We have audited the standalone financial statements of Bang Overseas Limited (“the Company”), which
comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year
ended on that date, and a summary of the significant 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 the 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, 2025, the Loss and total comprehensive Loss, changes in equity and its cash
flow 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
(‘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 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 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 we have obtained is sufficient and appropriate to provide a basis for our
opinion on the standalone 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 period. 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.
We have determined that there are no key audit matters to be communicated in our report.
Other Information
The Company’s Board of Directors is responsible for preparation of the other information. Other information
comprises the information included in the Company’s Annual Report, but does not include the financial
statements and our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we will 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 identified above when it becomes available 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.
Responsibilities of Management and those charged with Governance for the Standalone
Financial Statements
The Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to preparation of these standalone Financial Statements that give a true and fair view of the financial
position, financial performance, total comprehensive income, changes in equity and cash flows 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 provisions of
the Act for safeguarding 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 accuracy and completeness of the accounting records, relevant to
preparation and presentation of the standalone 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 is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for 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 auditors’ 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 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 override of internal control.
• Obtain an understanding of internal 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 with reference
to financial statements in place and the operating effectiveness of such controls.
• Evaluate appropriateness of accounting policies used and reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on 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 auditors’ 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 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.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication
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, and on the
basis of such checks of the books and records of the Company as we considered appropriate and
according to the information and explanations given to us, we give in the Annexure-A a
statement on the matters specified in paragraph 3 of the Order.
2. (A) As required by section 143(3) of the Act, 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 appears from our examination of those books of accounts;
c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive
income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the accounting
standards specified under section 133 of the Act;
e) On the basis of written representations received from the directors as on 31st March 2025
and 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 sub section (2) of
Section 164 of the Act;
f) With respect to adequacy of the internal financial control over financial reporting of the
Company and operating effectiveness of such control, refer to our separate Report in
Annexure ‘B’; and
(B) With respect to the other matters to be included in the Auditors Report in accordance with Rule
11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
(a) The Company has disclosed the impact of pending litigations on its financial position
in its standalone Ind AS financial statements - Refer Note 28 to the standalone Ind AS
financial statements;
(b) The Company did not have any long term contracts including derivative contracts for
which there were material foreseeable losses:
(c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
(d) (i) As per the information and explanation given to us by the management, 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 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;
(ii) As per the information and explanation given to us by the management, no funds
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 by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(e) The Company has neither declared nor paid any dividend during the year.
(f) Based on our examination which included test checks, the Company has used
accounting software for maintaining its books of account 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 (refer Note 40 to the standalone
Ind AS financial statements). Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with.
(C) As required by Section 197(16) of the Act, we report that the Company has paid remuneration to
its directors during the year in accordance with the provisions of and limits laid down under Section
197 read with Schedule V to the Act.
For Bharat Gupta & Co.
Chartered Accountants
Firm Regd. No. 131010W
Sd/-
BHARAT GUPTA
Proprietor
Membership No: 136055
Place: Mumbai
Dated: 30th May 2025
UDIN: 25136055BMHXGP7394
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