We have audited the accompanying Ind AS financial statements of ORIENTAL TRIMEXLIMITED ('the company’), which comprise the Balance Sheet as at March 31, 2025, theStatement of Profit and Loss including the statement of other comprehensive income, theCash flow statement and the Statement of change in Equity for the year then ended, and asummary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given tous, the aforesaid Ind AS financial statements give the information required by the CompaniesAct, 2013 (the ‘Act’) in the manner so required and give a true and fair view in conformity withthe accounting principles generally accepted in India, of the state of affairs of the Companyas at 31st March, 2025 and its profit /(loss) (including Other Comprehensive Income), itschanges in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified undersection 143(10) of the Act. Our responsibilities under those Standards are further describedin 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 theInstitute of Chartered Accountants of India together with the ethical requirements that arerelevant to our audit of the Ind AS financial statements under the provisions of the Act andthe Rules thereunder, and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained 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 mostsignificance in our audit of the standalone financial statements of the current year. Thesematters were addressed in the context of our audit of the Ind AS financial statements as awhole, and in forming our opinion thereon, and we do not provide a separate opinion onthese matters. We have determined the matters described below to be the key audit mattersto be communicated in our report.
How the matter was addressed in the audit
Useful lives of Property, Plant & Equipment
(Refer to Notes 3 to the financial statements)
The property, plant and equipment are depreciated on a pro-rate basis on written downvalue basis, over the useful life of the assets, as estimated by the management. Theseestimations are based on changes in the expected level of usage, technologicaldevelopments, level of wear and tear, which involve high degree of the estimation andjudgement and could affect the reported residual value and depreciation of the assets. Asthe value of Property, Plant and Equipment is Rs. 1399.70 lakh which constitutes thesignificant part of the total assets of the Company, therefore any change in depreciationpolicy of the asset and making provision for impairment loss could have a substantialimpact on the profit/loss in future years and on the accuracy of the financial statements.Valuation of Trade ReceivableWe refer to Note 7 of the financial statements.
The management of the company assesses the expected credit loss related to tradereceivables at regular intervals and at the end of each financial year.
The carrying amount of trade receivables of the company is Rs, 3583.58 lakh as at March31, 2025. We concentrated on this area because of its magnitude and the degree ofjudgments required to estimate the expected credit loss and determining the carrying amountof trade receivables as at the closing date of the financial statements.
Valuation of Inventories
We refer to Note 6 to the financial statements.
Inventory alone constitute the major portion of the current assets of the company as aresult of that we were more focused on the method of valuation and carrying value of theinventory. As at March 31, 2025, the total carrying amount of inventories is Rs. 2304.36lakh. The assessment of impairment of inventories involves significant degree of uncertainty,assumptions and application of judgment.
The management of the company reviews the inventory on regular intervals for: -
a) Obsolescence of the inventory
b) Permanent decline in net realizable value of the inventory below the cost.
c) Ageing of inventory
d) Turnover rate
Inventory records are kept updated and allowances are recorded in the books for inventorywhenever required
We were explained that the depreciation policy of the company is consistent. If there isany addition to the asset or asset is sold, discarded, demolished or destroyed then thecalculation is made according to the date of such event. In other words, if any asset ispurchased or sold then the calculation is made according to the date of purchase or sold.We were further explained that the: -
a) Useful life of the asset
b) Rate of depreciation and
c) Residual value of the asset is taken for the purpose of depreciation in accordancewith the exactly specified in the Schedule-II of the companies Act, 2013.
Our Results:
We have not identified any situation which may lead to material adjustments to the carryingvalue of The Property, Plant and Equipment.
We obtained the Company’s credit policy for trade receivables. We have examined andverified: -
a) The ageing of trade receivables.
b) Management’s assessment on the credit worthiness of selected customers for tradereceivables.
c) Adequacy of the provision created by the company for credit losses.
d) Supporting documents provided by management in relation to assessment.
Our Results: Based on our audit procedures performed, we found management’sassessment of the recoverability of trade receivables to be sufficient.
We have examined: -
a) Ageing of inventory
b) History of inventory written off
c) Inventory obsolescence incidences
d) Reversal of inventory written offOur Results:
We had a detailed discussion with the key managerial personnel of the company and tooktheir views on inventory valuation considering the current economic environment. In ouropinion, methods adopted by the management were adequate. We have formed our opinionbased on facts and available evidence.
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) ofthe Act with respect to the preparation of these Ind AS financial statements that give a trueand fair view of the financial position, financial performance including other comprehensiveincome, changes in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India, including the Indian Accounting Standards (“Ind AS”)notified under Section 133 of the Act read with the Companies (Indian Accounting Standards)Rules, 2015, as amended from time to time.
This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign, implementation and maintenance of adequate internal financial controls, that wereoperating effectively for ensuring the accuracy and completeness of the accounting records,relevant to the preparation and presentation of the Ind AS financial statements that give atrue and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, the Board of Directors is responsible for assessingthe Company’s ability to continue as a going concern, disclosing, as applicable, matters relatedto 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 alternativebut to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reportingprocess.
Auditor's Responsibilities for the audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements 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 highlevel of assurance, but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraud orerror and are considered material if, individually or in the aggregate, they could reasonablybe expected to influence the economic decisions of users taken on the basis of theseStandalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone financialstatements, whether due to fraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidence that is sufficient and appropriateto 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 involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol.
• Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) ofthe Companies Act, 2013, we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company’sability 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 inthe Standalone financial statements or, if such disclosures are inadequate, to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the dateof our auditor’s report. However, future events or conditions may cause the Companyto cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone financialstatements, including the disclosures, and whether the Standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including any significantdeficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence, and to communicate with them allrelationships and other matters that may reasonably be thought to bear on our independence,and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), as amended,issued by the Central Government of India in terms of sub-section (11) of section 143of the Act, we give in the “Annexure A” a statement on the matters specified inparagraphs 3 and 4 of the Order.
2. Further to our comments in Annexure A, as required by section 143 (3) of the Act, wereport that:
a. we have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;
c. the Balance Sheet and the Statement of Profit and Loss including othercomprehensive income, the Cash Flow statement and the statement of changesin equity dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid Ind AS financial statements comply with theAccounting Standards specified under section 133 of the Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014, Companies (Indian AccountingStandards) Rules, 2015, as amended from time to time;
e. On the basis of written representations received from the directors as on March31, 2025 taken on record by the Board of Directors, none of the directors isdisqualified as on March 31, 2025 from being appointed as a director in terms ofSection 164 (2) of the Act.
f. With respect to adequacy of the internal financial control over the financialreporting of the company and the operating effectiveness of such controls, referto our separate report in “Annexure B”
g. The provision of section 197 read with Schedule V to the Act, regarding managerialremuneration have been complied by the company; and
h. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, inour opinion and to the best of our information and according to the explanationsgiven to us:
i. The Company does not have any pending litigations which would impactits financial position;
ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.
i. Based on our examination, which include test checks, the Company has notused accounting software for maintaining its books of account for the financialyear ended March 31,2025 which has a feature of recording audit trail (edit log)facility
Chartered AccountantsFRN: 000808N
B.S. Choudhary, F.C.A(Partner)
Place: New Delhi M. No. : 406200
Date: 23.05.2025 UDIN: 25406200BMOYWF2008