INDEPENDENT AUDITORS REPORT
To the Members of
Integra Engineering India Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of Integra
Engineering India Limited ("the Company"), which comprise the Balance Sheet
as at 31st 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
then ended and notes to the Standalone 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 standalone financial statements give the information required
by the Companies Act, 2013 (the "Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31st March, 2023, the profit and 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 Standalone Financial Statements in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India together with the independence
requirements that are relevant to our audit of the Standalone Financial Statements under
the provisions of the Companies Act, 2013 and the Rules 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 opinion on the Standalone Financial Statements.
Emphasis of Matter
We draw attention to note no. 55 of the accompanying standalone financial statements
wherein it is mentioned that managerial remuneration payable of Rs.18.96 lakhs to the
directors is subject to approval of shareholders in ensuing Annual General Meeting. The
same has been provided based on recommendation by Nomination and Remuneration Committee
and as agreed by the Board of Directors and with the consent of the Company.
Our Opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, 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 our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be
the key audit matters to be communicated in our report:
S.No. Key Audit Matter |
How our audit addressed the matter |
1 Evaluation of uncertain tax positions and litigations |
|
The company has on-going legal matters relating to direct tax,
indirect tax and other matters which require significant management judgement to determine
the likely outcome. |
In assessing the potential exposure of the on-going litigation, we
have performed the following procedures: |
(Refer Note 40 to the standalone financial statements) |
• Obtaining from the management details of all completed /
pending tax assessments and other litigations upto 31st March 2023; |
|
• Understanding the status of pending tax demands and potential
liability for the other pending litigations; |
|
• Involved our internal tax teams and discussing with the
companys legal advisors to confirm the managements underlying assumptions and judgement
for determining the potential liability and provisions and the possible outcome of the
litigation. |
Information other than the Standalone Financial Statement 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 Boards Report
including Annexure to that Boards 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 a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("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 including other comprehensive income, changes in equity
and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India, 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 of 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 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 either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibilities for the Audit of 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 scepticism 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 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 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.
Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone 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 standalone financial statements.
We communicate with those charged with governance of the Company of which we are the
independent auditors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit. We also provide those charged with governance
with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Standalone Financial Statements
of the current period and are therefore the key audit matters. We describe these matters
in our 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 of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, 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 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), the Statement of Changes in Equity and the Cash Flow Statement dealt with by this
Report are in agreement with the relevant books of account;
(d) In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors 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 and as mentioned in note no 55 of accompanying standalone financial statements
and emphasis of matter as mentioned above, the remuneration paid/payable by the Company to
its directors during the year is in accordance with the provisions of section 197 of the
Act; and
(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, 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
position in its standalone financial statements - Refer Note 40 to the Standalone
Financial Statements;
ii. The Company did not have any long-term contracts including derivatives 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. i. The Management has represented that, to the best of its knowledge and belief,
as disclosed in Note 54(v) to the accounts, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign
entities ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
ii. The Management has represented, that, to the best of its knowledge and belief, as
disclosed in Note 54(vi) to the accounts, no funds have been received by the company from
any person(s) or entity(ies), including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and
iii. Based on such audit procedures performed 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) contain any
material misstatement.
v. There is no dividend declared or paid during the year by the Company and hence
provisions of Section 123 of the companies Act, 2013 are not applicable.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is
not applicable for the financial year ended March 31, 2023.
For CNK & Associates LLP
Chartered Accountants
Firm Registration No. 101961W/W-100036
PareenShah
Partner
Membership No.125011
Place: Halol
Date: 11th May, 2023
UDIN: 23125011BGTMIG9064
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
Referred to in Para 1 Report on Other Legal and Regulatory Requirements in our
Independent Auditors Report to the members of the Company on the Standalone Financial
Statements for the year ended 31st March, 2023
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. (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) The company has a phased programme of physical verification of its Property, Plant
and Equipment so as to cover all assets once in three years. In accordance with this
programme, certain Property, Plant and Equipment were verified during the year and no
material discrepancies were noticed on such verification. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the Company and the
nature of its assets;
(c) Based on our verification of the documents provided to us and according to the
information and explanations given by the management, the title deeds of all the immovable
properties (other than properties where the company is the lessee and the lease agreements
are duly executed in favour of the lessee) disclosed in the standalone financial
statements 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 (including Right of
Use assets) or intangible assets or both during the year;
(e) No proceedings have been initiated 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) As per the information and explanations given to us, the inventories held by
the Company have been physically verified by the management. In our opinion, having regard
to the nature and the location of the stock, the frequency of the physical verification is
reasonable no discrepancies of 10% or more in aggregate for each class of inventory were
noticed on physical verification;
(B) Based on our examination of the records provided by the management, the company has
Bank overdraft facilities which is secured against fixed deposits. The company is not
required to submit any quarterly returns or statements to the banks and hence reporting
under this clause is not applicable to the Company;
III. During the year, the Company has not made investments, provided any guarantee or
security, secured or unsecured, to companies, firms or Limited Liability Partnerships. The
company has provided unsecured loans to its employees during the year;
(a) The details of unsecured loans provided by the company to its employees, during the
year, are as follows:
Unsecured loans |
Aggregate amount granted/Provided during the year (Rs. in lakhs) |
Balance outstanding as at balance sheet date in respect of loans (Rs.
