We have audited the accompanying
Standalone Financial Statements of
Anuroop Packaging Limited (the
“Company”), which comprise the Balance
Sheet as at March 31, 2024, the Statement
of Profit and Loss (including Other
Comprehensive Income), the Statement of
Changes in Equity and the Statement of
Cash Flows for the year ended on that date
and notes to the financial statements,
including a summary of material
accounting policies 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 the companies (Indian
Accounting Standard) 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, 2024 and its profit, total
comprehensive income, changes in equity
and its cash flows for the year ended on
that date.
Basic 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 ethical requirements that are relevant
to our audit of the Standalone Financial
Statements under the provisions of the Act
and the Rules made 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
obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on
the 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. The company has adopted IND AS
reporting taking the date of convergence as
1st April 2022. The difference in profits due
to the adoption of Ind-AS has been
reconciled and disclosed separately under
Note-44 of the Standalone Financial
Statements.
Information Other than the Financial
Statements and Auditor’s Report
Thereon
The Company’s Board of Directors is
responsible for 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 and Sustainability
Report, Corporate Governance and
Shareholder’s Information, but does not
include the consolidated financial
statements, 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
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 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 accounting principles
generally accepted in India, including Ind
AS specified under Section 133 of the Act
read with the companies (Indian
Accounting Standard) 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 and
Board of Directors 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 the Board of Directors
either intends to liquidate the Company or
to cease operations, or has no realistic
alternative but to do so.
The Company’s Board of Directors is also
responsible for overseeing the Company’s
financial reporting process.
Auditor’s responsibility for the audit of
standalone financials statement
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 scepticism 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 control 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 with reference to
Standalone Financial Statements
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 the 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 Ind AS financial
statements, including the
disclosures, and whether the
standalone Ind AS 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 financial controls 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 so far as it appears from our
examination of those books.
c. ) The Balance Sheet, the Statement of
Profit and Loss, including Other
Comprehensive Income, Statement of
Changes in Equity and the Statement of
Cash Flows dealt with by this Report are in
agreement with the 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 Companies (Indian Accounting
Standards) Rules, 2015, as amended;
e. ) On the basis of the written
representations received from the
directors as on March 31, 2024 taken on
record by the Board of Directors, none of
the directors is disqualified as on March 31,
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 with reference to
Standalone Financial Statements 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
with reference to Standalone Financial
Statements.
g. ) In our opinion, the managerial
remuneration for the year ended 31 March
2024 has been paid / provided by the
Company to its directors in accordance
with the provisions of section 197 read with
Schedule V to 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, as
amended, 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 in its Standalone
Financial Statements.
ii.) The Company has made provision as
required under applicable law or
accounting standards for material
foreseeable losses. The Company did not
have any long-term derivative contracts.
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 Banka and Banka
Chartered Accountants
Firm Reg. No.: 100979W
CA. Pradeep Banka Place: Mumbai
Partner Date: 30-05-2024
Membership No.: 038800 | UDIN: 240388008BKAGE88301
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