TO MEMBERS OF
POOJAWESTERN METALIKS LIMITED
Report on the Indian Accounting Standards (Ind AS) Financial Statements
Opinion
We have audited the accompanying financial statements of Poojawestern
Metaliks Limited, which comprise the Balance Sheet as at 31stMarch, 2023, and the
Statement of Profit and Loss (Including Other Comprehensive Income) and Cash Flow
Statement and the statement of Changes in Equity for the period ended, and a summary of
significant accounting policies and other explanatory information.(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 the information required
by the Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view inconformity with the Indian 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, 2023, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
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 Auditors Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
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 Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.
Information Other than the Financial Statements and Auditors
Report Thereon
The Companys Board of Directors is responsible for the
preparation of the other information. The other information comprises the information
included in the Management Discussion and Analysis, Boards Report including
Annexures to Boards Report, but does not include the financial statements and our
auditors report thereon. These reports are expected to be made available to us after
the date of our auditors report.
Our opinion on the 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 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 financial statements or our knowledge obtained in the audit, or otherwise appears to
be materially misstated.
When we read the other information included in the above reports, if we
conclude that there is material misstatement therein, we are required to communicate the
matter to those charged with governance and determine the actions under the applicable
laws and regulations.
Managements Responsibility for the Consolidated Financial Statements
The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation of these Consolidated
Financial Statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company
in accordance with the Ind AS and other accounting principles generally accepted in India.
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 Consolidated
Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the Consolidated Financial Statements, management is
responsible for assessing the Companys 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
Companys financial reporting process.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the
Consolidated Financial Statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors 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 Consolidated 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
Consolidated 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 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 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 managements 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
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the Consolidated 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 auditors 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
Consolidated Financial Statements, including the disclosures, and whether the Consolidated
Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation. Materiality is the magnitude of misstatements in the
Consolidated Financial Statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the Consolidated
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 Consolidated 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 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 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 Consolidated Financial Statements of the current
period and are therefore the key audit matters. We describe these matters in our
auditors 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.
Other Matters
The Consolidated Financial Statement of Subsidiary Company have been
audited by us, whose financial statements reflect total assets of 1.24 lakhs and net
assets of 0.79 lakhs as at 31st March, 2023, total revenues of Nil for the year ended on
that date, as considered in the consolidated financial statements.
Our opinion on the consolidated, and our report on legal and Regulatory
Requirement below, is not modified in respect of the above matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020
("the Order") issued by the Central Government of India in terms of section
143(11) of the Act, we give in "Annexure A", a statement on the matter specified
in the paragraph 3 and 4 of the Order.
2. As required under provisions of section 143(3) of the Companies
Act, 2013, we report that:
a) We have obtained all the information and explanations which to
the best of our knowledge and belief where 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 appears from our examination of those books;
c) The Consolidated Balance Sheet and Statement of Consolidated
Profit and Loss including Other Comprehensive Income Statement of Cash Flow and Statement
of Changes of Equity dealt with this report are in agreement with the books of account;
d) In our opinion, the aforesaid Financial Statement comply with
the Accounting Standards specified under Section 133 of Act, read with relevant rule
issued thereunder.
e) On the basis of written representations received from the
directors as on March 31, 2023, taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 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 operating effectiveness of such controls,
referred to our separate report in "Annexure B".
g) 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:
h) 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 other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditor)
Rules, 2014, in our opinion and to the best of our knowledge and belief and according to
the information and explanations given to us:
(a) The Company has disclosed the impact of pending litigations as at
31 March 2023 on its financial position in its Consolidated Financial Statements - Refer
Note (vii) of Annexure A to the Consolidated Financial Statements (b) The Company did not
have any long-term and derivative contracts as at March 31, 2023.
(c) There has been no delay in transferring amounts, required to be
transferred, the Investor Education and Protection Fund by the Company during the year
ended March 31, 2023.
(d) The management has;
(i) represented that, to the best of its knowledge and belief as
disclosed in the Note No. 33 to the Consolidated 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 persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf
of the Company or provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries. (ii) represente, that, to the best of its knowledge and belief as
disclosed in the Note No. 34 to the Consolidated Financial Statements, no funds have been
received by the Company from any persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf
of the Funding Party or
provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries; and
(iii) Based on such audit procedures as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under subclause (d) (i) and (d) (ii) contain any material
mis-statement. (e) The company has not neither declared nor paid any dividend during the
year under Section 123 of the Act.
ANNEXURE "B"
TO THE INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENT OF
POOJAWESTERNMETALIKS LIMITED FOR THE YEAR ENDED 31ST MARCH 2023
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)
We have audited the internal financial Controls Over Financial
Reporting Of Poojawestern Metaliks Limited. (the Company) as of 31st March, 2023
in conjunction with our audit of the Ind AS financial statements of the Company for the
year ended on that date.
Opinion
We have audited the internal financial control with reference to
financial statement of Poojawestern Metaliks Limited. (‘The Company") as
of 31st March 2023 in conjunction with our audit of the financial statement of the
company at and for the year ended on that date.
In our opinion, to the best of our information and according to the
explanations given to us, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, based on the
criteria for internal financial control over financial reporting 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 ICAI.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial 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 (the Guidance Note) issued by the Institute of Chartered Accountants
of India (the ICAI). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct 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 and the Standards on Auditing, issued by the 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 ICAI. 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 obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, 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 statements, 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:
a. pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company;
b. 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
c. 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.
|
FOR D.G.M.S. & Co., |
|
Chartered Accountants |
|
Shashank P. Doshi |
|
Partner |
|
M. No. 108456 |
| Place: Jamnagar |
FRN: 0112187W |
| Date: 18-05-2023 |
UDIN: 23108456BGUDOR6005 |
+91-9892691696
