We have audited the financial statements of CAMEX LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March 2026,and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flowsfor the year then ended, and notes to the Financial Statements, including a summary of Material Accounting Policies and other ExplanatoryInformation (hereinafter referred to as the "Financial Statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give theinformation required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with theIndian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015,as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2026, and its profit, total comprehensive income, changes 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 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 Statementssection of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisionsof the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion on financial statement.
We draw your attention to Note to 35 of the financial statements where the Company had earlier disclosed that a fire occurred at company'swax plant located at Ankleshwar in July 2024, resulting in damage to certain property, plant and equipment and consequential losses.
The company has estimated loss of ^ 206.63 Lakhs was recognized based on the assessment carried out at that time. The affected assetswere insured, and an insurance claim amounting to ^ 206.63 Lakhs was duly lodged with the insurer.
During the current financial year, the company has successfully settled the insurance claim pertaining to the fire accident that occurred inthe previous year at the company's wax plant located at Ankleshwar. The company has received/recognized an amount of ^ 221.94 Lakhs.from Insurance Company and ^ 9.12 Lakhs as realized through the disposal of damaged/scrapped machinery.
The surplus of ^ 24.42 Lakhs, representing the difference between the actual settlement and the earlier estimate, has been recognizedduring the current financial year as Exceptional Item.
Our opinion is not modified in respect of this matter.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statementsof the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming ouropinion 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.
Sr.
No.
Key Audit Matters
How the Matter was addressed in our Audit
1
Revenue Recognition: -
Revenue from sale of goods is recognized when control istransferred to the customers and when there are no otherunfulfilled obligations. This requires detailed analysis of eachsale agreement/ contract /customer purchase order regardingtiming of revenue recognition.
Inappropriate assessment could lead to a risk of revenue beingrecognized on sale of goods before the control in the goods istransferred to the customer.
Subsequent adjustments are made to the transaction price dueto grade mismatch/slippage of the transferred goods.
The variation in the contract price if not settled mutuallybetween the parties to the contract is referred to third partytesting and the Company estimates the adjustments requiredfor revenue recognition pending settlement of such dispute.
Such adjustments in revenue are made on estimated basisfollowing historical trend.
Inappropriate estimation could lead to a risk of revenue beingovervalued or undervalued.
Accordingly, timing of recognition of revenue and adjustmentsfor quality variances/Rate difference etc., involving criticalestimates is a key audit matter.
Our audit procedures to assess the appropriateness of revenuerecognized included the following;
Our audit procedures, considering the significant risk ofmisstatement related to revenue recognition, included amongstother:
- Obtaining an understanding of an assessing the design,implementation and operating effectiveness of theCompany's key internal controls over the revenuerecognition process.
- Examination of significant contracts entered into close toyear end to ensure revenue recognition is made in correctperiod.
- Testing a sample of contracts from various revenue streamsby agreeing information back to contracts and proof ofdelivery as appropriate and ensure revenue recognitionpolicy is in accordance with principles of Ind AS 115.
Our testing as described above showed that revenue has beenrecorded in accordance with the terms of underlying contractsand accounting policy in this area.
2
Inventory and Valuation of Inventories and Physical Verificationof Inventories:-
The carrying value of inventory as at 31st March 2026 is '1,401.57 Lakhs. The inventory is valued at the lower of cost andnet realizable value.
We considered the value of inventory as a key audit matter giventhe relative size of its balance in the financial statements andsignificant judgment involved in the consideration of factorsin determination of selling prices such as fluctuation of rawmaterials prices in the market and in determination of netrealizable value. (Refer Note 8 No. to the Financial Statement)
Our audit procedures included the following;
- We understood and tested the design and operatingeffectiveness of controls as established by the managementin determination of net realizable value of inventory.
- Assessing the appropriateness of Company's accountingpolicy for valuation of stock-in-trade and compliance ofthe policy with the requirements of the prevailing Indianaccounting standards.
