We have audited the accompanying standalone financial
statements of Bhilwara Technical Textiles Limited ("the
Company"), which comprises the Balance Sheet as at 31st
March, 2025 and the Statement of Profit and Loss [including
other Comprehensive Income], the Statement of Cash Flows
and the Statement of Changes in Equity for the year then
ended, and 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 Accounting Standards (AS) prescribed
under section 133 of the Act and other accounting principles
generally accepted in India, of the state of affairs of the Company
as at 31st March, 2025, its profit, total comprehensive income and its
cash flows and changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone 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 Responsibility 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 financial statements.
Key Audit Matters
We have determined that there are no key audit matters to
communicate in our report.
Information Other than the Standalone financial
statements and Auditor's Report Thereon
• The Company's Board of Directors is responsible for the
other information. The other information comprises the
Director's report, but does not include the standalone
financial statements and our auditor's report thereon. The
Director's report is expected to be made available to us after
the date of this Auditor's report.
• Our opinion on the standalone financial statements does
not cover the other information and we do not and will not
express any form of assurance conclusion thereon.
• In connection with our audit of the 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.
• When we read the Director's report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance
as required under SA 720 'The Auditor's responsibilities
Relating to Other Information'.
Management's 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, cash flows and changes in equity of
the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 financial statement that give a 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.
Those Board of Directors are also responsible for overseeing the
Company's financial reporting process.
Auditor's responsibility
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
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
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 system 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 financial statements, including the disclosures, and
whether the standalone 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 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 other legal and regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2020
("the Order"), 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, to the extent applicable.
2. 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, the Statement
of Cash Flows and Statement of Changes in Equity dealt
with by this Report are in agreement with the relevant
books of account.
d. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.
e. On the basis of the written representations received
from the directors as on 31st March, 2025 taken on
record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2025 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 over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate Report in "Annexure B". Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over financial reporting.
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, no
remuneration was paid by the Company to its directors
during the year and hence not commented upon
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 no pending litigations as
confirmed by the Management; therefore, there is
no impact on its financial position in its financial
statements;
ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material 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 as disclosed in the note
35(vi) to the Standalone Financial Statements, no
funds (which are 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 Company to or in any other person or entity,
including foreign entity ("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 as disclosed
in the note 35(v) to the Standalone Financial
Statements, no funds (which are material either
individually or in the aggregate) have been
received by the Company from any person or
entity, including foreign entity ("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 and has not proposed any dividend
for the year.
vi. Based on our examination, which included test
checks, the Company has used accounting software
for maintaining their books of account, which have
a feature of recording audit trail (edit log) facility and
the same has operated throughout the year in the
respective software for all the relevant transactions.
Further, during the course of audit, we did not
come across any instance of audit trail feature being
tampered with and the audit trail has been preserved
by the company as per the statutory requirements
for record retention as disclosed in the note 35(x) to
the Standalone Financial Statements, as specified
under Rule 11(g) of the Companies (Audit & Auditors)
Rule, 2014.
For Doogar & Associates
Chartered Accountants
Firm Regn. No.: 000561N
Place: Noida (U.P) Mukesh Goyal
Date: 16th May, 2025 Partner
UDIN.: 25081810BM1AEO5415 M No.: 081810
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