To the Members of
Bothra Metals and Alloys Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Bothra Metals and Alloys
Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023,
the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a
summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters in section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation 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 the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding of the assets of the Company and for
preventing and detecting the 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 internal financial control, 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 financial statements based on our
audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with 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
disclosures in the 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 internal financial control relevant to the Companys preparation of the
financial Statements that give true and fair view in order to design audit procedures that
are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by Companys Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
• In the case of the Balance Sheet, of the state of affairs of the Company as at
March 31, 2023;
• In the case of the Statement of Profit and Loss, of the loss for the year ended
on that date; and
• In the case of the Cash Flow Statement, of the cash flows for the year ended on
that date
Report on Other Legal and Regulatory Requirements
• As required by the Companies (Auditors Report) Order, 2015 ("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 statement on the matters specified in
paragraphs 3 and 4 of the order.
• 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 purpose of our audit;
- 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
- The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with
by this Report are in agreement with the books of account.
- In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;
- On the basis of 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) of the
Act;
- With respect to the other matters to be included in 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 explanations given to us:
? The Company has disclosed the impact of pending litigations on its financial
position in its financial statements.( Ref Note No.27 of financial Statement)
? The Company did not have any long —term contracts including derivative
contracts for which there were any material foreseeable losses;
? The Company was not required to transfer any amount to Investor Education and
Protection Fund.
For SSRV & Associates,
Chartered Accountants
FRN.I3590IW
sd/-
(Satyendra S. Sahu)
Partner
M No.I26823
Place : Mumbai
Dated : 22nd May, 2023
Annexure to The Independent Auditor Report
(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of
our report of even date)
On the basis of such checks as we considered appropriate and according to the
information and explanation given to us during the course of our audit, we report that:
•
- The company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
- As explained to us, fixed assets have not been physically verified by the
management. However, the Company has a program of verification of fixed assets to cover
all items in a phased manner, which in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Impairment of assets has been taken by
Management Amount Rs 84,732
•
- As explained to us, inventories have been physically verified during the year
by the management at reasonable intervals.
- In our opinion and according to the information and explanations given to us,
the procedures of physical verification of inventories followed by the management are
reasonable and adequate in relation to the size of the company and the nature of its
business. As per management representation stock Realisation Value is NIL.
- In our opinion and on the basis of our examination of the records, the Company
is generally maintaining proper records of its inventories. No material discrepancy was
noticed on physical verification of stocks by the management as compared to book records.
• The Company has not granted any loans, secured or unsecured to Companies, Firms
or other parties covered in the Register maintained under Section 189 of the Act.
• In our opinion and according to the information and explanations given to us,
there is generally an adequate internal control system commensurate with the size of the
company and the nature of its business, for the purchase of inventories & fixed assets
and payment for expenses & for sale of goods. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the internal controls has been
noticed.
• The Company has not accepted any deposits from public during the year.
•
- According to the records of the company, undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the
extent applicable and any other statutory dues have generally been regularly deposited
with the appropriate authorities.
- According to the information and explanations given to us there were no
outstanding statutory dues as on 31st of March, 2023 for a period of more than six months
from the date they became payable.
- According to the information and explanations given to us, there is no amounts
payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and
excise duty which have not been deposited on account of any disputes.
• The Company does not have any accumulated loss but the company has suffered a
loss of Rs. 1,13,28,537/- for the financial year covered by our audit.
•
- Based on our audit procedures and on the information and explanations
given by the management, we are of the opinion that, the Company has not defaulted in
repayment of dues to a financial institution, bank or debenture holders.
- Disputed Amount Relate to Cash Credit, L.C/L.O.U & Term Loan has been
Settle through One Time Settlement (OTS) Approved By NCLT
• According to the information and explanations given to us, the Company has not
given any guarantees for loan taken by others from a bank or financial institution.
• Based on our audit procedures and on the information given by the management,
term loans have been applied for the purpose for which they were raised.
• Based on the audit procedures performed and the information and explanations
given to us, we report that no fraud on or by the Company has been noticed or reported
during the year.
For SSRV & Associates Chartered Accountants
FRN.135901W
sd/-
(CA Satyendra S. Sahu)
Partner M No. 126823
Place : Mumbai
Dated : 22nd May, 2023
+91-9892691696
