We have audited the financial statements of DELTA INDUSTRIAL RESOURCES LIMITED (“the
Company”), which comprise the balance sheet as at March 31,2024, and 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 notes to the financial statements, including a summary of significant accounting
policies and other explanatory information (Collectively referred to as ‘standalone financial statements’).
in our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 in the manner
so required and give a true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs (financial position) of the Company as at March 31,2024, and its profit (financial
performance including other comprehensive income), changes in equity and its cash flows for the year
ended on that date:-
a. In the case of the balance sheet, of the state of affairs of the company as at 31st March 2024,
b. In the case of the statement of profit and loss, of the profit (financial performance including other
comprehensive income), changes in equity; and
c. In the case of the cash flow statement, of the cash flow statement for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. 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 am
independent of the Company in accordance with the Code of ethics issued by the Institute of Chartered
Accountants of India 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 Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
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; we have determined that
there are no key audit matters to communicate in our report.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises
the information included in the annual report, 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 conclusion thereon.
Responsibility of Management for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (“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),
changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the. Indian Accounting Standards (‘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 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 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, the 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 the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
Boards of Directors are also responsible for overseeing the company’s financial reporting process.
Auditor’s Responsibilities 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 Standards on Auditing (‘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 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} 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 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Government
of India - Ministry of Corporate Affairs in terms of sub-section (11) of section 143 of the Act, we
enclose in the”Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the said
Order, to the extent applicable.
2. 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 (including other comprehensive income), the
Statement of Changes In Equity and the Cash Flow Statement dealt with by this Report are in agreement
with the books of accounts;
d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standard),
Rules 2015 as amended.
e. On the basis of the written representations received from the directors as on 31 March 2024, taken
on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024, 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”.
g. With respect to the matter to be included in the Auditor’s Report under section 197(16), In our opinion
and according to the information and explanations given to us and after relying on the certificate of
company secretary, the remuneration paid by the Company to its directors during the current year is
in accordance with the provisions of section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has
not prescribed other details under section 197(16) which are required to be commented upon by us.
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, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company does not have any pending litigations which would impact its financial position.
i i. The Company did not have any long term contract including derivative contract ; as such the
question of commenting on any material foreseeable losses thereon does not arise;
iii. There has not been any occasion in case of the Company during the year under report to transfer
any sums to the investor education and protection fund. The question of delay in transferring
such sums does not arise.
iv. (a) The Management 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 or any other sources or kind
of funds) by the Company to or in any other person or entity, including foreign entity
(“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 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 in the aggregate) have been received by the Company from
any person or entity, including foreign entity (“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 the audit procedures 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 sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement
For M/s. Bhatter and Associates
Chartered Accountants
Firm Reg. No.131411W
Sd/-
Rohit Kumar Tawari
(Partner)
Place: Mumbai Membership No. 197557
Date: 30th May 2024 UDIN: 24197557BKAERL2428
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