Bombay Super Hybrid Seeds Ltd Auditor Reports

Bombay Super Hybrid Seeds Limited

Kuvadava, Rajkot.

Management?s Responsibility for the Standalone

9. Financial Statements

The Company?s Board of Directors is responsible for the matters stated in section 134(5) the Act with lrespect to the preparation of of these standalone financial statements true and fa‘ll view of that give a the financial position, financial performance cqmprehenslve income), (including other changes in equity and cash flows of the with Company in accordance the accounting principles generally accepted in India, including the Ind AS specified under sgctlon 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; selgctlon 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

0 so. alternative but to

Auditor?s Responsibilities for the Audit of the Standalone Financial Statements

!Vla!e_rlallty is the_ magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasanal?ly knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our

?Udl( work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements

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Report on Other Legal and Regulatory Requirements

Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,

2013, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 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.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Statement of Cash Flow

dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements complied with the Ind AS 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 31st March,

2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 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

Reportin “Annexure B”.

(9) 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.

(h) 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 has disclosed the impact of pending litigations on its financial position in its standalone financial statements Refer Note 31 to the financial statements; ii. The Company did not have any long-term contracts including derivative col for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to

Education and Protection the Investor

Fund by the Company. iv. (a) the Management has represented that, to the best of its knowledge and belief, o funds (which are material either individually or in the aggregate) advanced or have been 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; v.

(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 entities

(“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; and.

(c) Based on 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 mis-statement V. No final or interim dividend is declared and paid by the Company during the year.

Vi Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended 31st March 2024 which has a feature of recording audit trail (edit log) facility and the same has been made operational w.e.f. 1st April 2023 for all relevant transactions recorded in the software. Further, during our audit we did not come across any instance of the audit trail feature being tampered with.

ANNEXURE “A” TO THE INDEPENDENT AUDITORS

REPORT

Auditors* Report to the members of the Bombay

Hybrid Seeds Limited on the Ind AS Super standalone fina ncial statements for the year ended March 2024, we report that: 31st

1. (a) lee _Company has maintained proper records showing full particulars, including qugntlt_ahve details and situation of Property, Plant and Equipment. The Company maintained proper records has showing full particulars of intangible asset.

(b) The company has regular program of physical verification of its Property, Plant and Equipment by which Property, Plant and Equipment are verified in a phased manner over a peripd of three years. In accordance with this program, certain Property, Plant and

Equipment were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is regard reasonable having to the size of the company and nature of its business.

(c) According to the information and explanations given to us, and on the basis of our examination of the record of the company, the title deeds of the immovable properties are held in the name of the company;

(d) According to the information and explanations given to us, and on the basis of our examination of the record of the company, the company has not revalued any Property, Plant

(e) According to the information and explanations given to us, and on the basis of our examination of the record of the company, no proceedings have been initiated or are pending against the company for holding any Benami property under the “Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder.

(a) The inventory has been physically verified during the year by the management. In our opinion, the coverage and procedure of such verification by the management is appropriate. There is no discrepancy of 10% or more noticed during verification between the physical stocks and book records. The discrepancies were not material, which have been properly dealt with in the books of account. The yearend inventory has been physically verified by the management and the same is incorporated as per inventory records and books of account maintained by the company.

(b) During the year, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of current assets; the quarterly statements filed by the Company in respect of current assets held by it and offered as security with such banks or financial institutions are largely in agreement with the unaudited books of account of the Company of respective quarters and discrepancies observed have been explained in Note no 50 of the Financial Statements.

(a) As per the information and explanations given to us, the Company has not made any investment or provided any guarantee or security to any party. Further, as per the information and explanations given to us, the Company has granted loans including advances in the nature of loans to two companies/ firms. The aggregate amount of loan granted is Rs. 1240.54 Lakhs Lakhs and the balance outstanding at the year-end is Rs. 307.30 Lakhs.

(b)The terms and conditions for such above mentioned loans are not prejudicial to the interest of the Company.

