Financial Year: 2024
Independent Auditor's Report
Kumar Gaurav & Co., Chartered Accountants, conducted an audit of the standalone financial statements of BOOTES IMPEX TECH LIMITED ("the Company") as of March 31, 2024. The audit included the balance sheet, statement of profit and loss, statement of cash flows for the year then ended, notes to the financial statements, and a summary of significant accounting policies and other explanatory information.
In the auditor’s opinion, the financial statements give a true and fair view in conformity with accounting principles generally accepted in India, reflecting the state of affairs of the Company as of March 31, 2024, its profit, and its cash flows for the year then ended. The audit was conducted in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. The auditors are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India.
The Company's board of directors is responsible for the preparation of the other information included in the Board's Report including Annexures to Board's Report but does not include the financial statements and our auditor's report thereon. The auditor's opinion does not cover this other information, and no assurance conclusion is expressed. The auditor's responsibility is to read the other information and consider whether it is materially inconsistent with the financial statements or the auditor's knowledge.
The Board of Directors is responsible for preparing financial statements that give a true and fair view of the financial position, performance, and cash flows, in accordance with accounting principles generally accepted in India and the accounting Standards specified under section 133 of the Companies Act, 2013. Responsibilities also include maintaining adequate accounting records, safeguarding assets, preventing fraud, applying appropriate accounting policies, making reasonable judgments, and maintaining adequate internal financial controls.
The auditor’s objectives are to obtain reasonable assurance that the financial statements are free from material misstatement and to issue an auditor’s report including their opinion. Misstatements can arise from fraud or error and are considered material if they could reasonably be expected to influence the economic decisions of users.
As part of the audit, the auditors exercise professional judgment, maintain skepticism, identify and assess risks of material misstatement, obtain sufficient audit evidence, understand internal control, evaluate accounting policies and estimates, and conclude on the appropriateness of management’s use of the going concern basis of accounting.
The auditor communicates with those charged with governance regarding the planned scope and timing of the audit, significant audit findings, and significant deficiencies in internal control.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), the report includes a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable, in 'Annexure A'. The auditor also reports that they have sought and obtained all necessary information and explanations, proper books of account have been kept, the balance sheet and other statements are in agreement with the books, and the financial statements comply with applicable accounting standards.
Based on written representations from the directors, none are disqualified as of March 31, 2024. The report on the adequacy of internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls is in ‘Annexure B'.
Regarding section 197(16), the remuneration paid by the Company to its directors during the current year is in accordance with section 197 of the Act, and no director's remuneration exceeds the prescribed limit. There are no pending litigations impacting the company’s financial position, no long-term contracts with material foreseeable losses, and no amounts required to be transferred to the Investor Education and Protection Fund.
The management confirms that, except as disclosed, no funds have been advanced, loaned, or invested with the understanding that the intermediary would lend or invest in other entities, or provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.
The company has used an accounting software with an audit trail facility which has operated throughout the year for all relevant transactions, and no instances of tampering were found.
Annexure A
The company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and does not have any intangible assets. The Property, Plant and Equipment have been physically verified by the management at reasonable intervals, with no material discrepancies noted. The title deeds of all the immovable properties are held in the name of the company.
The company has not revalued its Property, Plant and Equipment or intangible assets during the year. No proceedings have been initiated or are pending against the company for holding any benami property.
Physical verification of inventory has been conducted at reasonable intervals. There were no working capital limits sanctioned in excess of five crore rupees in aggregate from banks or financial institutions on the basis of security of current assets.
During the year, the company provided loans or advances in the nature of loans, or stood guarantee, or provided security to other entities:
The terms and conditions of the loans and advances are not prejudicial to the company's interest. The repayment of principal and payment of interest has been stipulated and the repayments or receipts have been regular, and there are no overdue amounts for more than 90 days in respect of the loans granted to the parties. No loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties. The company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.
Provisions of section 185 and 186 of the Companies Act, 2013 have been complied with except non charging of interest on the loan. The company has not accepted any deposits or amounts which are deemed to be deposits covered under sections 73 to 76 of the Companies Act, 2013. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act. The company is regular in depositing undisputed statutory dues, and there were no outstanding statutory dues as on 31st of March, 2024 for a period of more than six months from the date they became payable.
The Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
The company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender and has not been declared a willful defaulter by any bank or financial institution or other lender. The company has utilized the money obtained by way of term loans during the year for the purposes for which they were obtained, and has not obtained any term loans during the year. No funds raised on short term basis have been used for long term purposes by the company.
The company holds investment in subsidiary, associate or joint venture as defined under the Act during the year ended 31 March 2024.
The company has not raised any money by way of initial public offer or further public offer during the year. The Company has utilized funds raised by way of preferential allotment or private placement of shares for the purposes for which they were raised.
No fraud by the company or any fraud on the company has been noticed or reported during the course of audit and no report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors with the Central Government. No whistle-blower complaints had been received by the company.
All transactions with related parties are in compliance with sections 177 and 188 of Companies Act, and the details have been disclosed in the financial statements. The company does not require to have an internal audit system and no internal audit had been conducted of the company.
The company has not entered into any non-cash transactions with directors or persons connected with him. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
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 and is not a Core Investment Company (CIC) as defined by the Reserve Bank of India. The group does not have more than one CIC as part of the Group.
The company has not incurred cash losses in the financial year and in the immediately preceding financial year and there has been no resignation of the statutory auditors during the year.
No material uncertainty exists 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.
The provision of section 135 are not applicable on the company.
The company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year and to a Special Account within a period of 30 days from the end of the financial year. There have been no qualifications or adverse remarks by the respective auditors in the Companies (Auditor's Report) Order (CARO) reports of the companies included in the consolidated financial statements.
Report on Internal Financial Controls
The company has an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024.
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