<dhhead>INDEPENDENT AUDITORS REPORT</dhhead>
To The Members
Kaycee Industries Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of KAYCEE
INDUSTRIES LIMITED (“the Company”), which comprise the Balance Sheet as at March
31, 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 a summary of significant accounting policies and other explanatory information
(hereinafter referred to as the “ financial statements”).
In our opinion and to the best of our information and according to the
explanations given to us, 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 ICAls 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 of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
We have determined the matters described below to be the key audit
matters to be communicated in our report.
| Key Audit Matter |
Auditor’s response |
| IND AS 116 Leases is applicable from 1 April
2019 and has introduced a new lease accounting model wherein lessees are required to
recognise a right-of- use (ROU) asset and a lease liability in their Balance Sheet in
respect of contracts which qualify as a lease. |
The Gross value
of the ROU asset has been capitalised at Rs. 690.72 lakhs as of 31 Mar 2023 (WDV Rs.
609.18 lakhs). In view of the significance of the value, the following audit procedures
have been applied by us to obtain sufficient appropriate audit evidence (1) Assessed the
appropriateness of the accounting policy for leases as per the relevant IND AS 116 |
| With respect to the leasehold
land, for which the company is the lessee, IND AS 116 has been implemented. The
incremental borrowing rate (IBR) method has been applied where the implicit rate in a
lease is not readily determinable. The company has accordingly disclosed the ROU asset in
line with the Standard. Because of the judgements which have been applied and the
estimates made in determining the impact of IND AS 1186, this is considered as a “Key
audit matter”. |
(2) Assessed the discount
rates applied in determining lease liabilities |
(3) Evaluated and tested the
company’s internal control processes in relation to lease identification assessment,
assessment of terms and conditions of the lease contract, and the disclosure of the ROU
asset. |
(4) capitalisation of the
carrying amount of the ROU asset comprising upfront lease deposit and future lease
payments |
(5) assessed the adequacy of
the disclosures included in the financial statements |
(6) amortisation of the
carrying value of the ROU asset paid over the period of the lease. |
Information Other than the Financial Statements and Auditor’s
Report Thereon
The Company’s Board of Directors is responsible for the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholder’s Information,
Board’s Report including Annexures to Boards Report, but does not include the
financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Management’s Responsibilities for the IND AS Financial Statements
The Company’s Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial
performance, 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 IND AS specified under Section 133 of the Act read with Rule 7 of
the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error. In preparing the financial statements, the
management and the Board of Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors are responsible for overseeing the Companys
financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone IND AS
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 standalone IND AS 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 control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls system with respect to the
financial statements 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 in the annual financial
statements made by the management and the Board of Directors.
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
Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our 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 whetherthe financial
statements representthe underlying transactions and events in a manner that achieves fair
presentation.
Obtain sufficient appropriate audit evidence regarding the Annual
financial results of the Company to express an opinion on the annual standalone financial
results.
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 Section 143(3) of the Act, based on our audit we
report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the purposes of our
audit. b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
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 IND AS financial statements comply with the IND AS specified under Section 133
of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent
applicable.
e) On the basis of the written representations received from the
directors as on March 31, 2023 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2028 from being appointed as a director in terms
of Section 164(2) of the Act. f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure A’. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s
internal financial controls over financial reporting.
9) 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, as
amended in our opinion and to the best of our information and according to the
explanations given to us.
(i) The Company does not have any pending litigations, which would
impact its financial position.
(iy 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) The management has represented that, to the best of its knowledge
and belief, other than as disclosed in the notes 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;
(v) The management has represented, that, to the best of its knowledge
and belief, other than as disclosed in the notes 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
(vi) Based on such audit procedures, we have 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 (iv) and (v) above, contain any material mis-statements.
(vii) The dividend declared or paid during the year by the Company is
in compliance with Section 123 of the Act.
2. 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 B” a statement on the matters specified in
paragraphs 3 and 4 of the Order.
