TO THE MEMBERS OF DIAMANT INFRASTRUCTURE LIMITED
Report on the Audit of Standalone Financial Statement
Opinion
We have audited the accompanying Ind-AS financial statements of ‘DIAMANT
INFRASTRUCTURE LIMITED (‘the Company), (PAN : AAACD2168B) which comprise
the Balance Sheet as at 31st March 2023, the Statement of Profit and Loss,
including the statement of Other Comprehensive Income, the Cash Flow Statement and the
Statement of Changes in Equity for the year ended on that date and a summary of
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 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 principles generally accepted in India, of the
state of affairs of the company as at 31st March, 2023, its profit and 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 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 Standalone Financial Statement 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 independence 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 ICAIs Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide the basis for our audit opinion on the standalone financial statements.
Material Uncertainty Related to Going Concern
There is no major business transaction in the company and there is no employee employed
for the operation of the same, on the basis of this information, in our opinion this might
affect the going concern concept of the company in the near future. But on the basis of
written representation received from the management we have been informed that the
situation is temporary in nature and in the near future they will carry on the business
effectively. The above factors cast a significant uncertainty on the companys ability to
continue as a going concern. Pending the resolution of the above uncertainties, the
Company has prepared the aforesaid statement on a going concern basis.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming an opinion thereon, and we do not provide a separate
opinion on these matters.
We have not determined any key audit matters to be communicated in our report of the
current period except the fact that the loan which has been classified as NPA for which
companies premises has been given as collateral security, the possession of that premises
has been taken by the bank, and the company has vacated that property and shifted to the
new place.
Information Other than the Standalone Financial Statements and Auditors Report
Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis,
Boards Report including Annexures to Boards Report, Business Responsibility Report,
Corporate Governance and Shareholders Information, but does not include the standalone
financial statements and our auditors 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 standalone 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 material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters 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 and cash flows of
the Company in accordance with 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 the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting the 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 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
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
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 Responsibility for the audit of the Standalone Financial Statements
a) Audit of the Financial Results for the year ended March 31, 2023
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 the 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 the standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also :
Identify and assess the risks of material mis-statement 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 omission, misrepresentations, or the 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
Companies Act, 2013, 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 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 financial statements,
including the disclosures, and whether the 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.
b) Review of Financial Results for the quarter ended March 31, 2023
We conducted our review of the financial results for the quarter ended March 31, 2023
in accordance with the Standards on Review Engagements ("SRE") 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the ICAI. A review of interim financial information consists of
making enquiries, primarily of the Companys personnel responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with SAs specified
under Section 143(10) of the
Act and consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
| FOR R A GUPTA & ASSOCIATES; |
| CHARTERED ACCOUNTANTS; |
| Reg. No. 128210W, |
| ( CA. PRATEEK RAJESH GUPTA ), |
| PARTNER, |
| Membership No. 168890 |
| UDIN : 23168890BGYDRI7921 |
| NAGPUR |
| 29th MAY, 2023 |
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 (‘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, 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 purpose of our audit;
b) In our opinion, proper books of accounts as required by 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 including the Statement of 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 statement comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2015, as amended;
e) On the basis of written representation received from directors as on 31st
March 2023, taken on record by the Board of Directors, none of the directors of the
Company is disqualified as on 31st March 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";
g) With respect to the other matters to be included in the Auditors 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 year is in accordance
with the provisions of Section 197 of the Act.
h) With respect to the other matters included in the Auditors Report and to our best
of our information and according to the explanations given to us:
i) The Company has disclosed the impact of any pending litigations on its financial
position in its standalone financial statements.
ii) The Company has made provision, as required under the applicable law or accounting
standards, for material forceeable losses, if any, on on long term contracts including
derivatives contracts including derivative contracts.
iii) There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
| FOR R A GUPTA & ASSOCIATES; |
| CHARTERED ACCOUNTANTS; |
| Reg. No. 128210W, |
| ( CA. PRATEEK RAJESH GUPTA ), |
| PARTNER, |
| Membership No. 168890 |
| UDIN : 23168890BGYDRI7921 |
ANNEXURE ‘A TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH (1) OF OUR REPORT
EVEN DATE ON THE ACCOUNTS OF ‘DIAMANT INFRASTRUCTURE LIMITED, NAGPUR
FOR THE YEAR ENDED ON 31ST MARCH, 2023
The annexure referred to in our Independent Auditors Report to the members of the
Company on the financial statements for the year ended 31st March, 2023, we
report that:
1. In respect of the companys Property, Plant and Equipment and Intangible Assets :
a) A. The Company has maintained proper records showing full particulars including
quantitative details and situation of Property, Plant & Equipment and relevant details
of right of use assets.
