We have audited the accompanying standalone financial statements of Bataji Phosphates Limited {Formerly
known as Balaji Phosphates Private Limited) ("the Company"), which comprises of Balance Sheet as at March
31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity arid the Statement of Cash Flow for the year then ended, and notes to the financial
statements, including a summary of Material accounting policies and other explanatory information.
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 Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March 2024, its profit (including other comprehensive income), changes in equity and its
cash flows 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 Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities
for the Audit of the :inancia! 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 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 standalone financial statements.
Information Other than the Standalone Financial Statements and Auditor's report thereon
The Company's Board of Directors is responsible for the preparation of other information. The Other
information comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexures to the Board report, Business Responsibility and Sustainability Report, Corporate
Governance Report, sut does not include the consolidated financial statements, standalone financial
statements and our auditor's report thereon. __
/Sty''
Our opinion on the standalone financial statements does not cover the other information and werabnnot ^
express any form of assurance conclusion thereon. ; *{&> s
In connection with our audit of the standalor^^tlftewPSKwments, our responsibility is to read theyffigr va/
information and, in doing so, consider whemef/fhe o^rwMQpation is materially inconsistent witnsW^E&'x/
standalone financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be mater ally 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.
Responsibilities of Management and those charged with Governance 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 the
accounting Standards specified under Section 133 of the Act.
This responsibility dlso includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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 vjew and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the 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 Responsib lities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements 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 a|rise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonabjy 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
skepticism 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
materia! 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.
“ d°Ubt" the «* >0 continue
th * . ,. uncertainty exists, we are required to draw attention in our auditor's report to
the elated disclosures m the standalone financial statements or, if such disclosures are Inadequate o
modify our opinion. Our conclusions are based on the audit evidence obtained up to the dare of our
°W6Ver- fUtUre eVe"tS °r «“ *ha “ c~on«„u: as a
Evaluate the overall presentation, structure and content of the standalone financial statements
rnd‘^ha^m?tto?h!*",hfr-,he Sta,eme",s represem the underlying transaction
ana events in a manner that achieves fair presentation,
aM^S!fmVkes Tofbatif f,ff ?htemenG ,he Standalone fina"cial foments that individually or in
J?J8? t.rt, probabfe that the economic decisions of a reasonably knowledgeable user of the
factors ^^(1)'toL^thrsmtS T in!'UenCed' We C°nSider quantitative materiality and qualitative
puai.iatoth « * the scope pf our audit work and in evaluating the results of our work and (ii) To
e aluate the effect of any identified misstatements in the standalone financial statements.
^d th°HSe Cha/ged With govemance regacdingj among other matters, the planned scope
that w^identil H T* *** indudi"g deficie»cies in interna! control
that we identify during our audit.
We also provide those charged with govemance with a statement that we have complied with relevant
matt8 r*jJu|rements re§arci,ng independence, and to communicate with them all relationships and other
safeguardsn*°mt** be thought t0 beqr on our independence, and where applicable, related
Other Matter
The Comparative financial information of the Company for the year ended March 31, 2023 included in these
financial statements are based on the previously issued statutory financial statements, audited by M/s MPV
& Co. Chartered Accountants whose report for the year ended March 31, 2023 dated September 2 2023
expressed an unmodified opinion on those financial statements.
Report on Other Legal and Regulatory Requirements
1. Pursuant to the Cdmpanies (Auditor's Report) Order, 2020 ("the Order" "CARO"), issued by the Central
Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure "A"
a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that: Ý
(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 accoyat^equired by law have been kepb^^S^Si^y so far as
it appears from our examinatiomdf^&^fefcand records. Kf \£\
/v
(c) The Balance Sheet, the Statement of Profit & Loss (including other comprehensive income),
Statement of Changes in Equity and the Cash Flow Statement 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 Accounting Standards
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules,
2015, as amended.
(e) On the basis of written representations received from the directors as on March 31, 2024 taken on
records by the Board of Directors, none of the directors are disqualified as on March 31, 2024 from
being appointed as a Directors in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the Internal Financial Controls with reference to financial
statements pf the Company and the operating effectiveness of such controls, refer to our separate
Report in Artnexure "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 matters to be included in the Auditor's report in accordance with the Rule 11 of
the 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 Company has disclosed the impact of pending litigations on its financial performance in its
standalone financial statements. [Refer note no 35 to the standalone financial statements]
ii. The Company did not have any long-term contracts including derivative contracts for which there
were any materia! foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the company,
iv. (a) The management has represented that, to the best of its knowledge and belief, no funds
(which a'e material either individually or in the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Com aany to or in any other person or entity, 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
(which are material either individually or in the aggregate) have been received by the Company
from any person or entity, 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 of
the Funding Party ("L^^^^Beficiaries") or provide any guarantee, secu^kjTtf^^on
behalf of the Ultimd^J^neTit^^and M /
! Mijiv.mii) *11 \o\ w /?/ '-xs
(c) Based on such 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
representation under sub clause (i) and (ii) of Rule life} of The Companies (Audit and Auditors)
Rules, 2014, as provided under (a) and (b) above, contains any material misstatement
v. The Company has not declared or paid any dividend during the year ended March 31, 2024 and
hence reporting compliance of Section 123 of the Act is not applicable.
vi. (a) Based on our examination, which included test checks, the Company has used accounting
softwa -e for maintaining its books of account for the financial year ended March 31, 2024
which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of the audit trail feature being
tampered with.
(b) As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,
2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31,2024.
For Bagaria & Co. LIP For MPV & Company
Chartered Accountants Chartered Accountants
Firm registration No.: 113447W/W-100019 Fjrm registration No.: 003995C
V ![*! MUM9AV 1 U \o\ ^ Jsj
CA Vinay Sorrtani \\<A N^V^CA>J^fendra KiUar Jain
Partner
Membership l|lo. 143503 ~ Membership No. 071913
UDIN : 24143!|03BKDZRN4554 UDIN : 24071913BKBGQX8633
Place: Mumbai Place: Indore
Date: September 05,2024 Date: September 05, 2024
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