To the Members of Comfort Fincap Limited
Report on the Audit of the Standalone Financial Statements Qualified
Opinion
We have audited the accompanying standalone financial statements of
Comfort Fincap Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2023, the Statement of Profit and Loss, statement of changes in Equity and the
Statement of Cash Flows for the year ended on that date, and notes to the financial
statements, including a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "the financial statements").
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter described in Basis for
Qualified Opinion section of our report, 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 and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2023, the profit, changes in equity and its cash
flows for the year ended on that date.
Basis for Qualified Opinion
The Company has not provided for defined benefit obligation in the
nature of gratuity based on the requirement of Ind AS 19 i.e. "Employee
Benefit", which requires defined benefit obligation to be recognised based on
actuarial valuation basis. In absence of valuation we are unable to quantify the impact of
above on the net profit for the year and liabilities as on reporting date.
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 Auditors
Responsibilities 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 Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
qualified opinion on the 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.
Except for the matter described in the Basis for Qualified Opinion
Section, we have determined that there are no other key audit matters to communicate in
our report.
Information other than the Financial Statements and Auditors report
thereon
The Companys Board of Directors is responsible for the other
information. The other information comprises the information included in the Directors
report, but does not include the financial statements and our auditors 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 in the audit or otherwise appears to be materially misstated.
The Directors Report is not made available to us at the date of this
auditors report and hence we have nothing to report in this regard.
Responsibilities of Management for the Financial Statements
The Companys 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 of the Company in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section 133 of The Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014. 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 statements 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 Companys 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 Companys
financial reporting process.
Auditors 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 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 the override
of internal control.
• Obtain an understanding of internal financial controls 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 management.
• Conclude on the appropriateness of managements 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
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors 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 financial
statements of the current period and are therefore the key audit matters. We describe
these matters in our auditors 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 (Auditors Report) Order, 2020, issues
by the Central Government of India in terms of sub section (11) of the section 143 of the
Companies Act, 2013, we give in the Annexure, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
2. (A) 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 the
Statement of Cash Flow 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, read with Rule 7 of the
Companies (Accounts) Rules except as stated in Basis for Qualified Opinion paragragraph.
e) On the basis of the written representations received from the
directors as on March 31, 2023 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2023 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".
(B) With respect to the other matters to be included in the Auditors
Report in accordance with 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 statements. Refer Note 26 to financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material forseeable losses, if any, on long-term
contracts including derivative contracts.
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 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 or
• provide any guarantee, security or the like to or on behalf of
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 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
(c) 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 sub clause (iv) (a) and (iv) (b) contain any
misstatement.
v. According to information and explanation given to us, the Company
has not declared any dividend in terms of provision of section 123 of Companies Act,2013.
(C) With respect to the matter to be included in the Auditors Report
under Section 197 (16) of the Act:
In our opinion and according to the information and explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.
For A. R. Sodha & Co.
Chartered Accountants FRN 110324W
Sd/-
Dipesh Sangoi
Partner
M No.124295
Place: Mumbai
Date: 05thMay , 2023
UDIN: 23124295BGQGDZ6100
ANNEXURE A TO AUDITORSS REPORT
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us, we report that:
1. a) (A) According to information and explanations given to us by the
management and records furnished before us, the Company has generally maintained proper
records showing full particulars, including quantitative details and situation of
property, plant & equipment.
(B) According to information and explanations given to us by the
management and records furnished before us, the Company does not have any intangible
assets. Accordingly, reporting under clause 3(i) (a) (B) of Companies (Auditors) Report
Order, 2020 is not applicable.
b) The property, plant and equipment have been physically verified by
the Management at reasonable intervals. In our opinion, the frequency of verification is
reasonable with regard to the size of the company and nature of assets. According to
information and explanations given to us by the management, no material discrepancy was
noticed on such verification.
c) According to the information and explanation given to us and on the
basis of records furnished before us, the title deeds of immovable properties disclosed in
the financial statements are held in the name of the Company.
d) According to the information and explanation given to us and on the
basis of records furnished before us, the company has not revalued property, plant &
equipment or intangible assets. Therefore, reporting under clause 3(i)(d) of Companies
(Auditors) Report Order, 2020 is not applicable.
e) According to the information and explanation given to us and on the
basis of records furnished before us, no proceedings have been initiated or are pending
against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made thereof. Therefore, reporting under clause 3(i)(e)
Companies (Auditors) Report Order, 2020 is not applicable.