B. The Company has maintained proper records showing full particulars of intangible
assets.
b) The title deeds of immovable properties are held in the name of the company,
disclosed in the financial statements included under Property, Plant & Equipment.
c) As explained to us, all property, plant & equipment have been verified by the
management during the year in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the Company and nature of its assets. As informed
to us, no material discrepancies were noticed on such verification.
d) The company has not revalued any of its Property, Plant & Equipment and
Intangible Assets during the year.
e) No proceedings have been initiated during the year or are pending against the
company as at 31st March 2023 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
2. (a) In respect of its inventories:
i) The inventories have been physically verified during the year by the management. In
our opinion, the frequency of verification is reasonable.
ii) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventories followed by the management are
reasonable and adequate in relation to the size of the Company and the nature of its
business.
iii) The Company has maintained proper records of inventories. As per the information
and explanation given to us, no material discrepancies were noticed on physical
verification.
(b) The company has been sanctioned working capital limits in excess of Rs. 5 crore, in
aggregate, from banks or financial institutions on the basis of security of current assets
and the statements of current assets submitted to banks, for working capital limits are
matching with books of accounts.
3. The Company has made investments in, companies, firms, LLPs and granted unsecured
loans to other parties, during the year, in respect of which
a) The company has not provided any loans or stood guarantee, or provided security to
any other entity during the year, and hence reporting under clause 3(iii)(a) of the Order
are not applicable to the company and hence not commented upon.
b) In our opinion, the investments made and terms and conditions of the grant of loans,
during the year are, prima facie, not prejudicial to the Companys Interest.
c) In respect of loans granted by the company, the schedule of repayment of principal
and payment of interest has been stipulated and the repayment of principal amounts and
receipts of interest have generally been regular as per stipulation.
d) In respect of loans granted by the Company, there is no overdue amount remaining
outstanding as at the balance sheet date.
e) No loan granted by the Company which has fallen due during the year, has been
renewed or extended or fresh loans granted to settle the overdues of existing loans given
to the same parties.
f) The company has not been granted any loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment during the
year. Hence, reporting under Clause 3(iii)(f) is not applicable.
4. In our opinion and according to the informations and explanations given to us, the
Company has complied with the provisions of section 185 to 186 of the Act, with respect to
the loans, investments, guarantees and security, except flats of Dhaba which were given as
additional security to the bank on behalf of loan obtained by M/s. Ginger Infrastructure
Pvt. Ltd. and the old guarantee given to the bank when M/s. Ginger Infrastructure Pvt.
Ltd. was a subsidiary at the time of obtaining the loan, and from the closing of the
previous financial year M/s. Ginger Infrastructure Pvt. Ltd. is neither a subsidiary nor
the associate of M/s. Diamant Infrastructure Ltd. and the same guarantee has also been
continued.
5. The Company has not accepted any deposits from the public and hence the directives
issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other
relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposit)
Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6. The Central Government has not prescribed the maintenance of cost records under
section 148(1) of the Act for any of the services / goods of the Company.
7. In respect of Statutory dues:
a. According to information and explanations given to us and on the basis of our
examination of the books of account, and records, during the current financial year a
major liability has arisen to the Company to deposit undisputed statutory dues including
Sales tax, Service Tax, Value added Tax Provident Fund, Employees State Insurance,
Income-Tax, Duty of Customs, Duty of Excise, Cess and any other statutory dues with the
appropriate authorities.
