We have audited the accompanying standalone
financial statements of Chemfab Alkalis Limited

(the "Company"), which comprise the Balance Sheet
as at 31 March 2025, and the Statement of Profit and
Loss (including Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes
in Equity for the year ended on that date, and notes
to the financial statements, including a summary of
material 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 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 Indian
Accounting Standards prescribed under Section 133
of the Act, ("Ind AS")and other accounting principles
generally accepted in India, of the state of affairs
of the Company as at 31 March 2025, and its profit,

total 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 financial
statements in accordance with the Standards on
Auditing ("SA"s) specified under Section 143(10) of
the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibility
for the Audit of the Standalone 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 standalone
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 ICAI's Code of Ethics.
We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

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
Management Discussion and analysis, Board's
report including annexures to the Board's report
and Corporate Governance, but does not
include the consolidated financial statements,
standalone financial statements and our auditor's
report thereon. The Management Discussion and
analysis, Board's report including annexures to
the Board's report and Corporate Governance
is expected to be made available to us after the
date of this auditor's report.

• Our opinion on the standalone financial
statements does not cover the other information
and will not express any form of assurance
conclusion thereon.

• In connection with our audit of the standalone
financial statements, our responsibility is to read
the other information identified above when it
becomes available and, in doing so, consider
whether the other information is materially
inconsistent with the standalone financial
statements or our knowledge obtained during
the course of our audit or otherwise appears to
be materially misstated.

• When we read the Management Discussion and
analysis, Board's report including annexures to the
Board's report and Corporate Governance, if we
conclude that there is a material misstatement
therein, we are required to communicate the
matter to those charged with governance as
required under SA 720 'The Auditor's responsibilities
Relating to Other Information'.

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS FOR THE STANDALONE
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
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 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 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 standalone financial statements,
management and Board of Directors are 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 intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Company's Board of Directors is also responsible
for overseeing the Company's financial reporting
process.

AUDITOR'S RESPONSIBILITY FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Our objectives are to obtain reasonable assurance
about whether the standalone 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 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 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 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 with reference to standalone
financial statements 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 the 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 standalone 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 financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

Materiality is the magnitude of misstatements 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 results 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 financial controls 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
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.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. 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, except for not
keeping backup on a daily basis of such
books of account maintained in electronic
mode in a server physically located in India
as referred in 51 (xiii) to the standalone
financial statements and not complying with
the requirement of audit trail as stated in (i)
(vi) below.

c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, the Cash Flow Statement and
Statement of Changes in Equity dealt with by
this Report are in agreement with books of
account.

d) In our opinion, the aforesaid standalone
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 31
March 2025 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) The modification relating to the maintenance
of accounts and other matters connected
therewith, are as stated in paragraph (b)
above.

g) With respect to the adequacy of the
internal financial controls with reference
to standalone financial statements of the
Company and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure A". Our report expresses an
unmodified opinion on the adequacy and
operating effectiveness of the Company's
internal financial controls with reference to
standalone financial statements.

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 the Company 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 and Auditors) Rules, 2014, as
amended 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 financial
statements - Refer note 38 to the
standalone 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 a delay in transfer of
amounts required to be transferred to
the Investor Education and Protection
Fund by the Company, of ' 2.99 Lakh,
which has not yet been transferred
to the said Fund - Refer note 26 to the
standalone financial statements.

iv. (a) The Management has represented

that, to the best of its knowledge
and belief, other than as disclosed
in the note 51 (viii) to the financial
statements, 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, 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, other than as disclosed
in the note 51 (ix) to the financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), including

foreign entities ("Funding Parties"),
with the understanding, whether
recorded in writing or otherwise,
that the Company shall, 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
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), as provided
under (a) and (b) above, contain
any material misstatement.

v. 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.

As stated in note 50 to the standalone
financial statements, the Board of
Directors of the Company has proposed
final dividend for the year which is subject
to the approval of the members at the
ensuing Annual General Meeting. Such
dividend proposed is in accordance
with Section 123 of the Act, as applicable.

vi. Based on our examination, which
included test checks, the Company
has used accounting software for
maintaining its books of account for the
year ended 31 March 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
except that:

• in respect of a software operated
by a third-party software service
provider, for maintaining payroll
records, in the absence of an
independent auditor's System
and Organization Controls report
covering the audit trail requirement
for the period from 1 April 2024 till
31 March 2025, we are unable to
comment whether the audit trail
feature of the said software was
enabled and operated during this
period, for all relevant transactions
recorded in the software and
whether there was any instance

of the audit trail feature been
tampered with.

• in respect of a software managed
by a third-party software service
provider, for maintaining financial
records, in the absence of an
independent auditor's System
and Organization Controls report
covering the audit trail requirement
for the period from 1 January 2025
till 31 March 2025, we are unable to
comment whether the audit trail
feature of the said software was
enabled and operated during this
period, for all relevant transactions
recorded in the software and
whether there was any instance
of the audit trail feature been
tampered with.

Further, during the course of our
audit, we did not come across any
instance of the audit trail feature
being tampered with, in respect
of said accounting software for
the period for which the audit trail
feature was enabled and operating.

Additionally, the audit trail that was
enabled and operated for the year
ended 31 March 2024, has been
preserved by the Company as
per the statutory requirements for
record retention, as stated in note
51 (xiii) to the financial statements.

2. 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 B" a statement
on the matters specified in paragraphs 3 and 4
of the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants
(Firm's Registration No. 117366W/W-100018)

P Usha Parvathy

Partner

Place: Chennai Membership No. 207704

Date: 14 May 2025 UDIN: 25207704BMOCZU6868