2. a) According to information and explanation given to us by the
management, the Companys nature of
operations does not require it to hold inventories. Accordingly,
reporting under clause 3(ii)(a) of Companies (Auditors) Report Order, 2020 is not
applicable.
b) According to information and explanation given to us by the
management and on the basis of records furnished before us, the Company has been
sanctioned working capital limits in excess of five crore rupees from financial
institutions on the basis of security of shares held for trading which are part of current
investments during year. The returns/ statements filed by the company with such financial
institutions are in agreement with the books of accounts of the Company.
3. According to the information and explanation given to us and on the
basis of records furnished before us, the company has granted unsecured and secured loans
to companies, firms, Limited Liability Partnerships and other parties. The Company has not
made investments in, provided any guarantee or security to Companies, firms, Limited
liability Partnerships or any other entities.
a) Since the principal business of the company is to give loans,
reporting under clause 3(iii)(a) of Companies (Auditors) Report Order, 2020 is not
applicable.
b) According to the information and explanations given to us and on the
basis of our examination of the books of account,in our opinion, the terms and conditions
of the loans granted are not prejudicial to the companys interest.
c) & d) The Company, being a Non-Banking Financial Company
(NBFC), registered under provisions of RBI Act, 1934 and rules made thereunder, in
pursuance of its compliance with provisions of the said Act/Rules, particularly, the
Income Recognition, Asset Classification and Provisioning Norms, monitors repayments of
principal and payment of interest by its borrowers as stipulated. Refer note 29 to
standalone financial statements for summarised details of such loans / advances which are
not repaid by borrowers as per stipulations.
e) Since the principal business of the company is to give loans,
reporting under clause 3(iii)(e) of Companies (Auditors) Report Order, 2020 is not
applicable.
f) Based on our audit procedures and the information and explanation
made available to us, the Company has not granted any loans or advances in the nature of
loans either repayable on demand or without specifying any terms or period of repayment.
4. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has complied with the
provisions of Section 185 and 186 with respect to the loans given to related parties and
guarantees given for related parties.
5. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not accepted any
deposits within the meaning of section 73 to 76 from public during the year. Therefore,
clause 3(v) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.
6. According to the information and explanation given to us the Company
is not required to maintain cost records as specified under section 148 sub-section (1) of
the Companies Act, 2013. Therefore clause 3(vi) of Companies (Auditors Report) Order,
2020 is not applicable to the Company.
7. a) According to the information and explanations given to us and
records examined by us, Company is generally regular in depositing of undisputed statutory
dues with respect to Income Tax, Tax Deducted at Source, Provident fund, Goods and Service
Tax,etc.. There are no outstanding statutory dues as at the last day of the financial year
for a period of more than six months from the date they became payable except Rs.13.68
Lakhs pertaining to Income Tax
b) According to information and explanation given to us , there are no
disputed statutory dues relating to Income Tax, Cess, Goods and Service Tax or any other
statute except as stated below:
| Name of statute |
Nature of dues |
Year(s) to which it pertains
Paid |
Amount Not (Rs. in ~Lacs) |
Forum where dispute is pending |
| Income Tax Act, 1961 |
Dividend Distribution Tax |
AY 2016-17 |
5.61 Lakhs |
Online response has been filed
with Central Processing Centre. |
Income Tax
Act,1961 |
Dividend
Distribution Tax |
AY 2017-18 |
5.48 Lakhs |
Online
response has been filed with Central Processing Centre. |
Income Tax
Act,1961 |
Income Tax
Demand |
AY 2018-19 |
4.24 Lakhs |
Revised
Return has been filed on 11.08.2020 |
Income Tax
Act,1961 |
Income Tax
Demand |
AY 2012-13 |
1.99 Lakhs |
Rectification
letter has been filed with the dept in Jan 2020, online response has also been submitted
& grievances have also been filed |
8. According to information and explanation given to us and the records
of the Company, the Company has
not surrendered or disclosed any transactions previously unrecorded as
income in the books of accounts,
in the tax assessments under the Income Tax Act, 1961 as income during
the year.\
9. (a) According to the information and explanation given to us and
records examined by us, the Company
has not defaulted in repayment of dues to any lender as at the Balance
Sheet date.
(b) According to the information and explanations given to us and the
records of the Company, the Company has not been declared a wilful defaulter by any bank
or financial institution or government or government authority.
(c) According to the information and explanations given to us and the
records of the Company, the company has utilized the money obtained by way of term loans
during the year for the purposes for which they were obtained.
(d) According to the information and explanations given to us and the
records of the Company, no funds raised on short term basis have been utilized for
long-term purposes by the company.
(e) According to the information and explanations given to us and the
records of the Company, the Company has not taken any funds from any entity or person on
account of or to meet the obligations of its associates as defined under Companies Act,
2013. Accordingly, reporting under clause 3(ix)(e) of the Companies (Auditors Report)
Order, 2020 is not applicable to the Company.
