Bansal Multiflex Ltd Auditor Reports

TO THE BOARD OF DIRECTORS BANSAL MULTIFLEX LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying Standalone Annual Statement of Financial Results of BANSAL MULTIFLEX LIMITED (hereinafter referred to as the Company) for the half year ended 31st March, 2025, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (hereinafter referred to as the Listing Regulations)

Disclaimer of Opinion

Because of the significance of the matters described in the Other Matter paragraph of this report, we do not express an opinion on the accompanying standalone annual financial results. Specifically:

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a. We do not express an opinion as to whether the aforesaid standalone financial results are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations; and

b. We do not express an opinion as to whether the financial results give a true and fair view, in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) and other accounting principles generally accepted in India, of the net profit/loss, other comprehensive income, and other financial information of the Company for the year ended 31st March, 2025.

Basis for Opinion

We conducted our audit in accordance with the auditing standards specified under section 143(10) of the Companies Act, 2013, as amended. 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 India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. However, We were unable to obtain sufficient and satisfactory audit evidence, Data, workings and documentations necessary to provide a basis for expressing an opinion on the standalone annual financial results. Accordingly, we do not express opinion on these financial results.

1. The Honble National Company Law Tribunal, Ahmedabad (NCLT) by an order dated 18-12-2020 admitted the Corporate Insolvency Resolution Process (CIRP) application filed by financial creditors and appointe< Kabra as

Interim Resolution Professional. In the first meeting of the Committee of Creditors (COC) held on 04-02-2021, IRP was replaced by Mr. Kailash Shah as RP. Same has been confirmed by the adjudicating bench dated 08-03-2021.

2. The Company was acquired under CIRP as a going concern through a resolution plan which was approved by the COC committee. NCLT has also given approval of the same vide order dated 31-05-2022.

3. Audited financial statements of the period from Financial Year 2017-18 to 202122 are not available on record.

4. No operational or business activities were conducted in the Company at least since the insolvency commencement date i.e., 18-12-2020, except for the activities related to the resolution process as required by the Resolution Professional.

5. These events cast significant doubt on the ability of the Company to continue as a going concern. The appropriateness of the said basis is inter-alia dependent on the Companys ability to infuse requisite funds for meeting its obligations (including statutory liabilities and those in respect of contracts entered into for purchase of goods and assets), rescheduling of debt/other liabilities, and resuming normal operations.

6. The Company has not produced to us the Statutory Registers and records as required to be maintained and kept by it under the provisions of the Companies Act, 2013.

7. The Company has not filed any forms or returns with the Registrar of Companies,

or Regional Director, Central Government, the Tribunal, C authorities like PF, ESI, Income Tax, Labour Law etc. during

8. In view of the above and pending handing over and compliances, we have not been able to comment on the completeness and appropriateness of the balances in relation to these subjected matters as quoted in the standalone financial statements and the consequential impact based on realisation from the assets as recorded in the financial statements and the provisions made by the Present Management during this year.

9. We have not been able to comment on the completeness and appropriateness of the balances in relation to these subjected matters as quoted in the standalone financial statements and the consequential impact that the outcomes of the investigations may have on the standalone financial statements and the provisions made by the Present Management during this year.

10. The Company has not produced attendance registers and minutes of the General Meetings, Board Meetings, minutes of meetings of the Committee of Creditors, valuation reports for inventories and Plant and Machineries, and the outcome of certain procedures carried out as a part of the CIRP and Committees of the Directors such as the Audit Committee, Remuneration Committee, and Stakeholders Committee. No documents were produced before us testifying the giving of the proper notices to any Shareholders and the Board of Directors Meetings and Committees of the Board of Directors of the Company, and therefore we are NOT able to state that the proceedings thereof have been properly recorded in the Minute Book and Registers maintained for the purpose and that they have been duly signed.

Managements Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for^^riparation and presentation of the Statement that gives a true and fair view of/

other comprehensive income of the Company and other financial information in accordance with the recognition and measurement principles laid down in IND AS, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are 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. The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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

reasonably be expected to influence the economic decisions of users taken on the basis

of the Statement.

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 Statement, 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 omission, 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 Act, 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 the Board of Directors.

• Conclude on the appropriateness of the Board of Directors 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 results or, if such disclosures are inadequate, 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 Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Statement to express an opinion on the Statement. Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, make it probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

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.

Other Matter

The Statement includes the results for the second half year ended March 31, 2025 being the balancing figure between the audited figures in respect Q^^j&llwvqncial year

ended March 31, 2025 and the published unaudited year-to-date figures up to the second half year of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For Anil K Goyal & Associates

Chartered Accountant

(FRN: 004558N)

Abhinav Kaushik

Partner

Membership No.: 531501

UDIN: 25531501BMKXCY6767

Place: Ahmedabad

Date: 30/05/2025