3. With respect to the matterto be included in the Auditors Report
under Section 197(16) of the Act:
In our opinion and according to the information and explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.
|
|
For R Subramanian and Company LLP |
|
|
Chartered Accountants |
|
|
Firm Registration No. 004137S/S200041 |
|
|
Kartik Subramanian |
| Place |
: Mumbai |
Partner |
| . |
|
Membership No:209698 |
| Date : |
9 May 2023 |
UDIN No.: 23209698BGUQVW5425 |
ANNEXURE “A” TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and
Regulatory Requirements’ section of our report to the Members of Kaycee Industries
Limited of even date)]
Report on the Internal Financial Controls Over Financial Reporting
under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
We have audited the internal financial controls over financial
reporting of Kaycee Industries Limited ("the Company”) as of March 31, 20283 in
conjunction with our audit of the IND AS financial statements of the Company for the year
ended on that date.
Managements Responsibility for Internal Financial Controls
The Management 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 (the
“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
company’s 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, 2018.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Companys 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 Companies Act, 20183, 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 Company’s internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s 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 company’s 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
company’s 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 March 31, 20283, based on the
criteria for internal financial control over financial reporting 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 R Subramanian and Company LLP |
|
|
Chartered Accountants |
|
|
Firm Registration No. 004137S/S200041 |
|
|
Kartik Subramanian |
| Place |
: Mumbai |
Partner |
| . |
|
Membership No:209698 |
| Date : |
9 May 2023 |
UDIN No.: 23209698BGUQVW5425 |
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under ‘Report on Other Legal and
Regulatory Requirements’ section of our report to the Members of Kaycee Industries
Limited of even date)
@) The Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, plant and equipment. The Company
has maintained proper records showing full particulars of Intangible assets.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of theCompany, the Company has a regular
programme of physical verification of its Property, plant and equipment by which all
Property, plant and equipment are verified in a phased manner over a period of two years.
In accordance with this programme, certain Property, plant and equipment were verified
during the year. In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification. c) According to the information and
explanations given to us and based on the examination of the records produced to us, the
company did not own any freehold properties as at the Balance Sheet date. In respect of
immovable properties in the form of leasehold building, which has been taken on lease and
disclosed as right-of use assets in the financial statements, the lease agreements are in
the name of the company, where the company is the lessee in the agreement.
(d) The company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year. c) No
proceedings have been initiated or are pending against the company as at March 31, 2023
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45
of 1988) and rules made thereunder.
The inventory of Finished Goods, Raw Material and Work in Progress has
been physically verified by the management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable and procedures and coverage as
followed by management were appropriate. No discrepancies were noticed on verification
between the physical stocks and the book records that were 10% or more in the aggregate
for each class of inventory. The company has not been sanctioned working capital limits
from any bank in excess of Rs. 5 crores. Accordingly, reporting under clause 3(ii) (b) of
the Order is not applicable to the Company. iii. ~~ During the year, 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, reporting under clause 3(iii) of the Order
is not applicable to the Company.
According to the information and explanations given to us and on the basis of our
examination of the records, the Company has not given any loans, or provided any guarantee
or security asspecified under Section 185 of the Companies Act, 2013 and the Company has
not provided any guarantee or security as specified under Section 186 of the Companies
Act, 2013. Further, the Company has complied with the provisions of Section 186 of the
Companies Act, 2013 in relation to the investments made. The Company has notaccepted any
deposits from the public or amounts which are deemed to be deposits within the meaning of
sections 73 to 76 or any other relevant provisions of the Companies Act and the rules
framed there under. Therefore, reporting under clause 3
(v) of the Order is not applicable. V
i. In our opinion and according to the information and explanations given to us, the
requirements for maintenance of cost records by the Company pursuant to Companies (Cost
Records and Audit) Rules, 2014 specified by the Central Government under Section148 of the
Act is not applicable to the Company for the year under audit. vi
i. a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including Goods and Services Tax
(‘GST’), Provident fund, Employees’ State Insurance, Income-tax, Duty of
Customs, Cess and other material statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of GST, Provident fund, Employees’ State
Insurance, Income-tax, Duty of Customs, Cess and other material statutory dues were in
arrears as at 31 March 2023 for a period of more than six months from the date they became
payable. b) According to the information and explanations given to us, there are nodues of
GST, Provident fund, Employees’ State Insurance, Income-tax, Sales tax, Service tax,
Duty of Customs, Value added tax, Cess or otherstatutory dues which have not been
deposited by the Company onaccount of disputes. vii
i. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income- tax Act, 1961 as income during the year. According to the
information and explanations given to us :-
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 has not been declared as a wilful defaulter for loans taken borrowings
from financial institutions or banks or any other lender. Cc. The loans were applied for
the purpose for which they were obtained. According to the information andexplanations
given to us by the management, the Company has not obtained any term loans. Accordingly,
clause 3
(ix)(c) of the Order is not applicable.