(f) According to the information and explanations given to us and the
records of the Company, the Company has not raised loans during the year on the pledge of
securities held in its associates as defined under Companies Act, 2013. Accordingly,
reporting under clause 3(ix)(f) of the Companies (Auditors Report) Order, 2020 is not
applicable.
10. (a) According to information and explanation given to us by the
management and records furnished before
us, the company has not raised money by way of initial public offer or
further public offer. Accordingly reporting under Clause 3(ix)(a) of Companies (Auditors
Report) Order, 2020 is not applicable to the Company.
(b) According to information and explanation given to us by the
management and records furnished before us, the Company has not made preferential
allotment or private placement of shares or convertible debentures during the year.
Accordingly reporting under Clause 3(ix)(b) of Companies (Auditors Report) Order, 2020 is
not applicable to the Company.
11. (a) According to the information and explanations given to us and
based on the examination of books and
records of the Company, no fraud by the company or on the company has
been noticed or reported during the course of the audit.
(b) According to information and explanation given to us by the
management and records furnished before us, no report under section 143(12) of Companies
Act, 2013 has been filed by the auditors in form ADT- 4 as prescribed under rule 13 of
Companies(Audit and Auditors)Rules, 2014 with central government.
(c) According to information and explanation given to us by the
management and records furnished before us, the Company has not received any whistle
blower complaints during the year.
12. The Company is not a Nidhi Company hence reporting under clause
3(xii) of Companies (Auditors Report) Order, 2020 is not applicable to the Company.
13. The Company has entered into transactions with related parties in
compliance with the provisions of Section 177 and 188 of the Act. The details of such
related party transactions have been disclosed in the standalone financial statements as
required to be disclosed under applicable Accounting Standard.
14. (a) In our opinion, the company has an internal audit system
commensurate with its size and nature of its
business.
(b) We have considered, during the course of our audit, the reports of
the Internal Auditor(s) for the period under audit in accordance with the guidance
provided in SA 610 "Using the work of Internal Auditors".
15. According to the information and explanation given to us, the
company has not entered into any non-cash transaction with directors or persons connected
with them. Therefore reporting under clause 3(xv) of the Companies (Auditors Report)
Order, 2020 is not applicable.
16. (a) The Company is non-banking financial company and is registered
under section 45-IA of the Reserve
Bank of India Act, 1934.
(b) According to the information and explanation given to us, the
Company has not conducted any nonbanking financial or housing finance activities without a
valid certificate as per RBI Act, 1934. Accordingly, clause 3(xvi) (b) of the Companies
(Auditors Report) Order, 2020 is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in
the regulations made by the RBI. Accordingly, clause 3(xvi) (c) of the Companies
(Auditors Report) Order, 2020 is not applicable.
(d) According to the information and explanation given to us, the group
does not have any CIC. Accordingly, clause 3(xvi) (d) of the Companies (Auditors Report)
Order, 2020 is not applicable.
17. The Company hasnot incurred cash lossesin the current financial
year and in the immediately preceding financial year.
18. There has been no resignation of the statutory auditors during the
year. Accordingly, clause 3(xviii) of the order Companies (Auditors) Report Order, 2020
is not applicable.
19. According to the information and explanation given to us and on the
basis of financial ratios, ageing and expected dates of realization of financial assets
and payment of financial liabilities, other information accompanying the financial
statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of audit
report that the Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.
20. According to the information and explanations given to us and based
on our examination of the records of the Company, it is not required to transfer any
unspent amount to a Fund specified in Schedule VII to the Companies Act in compliance with
second proviso to sub section 5 of section 135 of the said Act.
For A. R. Sodha & Co.
Chartered Accountants
FRN 110324W
Sd/-
Dipesh Sangoi
Partner
M No.124295
Place: Mumbai
Date: 05th May,2023
UDIN: 23124295BGQGDZ6100
ANNEXURE B TO AUDITORSS REPORT
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial
reporting of Comfort Fincap Limited ("the Company") as of March 31, 2023 in
conjunction with our audit of the standalone Ind AS financial statements of the Company
for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).
These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal
financial controls over financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit
of Internal Financial Controls and, both issued by the Institute of Chartered Accountants
of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal financial
controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting.
A companys internal financial control over financial reporting is a
process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based
on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For A.R. Sodha & Co.
Chartered Accountants FRN 110324W
Sd/-
Dipesh Sangoi Partner M No. 124295
Place: Mumbai
Date: 05 th May, 2023
UDIN: 23124295BGQGDZ6100
+91-9892691696
