Blue Pearl Texspin Ltd.
|BSE: 514440||Sector: Others|
|NSE: N.A.||ISIN Code: INE439N01023|
|BSE 00:00 | 02 Jan||Blue Pearl Texspin Ltd|
|NSE 05:30 | 01 Jan||Blue Pearl Texspin Ltd|
|BSE: 514440||Sector: Others|
|NSE: N.A.||ISIN Code: INE439N01023|
|BSE 00:00 | 02 Jan||Blue Pearl Texspin Ltd|
|NSE 05:30 | 01 Jan||Blue Pearl Texspin Ltd|
To the members of Blue Pearl Texspin Limited
We have audited the standalone financial statements of Blue PearlTexspin Limited ("the Company") which comprise the balance sheet as at 31stMarch 2022 and the statement of Profit and Loss (statement of changes in equity) andstatement of cash flows for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 and profit (changes in equity) and its cashflows 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 responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere 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 awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.
Management's Responsibility for the Standalone FinancialStatements
The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (changes in equity)1 and cashflows of the Company in accordance with1 the accounting principles generallyaccepted in India including the accounting Standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the FinancialStatements
Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of materialmisstatement of financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluatingthe overall presentation of the financial statements. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onfinancial Statements.
Report on Other Legal and regulatory Requirements
1. As required by required by the Companies (Auditor's Report)Order2020 ("the Order") issued by Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the Annexure-A a statement on thematters specified in paragraph 3 & 4 of the Order.
2. As required by section 143(3) of the Act we further report that:
(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our Audit;
(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as appears from our examination of those books;
(c) The Balance Sheet Statement of Profit and Loss Account Cash FlowStatement and Statement of changes in Equity dealt with this report are in agreement withthe books of Accounts;
(d) In our opinion the aforesaid financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with relevantrules thereunder as amended;
(e) On the basis of written representation received from the directorsas on March 31 2022 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2022 from being appointed as the directors in terms ofSection 164(2) of the Act;
(f) With respect to the adequacy of the internal financial control overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure B";
(g) According to information and explanations given to us and based onour examination of the records of the Company the Company had not paid/providedmanagerial remuneration hence requisite approvals mandated by the provisions of Sec 197 ofthe Act is not applicable;
(h) In our opinion and to the best of our information and according tothe explanations given to us we report as under with respect to other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit& Auditors) Rules 2014:
1. The Company does not have any pending litigation which would impactits financial position.
2. The company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise.
3. There has not been an occasion in case of the Company during theyear under report to transfer any sums to the Investor Education & Protection Fund.The question of delay in transferring such sums does not arise.
ANNEXURE "A" TO THE AUDITOR'S REPORT
On the basis of such checks as we considered appropriate andaccordingly to the information and explanations given to us during the course of ouraudit we report that:
ANNEXURE-B TO THE AUDITOR'S REPORT
Report on the Internal Financial Controls under Clause (I) ofSub-Section 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financialreporting of M/S Blue Pearl Texspin Limited ("the Company") as on 31stMarch 2022 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.
MANAGEMENT RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India(ICAI'). These responsibilities include the designs implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Controlling(the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143 (10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls-both applicable to anaudit o Internal Financial Controls and both issued by the Institute of CharteredAccountants of India .Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the Audit to obtain responsible assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists testing and evaluating anddesign and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud orerror.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and disposition of the assets of the Company. (2) provide reasonableassurance that transaction are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company ; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING
Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March2022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.
Auditor's Report on standalone Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015
Board of Directors Blue Pearl Texspin Limited
We have audited the standalone quarterly financial results of BluePearl Texspin Limited (Name of the company) for the quarter ended 31.03.22 (date of thequarter end) and the year to date results for the period 01.04.21 to 31.03.22 attachedherewith being submitted by the company pursuant to the requirement of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Thesequarterly financial results as well as the year to date financial results have beenprepared on the basis of the interim financial statements which are the responsibility ofthe company's management. Our responsibility is to express an opinion on thesefinancial results based on our audit of such interim financial statements which have beenprepared in accordance with the recognition and measurement principles laid down in IndianAccounting Standard 34 (Ind AS 34) for Interim Financial Reporting prescribed underSection 133 of the Companies Act 2013 read with relevant rules issued thereunder; or bythe Institute of Chartered Accountants of India as applicable and other accountingprinciples generally accepted in India.
We conducted our audit in accordance with the auditing standardsgenerally accepted in India. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial results are free of materialmisstatement(s). An audit includes examining on a test basis evidence supporting theamounts disclosed as financial results. An audit also includes assessing the accountingprinciples used and significant estimates made by management. We believe that our auditprovides a reasonable basis for our opinion.
In our opinion and to the best of our information and according to theexplanations given to us these quarterly financial results as well as the year to dateresults:
(i) are presented in accordance with the requirements of Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 in thisregard; and
(ii) give a true and fair view of the net results and other financialinformation for the quarter ended 31.03.22 (date of the quarter end) as well as the yearto date results for the period from 01.04.21 to 31.03.22.