d. The short term loans raised by the company have not been utilised for long term
purposes.
e. The Company does not have any subsidiaries, associates or Joint Ventures and
therefore raising of funds to meet obligations of its subsidiaries, associates or Joint
Ventures, is not applicable to the Company.
f. The Company does not have any subsidiaries, associates or Joint Ventures and
therefore raising of loans on pledge of securities held in its subsidiaries, associates or
Joint Ventures, is not applicable to the Company. According to the information and
explanations given to us :-
a. The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments) and hence reporting under clause 3
(x) (a) of the Order 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 optionally convertible) during the year and
hence reporting under clause 3
(x) (b) of the Order is not applicable to the Company. X
i. To the best of our knowledge and according to the information and explanations given
to us :-
a. no fraud by the Company or no material fraud on the Company by its officers or
employees 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. Cc. No whistle blower complaints have been received during the year, by the
company.
xii. The Company is not a Nidhi Company and hence reporting under clause 3
(xii) of the Order is not applicable to the Company. xii
i. In our opinion and according to the information and explanations given to us, 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 inthe standalone financial statements as required by the
applicable Indian accounting standards.
a. Based on information and explanations provided to us and our audit procedures, inour
opinion, the Company has an internalaudit system commensurate with the sizeand nature of
its business.
b. We have considered the internal auditreports of the Company issued till date for the
period under audit.
v. In our opinion and according to the information and explanations given to us, during
the year the Company has not entered into any non-cash transactions with its Directors or
persons connected to its directors and hence provisions of section 192 of the Companies
Act, 2013 are not applicable to the Company
V. As per the information and explanations given to us :-
a. The Company is not required to be registered under section 45-IA of the Reserve Bank
of India Act, 1934.
b. The company has not conducted any Non-Banking Financial or Housing Finance
activities without a valid Certificate of Registration (CoR) from the Reserve Bank of
India as per the Reserve Bank of India Act, 1934. Cc. The company is not a Core Investment
Company (CIC) as defined in the regulations made by the Reserve Bank of India.
d. According to the information and explanations provided to us during the course of
audit, the Group does not haveany CIC. Accordingly, the requirements of clause 3
(xvi)(d) are not applicable. The Company has not incurred cash losses in the current
and in the immediately preceding financial year. There has not been any resignation of the
statutory auditors during the year and so, the issues, objections or concerns raised by
the outgoing auditors is not applicable. 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, our knowledge of the Board of
Directors and management plans, we are of the opinion that no material uncertainty exists
as on the date of the audit report, about the capability of the company in 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.
a. The company is not required to comply with second proviso to sub-section
(5) of section 135 of the Companies Act with respect to the transfer of unspent amount
to a Fund specified in Schedule VII to the Companies Act within a period of six months of
the expiry of the financial year.
b. The company is not required to comply with the provisions of subsection
(6) of Section 135 of the Companies Act with respect to the transfer of any amount
remaining unspent under sub- section
(5) of section 135 of the Companies Act, pursuant to any ongoing project, to a special
account. Xi
X. Consolidated financial statements are not applicable to the company and therefore
qualifications or adverse remarks in the Companies (Auditors Report) Order (CARO) reports
of the respective companies to be included in the consolidated financial statements, are
not applicable.
|
|
For R Subramanian and Company LLP |
|
|
Chartered Accountants |
|
|
Firm Registration No. 004137S/S200041 |
|
|
Kartik Subramanian |
| Place |
: Mumbai |
Partner |
|
|
Membership No:209698 |
| Date |
: 9 May 2023 |
UDIN No.: 23209698BGUQVW5425 |
+91-9892691696
