Independent Auditors Report
To The Members of
report on the audit of the financial statements
OPINION
We have audited the financial statements of M/S BEW ENGINEERING LIMITED (“the company”) which comprises the Balance
Sheet as at 31st March, 2023 and the statement of Profit & Loss Account, and statement of cash flows for the year then ended, and
a summary of significant accounting policies & other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March,
2023, and its Profit and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under section
143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for
the Audit of the 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 Financial Statements under the provisions of the Act and the Rules made there under, 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 audit opinion on the 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 financial
statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
responsibilities of management and those charged with governance for the
financial statements.
The company’s Management is responsible for the matters stated in the Section 134(5) of the Companies Act, 2013("the act”)
with respect to preparation and presentation of these financial statements that gives a true & fair view of the financial position,
financial performance of the company in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility includes selection and consistent application of accounting policies; making judgments and estimates that are
prudent; maintenance of adequate accounting records in accordance with provisions of this Act for safeguarding the assets of
the company and for preventing and detecting fraud and other irregularities; and the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the financial statement that give true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the 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 also responsible for overseeing the company’s financial reporting process.
auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the 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 financial
statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
a. Identify and assess the risks of material misstatement of the 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.
b. 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 with reference to Financial Statements in place and the
operating effectiveness of such controls.
c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
d. 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 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.
e. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether
the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the 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 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.
report on legal and regulatory requirements.
1) As required by the Companies (Auditors’ Report) Order, 2020, issued by the Central Government in terms of sub-section
(11) of section 143 of the Companies Act, 2013, we enclose in the Annexure A’a statement on the matters specified in the
paragraphs 3 & 4 of the said Order.
2) As required by Section 143(3) of the Companies Act, we report that:
a. We have sought and obtained all the information & explanations which to the best of our knowledge & belief were
necessary for the purpose of our audit.
b. In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our
examination of those books.
c. The Balance Sheet, Statement of Profit & Loss and Cash Flow statement dealt with by this report are in agreement with
the books of account.
d. In our opinion, the financial statements comply with the Accounting Standards referred to in section 133 of the Companies
Act, 2013.
e. On the basis of written representations received from the directors as on 31st March, 2023 taken on record by the Board
of Directors, none of the director is disqualified as on 31st March, 2023, from being appointed as director in terms of
Section 164(2) of the Companies Act, 2013.
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 B”.
g. With respect to the other matters 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 auditor’s report according to Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to explanations given to us:
i. The company does not have any pending litigations on it, which would impact it’s financial position.
ii. During the year, the company has not entered into any long term contracts including derivative contract, and
therefore question of provisioning for material foreseeable does not arises.
iii. During the year the company is not required to transfer any amount to Investor Education and Protection Fund.
iv. a. The management has represented that, to the best of its knowledge and belief, 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, 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.
c. Based on the 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 Company has not declared or paid any dividend during the year ended 31 March 2023.
For J N Gupta & Co. LLP
Chartered Accountants
Firm Registration No: 006569C/W100892
CA Radheyshyam Agarwal
Partner
Membership No. 603496
UDIN: 23603496BGREVY5365
Place: Mumbai
Date: 03-05-2023
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