A. We have audited the financial statements of INDIAN
TONERS AND DEVELOPERS LIMITED (“the
Company”), which comprise the Balance Sheet as
at March 31,2025, 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
financial statements including a summary of the
significant accounting policies and other explanatory
information (hereinafter referred to as “the financial
statements”).

B. 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 (“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 March 31,2025, and its Profit, other
comprehensive income, changes in equity and its
cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit in accordance with the
Standards on Auditing (SAs) 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 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.

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.
We have determined the matters described below
to be the key audit matters to be communicated in
our report.

1. Significant portion of the company’s business i.e.
both export and import, is transacted in foreign
currency and consequently the company is exposed
to foreign exchange risk. Foreign currency exchange
rate exposure due to its imports is substantially
balanced by export of goods. We assessed the
foreign exchange risk management policies adopted
by the company. The company manages risk
through formulating risk management objectives
and policies which are reviewed by the senior
management, Audit Committee and Board of
Directors. Our audit approach was a combination
of test of internal controls and substantive
procedures to evaluate chances of minimizing the
risk involved.

4. Information Other than the financial Statements
and Auditor’s Report thereon

A. The Company’s Board of Directors is responsible for
the preparation of the other information. The other
information comprises the information included in
the Management Discussion and Analysis, Board’s
Report including Annexures to Board’s Report,
Business Responsibility Report, Corporate
Governance and Shareholder’s Information, 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.

B. In connection with our audit of the financial
statements, our responsibility is to read the other
information 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. 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. Responsibilities of Management and Those
Charged with Governance for the financial
statements

A. 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, other
comprehensive income, changes in equity and cash
flows of the Company in accordance with the
accounting principles generally accepted in India
including Indian Accounting Standards (Ind AS)
specified under section 133 of company 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

B. 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.

6. Auditor’s Responsibilities for the Audit of the
financial statements

A. 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.

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 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 system in place and
the operating effectiveness of such controls.

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

vi) Materiality is the magnitude of misstatements
in the 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

C. 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.

D. 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

E. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the 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.

II. 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 in terms of Section
143(11) of the Act, we give in “Annexure A” a
statement on the matters specified in
paragraph 3 and 4 of the Order, to the extent
applicable.

2. (A) As required by Section 143(3) of the Act,

Based on our audit 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 133 of the
Act.

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 o f 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
over financial reporting.

(B) 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 Financial Statements - Refer
note no. 38 to the financial statements

ii) The Company did not have long-term
contracts including a derivative contract
which was outstanding as at 31 March
2025.

v) (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 interim dividend declared and
paid by the Company during the year
and until the date of this report is in
compliance with Section 123 of the
Act.

C) 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,:

In our opinion and to the best of our information
and according to the explanations given to us,
the remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of section 197 of the Act.

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

For B. K. Shroff & Co.

Chartered Accountants
Firm Registration No.: 302166E

Place: New Delhi
Date: 14.05.2025
UDIN: 25090378BMOZCX7520

(KAVITA NANGIA)
Partner

Membership No.: 090378