We have audited the accompanying financial statements of Three M Paper Boards
Limited (Formerly Known As "Three M Paper Boards Private limited" and "Three-
M-Paper Manufacturing Company Private Limited") ("the Company"), which
comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and
Loss and the Cash Flow Statement for the year then ended, and notes to the financial
statements including a summary of significant accounting policies and other
explanatory information.
Opinion
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 Standards prescribed under section 133 of
the Act read with the Companies (Accounting Standards) Rules, 2006, as amended
("Accounting Standards") and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2025, 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 Responsibility 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 ethical requirements that are relevant
to our audit of the 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.
• The Company's Board of Directors is responsible for the other information. The
other information comprises the information included in the Management
Discussion and Analysis and Directors Report (the "Reports"), but does not
include the financial statements and our auditor's report thereon.
• Our opinion on the 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 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 during the course of our audit or otherwise appears to be
materially 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.
Management's Responsibility for the 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 financial statements that
give a true and fair view of the financial position, financial performance and cash
flows in accordance with the Accounting Standards 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.
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:
• 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 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 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 Other Legal and Regulatory Requirements
1. 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 and the Cash Flow
Statement dealt with by this Report are in agreement with the relevant books
of account.
D. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act.
E. On the basis of the written representations received from the directors as on
March 31, 2025 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 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 A". 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, the remuneration paid by the Company to its
directors during the period is in accordance with the provisions of section
197 of the Act.
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:
a) The Company does not have any pending litigations which would
impact its financial position.
b) The Company did not have any long-term contracts including
derivative contracts for which there were any 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. 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
persons or entities, including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries")
by or on behalf of the Company.
• provide any guarantee, security or the like to or on behalf of
the Ultimate Beneficiaries.
ii. The management has represented, that, to the best of its knowledge
and belief, no funds have been received by the Company from any
persons or entities, including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise,
that the Company shall:
• directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries")
by or on behalf of the Funding Party or
• provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries; and
iii. Based on such audit procedures as considered reasonable and
appropriate in the circumstances, nothing has come to our notice
that has caused us to believe that the representations under
subclause (d) (i) and (d) (ii) contain any material mis-statement.
e) The Company has not paid any dividend during the year and hence,
compliance with Section 123 of the Act is not applicable.
f) As required by the Companies (Auditor's Report) Order, 2020 ("the
Order") issued by the Central Government in terms of Section 143(11)
of the Act, we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order to the extent applicable.
For PIYUSH KOTHARI & ASSOCIATES
CHARTERED ACCOUNTANTS
(Firm's Registration No. - 140711W)
Sd/-
Piyush Kothari
(Partner)
(m. No. 158407)
(UDIN -25158407BMJGCW8772)
Place: Ahmedabad
Date: 26-05-2025
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