The Board of Directors of Bombay Wire Ropes Limited
We have audited the accompanying in quarterly financial statements of Bombay Wire RopesLimited (hereinafter referred to as "the Company") for the quarter ended 31stMarch 2021 and the year to date results for the year ended 31st March 2021 beingsubmitted by the Company pursuant to the requirement of Regulation 33 of the Securitiesand Exchange Board of India ("SEBI") (Listing Obligations and DisclosureRequirements) Regulations 2015 as amended (Listing Regulation')
In our opinion and to the best of our information and according to the explanationsgiven to us the standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the ListingRegulations in this regard; and
b. give a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable Indian Accounting Standards and other accountingprinciples generally accepted in India of the standalone net profit and othercomprehensive income and other financial information of the company for the year ended31st March2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under those SAs arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the standalone annual financial results.
Material Uncertainty related to Going Concern
We draw attention to Note no. 19 in the Financial Statement which states that theCompany has discontinued its operations and hence company's ability to continue as goingconcern has cease to exists. Accordingly fundamental going concern assumption of GoingConcern has not been followed while preparation and presentation of Financial Statements.
Our opinion is not modified in respect of this matter.
Management's and Board of Directors Responsibilities for the Standalone AnnualFinancial Results
These standalone annual financial results have been prepared on the basis of thestandalone annual financial statements. The company's Management and the board ofdirectors are responsible for the preparation and presentation of these standalone annualfinancial results that give a true and fair view of the standalone net profit/ loss andother comprehensive income and other financial information of the company in accordancewith the recognition and measurement principles laid down in Indian accounting standardsprescribed under section 133 of the act and other accounting principles generally acceptedin India and in compliance with regulation 33 of the listing regulations. The respectivemanagement and board of Directors of the entities included in the company are responsiblefor maintenance of adequate accounting records in accordance with the provision of the actfor safeguarding of assets of each entity for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone annual financial results that give a trueand fair view and are free from material misstatement whether due to fraud or errorwhich have been used for the purpose of preparation of the standalone annual financialresults by the management and the Directors of the Company as aforesaid.
In preparing the standalone annual financial results the respective management and theBoard of Directors of the entities included in the Company are responsible for assessingthe ability of each entity to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe respective Board of Directors either intends to liquidate the entity or to ceaseoperations or has no realistic alternative but to do so The respective Board of Directorsof the entities included in the Company are responsible for overseeing the financialreporting of each entity.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an Auditor's Report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
2. Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
3. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
4. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sReport. However future events or conditions may cause the Company to cease to continue asa going concern.
5. Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
The standalone annual financial results include the results for the quarter ended 31stMarch 2021 being the balancing figures between the audited figures in respect of the fullfinancial year and the published audited year to date figures up to the third quarter ofthe current financial year.
| ||For Batliboi & Purohit |
| ||Chartered Accountants |
| ||Firm Registration Number:101048W |
| ||Gaurav Dhebar |
|Place : Mumbai ||Partner |
|Date : 23/04/2021 ||Membership No. 153493 |
|UDIN: 21153493AAAACN6209 || |