To the Members of M/s BAJAJ GLOBAL LIMITED Report on the standalone Financial
Statements
We have audited the accompanying standalone financial statements of M/s Bajaj Global
Limited (‘the Company’), which comprise the Balance Sheet as at 31 March 2023,
the Statement of Profit and Loss (including Other Comprehensive Income), Statement of
Changes in Equity and Statement of Cash Flow for the year then ended, and Notes to the
financial statements, including a summary of 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 aforesaid financial statements give the information required by the
Companies Act, 2013 (Act) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India including Indian
Accounting Standards (Ind AS) specified under section 133 ofthe Act, ofthe state of
affairs (financial position) ofthe Company as at March 31, 2023, and profit (financial
performance including other comprehensive income), its cash flows and the changes in
equity 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 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 the matters described below to be
the key audit matters to be communicated in our report.
Principal Audit Procedures:
We have performed the following audit procedures in order to obtain sufficient audit
evidence:
• Evaluated the design of internal controls and tested the operating effectiveness
of key internal controls around the process ofpreparation of the Standalone Financial
Statements;
• Reviewed the exemptions availed by the Company from certain requirements under
Ind AS;
• Obtained an understanding of the determination of key judgments;
• Evaluated and tested the key assumptions and judgments adopted by management;
• Assessed the disclosures made against the relevant Ind AS; and
• Determined the appropriateness of the methodologies and models used along with
the reasonability ofthe outputs.
Information other than the Financial Statements and Auditors Report thereon
The Companys Board of Directors is 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 auditors report thereon.
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 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. 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 Management and Those charged with Governance for the 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 financial statements that give
a true and fair view of the state of affairs (financial position), profit or loss
(financial performance including other comprehensive income), changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in
India including the 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 of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate implementation
and maintenance of 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 financial statements, the Board of Directors 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
the Board of Directors 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 for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an 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 ofusers taken on the
basis ofthese financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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 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 financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
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 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.
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 sub-section (11) of section 143 of
the Act, we give in the Annexure A, a statement on the matters specified in the paragraph
3 and 4 of the order.
2. 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 ofthose books;
(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
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2023 from being appointed as a director in terms of Section
164 (2) ofthe 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:
i. the Company does not have any pending litigations which would impact its financial
position;
ii. the Company does not have any material foreseeable losses on long term contracts
including derivative contracts which would impact its financial position;
iii. there were no amounts which are required to be transferred to the Investor
Education and Protection Fund by the Company
iv. (a) the management has represented that, to the best of its knowledge and belief,
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 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 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) above, contain any material misstatement.
v. the Company has not declared or paid any dividend during the year;
ANNEXURE-A TO THE AUDITORS’ REPORT
The Annexure referred to in the Independent Auditors Report to the members of the
Company on the financial statements for the year ended 31st March 2023, we, to the best of
our information and according to explanations given to us by the Company and the books of
accounts and records examined by us in the normal course of audit, report that:
(i) (a) (A) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment.
(B) There are no intangible assets in the Company.
(b) According to the information and explanations given to us, the Property, Plant
& Equipment have been physically verified by the management during the year in regular
intervals, which in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on such verification.
(c) There is no Immovable property in the company.
(d) the Company has not revalued its Property, Plant and Equipment during the year.
(e) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made there under.
(ii) There is no inventory in the Company.
(iii) The Company has made investments in, provided any guarantee or security or
granted any unsecured loans or advances in the nature of loans, to companies, firms,
Limited Liability
Partnerships or any other parties, during the year, in respect of which we report that:
(a) In our opinion, the terms and conditions of the grant of loans and advances in the
nature of loans, the investments made, guarantees provided, security given, during the
year are, prima facie, not prejudicial to the Companys interest;
(b) In respect of loans and advances in the nature of loans, granted by the Company,
the schedule of repayment of principal and payment of interest has been stipulated and the
repayments of principal amounts and receipts of interest are generally been regular as per
stipulation;
(c) In respect of loans granted by the Company, there is no overdue amount remaining
outstanding as at the balance sheet date;
(d) 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, during the year, wherein
the aggregate amount of loans granted to promoters, related parties as defined in clause
(76) of section 2 of the Companies Act, 2013 is 281.13 Lakhs which is 92.29% of the total
amount of loans and advances in the nature of loans granted by the company.
