view of adoption of Ind
AS 115 "Revenue from Contracts with
Customers" (new revenue accounting standard).
The application of the new revenue accounting
standard involves certain key judgments relating
to identification of distinct performance
obligations, determination of transaction price of
the identified performance obligations, effect of
variable considerations and the appropriateness
of the basis used to recognise revenue at a point
in time or over a period of time
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Principal Audit Procedures
We assessed the Company's process to identify
the impact of adoption of the new revenue
accounting standard. Our audit approach
consisted testing of the design and operating
effectiveness of the internal controls and
substantive testing as follows:
i. Evaluated the design of internal controls
relating to implementation of the new
revenue accounting standard.
ii. Selected a sample of continuing and new
contracts, and tested the operating
effectiveness of the internal control, relating
to identification of the distinct performance
obligations and determination of transaction
price. We carried out a combination of
procedures involving enquiry and
observation, re-performance and inspection
of evidence in respect of operation of these
controls.
iii. Tested the relevant information technology
systems' access and change management
controls relating to contracts and related
information used in recording and disclosing
revenue in accordance with the new revenue
accounting standard.
Our procedures did not identify any material
exceptions.
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Defined benefit obligation
The valuation of the retirement benefit schemes in
the Company is determined with reference to
various actuarial assumptions including discount
rate, future salary increases, rate of inflation,
mortality rates and attrition rates. Due to the size
of these schemes, small changes in these
assumptions can have a material impact on the
estimated defined benefit obligation
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We have examined the key controls over the process
involving member data, formulation of assumptions
and the financial reporting process in arriving at the
provision for retirement benefits. We tested the
controls for determining the actuarial assumptions
and the approval of those assumptions by senior
management. We found these key controls were
designed, implemented and operated effectively,
and therefore determined that we could place
reliance on these key controls for the purposes of our
audit.
We tested the employee data used in calculating the
obligation and where material,. From the evidence
obtained, we found the data and assumptions used
by management In the actuarial valuations for
retirement benefit obligations to be appropriate
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4. Information Other than the Standalone IND AS 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 Board's Report including Annexures to Board's Report.
Management Discussion and Analysis, Report on Corporate Governance, but does not include the Standalone
IND AS financial statements and our auditor’s report thereon.
Our opinion on the Standalone IND AS 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 IND AS financial statements, our responsibility is to read the other
information and. in doing so, consider whether the other information is materially inconsistent with the Standalone
IND AS 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's Responsibility 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 IND AS financial statements that give a true and fair view of the financial
position, financial performance, 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 of 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 Standalone IND AS 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 IND AS 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.
6. Auditor's Responsibility for the audit of the Standalone financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone IND AS 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 IND AS 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 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.
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 with reference to
financial statements in place and the operating effectiveness of such controls
ii) 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
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
v) 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
C. 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.
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 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
A further description of our responsibilities for the audit of the financial statements is included in appendix A of this
auditor’s report
7. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
7.1 As required by the Companies (Auditor’s Report) Order. 2016("the Order") issued by the Central
Government in terms of Section 143 (11) of the Act, we give in "Annexure A" - a statement on the matters
specified in paragraphs 3 and 4 of the Order.
7.2 As required by Section 143 (3) of the Act, we report that:
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 Cash Flow Statement dealt with by this Report are in
agreement with the books of account.
d) In our opinion, the aforesaid standalone IND AS financial statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act. read with Rule 7 of the Companies (Accounts)
Rules.2014
e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on 31l' March. 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 over Financial reporting 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 the
requirements of Section 197 (16) of the Act. as amended. Remuneration is not paid by the company to
its directors.
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 no pending litigations having impact on its financial position in its Standalone
IND AS financial statements;
ii. The Company has no long-term contracts including derivative contracts requiring any
provision for any foreseeable losses:
iii. The company is not required to transfer any amount to Investors' Education and
Protection Fund.
For RAJANI SHAH & CO
Chartered Accountants
(Firm Regn. No. 0121126W)
(CA BRIJESH R. SHAH)
Proprietor
Mem. No.: 109264
Anand,
Date: 30/05/2025
UDIN: 25109264BMHZAG7429
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