We have audited the financial statement of Bangalore Fort Farms Limited ("the Company")
which comprise the Balance Sheet as at 31st March'2024, the statements of Changes in Equity
and Statement of Cash flows for the year ended, and notes to the financial statements, including
a summary of significant accounting policies and other explanatory information.
In our opinion and to best of our information and according to the explanations given to us, the
aforesaid financial statements given the information required by the Act in the manner so
required and given a true and fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the company as at March'2024, its profit, changes
in equity and its cash flows 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 standers are
further described in the Auditor's 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 provision 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 in sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the 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 that there are no key audit matters to communicate in our report.
The Company's Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
analysis, Board's Report including Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does not include the financial
statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not
express my form of assurance conclusion thereon.
In connecting 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 during the course of our 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.
Management's Responsibility for the financial statements
The Company's Board of Directors is responsible for the matters stated 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, changes in equity
and cash flows of the company in accordance with the accounting principles generally accepted
in India, including the Accounting Standers 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 judgements 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 materials misstatement, whether due to fraud
or error.
In preparing the financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing as applicable, matters related to going concern
and using the going concern basis of accounting unless management 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 company's financial reporting
process.
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from materials misstatement, whether due to fraud or error, and to issue and
auditor's 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
materials misstatement can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economics decisions of
users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatements for the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a materials misstatements 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.
• Obtained 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 control 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 management's use of the going concern basis of
accounting and based on the audit evidence obtained, whether a materials uncertainty
exists related to events or conditions that may cause significant doubt on the Company's
ability to continue as a going concern. If we conclude that a material uncertainly exists,
we are required to draw attention in out auditors' report to the related disclosers in the
financial statements or if such disclosers are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's
report. However, further events or conditions may cause the company to ceases 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 under lying
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 the charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all the
relationships and other matters that may reasonably be though to bear on our independence,
and where applicable, related safeguard.
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 reasonable be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order '2020 ("The Order") issued by
the 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 paragraph 3 & 4 of the Order, to the extent applicable.
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 of those books.
c. The Balance Sheets, the Statement of Profit & 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 financial statements comply with the Accounting
Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accountants) Rules'2014.
e. On the basis of the written representation 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 Report in "Annexure B".
g. With respect to the other matters to be included in the Auditor's Report in
accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the
explanations given to us, the company has not paid any remuneration to its
directors during the financial year.
h. With respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit & 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 did not have any long-term contracts including derivative
contracts for which there were any materials foreseeable losses.
iii. There are no amounts which were 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 their knowledge
and belief, other than as disclosed in the notes to the accounts, 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(s) or entity(ies) including foreign entities
("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 their
knowledge and belief, other than as disclosed in the notes to the
accounts, no funds have been received by the Company from any
person(s) or entity(ies) including foreign entities ("Funding Parties") 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 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 has 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) contain any material misstatement.
v. No dividend has declared or paid by the Company during the financial
year.
vi. As proviso to rule 3(1) of the Companies (Accounts) Rules'2014 is
applicable for the Company only w.e.f. April 1'2023, we are reporting
under rule 11(g) that the company's accounting software has a feature
for recording an audit trail (edit log) that is non-configurable and has
been operational throughout the year for all transactions recorded in the
software.
For Amit Ray & Co.,
Chartered Accountants
FRN. No. 000483C
Sd/-
Srabana Bhattacharyya
Place: Kolkata Membership No. 062118
Date: 29th May 2024 Partner
UDIN:24062118BKEYCY4153
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