We have audited the accompanying standalone financial statements of B. R. Goyal Infrastructure Limited
('the Company”) which comprise the Standalone Balance Sheet as at 31st March, 2024, the Standalone
Statement of Profit & Loss, Standalone Statement of Cash Flow of the Company for the year then ended
notes to the financial statements including a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "'standalone financial statements”).
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:
a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2024;
b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date and
c) In the case of the Cash Flow Statement, of the cash flows 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 (SA’s) and other pronouncements issued by the Institute of Chartered Accountants of India
(‘ICAI’) 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 Standalone Financial Statements section
of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
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 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 opinion on the standalone
financial statements.
Key Audit Matters
We have determined that there are no key audit matters to communicate in our report.
The Company’s Management is responsible for the preparation of the other information. The other
information comprises the information included in management analysis, company performance report but
does not include the standalone financial statements and our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.
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.
IManagement’s Responsibility for the Standalone Financial Statements
Management is responsible for the matters stated in section 134(5) of the Act, with respect to the
preparation and presentation of these standalone financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with the AS
specified under section 133 of the Act 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 of the assets of the company for preventing and detecting fraud
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 statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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 responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
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 theaggregate,
they could reasonably 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 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.
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• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures thatare 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 standalone financial statements 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 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
Ý disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence
obtained up to the date of our auditor’s report. However, future events or conditionsmay cause
the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
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
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 the paragraph 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Companies Act 2013, 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 of the accompanying standalone
financial statements.
b) In our opinion, proper books of account as required by the law have been kept by the Company
so far as appears from our examination of those books.
c) The Balance Sheet, Statement of Profit and Loss 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 AS specified under
Section 133 of the Act.
e) We do not have any observation or comment on the financial statements or matters which have any
adverse effect on the functioning of the Company.
f) We do not have any adverse qualification, reservation or adverse remark relating to the
maintenance of accounts and other matters connected herewith.
g) On the basis of the written representations received from the directors and taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed
as a director in terms of section 164(2) of the Act.
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h) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to ourseparate
Report in “Annexure B'\
i) 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 disclosed the impact of pending litigations on its financial position as at 31
March 2024 in its standalone financial statements - Refer Note 33 to the standalone financial
statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses as at 31 March 2024;
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
have been advanced or loaned or invested (either from borrowed funds or securities
premium or any other sources or kind of funds) by the Company to or in any person or
entity, including foreign entities (‘the 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 ('the Ultimate Beneficiaries’) or provide any guarantee, security or
the like on behalf 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 or entity, including foreign entities
(‘the 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 behalfofthe
Ultimate Beneficiaries; and
c. Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
management 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 neither declared nor paid any dividend during the year ended 31 March 2024.
vi. Based on our examination, which included test checks, the Company has used accounting
software 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.
vii. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2021 is applicable from April 1,
2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2021 on
preservation of audit trail as per the statutory requirements for record retention is not applicable
for the financial year ended March 31, 2024.
viii. As required by the Companies (Amendment) Act, 2017, in our opinion, according to
information, explanations given to us, the remuneration paid by the Group to its directors is
within the limits laid prescribed under section 197 of the Act and the rules thereunder.
For LVA & Associates
Chartered Accountants
Firm’s Registration No.: 32S977F
(f%
CAMayankJain J§)
Partner
Membership No.: 433456^^^ Access
UDIN: 24433456BKAEZU8297
Date: 2 May 2024
Place: Indore
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