To The Members of Indag Rubber Limited Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Indag Rubber Limited ("the
Company"), which comprise the Balance Sheet as at 31 March 2023, 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 notes to the
financial statements, including 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 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 March 31, 2023 and its profit, total comprehensive
income, changes in equity 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 ("SA"s) specified under section 143(10) of the Act. 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 ICAIs 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were 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.
The key audit matters |
How the matter was addressed in our audit |
Investments |
|
The investments include investment in SRL 142 Holdings Ltd., a foreign
Company and a related party of Rs. 1,710.11 Lakhs (PY Rs. 1758.72 Lakhs), by way of fully
paid up compulsorily convertible preference shares (CCPs). SRL has interest in oil
production and exploration Company in Nigeria. The CCPs will be converted into equity
shares in the year 2025. |
In the case of fair valuation of investments held in SRL 142 Holdings
Limited, the fair value has been determined by an independent approved valuer. We have
broadly reviewed the valuation report prepared by the valuer, who has mostly relied on the
inputs from SRL which included estimated oil resources, market price of crude oil and gas
prevailing in the international market, the rupee US Dollar exchange rate, assumptions as
to future production of oil and gas, capital expenditure requirements, contracts entered
into with the Nigerian Oil Company, the Country risk and regulatory framework prevailing
in Nigeria which could not be precisely measured by the valuer because of various reasons.
The drilling of crude oil has been delayed and the production is likely to start sometime
in July 2023. Though the drilling license granted by the Nigerian Government will expire
in 2029, the management is hopeful the same will be extended till the year 2035. However,
cash flows have been worked out assuming there will be no extension of the license beyond
2029. |
The oil industry is exposed significantly to macroeconomic factors
such as crude oil and gas prices, currency fluctuations, interest rate risk political
developments, country risk, etc. The assessment of commercial viability and technical
feasibility of exploration oil and gas is complex and includes a number of significant
variables. |
By its very nature, Valuation cannot be regarded as an exact science
and the conclusions arrived at in many cases will of necessity be subjective and dependent
on the exercise of individual judgment. |
|
|
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 Management Discussion and Analysis,
Boards Report and Corporate Governance, 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.
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.
Managements Responsibilities 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 including other
comprehensive income, changes in equity 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. 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, the Board of Directors 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
the Board of Directors 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 Financial Statements
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 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism 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 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 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.
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.
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 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in
"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
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 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 Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this
Report are in agreement with the books of account;
d) in our opinion, the aforesaid financial statements comply with the Ind AS specified
under Section 133 of the Act.
e) on the basis of the written representations received from the directors as on 31
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 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 with reference to
financial statements 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 to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2020, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements. Refer Note 38 to the financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, 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 (which are material either individually or in the aggregate) 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
entity ("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;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("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;
(c) Based on the audit procedures that have been 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 (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.
i) As stated in Note 17(vi) to the financial statements
(a) The final dividend proposed in the previous year, declared and paid by the Company
during the year is in accordance with Section 123 of the Act, as applicable.
(b) The interim dividend declared and paid by the Company during the year and until the
date of this report is in compliance with Section 123 of the Act.
(c) The Board of Directors of the Company have proposed final dividend for the year
which is subject to the approval of the members at the ensuing Annual General Meeting. The
amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
For Khanna & Annadhanam
Chartered Accountants
Firm Registration No.: 001297N
B. J. Singh
Partner
Membership No.: 007884
UDIN: 23007884BGQZCD9788
Place: New Delhi
Date: 5th May, 2023
Annexure A to the Independent Auditors Report
(Referred to in paragraph ‘Report on Other Legal and Regulatory Requirements of
our report of even date)
To the best of our information and according to the explanations provided to us by the
Company and the books of account and records examined by us in the normal course of audit,
we state that:
(i) 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 and Equipment.
(B) The Company has maintained proper records showing full particulars of Intangible
assets
(b) All Property, Plant and Equipment have not been physically verified by the
management during the year but there is a regular programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its
assets. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) Based on our audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to information and explanations given
by the management, the title deeds of immovable properties are held in the name of the
Company as at the balance sheet date.
(d) The Company has not revalued its Property, Plant and Equipment or intangible assets
or both during the year.
(e) No proceedings have been initiated during the year or are pending against the
Company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
(ii) (a) The management has conducted physical verification of inventory at reasonable
intervals during the year which, in our opinion, is reasonable having regard to the size
of the Company. No material discrepancies were noticed on such physical verification.
(b) During the year the Company has been sanctioned working capital limits in excess of
Rs. 5 crores, in aggregate, from banks or financial institutions on the basis of security
of current assets. The quarterly statements filed by the Company with the banks are in
agreement with the books of accounts of the Company.
(iii) According to the information and explanations given to us, the Company has not
made investments in, provided any guarantee or security or granted any loans or advances
in the nature of loans, secured or unsecured to companies, firms, Limited Liability
Partnerships or any other parties. Accordingly, the provisions of clause 3(iii)(a), (b),
(c), (d), (e) and (f) of the Order are not applicable to the Company and hence not
commented upon.
