TO,
THE ME MBE RS OF
BOHRA INDUSTRIES LIMITED
Report on the audit of the stand alone financial statement.
Opinion
We have audited the accompanying stand alone financial statement of Bohra Industries
Limited (The Company), which comprise the Balance Sheet as at 31stMarch, 2023, the
Statement of Profit and Loss, statement of change in equity and the Cash Flow Statement
for the year ended, and a summary of the 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 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 read with the Companies (Indian Accounting Standard) 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, 2023 the Profit and loss, changes
in equity and its cash flows for the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Companies Act, 2013 (the ‘Act). Our responsibilities
under those Standards are further described in the Auditors Responsibilities for the
Audit of the Standalone Financial Results 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 Indi a (ICAI) together with ethical requirements that are relevant to our
audit of the standalone financial statements under the provisions of the Act and the rules
made there under, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
The Companys Board of Directors is responsible for the other information. Other
information comprises the information included in the Integrated Report; Boards Report
along with its Annexures and Financial Highlights included in the Companys Annual Report
but does not include the financial statements and our auditors 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 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 rep ort in this regard.
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 there- on, and we do not provide a separate opinion on these matters.
On the facts and circumstances of the Company and the audit, we determine that there are
no key Audit matters to communicate.
Managements Responsibility for the stand alone Financial Statements
The Companys 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
and presentation of these 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, read with Rule 7 of the Companies (Accounts)
Rules, 2014. 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.
Auditors Responsibility
Our responsibility is to express an opinion on these stand alone Ind AS financial
statements based on our audit. We have taken into account the provision of the act, the
accounting and auditing standards and matters which are required to be included in audit
report under the provision of the act and rules made there under. We conducted our audit
in accordance with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the stand alone Ind AS financial statements. The procedures selected
depend on the auditors judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers the internal financial control relevant to the
Companys preparation and fair presentation of the stand alone
Ind AS financial statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances but not for the purpose of expressing
an opinion on the effectiveness of the entitys internal control.
An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Management, as well as
evaluating the overall presentation of the stand alone Ind AS financial statements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion on the standalone Ind AS financial statements.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2016 (‘the Order) issued by
the Central
Government of India in terms of sub section (11) of section 143 of the Act , we give as
given in the ‘Annexure A statement on the matters specified in paragraphs 3 and 4 of
the Order,
1 As required by Section 143 (3) of the Act, we report that:
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;
a) in our opinion proper books of account as required by law have been keptby the
Company so far as it appears from our examination of those books;
b) 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;
c) in our opinion, the aforesaid financial statements comply with the standalone Ind AS
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
d) on the basis of the written representation s received from the directors as on 31st
March, 20 23 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 20 23 from being appointed as a director in terms of
Section 164 (2) of the Act;
e) With respect to the other matters to be included in the Auditors 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.
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 ‘ ; and
g) with respect to the other matters to be included in the Auditors 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:
h) the Company has disclosed the impact of pending litigation on its financial position
in its stand alone Ind. AS financial statement which would impact its financial position ;
i) the Company did not have any long term contracts including derivative contracts from
which there were any material foreseeable losses ;
j) there are no amounts which are required to be transferred to investor education and
protection fund
For Ajay Paliwal & Co.
Chartered Accountants
(FRN: 012345C)
CA Ajay Paliwal
Proprietor
Membership No. 403290
DATE : 29 -05-2023
PLACE : UDAIPUR
UDIN: 23403290BGXWCB8188
Annexure A to Independent Auditors Report
Annexure A referred to in our Independent Auditors Report to the Members of Bohra
Industries Limited on the standalone financial statements for the year ended 31st March
2023.
(i) (a)(A) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(B) The Company has no Intangible Assets
(b) The company has a phased programme of physical verification of its fixed assets
which, in our opinion, is reasonable having regard to the size of the company and the
nature of its assets. In accordance with such programme, the management has physically
verified its fixed assets during the year and no material discrepancies were noticed by
them and the same have been properly dealt with in the books of account.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the title deeds of the immovable properties are
held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year. Consequently, the question of
our commenting on whether the revaluation is based on the valuation by a Registered
Valuer; specifying the amount of change, if change is 10% or more in the aggregate of the
net carrying value of each class of Property, Plant and Equipment or intangible assets
does not arise.
(e) Based on the information and explanations furnished to us, no proceedings have been
initiated or are pending against the company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, and
therefore the question of our commenting on whether the Company has appropriately
disclosed the details in its financial statement does not arise.
(ii) (a) The physical verification of inventory was not by the Management during the
year and, in our opinion, this is reasonable as no manufacturing activity took place
during the year and no purchases were made during the year. In absence of physical
verification of the inventory by management we are unable to comment on discrepancies of
10% or more in physical verification of inventory as compared to book value.
(b) During the year the Company has not been sanctioned working capital limits in
excess of five crore rupees, in aggregate, from banks or financial institutions on the
basis of security of current assets and accordingly, the question of our commenting on
whether the quarterly returns or statements filed by the Company with such banks or
financial institutions are in agreement with the books of account of the Company does not
arise.