(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 provided, investments made, guarantees and securities provided, by the
company, as applicable.
(v) In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits or amounts which are deemed to be deposits, within
the meaning of Sections 73 to 76 or any other relevant provisions of the Companies Act,
2013 and rules made there under.
(vi) The Central Government has not prescribed the maintenance of cost records under
section 148(1) of the Act, for any of the business activities carried out by the Company.
(vii) (a) According to the records of the company, the company is generally regular in
depositing
with appropriate authorities undisputed statutory dues including goods and service tax,
provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess and other statutory dues, as applicable,
and no such statutory dues was outstanding as at the last day of the financial year under
review for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no statutory
dues as referred in sub-clause (a) above, which have not been deposited on account of any
dispute.
(viii) There were no transactions relating to previously unrecorded income that have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961.
(ix) The Company has not defaulted in repayment of any loans or other borrowings or in
the payment of interest thereon to any lender during the year.
(a) The Company has not been declared Wilful Defaulter by any bank or financial
institution or other lender.
(b) The Company has not taken any term loan during the year and there are no
outstanding term loans at the beginning ofthe year.
(c) On an overall examination of the financial statements of the Company, funds raised
on short-term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
(d) On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries.
(e) the Company has not raised any loans during the year on the pledge of securities
held in its subsidiaries, joint Ventures or associate Companies.
(x) (a) The Company has not raised any money by way of initial public offer or further
public
offer (including debt instruments) during the year.
(b) the Company has not made any preferential allotment or private placement of shares
or convertible debentures (fully or partly or optionally) during the year.
(xi) (a) According to the information and explanations given to us, no material fraud
by the
Company or on the Company have been noticed or reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government, during the year and up to the date of
this report.
(c) No whistle- blower complaints have been received by the Company during the year.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company and hence reporting under this clause is not applicable.
(xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act and the details of such transactions have
been disclosed in the financial statements as required by the applicable accounting
standards.
(xiv) (a) Based on information and explanations provided to us and audit procedures, In
our opinion, the Company has an internal audit system commensurate with the size and the
nature of its business.
(b) We have considered the internal audit reports of the company issued till the date
for the period under audit.
(xv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him.
(xvi) (a) The Company is a Non-Banking financial company and is registered under
section 45-
1A ofthe Reserve Bank of India Act, 1934.
(b) In our opinion, the Company has not conducted any Non-Banking Financial or Housing
Finance Activities without a valid Certificate of Registration from the Reserve Bank of
India as per the Reserve Bank of India, 1934, if applicable.
(c) In our opinion, the Company is not a Core Investment company as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016.
(d) In our opinion, there is no Core Investment Company within the Group (as defined in
the Core Investment Companies (Reserve Bank) Directions, 2016).
(xvii) The Company has not incurred cash losses during the financial year and the
immediately preceding financial year.
(xiii) There has been no resignation ofthe statutory auditors ofthe Company during the
year.
(xix) On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and our knowledge of the Board of Directors and Management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not 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. We, however, state that this is not an assurance as to
the future viability of the Company.
(xx) In our opinion and according to the information and explanations given to us, the
provisions relating to Corporate Social Responsibility (CSR) in the Companies Act, 2013
are not applicable to the Company for the year under review and hence, reporting under
this clause is not applicable.
ANNEXURE - B TO THE AUDITORS’ REPORT
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 M/s Bajaj
Global Limited ("the Company") as of 31 March 2023 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
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
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 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 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
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 (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 authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised 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 financial controls
over financial reporting were operating effectively as at 31 March 2023, 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.
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