We have audited the accompanying Standalone
Ind AS financial statements of DMCC Speciality
Chemicals Limited (formerly known as The
Dharamsi Morarji Chemical Company Limited)(“the
Company"), which comprise the Balance sheet as
at 31 March 2025, the Statement of Profit and Loss,
including the statement of Other Comprehensive
Income, the Cash Flow Statement and the statement
of Changes in Equity for the year then ended, and
notes to the Ind AS financial statements, including
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, as amended ("the Act") 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 of the Company as at 31
March 2025, its profit including other comprehensive

income its cash flows and the changes in equity 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 (SAs), as 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 Ind AS
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 together with the ethical
requirements that are relevant to our audit of the
financial statements under the provisions of the Act
and the Rules thereunder, 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 audit opinion on
the Standalone Ind AS financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the Standalone Ind AS financial statements for the financial year ended 31 March 2025. These matters were
addressed in the context of our audit of the Standalone Ind AS financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our
report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the
Standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the Standalone Ind AS financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying Standalone Ind AS financial statements.

We have determined that there are no other key audit matters to communicate in our report.

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
Annual Report 2024-25, 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
such other information is materially inconsistent
with the standalone Ind AS financial statements or
our knowledge obtained in the 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.

RESPONSIBILITIES OF MANAGEMENT
FOR THE STANDALONE IND AS 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
including other comprehensive income, cash flows
and changes in equity 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 read
with [the Companies (Indian Accounting Standards)
Rules, 2015, as amended. 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 the 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 also responsible for
overseeing the Company's financial reporting
process.

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE IND AS
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.

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 Ind AS 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 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 Ind AS 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 Ind AS financial
statements, including the disclosures, and
whether the Standalone Ind AS financial
statements represent the underlying transactions
and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatement 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 result of our work; and (ii) to evaluate
the effect of any identified misstatements in the
standalone 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
Ind AS financial statements for the financial year
ended 31 March 2025 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 the Companies (Auditor's
Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub¬
section (11) of section 143 of the Act, we give
in the "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

2. As required by Section 1 43(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 purpose 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, Statement of Profit
and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes
in Equity 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 Accounting Standards specified under
section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014
Companies (Indian Accounting Standards)
Rules, 2015, as amended;

(e) On the basis of written representations
received from the directors as on 31 March
2025, and taken on record by the Board of
Directors, none of the directors is disqualified

as on 31 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" to this
report;

(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, 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 standalone Ind AS financial
statements - Refer Note 32 to the
standalone Ind AS financial statements;

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses;

iii. There has been no delay in transferring
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company;

iv. (i) The Management has represented

that, to the best of its knowledge
and belief, as disclosed in Note
to the accounts, 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
person(s) or entity(ies), 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 the Ultimate Beneficiaries;

(ii) The Management has represented
that, to the best of its knowledge
and belief, as disclosed in Note to
the accounts, no funds have been
received by the company from in

any other person(s) or entity(ies),
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; and

(iii) Based on such audit procedures
performed 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) contain any
material misstatement.

v. As stated in Note 2.25 to the Standalone

Financial Statements

a) The final dividend proposed in the
previous year, declared and paid
by the Company during the year is

in accordance with Section 123 of
the Act, as applicable.

b) The amount of dividend proposed
and paid is in accordance with
section 123 of the Act.

vi. Based on our examination, which
included test checks, the Company has
used accounting software systems for
maintaining its books of account for the
financial year ended March 31, 2025
which have the feature of recording
audit trail (edit log) facility and the same
has operated throughout the year for
all relevant transactions recorded in
the software systems. Further, during
the course of our audit we did not
come across any instance of the audit
trail feature being tampered with and
the audit trail has been preserved by
the Company as per the statutory
requirements for record retention.

(h) The Company has paid/provided for
managerial remuneration in accordance
with the requisite approvals mandated
by the provision of Section 197 read with
Schedule V to the Act.

For Rahul Gautam Divan & Associates

Chartered Accountants

(Firm's Registration Number: 120294W)

Nilesh Thakker

Partner

Membership Number: 138754
UDIN: 25138754BMOAEA4817

Place: Mumbai
Date: 5 May 2025