We have audited the accompanying standalone financial statements of M/s. B&B TRIPLEWALL
CONTAINERS LIMITED ("the Company"), which comprise the Standalone Balance Sheet as at
March 31, 2025, the Standalone Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows
for the year then ended, notes to the standalone financial statements including material accounting
policy information and other explanatory information (hereinafter referred to as the "standalone
financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013
("the Act") in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with companies (Indian
Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other Accounting Principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025 and its Profit, total
comprehensive income, its cash flows and changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the standalone
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 ("ICAI") together with
the independence requirements that are relevant to our audit of the standalone 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 ICAI's Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
on standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. These matters were addressed
in the context of our audit of the standalone 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 the
matters described below to be the key audit matters to be communicated in our report.
A) Provisions for taxation, litigation, and other significant provisions
(i) Accrual for tax and other contingencies requires the Management to make judgements and estimates in
relation to the issues and exposures arising from a range of matters relating to direct tax, indirect tax, transfer
pricing arrangements, claims, general legal proceedings, environmental issues, and other eventualities arising
in the regular course of business.
00 The key judgement lies in the estimation of provisions where they may differ from the future
obligations. By nature, provision is difficult to estimate and includes many variables. Additionally,
depending on timing, there is a risk that costs could be provided inappropriately that are not yet committed.
How the matter was addressed in Our audit procedures included:
(i) We tested the effectiveness of controls around the recognition of provisions.
(ii) We used our subject matter experts to assess the value of material provisions in light of the nature of
the exposures, applicable regulations, and related correspondence with the authorities.
(iii) We challenged the assumptions and critical judgements made by management which impacted their
estimate of the provisions required, considering judgements previously made by the authorities in the
relevant jurisdictions or any relevant opinions given by the Company's advisors and assessing whether there
was an indication of management bias.
(iv) We discussed the status in respect of significant provisions with the Company's internal tax and legal
team.
(V) We performed retrospective review of management judgements relating to accounting estimate
included in the financial statement of prior year and compared with the outcome.
B) Assessment of contingent liabilities relating to litigations and claims
(i) The Company is periodically subject to challenges / scrutiny on range of matters relating to direct tax,
indirect tax, and transfer pricing arrangements.
(ii) Further, potential exposures may also arise from general legal proceedings, environmental issues etc. in
the normal course of business.
(iii) Assessment of contingent liabilities disclosure requires Management to make judgements and estimates
in relation to the issues and exposures. Whether the liability is inherently uncertain, the amounts involved
are potentially significant and the application of accounting standards to determine the amount, if any, to
be provided as liability, is inherently subjective.
How the matter was addressed in our audit procedures included:
(i) We tested the effectiveness of controls around the recording and re-assessment of contingent
liabilities.
(ii) We used our subject matter experts to assess the value of material contingent liabilities in light of the
nature of exposures, applicable regulations, and related correspondence with the authorities.
(iii) We discussed the status and potential exposures in respect of significant litigation and claims with the
Company's internal legal team including their views on the likely outcome of each litigation and claim and
the magnitude of potential exposure and sighted any relevant opinions given by the Company's advisors.
(iv) We assessed the adequacy of disclosures made.
(V) We discussed the status in respect of significant provisions with the Company's internal tax and
legal team.
(vi) We performed retrospective review of management judgements relating to accounting estimate
included in the financial statement of prior year and compared with the outcome.
Information Other than the standalone financial statements and Auditor's Report Thereon
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, Corporate Governance and Shareholder's Information, but
does not include the standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone 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 concluded that there is a material statement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Managements and Board of Directors Responsibility for the standalone financial statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the
financial position, financial performance, including other comprehensive income, changes in equity and
cash flows of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding 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 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 standalone financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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.
The Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the standalone financial statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an 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 material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone financial statements.
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 standalone financial statements, 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 omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls 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
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 material uncertainty exists related to events or conditions
that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the standalone financial statements or, if such disclosures 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, 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 standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
standalone financial statements 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 standalone financial statements.
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.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's 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
reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit 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 as far as it
appears from our examination of those books.
c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other
Comprehensive Income, Standalone Statement of Changes in Equity and the Statement of Cash Flow dealt
with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply 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 March 31,2025 taken on
record by the Board of Directors, none of the director is disqualified as on March 31,2025 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 A'. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal
financial controls over financial reporting.
g) With respect to the other matter 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
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 as detailed in
Note 42 of standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
iii. There were amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company and same has been transferred accordingly.
iv. (a) The management has represented that, to the best of its 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 its 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 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 such 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 misstatement.
v. The dividend declared or paid during the year by the company is in compliance with sec 123 of the
companies act 2013.
vi. Based on our examination, which includes test checks, the Company has used accounting software
for maintaining its books of accounts for the financial year ended March 31, 2025, which has a feature
of recording audit trail (edit log) facility and the same has been operated throughout the year for all
relevant transactions recorded in the software. Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with. Additionally, the audit trail has been
preserved by the Company as per the statutory requirements for record retention.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order.
For Surana Naveen Vikash & Co
Chartered Accountants
Firm's Registration No. 323231E
Naveen Surana
Partner
Membership No. 057841
UDIN: 25057841BMIKFZ4401
Place: Bangalore
Date: 30th May 2025
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