According to the information and explanations given to us, and according to our finding
no such undisputed amounts were in arrears as at March 31, 2023 for a period of more than
six months from the date on when they become payable.
b. According to the information and explanation given to us, there are certain
statutory dues which have not been deposited on account of disputes are as follows:
| Name of Statute |
Nature of Dues |
Amount of Demand Outsanding (Rs.) |
Period to which it relates |
Forum where dispute is pending |
| Nagpur Local Body tax |
Payment of tax on Sales |
75,20,319/- |
F.Y. 2013-14 |
Bombay High Court |
| Income tax |
Payment of Tax and Interest |
90,74,721/- |
F.Y. 2007-08 |
Income tax Appellate Tribunal |
| ESIC |
Dec 2015 to Dec 2018 ESIC Contributions |
8,21,858/- |
Dec 2015 to Dec 2018 |
Appelate Authority ESIC |
8. There were no transactions relating to previously unrecorded income that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (43 of 1961)
9. (a) In our opinion and according to the information and explanations given to us,
the Company has defaulted in the repayment of following dues to banks and financial
institution :
Union Bank of India Dharampeth Branch Nagpur.
| Sr No Type of Facilities |
Amount Sanctioned |
Current outstanding |
| 1 Cash Credit |
8,00,00,000/- |
8,29,71,931/- |
| 2 Car Loan |
11,25,000/- |
6,05,315/- |
| 3 Temporary Overdraft |
No basis found |
43,98,354 /- |
SREI Equipment Finance Ltd. Nagpur
| Sr No Type of Facilities |
Amount Sanctioned |
Current outstanding |
| 1 Unsecured Loan |
2,34,36,000/- |
2,34,36,000/- |
All the above mentioned facilities has been classified as NPA by the bank and as the
bank has not debited the Interest in the companys account therefore the company has
provided interest as expense after the classification of loan as NPA.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority.
(c ) On an overall examination of the financial statements of the Company, funds raised
on shortterm basis have, prima facie, not been used during the year for long-term purposes
by the Company
(d) On an overall examination of the financial statements 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 subsidiaries
(e) The Company has not raised any loans during the year and hence reporting on clause
3(ix)(f) of the Order is not applicable.
10. (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year and hence reporting under clause
3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause 3(x)(b) of the Order is not applicable.
11. (a) No fraud by the Company and no material fraud on the Company has been noticed
or reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and upto the date of this report.
(c) We have taken into consideration the whistle blower complaints received by the
Company during the year (and upto the date of this report), while determining the nature,
timing and extent of our audit procedures.
12. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not
applicable.
13. The Companys transaction with related parties are in compliance with section 188
and 177 of
Companies Act, 2013 where applicable and the details have been disclosed in the
Financial Statements etc. as required by the accounting standards and Companies Act, 2013.
14. The Company is required to appoint internal auditor and we have examined the
reports of the Internal Auditor for the period under audit.
15. According to the information and explanations given to us and based on our
examination of the records of the company, the company has not entered into any non-cash
transaction with directors or persons connected with him and the provisions of Section 192
of Companies Act.2013 have been complied with.
16. (a) In our opinion, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b)
and (c) of the Order is not applicable
(b) In our opinion, there is no core investment company within the Group (as defined in
the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting
under clause 3(xvi)(d) of the Order is not applicable.
17. The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
18. There has been no resignation of the statutory auditors of the Company during the
year.
19. On the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and 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 the audit report indicating that 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. In our opinion, the provisions of Corporate Social Responsibility are not
applicable to the company. Hence, reporting under Clause 20 of the Order is not
applicable.
| As per our Report of even date |
| FOR R A GUPTA & ASSOCIATES; |
| CHARTERED ACCOUNTANTS; |
| Reg. No. 128210W, |
| ( CA. PRATEEK RAJESH GUPTA ), |
| PARTNER, |
| Membership No. 168890 |
| UDIN : 23168890BGYDRI7921 |
ANNEXURE ‘B TO THE AUDITORS REPORT OF ‘DIAMANT INFRASTRUCTURE LIMITED,
NAGPUR FOR THE YEAR ENDED ON 31ST MARCH, 2023
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 "DIAMANT
INFRASTRUCTURE LIMITED" NAGPUR ("the Company") as of 31 March 2023 in
conjunction with our audit of the Statement of Profit and Loss 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 authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised 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 31 March 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 Institute of Chartered
Accountants of India.
| As per our Report of even date |
| FOR R A GUPTA & ASSOCIATES; |
| CHARTERED ACCOUNTANTS; |
| Reg. No. 128210W, |
| ( CA. PRATEEK RAJESH GUPTA ), |
| PARTNER, |
| Membership No. 168890 |
| UDIN : 23168890BGYDRI7921 |
+91-9892691696