(iii) During the year the Company has not made investments i n, not provided guarantee
and not granted unsecured loans to companies, firms, Limited Liability Partnerships or
other parties and also has not provided security to any other entity, therefore clause
clause 3(iii)(a) to 3(iii)(f) is not applicable. a) During the year the Company has not
provided loans or provided advances in nature of loans and stood guarantee and has not
provided security to any other entity.
(b) The investments made, guarantee provided, security given and the terms and
conditions of the grant of all loans and advances in the nature of loans, except wherever
interest free loans have been granted, are not prejudicial to the Companys interest.
(c) In respect of loans and advances in the nature of loans, no schedule of repayment
of principal and payment of interest has been stipulated.
(d) In respect of aforesaid loans, there is no amount overdue for more than ninety
days.
(e) During the year no loan or advance in the nature of loan granted which has fallen
due during the year, has been renewed or extended or fresh loans granted to settle the
overdue of existing loans given to the same parties.
(f) During the year the Company has granted loans or advances in the nature of loans
either repayable on demand or without specifying any terms or period of repayment, the
aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans
granted to Promoters, related parties as defined in clause (76) of section 2 of the
Companies Act, 2013 are as under.
Aggregate amount (Rs. In lakhs) |
% of the total loans granted |
Aggregate amount of loans granted to Promoters, related parties as
defined in clause (76) of section |
|
|
2 of the Companies Act, 2013 ( Rs. In lakhs) |
| 4.38 |
100% |
4.38 |
(iv) In our opinion and according to the information and explanations given to us the
Company has complied with the provisions of section 185 and 186 of the Companies Act,
2013, in respect of loans granted, investments made , guarantees, and security provided.
(v) According to the information and explanations given to us, the Company has not
accepted any deposit during the year and accordingly the question of complying with
Sections 73 and 76 of the Companies Act, 2013 does not arise.
(vi) We have broadly reviewed the books of account maintained by the company in respect
of the product covered where, pursuant to the Rules made by the Central Government, the
maintenance of cost records has been prescribed under section 148(1) of the Act. In
relation to fertilizer industry and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. However, we have not made a detailed
examination of the records with a view to ensuring whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and on the basis of
our examination of the books of account, the company had undisputed statutory dues
including provident fund, employees state insurance, income tax, sales tax, duty of
custom s, duty of excise, value added tax, cess and any other statutory dues with the
appropriate authorities .
(b)According to the information and explanations given to us, there were no dues
outstanding of income tax, wealth tax, service tax, duty of customs, duty of excise, value
added tax, cess and any other statutory dues which have not been deposited on account of
any dispute.
Statement of arrears of statuary dues outstanding for more the six months
Name of the status |
Nature of Dues |
Amount (in Lakhs) |
Period to which the amount related |
Due date |
Date of Payment |
Employee state Insurance Act |
ESIC |
0.056 |
From November 22 to March 2023 |
15th Of every succeeding month |
Not Paid |
Employee State Insurance Act |
ESIC |
0.16 |
From April 22 to October 22 |
15th Of every succeeding month |
Not Paid |
Employee State Insurance Act |
ESIC |
0.75 |
Before April 2022 |
15th Of every succeeding month |
Not Paid |
ProvidentFund |
PF |
0.20 |
From April 2022 to March 2023 |
15th Of every succeeding month |
Not Paid |
ProvidentFund |
PF |
0.14 |
Before April 2022 |
15th Of every succeeding month |
Not Paid |
(viii) According to the information and explanations given to us and the records of the
Company examined by us, there are no transactions in the books of account that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (43 of 1961), that has not been recorded in the books of account
(ix)(a) According to the information and explanations given to us and the records of
the Company examined by us, the Company has not defaulted on repayment of loans or other
borrowings or in the payment of interest thereon to any lender during the year.
(b) According to the information and explanations given to us and on the basis of our
audit procedures, we report that the Company has not been declared Willful Defaulter by
any bank or financial institution or other lender.
(c) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, term loans were applied for the purpose for which
the loans were obtained.
(d) According to the information and explanations given to us, and the procedure
performed by us, and on an overall examination of the financial statements of the Company,
we report that no funds raised on short term basis have been utilized for long term
purposes by the Company
(e) According to the information and explanations given t o us, and theprocedure
performed by us, we report that the Company has taken no funds from any entity or person
on account of or meet the obligations of its subsidiaries, associates or joint venture.
Accordingly, reporting under clause 3(ix) of the Order is not applicable
(f) According to the information and explanations given to us, and the procedure
performed by us, we report that the Company has not raised loans during the year on the
pledge of securities held in its subsidiaries, joint ventures or associate companies
during the year. Accordingly, reporting under clause 3(ix) (f) of the Order is not
applicable.
(x) (a) The Company has raised no money by way of an initial public offer or further
public offer (including debt instruments) during the year. Accordingly, reporting under
clause 3(x) (a) of the Order is not applicable.