- We considered various factors including the actual sellingprice prevailing around and subsequent to the year-end.
- Compared the cost of the finished goods with theestimated net realizable value and checked if the finishedgoods were recorded at net realizable value where the costwas higher than the net realizable value.
Based on the above procedures performed, the management'sdetermination of the net realizable value of the inventory as atthe year end and comparison with cost for valuation of inventoryis considered to be reasonable.
It is not possible for us to physically verify the Inventoriesof Raw Materials, Inventory finished Goods , Stock In Tradeand Packing Materials at the year end. As per the informationgiven to us by the management, that the management of thecompany physically verify the inventories at regular intervals.We have relied on such verification and valuation done by themanagement of the company.
3
Carrying Value of Trade Receivables and Advances:-
The collectability of the company's Trade Receivables andAdvances (Including Trade Advances), the valuation of allowancefor impairment of trade receivables and provision for bad anddoubtful debt require significant management judgment. As perthe current assessment of the situation based on the Internaland external information available up to the date of approval ofthese financial results by the Board of Directors, the Companybelieves that there is no indication of any material impact onthe carrying value.
Management uses this information to determine whether aprovision for impairment or for bad debt is required eitherfor a specific transaction or for a customer's balance overall.Accordingly, it has been determined as a key audit matter.
- We assessed a sample of trade receivables and advances.
- We assessed the ageing of trade receivables and advances,the customer's historical payment patterns and whetherany post year-end payments have been received up to thedate of completing our audit procedures.
- We also discussed with the management regarding anydisputes between the parties involved, attempts bymanagement to recover the amounts outstanding and onthe credit status of significant counterparties whereveravailable.
In assessing the appropriateness of the overall provision forimpairment, we considered the management's application ofpolicy for recognizing provisions.
We assessed the Company's provisioning policy and comparingthe Company's provisioning against historical collection data.
Based on our procedures, we also considered the adequacy ofdisclosures in respect of trade receivables and advances in thefinancial statements.
4
Assessment of litigations and related disclosure of contingentliabilities: -
(Refer to Note 3.11, significant accounting policies to thefinancial statements)
The provisions and contingent liabilities relate to ongoinglitigations and claims with various authorities. These relateto direct tax, various indirect taxes, claims and general legalproceedings arising in the regular course of business.
The assessment of a provision or contingent liability requiressignificant judgement by the company because of the inherentcomplexity in estimating future costs.
The amount recognized as a provision is the best estimate madeby the management. The provisions and contingent liabilitiesare subject to changes in the outcomes of litigations and claimsand the positions taken by the company. It involves significantjudgement and estimation to determine the likelihood andtiming of the cash outflows and interpretations of the legalaspects, tax legislations and judgments previously made byauthorities.
(Refer Note - 36 to the Financial Statements - "ContingentLiabilities & Commitments")
- Understanding the process followed by the company/management for assessment and determination of theamount for provisions and contingent liabilities relating totaxation, litigations and claims.
- We understood, assessed and tested the design andoperating effectiveness of key controls surroundingassessment of litigations relating to the relevant laws andregulations;
- We discussed with management and those charged withthe governance, the recent developments and the statusof the material litigations which were reviewed and noted;
- We performed our assessment on a test basis on theunderlying calculations supporting the contingentliabilities/other significant litigations disclosed in theStandalone Financial Statements;
- We evaluated management's assessment around thosematters that are not disclosed or not considered ascontingent liability, as the probability of material outflowis considered to be remote by the management; and
- We assessed the adequacy of the Company's disclosures.
Based on the above work performed, the assessment in respect
of litigations and related disclosures relating to contingent
liabilities/other significant litigations in the Standalone Financial
Statements is considered to be reasonable.
The company's Board of Directors are responsible for the preparation and presentation of the other information. The other informationcomprises the information included in the Management Discussion and Analysis, Board's Report including the Annexure to the board'sReport, Share Holder's Information etc., but does not include the financial statement and 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 conclusionthereon.