(iv) In our opinion and according to the information and explanations given to us,
there are no loans and securities granted in respect of which provisions of Section 185
and 186 of the Companies Act are applicable, in our opinion and according to the
information and explanations given to us, the Company has complied with provisions of
sections 185 and 186 of the Companies Act in respect of guarantees given and investments
made.
(v) The Company has not accepted any deposit or amounts which are deemed to be
deposits. Hence, reporting under clause 3(v) of the Order is not applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant
to the rules made by the Central Government for the maintenance of cost records under
Section 148(1) of the Companies Act, related to the manufacture of products, and are of
the opinion that prima facie, the prescribed accounts and records have been maintained. We
have not, however, made a detailed examination of the same.
(vii) (a) The Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees
State Insurance, Income Tax, Customs duty, Cess and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, employees state insurance, income-tax, customs
duty, goods and service tax, cess and other material statutory dues were outstanding at
the year end, for a period of more than six months from the date they became payable.
The particulars of dues of income-tax, sales-tax, service tax, duty of customs, GST,
value added tax and cess as at 31 March, 2023 which have not been deposited on account of
any dispute, are as follows:
Name of the statute |
Nature of dues |
Amount (Rs. In lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income tax demand |
139.15 |
A.Y 1998-99 |
Delhi High Court |
Income Tax Act, 1961 |
Income tax demand |
16.39 |
A.Y 2017-18 |
CIT (Appeals) |
Income Tax Act, 1961 |
Income tax demand |
8.08 |
A.Y 2018-19 |
CIT (Appeals) |
Income tax Act, 1961 |
Income tax demand |
14.94 |
A.Y 2020-21 |
ITO |
Gujrat Sales Tax Act, 1969 |
Non-Submission of C Forms |
35.08 |
F.Y 2002-03 |
Deputy
Commissioner,
Vadodara |
(viii) According to the information and explanations given to us, no transactions has
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (43 of 1961).
(ix) (a) Based on our audit procedures performed for the purpose of reporting the true
and fair view of the financial statements and according to information and explanations
given by the management, we are of the opinion that the Company has not defaulted in
repayment of dues to any bank. Further, the Company does not have any debentures and loan
from financial institution or the government.
(b) The Company is not declared as a wilful defaulter by any bank or financial
institution.
(c) The Company has not taken any term loan during the year and there are no
outstanding term loans at the beginning of the year and hence, reporting under clause
3(ix)(c) of the Order is not applicable.
(d) Based on our audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to information and explanations given
by the management, no funds raised on short term basis have been utilized for long term
purposes by the Company.
(e) Since the Company has no subsidiaries, reporting under this clause is not
applicable to the Company.
(f) The Company has no subsidiaries, joint ventures or associate companies and hance
reporting under this clause is not applicable to the Company.
(x) (a) The Company has not raised any money by way of initial public offer / further
public offer / debt instruments and term loans and hence, reporting under this clause is
not applicable to the Company and hence not commented upon.
(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 this clause is not applicable.
(xi) (a) Based upon the audit procedures performed for the purpose of reporting the
true and fair view of the financial statements and according to the information and
explanations given by the management, we report that no fraud by the Company or any 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
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government during the year.
(c) Based upon the audit procedures performed and according to the information and
explanations given by the management, we report that no whistle blowers complaints have
been received during the year.
(xii) The Company is not a Nidhi company. Therefore, reporting under this clause is not
applicable to the Company and hence not commented upon.
(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies related party transactions have been disclosed in the financial statements as
required by the applicable accounting standards.
(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate
with the size and nature of its business.
(b) We have considered the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
(xv) In our opinion during the year the Company has not entered into any non-cash
transactions with its Directors or persons connected with its directors and hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
(xvi) (a) According to the information and explanations given to us, the provisions of
Section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
(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 this clause is not applicable to the Company.
(xvii) The Company has not incurred cash losses during the financial year covered by
our audit and the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditor of the Company during
the year.
(xix) 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 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.
(xx) On the basis of our examination and information and explanations given to us,
there is no unspent amount on CSR for the FY 2021-22 & 2022-23. Accordingly, the
reporting under this clause is not applicable to the Company and hence not commented upon.
(xxi) Based upon the information and explanation given by the management, the Company
has no entities as on 31.03.2023 which need to be consolidated and hence this para is not
applicable to the Company.
For Khanna & Annadhanam
Chartered Accountants
Firm Registration No.: 001297N
B. J. Singh
Partner
Membership No.: 007884
UDIN: 23007884BGQZCD9788
Place: New Delhi
Date: 5th May, 2023
Annexure B to the Independent Auditors Report
(Referred to in paragraph ‘Report on Other Legal and Regulatory Requirements of
our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal controls over financial reporting of Indag Rubber Limited
(‘the Company") as of 31 March, 2023 in conjunction with our audit of the
financial statements of the company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company are responsible for establishing and maintaining
the 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. 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 Act.
Auditors Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the Company 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") issued by the ICAI and the Standards on
Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an
audit of internal financial controls. 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 judgement, 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 to the best of our information and according to the explanations given
to us, 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 31March, 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 Khanna & Annadhanam
Chartered Accountants
Firm Registration No.: 001297N
B. J. Singh
Partner
Membership No.: 007884 UDIN: 23007884BGQZCD9788
Place: New Delhi
Date: 5th May, 2023
+91-9892691696