(b)The Company has made preferential allotment of shares or privateplacement of shares
or convertible debentures (fully, partially, or optionally convertible) during the year
and the requirements of section 42 and 62 of the Companies Act, 2013 have been complied
with and the funds raisedhave been used for the purpose for which the funds were raised.
(xi) (a) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanation given to us, we have neither come across any
instance of material fraud by the Company or on the Company, noticed or reported during
the year, nor have we been informed of any such case by the Management.
(b) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanation given to us, a report under section 143(12 )
of the Act, in Form ADT -4, as prescribed under rule 13 of Companies (Audit and Auditors)
Rules, 2014, was not required to be filed with the Central Government. Accordingly,
reporting under clause 3(xi) (b) of the Order is not applicable to the Company.
(c) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanation given to us, the Company has received no
whistle -blower complaints during the year. Accordingly, reporting under clause 3(xi) (c)
of the Order is not applicable to the Company
(xii) (a) As the Company is not a Nidhi company, therefore, the clauses (xii)(a), (b)
and (c) of the Order are not applicable to the Company.
(xiii) All transactions with the related parties are in compliance with sections 177
and 188 of Companies Act and the details have been disclosed in the financial statements,
etc., as required by the Indian Accounting Standard 24 "Related Party
Disclosures" specified under section 133 of the Act
(xiv) (a) In our opinion and According to the information and explanation given to us,
the Company has no internal audit system during the year
(b) As there was no Internal Audit during the year therefore clause 3(xiv) (b) is not
applicable.
(xv) The Company has not entered into non -cash transactions with directors or persons
connected with him. Accordingly, the reporting under clause 3(xv) of the Order is not
applicable to the Company.
(xvi) (a) In our opinion and according to the information and explanation given to us
the Company is not required to be registered under section 45 -IA of the Reserve Bank of
India Act, 1934 (2 of 1934);
(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities without a valid Certificate of Registration (COR) from the Reserve Bank of
India as per the Reserve Bank of India Act, 1934; Accordingly, the reporting under clause
3(xvi)(b) of the Order is not applicable to the Company.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India, Accordingly, the reporting under clause 3(xv)(c) of the
Order is not applicable to the Company.
(d) Based on the information and explanations provided by the Management of the
Company, the Group does not have any CIC, which is part of the Group. We have not,
however, separately evaluated whether the information provided by the management is
accurate and complete. Accordingly, the reporting under clause 3(xv)(d) of the Order is
not applicable to the Company.
(xvii) The Company has incurred cash losses amounting to Rs. 175.42 Lac in the
financial year and Rs. 137.19 Lac in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and
accordingly, the reporting under clause 3(xviii) of the Order is not applicable to the
Company.
(xix) According to the information and explanation given to us and on the basis of the
financial ratios (also refer note 56 to the financial statements), , ageing and expected
dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors
and management plans and based on our examination of the evidence supporting the
assumption ,nothing has come to our attention , which causes us to believe that any
material uncertainty exists as on the date of the audit report that Company is capable of
meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date by the Company as and when they
fall due.
We, however, state that this is not an assurance as to the future viability of the
Company. We further state our reporting is based on the facts up to the date of the audit
report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the Balance sheet date will get discharged
(xx) Since the provisions of section 135 of the Companies Act, 2013 with regard to
corporate social responsibility are not applicable to the company hence clause 3(xx) is
not applicable.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of
audit of standalone financial statements. Accordingly, no comment in respect of the said
clause has been included in this report.
For Ajay Paliwal & Co.
Chartered Accountants
(FRN: 012345C)
CA Ajay Paliwal
Proprietor
Membership No. 403290
DATE : 29 -05 -2023
PLACE : UDAIPUR
UDIN: 23403290BGXWCB8188
Annexure B to Independent Auditors report of even date on the standalone Ind AS
Financial Statements of Bohra Industries Limited
Report on the Internal Financial Controls under Clause (i) of Sub - section 3 ofSection
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of
BohraIndustries Limited ("the Company") as of 31 March 20 23 in conjunction with
our audit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal fina
ncial controls based on the internal control over financial reporting criteria established
by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India
(‘ICAI). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient con duct of its business, including adherence to Companys policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013 .
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the "Guidance Note")
and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal Financial Controls and, both
issued by the Institute of Chartered Accountants of India. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated
effectively in all material respects. Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over
financial reporting included obtain g an understanding of internal financial controls over
financial reporting, assessing the risk that a material weakness exits, and testing and
evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial statement, whether due
to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
Accordance with generally accepted accounting principles. A companys internal
financial control over financial reporting includes those policies and procedures that
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected .
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financialcontrols
over financial reporting were operating effectively as at March 31,2023,based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in theGuidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India .
For Ajay Paliwal & Co.
Chartered Accountants
(FRN:012345C)
CA Ajay Paliwal
Proprietor
Membership No.403290
DATE: 29/ 05/ 2023
PLACE : UDAIPUR
UDIN: 23403290BGXWCB8188
+91-9892691696