() In respect of loans and advances in the nature of loans the schedule of repayment of principal and payment of interest has not been stipulated; hence we are unable to comment whether the repayments or receipts are regular, overdue, renewed or extended or fresh loan granted to settle the overdue of existing loans given to the same parties;

(d) The company has granted following loans or advances in the nature of loans repayable on demand without any written agreement and without specifying other terms. >

The Company has not made investments in Firms and

Limited Liability Partnerships during the year. Furjher the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to

Companies, Firms, Limited Liability

Partnerships or any other parties.

The company has granted loans in compliance with the provisions of section 185 and 186 of the Act, Further, the company has not provided any security or guarantee, made investments to any party covered under section 185 and 186 of the Act

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The Company has not accepted deposits within the meaning of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under.

7 No maintenance of cost records has been specified by the Central Government under section 148(1) of the Act for the products of the company.

a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees? State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities except professional tax of Rs. 9.77 Lakhs.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees? State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2024 for a period of more than six months from the date they became payable.

According to the information and explanations given to us, there are no transactions recorded in the books of account as have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(a) the Company has not defaulted in payment of dues to financial institution or bank or debenture holders.

(b)the Company is not declared willful defaulter by any bank or financial institution or other lender.

(c) term loans were applied for the purpose for which the loans were obtained. (d)no funds raised on short term basis have been utilised for long term purposes.

(e) The Company has not taken any funds from any entity or person on account on 2Tols or to meet the obligations of its subsidiaries, associates or joint ventures, hence h / (ix) (e) of the Order is not applicable. <

(f) The Company has not raised loans during the year on the pledge of securities subsidiaries, joint ventures or associate companies, held in its

not applicable icabl . , hence the clause (ix)(ix; (f) ofof the Order isi

(including debt instruments), preferential public offer allotment or private placement of shares year. during the

(b) No report year. under sub-Section (12) of Section 143 of the

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.

(c)We have not considered whistle-blower complaints, since, there is no compliant received during the year by the Company.

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(b) In framing our Independent Audit Reports, we have considered

Internal Auditor?s Report for the period under audit.

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 (CoR) from the Reserve Bank of

India as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company (CIC) as defined under the Regulations by the Reserve Bank of India.

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ANNEXURE “B” TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls over financial reporting under Clause (i) of

3 of Section 143 of the Companies Sub-section

Act, 2013 (“the Act”)

1. We h‘ave audited the internal financial controls over financial reporting of Bombay

Hybrid Seeds Limited (“the Super

Company”) as of 31? March, 2024 in conjunction the Ind AS standalone with our audit of financial statements of the Company for the year ended on that date.

Management?s Responsibility for Internal Financial

Controls

2. The Company?s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established

Company considering the by the essential components of internal control

Note on Audit stated in the Guidance of Internal Financial Controls Over Financial

Reporting issued by the Institute of

Chartered Accountants of India (ICAl). These implementation responsibilities include the design, and maintenance of adequate internal financial effectively controls that were operating for ensuring the orderly and efficient conduct of its business, including adherence to the Company?s 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 Act.

Auditors Responsibility

3. 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

Guidance Note on Audit with the of Internal Financial Controls Over Financial Reporting

“Guidance Note”) issued (the by the ICAI and the Standards on Auditing prescribed

143(10) of the under Section

Act, to the extent applicable to an audit of internal

Standards financial controls. Those 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.

4. Our auditinvolves 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 auditor?s judgement, including the assessment of the risks of material misstatement of the

Ind

AS financial statements, whether due to fraud or error.

5. We believe that the audit evidence, we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company?s internal financial controls system over financial reporting of the company.

Meaning of Internal Financial Controls Over Financial Reporting

6. 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 standalone 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 Ind AS standalone 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 management and directors of the company; of 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 Ind AS financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting 7. Because of the inherent limitations of internal financial controls over financial in.cluding the possibility reporting, of collusion or improper management override misstatements of controls, material due to error or fraud may occur and not be detected. Also, projections of any 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.