in lakhs) |
8 Employees |
3.55 |
2.12 |
(b) In our opinion, the terms and conditions of the grant of loans are prima facie, not
prejudicial to the Companys interest;
(c) The repayment of principal and payment of interest is been stipulated and the same
are regular;
(d) In respect of the aforesaid loan, there is no amount which is overdue for more than
ninety days;
(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 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;
IV. In our opinion and according to the information and explanations given to us,
provisions of Sections 185 and 186 of the Act in respect of loans, investments, guarantees
and securities have been complied with;
V. The Company has not accepted any deposits or amounts which are deemed to be deposits
during the year and therefore, the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the rules framed thereunder are not applicable
to the Company;
VI. We have broadly reviewed the cost records maintained by the Company as prescribed
by the Central Government under sub section (1) of Section 148 of the Companies Act and
are of the opinion that prima facie the prescribed cost records have been made and
maintained by the Company. We have, however, not made a detailed examination of the cost
records with a view to determine whether they are accurate or complete;
VII. (a) In our opinion, the Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, Employees State
Insurance, Income-tax, Goods and Service Tax (GST), Custom Duty, Cess and other statutory
dues as applicable. There were no undisputed amounts payable with respect to above
statutory dues in arrears as at 31st March, 2023 for a period of more than six months from
the date they became payable; (b) The particulars of statutory dues as at 31st March, 2023
which have not been deposited on account of disputes are as follows:
Name of the Statute |
Nature of Dues |
Amount (in lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
The Income Tax |
Income Tax |
0.81 |
A.Y. 2014-15 |
Commissioner of Income Tax Appeal |
Act, 1961 |
|
98.49 |
A.Y 2007-08 |
Commissioner of Income Tax Appeal |
The Finance Act, 1944 |
Service Tax |
99.18 |
2008-09 to 2013-14 |
Tribunal |
VIII. There were no transactions which were not recorded in the books of account that
have been surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act, 1961 (43 of 1961);
IX. (a The Company has not defaulted in repayment of loans or other borrowings or in
the payment of interest thereon to any lender;
(b) The company is not declared as wilful defaulter by any bank or financial
institution or other lender;
(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) We report that no funds raised on short-term basis have been used for long-term
purposes by the Company;
(e) The company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries, associates or joint ventures;
(f) The company has not raised loans during the year on the pledge of securities held
in its subsidiaries, joint ventures or associate companies;
X. (a) No moneys were raised by way of initial public offer or further public offer
(including debt instruments) during the year hence reporting under this clause is not
applicable to the Company;
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or operationally convertible) during the year;
XI. (a) During the course of our examination of the books of account and records of the
Company, carried out in accordance with the generally accepted auditing practices in India
and according to the information and explanations given to us, we have neither come across
any incidence of material fraud by the Company or on the Company, noticed or reported
during the year, nor we have been informed of any such case by the management;
(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 up to the date of this report;
(c) According to the information and explanations given to us, Company has not received
any whistle blower complaints during the year;
XII. The company is not a Nidhi Company and hence reporting under clause (xii) of the
order is not applicable;
XIII. In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies Act, 2013 (where applicable) for all transactions with the related parties and
the details of related party transactions have been disclosed in the Standalone Financial
Statements as required by the applicable accounting standards;
XIV. (a) In our opinion and the records examined by us, the company has an internal
audit system commensurate with the size and nature of its business;
(b) We have considered report of the internal auditors for the period under audit;
XV. According to the information and explanation given to us and based on our
examination of the records, the Company has not entered into non-cash transactions with
the directors or persons connected with them. Hence, the provisions of Section 192 of the
Act are not applicable;
XVI. (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;
XVII. The company has not incurred any cash losses in the financial year and in the
immediately preceding financial year;
XVIII. There has been no resignation of the statutory auditors during the year and
accordingly the reporting under clause 3(xviii) is not applicable;
XIX. Based on our examination financial ratios, ageing and expected dates of
realisation of financial assets and payment of financial liabilities, other information
accompanying the standalone financial statements, knowledge of the Board of Directors and
management plans, no material uncertainty exists as on the date of the audit report 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;
XX. (a) There are no unspent amounts of Corporate Social Responsibility (CSR) towards
other than ongoing projects, requiring transfer to a Fund specified in Schedule VII to the
Companies Act. Accordingly, reporting under clause 3(xx)(a) of the order is not applicable
for the year;
(b) The company does not have any amount remaining unspent, pursuant to any ongoing
projects, requiring transfer to special account. Accordingly, reporting under clause
3(xx)(b) of the Order is not applicable for the year.
For CNK & Associates LLP
Chartered Accountants
Firm Registration No. 101961W/W-100036
PareenShah
Partner
Membership No.125011
Place: Halol
Date: 11th May, 2023
UDIN: 23125011BGTMIG9064
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
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 financial controls over financial reporting of Integra
Engineering India Limited ("the Company") as of 31st March, 2023 in conjunction
with our audit of the Standalone 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 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. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls with reference to standalone financial statements of the Company that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to respective 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 prescribed under section
143(10) of the Companies Act, 2013, 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 with reference to standalone financial
statements of the company were 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 with reference to
standalone financial statements of the company 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 Standalone 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 standalone 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 standalone
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 standalone
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 internal financial controls with
reference to standalone financial statements of the Company and such internal financial
controls over financial reporting were operating effectively as at 31st 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.
For CNK & Associates LLP
Chartered Accountants
Firm Registration No. 101961W/W-100036
Pareen Shah
Partner
Membership No.125011
Place: Halol
Date: 11th May, 2023
UDIN: 23125011BGTMIG9064
+91-9892691696
