Lead Reclaim and Rubber Products Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

1 We have audited the accompanying standalone financial statements of LEAD
RECLAIM AND RUBBER PRODUCTS LIMITED (“the Company”), which comprise the
standalone Balance Sheet as at 31^st March 2025, and the standalone
Statement of Profit and Loss, and standalone Statement of Cash flows for the
year then ended on that, and notes to the standalone financial statements,
including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as the “standalone financial statements")

2 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 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 profit,
and its cash flows for the year ended on that date.

Basis for Opinion

3 We conducted our audit of the standalone financial statement 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 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 Companies Act, 2013 and the Rules 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 we have
obtained is sufficient and appropriate to provide a basis for our opinion on
standalone financial statement.

Emphasis of Matter

4 We draw attention to Note No. 18.1 of the standalone financial statement, which
describes the effect on other revenue from operation. Our opinion is not
modified in respect of this matter.

Key Audit Matters

5 Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the standalone financial statements of the
current period. These matters were addressed in the context of our audit of the
standalone 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 that there are no key audit matters to communicate in our report.

Other Information

6 The Company''s Management and Board of Directors are responsible for the
other information. The other information comprises the information included in
the Annual Report, but does not include the financial statements and our
auditor''s report thereon.

Our opinion on the standalone 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 financial statements, our
responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the standalone 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 the management and those charged with governance for

Standalone Financial Statements

7 The Company’s Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 (“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, and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the accounting Standards 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 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 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 financial statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

8 In preparing the standalone 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.
Those Board of Directors are also responsible for overseeing the company’s
financial reporting process.

Auditor''s Responsibilities for the Audit of the standalone Financial Statements

9 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.

10 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 control relevant to the audit
in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3) (i) of the Companies Act, 2013, we
are also responsible for expressing our opinion on whether the Company
has adequate Internal Financial Controls with reference to 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 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

11 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.

12 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.

13 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

14 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, to the extent applicable.

15 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 necessary for fhe
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 the matters stated in paragraph 15(g)(vii) below on
reporting under Rule 11 (g) of the Companies (Audit and Auditors)
Rules,2014 (as amended).

c) The Standalone Balance Sheet, the Standalone Statement of Profit and
Loss, and the standalone Cash Flow Statement dealt with by this Report
are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with
the Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as
on 31^st March, 2025 taken on record by the Board of Directors, none of
the directors is disqualified as on 31^stMarch, 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 statement 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
over financial reporting.

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 does not have any pending litigations which would
impact its financial position.

ii) The Company was not required to recognize a provision as at March
31,2025 under the applicable law or accounting standard, as it does
not have any material foreseeable losses on long term contract. The
Company did not have any derivative contracts as at March 31,
2025.

iii) There has not been any occasion in case of the company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sum does
not arise.

iv) a) The Management has represented that, to the best of its

knowledge and belief, no funds (which are material either
individually or in the aggregate) 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 or entity, including foreign entity
(“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;

b) The Management has represented, that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity
(“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;

c) Based on the audit procedures 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 (a) and (b), contain any
material misstatement.

v) The Company has not proposed or paid any dividend during the
previous year.

vi) The Board of Directors of the Company has not proposed any
dividend for the year.

vii) The Company has used an accounting software for maintaining its
books of accounts. Based on our examination and explanations
given to us, we are unable to comment whether audit trail (edit log)
feature of the said software (both at an application and database
level) was enabled and operated throughout the year for all

relevant transactions recorded in the software or whether there
were any instances of the audit trail feature been tampered with.
However, it is explained to us that company is in process of enabling
edit log feature in accounting software. This has not resulted in a
modification of our opinion.

Additionally, as company is not maintaining audit trails (edit log,
hence we are unable comment on preservation of records of audit
trail.

16 In our opinion and to the best of our information and explanations given to us
The Company has not paid excessive Managerial Remuneration to Managing
Director and Whole-time Director which is in excess of limit prescribed under the
provisions of section 197 of the Act.

Place: Bharuch For D K N & Associates

Date : 30-05-2025 Chartered Accountants

FRN#120386W

CA Dhiraj Agrawal
Partner
M.NO. # 107286
UDIN : 25107286BMLHYA6565

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Mar 31, 2024

1 We have audited the accompanying standalone financial statements of LEAD RECLAIM AND RUBBER PRODUCTS LIMITED ("the Company"), which comprise the standalone Balance Sheet as at 31st March 2024, and the standalone Statement of Profit and Loss, and standalone Statement of Cash flows for the year then ended on that, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements")

2 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 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, 2024, and profit, and its cash flows for the year ended on that date.

Basis for Opinion

3 We conducted our audit of the standalone financial statement 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 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 Companies Act, 2013 and the Rules 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 we have obtained is sufficient and appropriate to provide a basis for our opinion on standalone financial statement.

Emphasis of Matter

4 We draw attention to Note No. 18.1 of the standalone financial statemen, which describes the effect on other revenue from operation. Our opinion is not modified in respect of this matter.

Key Audit Matters

5 Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone 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 that there are no key audit matters to communicate in our report.

Information other than the Standalone Financial Statements and Auditor''s report thereon

6 The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Bord''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone 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 the management and those charged with governance for Standalone Financial Statements

7 The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("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, and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards 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 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 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

8 In preparing the standalone 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. Those Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the standalone Financial Statements

9 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.

10 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)0) of the Companies Act, 2013, 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 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.

11 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.

12 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.

13 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

14 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 paragraphs3 and 4 of the Order, to the extent applicable.

15 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 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 as mentioned in 15(g)(vii).

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

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31 st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31 stMarch, 2023 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 A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

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 does not have any pending litigations which would impact its financial position.

ii) The Company was not required to recognize a provision as at March 31,2024 under the applicable law or accounting standard, as it does not have any material foreseeable losses on long term contract. The Company did not have any derivative contracts as at March 31,2024.

iii) There has not been any occasion in case of the company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sum does not arise.

iv) a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material

either individually or in the aggregate) 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 or entity, including foreign entity ("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;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("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;

c) Based on the audit procedures 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 Company has not proposed or paid any dividend during the previous year.

vi) The Board of Directors of the Company has not proposed any dividend for the year.

vii) The Company has used an accounting software for maintaining its books of accounts. Based on our examination and explanations given to us, we are un able to comment whether audit trail (edit log) feature of the said software (both at an application and database level) was enabled and operated throughout the year for all relevant transactions recorded in the software or whether there were any instances of the audit trail feature been tampered with. However, it is explained to us that company is in process of enabling edit log feature in accounting software. This has not resulted in a modification of our opinion.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31,2024.

16 In our opinion and to the best of our information and explanations given to us The Company has paid excessive Managerial Remuneration to Managing Director and Whole-time Director which is in excess of limit prescribed under the provisions of section 197 of the Act. However, management is taking necessary steps for approval from members to waiver of excess managerial remuneration.

Place : Bharuch For D K N & Associates

Date : 30-05-2024 Chartered Accountants

FRIW120386W

CA Dhiraj Agrawal

Partner

M.N0. H 107286

UDIN : 24107286BKDFRE3924