We have audited the accompanying standalone ljj$. AS financial statements of A and M Jumbo Bags Limited ["the Company"}, which comprise the Balance Sheet as at 31st March 2024. the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year ended, and summary of the significant accounting policies and other explanatory information [hereinafter referred to as 'Standalone Ij^AS financial statements'),
Except for the possible effects of the matter described ::t the Basis for Disclaimer of Opinion paragraph, in our opinion and to the best of our information and according to the explanations given to usr standalone Jgd, AS 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 standards prescribed under section 133 of the Act, read with companies Rules 201S, as amended ( IND AS] and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 3i^March 2024, its loss (including other comprehensive income)rchanges in equity and its cash Hows for the year ended on that date.
Basis for Disclaimer of Opinion
We have conducted our audit of the standalone AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibility under those Standards are further described in Auditor's Responsibility for the Audit of the standalone financial statements section of our report We are independent of the company in accordance of with code of ethics issued by ICA3 together with the independence requirement that are relevant to our audit of standalone financial statement under the provisions of the Act and the rules made there Code under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAfs of Ethics.
We believe that we have not obtained the sufficient and appropriate audit evidence to provide a basis for audit opinion on the stand alone financial statement due to the following matters:
We have not been provided with the balance confirmation or any other details for the tradereceivabie, trade pavable, loans and advances receivable/ payable shown in the books of accounts. In the absence of the same uv one unable to confirm the balance and nature of transaction.
As a result af these matters, we were unable to determine whether any adjustments mi.Qhthave been found necessapy in respect of recorded or unrecorded tirrnrfTrtions and accounts receivable/pavable in the Balance Sheet, and the corresponding elements making up the Statement of Pro fit and Loss and Cash Flow Statement
Other information
The company's manage mbit and board of directors are responsible for the other information. The nrttU&T information comprises Board's Report on corporate governance and Business ResponsibLlitv report but does not include standalone financial statement and our auditor's report thereon.
Our opinion on the financial statement does not cover the other information and. we do not express any form of assurance conclusion thereon.
In connection with our audit of standalone financial statements, our responsibility is to read the other inforcnatiou and.- in doing so.- consider whether the other information is materially inconsistent with the standalone finandal statements or our knowledge obtain ed during thecourse cf our audit procedures or otherwise appear to he materially misstated.
If, based on the wcmk we have performed* we conclude that there is a material mis Etatemenccf this other information, we are required to report an that fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone Ind AS Financial Statements
The Company's Board of Directors is responsible fertile matters stated in Section 134 (5] of the Companies Act. 2013 f'the Art’} with respect to the preparation cF these standalone Jjy^AE financial statements that give a true and lair view of the state of affairs. Profit (including other comprehensive income].- changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards AS1 prescribed 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 the assets oFthe 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 thii were operating eFFectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone AS Financial statements that give a true and fair view and are Free from material misstatement whether due to Fraudor error.
In preparing tLie financial statEmffitB, management is responsible Far assessing the Company's ability to- continue as a going concern, disclosing, as applicable, matters related to gening concern and using the going concern basis of acconntitig unless management either intends to Liquidate the Company or to cease operations, or has no realistic alternative but todo so.
Board of directors is also responsible for overseeing the company's Financial re port in gyro cess,
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether standalone financial statements as a whole are free from material misstatement, whether due to fraud cr error and to issue an auditor's report that includes our opinion. Reason able 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 misstate meut when it exists. Misstatements ran arise from fraud or error and are considered material if. individually or in aggregate, they could reasonably be expectedto influence the economic decision of users taken on the basis oF these standalone financial statements.
As a part of an audit in' accordance with £A-s. we exercise professional judgment and maintainprcfessinnal skepticism throughout the audit. We also:
I Identify and assess the risk of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedure responsive to those risks, and obtain 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 the one resulting from error, as fraud may involve collusion, foiser-1. intentional, omission, misrepresentation, cr the override of internal central,
S Obtain an understanding of internal financial contra! relevant to the audit in order to design audit procedures that are appropriate :u the circumstances; Under section of the Act, we are also responsible for expressing our
opinion on whether the company has an adequate internal financial control svstem m place and the operatiugefiiectLveness of such controls.
E Eval uate the appropriateuess'pf accounting pol icie s used and the reasouabl eness of accounting estimates and related disclosures madebytlie management.
Conclude an the appropriateness of ma nagement's use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty easts related to events or conditio ns that may cast significant doubt on the Company 's
to continue a; a going cponntilfwi conclude that a material uncertainty exists,we are required tc draw attention in our auditor's report to the related disclosures III the standalone Financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained np to the dateof our auditor's report However, future events or conditions may cause-the Companyto cease to contnne as a going concern,
0 Evaluate the overall pre sentation, 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 achieve-s fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that individual^ or in aggregate, make 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 andin evaluatingthe 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 signi Fica ntdeficiencie s m internal control that we identify during our audit.
We also provide those chatted 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 he thought to bear an 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 on 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 reasonabiybe expected to outweigh the public interest benefits of such communication.
Report on Other Legal and RaguLatcrv Requirements
1. As required by the Companies J Auditor's Report] Order- 2020 J'the Order’] issued by
the Central Government lu terms of Section 143(111 of the Act. we give in Annexure
A' a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section lf3 (3] of the Act. we report that:
|a] We have sought and chained ail the information which to the best of our hnowiedgeand belief was necessary fertile purpose of our audit
lb) ]ji aur opinion, proper bocks of account as required by law have been kept by the Company-so Jar as it appears from our examination cf those bocks,
|c) The Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity and tJie Cash Flaw Statement dealt with by this Report are in agreement with the books of account
|d) in our opinion, the aft: re said standalone Jjyt AS financial stabeme nts comply with the Indian Accounting Standards prescribed under section 133 cf the Act
(e) On the basis of the written representations received from the directs rs and taken onrecond by the E oard cf Directors, none of the directors is disqualified as on 31 ^arcb 2024 from being appointed as a director in berms of Section 164(2] of the Act;
jf) With respect to the adequacy of die internal financial controls with reference to financial statements cf the Company and the operating effectiveness of such controls.referto our separate Repot! Ln"Annexure E ’.
(gj With respect to the other matters ta be included in the Auditor's Report in accordance with Rule 11 of Idle 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 re i s no pending I itigatiou on the company there fore the same is not requiredta be disclosed.
ii. The Company did not have any long-term contracts including derivative contractsforwhich there were any material foreseeable Losses;
tit. There were no amounts which were required to be transferred bo the InvestorEducation and Protection Fund by the Company,
Date: 05/04/20 24 A £ K & Associates
Place: Ahmedabad (Chartered Accountants),
U DIN: 24133 533EKECUL40B9 FKN: 135 024W
ED
Kenan
Partner m.Nql: 139E33
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