In connection with our audit of the financial statements, our responsibility is to read other information and, in doing so, consider whetherthe other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit orotherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is material misstatement of this information; we are required to reportthat fact. We have nothing to report in this regard.
The Company's Management and Board of Directors of the Company are responsible for the matters stated in section 134(5) of the Act withrespect to the preparation and presentation of these financial statement that gives a true and fair view of the financial position, financialperformance, including other comprehensive income, changes in equity, and cash flows of the company in accordance with the Ind AS andother accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the act for safeguardingof the assets of the company and for preventing and detecting fraud and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance ofadequate 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 statement that give a true and fair view and are free from material misstatement,whether due to fraud or error.
The Board of Directors are also responsible for overseeing the financial reporting process of the Company.
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, butis not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatementscan arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influencethe economic decisions of users taken on the basis of these financial statements.
As a part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.We also:
(a) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and performaudit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate inthe circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operating effectiveness of such controls.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosuresmade by management.
(d) Conclude the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidenceobtained, whether a material uncertainty exists 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 ourauditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions maycause the company to cease to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether thefinancial statements represent the transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materialityand 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 ofany identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit andsignificant 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 regardingindependence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on ourindependence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in theaudit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor'sreport unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determinethat a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.
1. 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 necessaryfor 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 ourexamination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss (Including Other Comprehensive Income), Statement of Change in Equity andthe Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
(e) On the basis of the written representations received from the directors as on 31st March, 2026 taken on record by the Boardof Directors, none of the directors is disqualified as on 31st March, 2026 from being appointed as a director in terms of Section164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls, refer to our separate Report in "Annexure - A". Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the company's internal financial controls over financial reporting.
(g) According to Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the company is maintaining books of accounts usingaccounting software which has a feature of recording audit trail (edit log) facility of each and every transaction, creating an editlog of each change made in books of account along with the date when such changes were made and ensuring that the audit trailis properly enabled.
Further, where audit trail (edit log) facility was enabled and operated throughout the year for the accounting software, we didnot come across any instance of the audit trail feature being tampered with. Additionally the audit trail has been preserved bythe Company as per the statutory requirements for record retention.
(h) 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:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section 197 of the Act.
(i) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) 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 as at March 31, 2026 on its financial position in its FinancialStatements - Refer Additional 36 to the Financial Statements.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any materialforeseeable losses.
(Ill) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by thecompany.
(Iv) (a) The Management has represented that, to the best of their knowledge and belief, no funds (which are material eitherIndividually or In the aggregate) have been advanced or loaned or Invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or In any other person or entity, Including foreignentity ("Intermediaries"), with the understanding, whether recorded In writing or otherwise, that the Intermediaryshall, whether, directly or Indirectly lend or Invest In other persons or entities Identified In any manner whatsoever byor on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of theUltimate Beneficiaries;
(b) The Management has represented, that, to the best of their knowledge and belief, no funds (which are material eitherIndividually or In the aggregate) have been received by the Company from any person or entity, Including foreignentity ("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 onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of theUltimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate In the circumstances, nothinghas come to our notice that has caused us to believe that the representations under sub-clause (I) and (II) of Rule11(e), as provided under (a) and (b) above, contain any material misstatement.
(v) The company has not declared or paid dividend during the year, hence compliance with section 123 of the Companies Act,2013 Is not applicable.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), Issued by the Central Government of India In terms ofsub-section (11) of section 143 of the Companies Act, 2013, we give In the "Annexure - B", a statement on the matters specified Inparagraphs 3 and 4 of the Order, to the extent applicable.
Chartered AccountantsFirm Reg. No. 112171W
Partner
Place : Ahmedabad Membership No. - 041841
Date : May 12, 2026 UDIN - 26041841CSBFXU6610