To
The Members of
Mangal Credit & Fincorp Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Ind AS Financial Statements
of M/S Mangal Credit & Fincorp Limited (the"Company") which comprises 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 then ended and notes to the financial statements, including a summary of
significant explanatory information(herein after referred to as "the standalone Ind
AS financial statements").
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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2023;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Statement of Changes in Equity on that date; and
d) in the case of the Cash Flow Statement, of the 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 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 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 accounting policies and of India together with the ethical
requirements that are relevant to our audit of the 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of 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.
Information Other than the Financial Statements and Auditors
Report Thereon
The Companys Board of Directors is responsible for the
preparation of the other information.
The other information comprises the information included in the
Boards Report including Annexures to Boards Report and Management Discussion
and Analysis report but does not include the financial statements and our auditors
report thereon. The Directors report and Management Discussion and Analysis report
is expected to be made available to us after the date of this auditors report.
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.
When we read the Directors report and Management Discussion and
Analysis report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance as required under SA
720 ‘The Auditors responsibilities Relating to Other Information.
Managements Responsibility for the Standalone Ind AS Financial
Statements
Management 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 and cash flows Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. . This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding 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 financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, Management is responsible for
assessing the Companys ability to continue as a going concern, disclosing ,as
applicable, matters related to going concern and using the going concern basis of
accounting unless the management either intends to liquidate the Company or to cease
operations ,or has no realistic alternative but to do so.
The board of directors is also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial
Statements
Our objective 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 are 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. of the
Misstatements can arise from fraud or error and are considered material if, individually
or in 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 skepticism throughout the audit. We also:
(11) of Section 143 of Companies Act, 2013 we enclose in the
"Annexure A", a statement of matters specified in paragraph 3 & 4 of the
said order to the extent applicable.
B. 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
of the financial statements.
(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 books of account.
(d) In our opinion, the a fore said 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 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 financial statements in Note 32 to the financial statements.
(ii) The Company has made provision, as required under the applicable
law or accounting standards and 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) The management has represented that, to the best of its knowledge
and belief :
(a) 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 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) No funds 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; and
In our opinion and based on the audit procedures, we have considered
reasonable and appropriate in the circumstances; nothing has come to our notice that has
caused us
- Identify and assess the risks of material misstatement of the standalone Ind AS
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 audit fi
misstatement findings, including any 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
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report.
However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the
standalone financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant 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.
A. As required by Companies (Auditors Report) Order, 2020
("The Order"), as amended, issued by Central Government of India in terms of Sub
Section to believe that the representations under sub-clause (a) and (b) contain any
material misstatement.
(v) The dividend declared or paid during the year by the Company is in
compliance with section 123 of the Companies Act, 2013.
(vi) Proviso to Rule 3(1) of Companies (Accounts) Rule, 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 MGB & Co. LLP |
| Chartered Accountants |
| FRN: 101169W/W-100035 |
| Sd/- |
| Sandeep Jhanwar |
| Partner |
| M.No. 078146 |
| Place: Jaipur |
| Date: May 24, 2023 |
| UDIN: 23078146BGWICV2233 |
Annexure A to the Auditors Report
The Annexure referred to in Independent Auditors Report to the
members of the Company on the standalone Ind AS financial statements for the year ended
March 31, 2023, we report
(i) (a) In respect of the Companys Property, Plant and Equipment
and Intangible Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment and relevant
details of right-of-use assets.
b. The company has maintained proper records showing full particulars
of intangible assets.
(b) The Company has a regular programme of physical verification of its
Property Plant and Equipment by which Property Plant and Equipment are verified in a
phased manner over a period of three years. In accordance with this programme, 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) According to the information and explanations given to us and on
the basis of examination of the records of the company, the title deeds of immovable
properties (other than where the same company is the lessee and the lease agreement are
duly executed in the favor of lessee) disclosed in the financial statements are held in
the name of the Company.
(d) According to the information and explanations given to us and on
the basis of examination of the records of the company, the company has not revalued its
Property, Plant and Equipment (including Right of Use assets) or intangible assets or both
during the year and hence clause 3(i)(d) of the Order is not applicable.
(e) According to the information and explanations given to us and on
the basis of examination of the records of the company, 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 and hence
clause 3(i)(e) of the Order is not applicable.
(ii) (a) The company is a NBFC Company, primarily engaged in rendering
loans services. Accordingly, it does not hold any physical inventories. Thus, paragraph
3(ii) of the order is not applicable to the Company.
(b) According to the information and explanation given to us and on the
basis of examination of the records of the Company, the company has not been sanctioned
any working capital limits in excess of five crores rupees, in aggregate, from banks on
financial institutions on the basis of the security of current assets at any point of time
during the year. Accordingly, clause 3(ii)(b) of the order is not applicable to the
company.
(iii) According to the information and explanation given to us and on
the basis of examination of the records of the Company, the company has made investments
in companies, however not provided any security to companies, firms, limited liability
partnerships or any other parties during the year. The company has not provided any
guarantees, but granted loans and advances in the nature of loans during the year to
companies and other parties in its normal course of non-banking financial company,
accordingly clause 3(iii)(a)(A) and (B) are not applicable.
(a) As the company is a Non-Banking Finance company (NBFC) holding
certificate of registration from Reserve Bank Of India and having its principal business
to give loans and make investments, Hence clause iii(a) of the order is not applicable to
the company.
(b) According to the information and explanation given to us and on the
basis of examination of the records of the Company, The guarantees and the terms and
conditions in the nature of loans and guarantees provided are not prejudicial to the
companys interest. (c) According to the information and explanations given to us and
based on our examination of records of the company, in our opinion, schedule of repayment
of principal and payment of interest, wherever stipulated, the payment of interest and
principal are regular, except as mentioned herein below:
| Name of Product |
No. of Clients |
Amount (Rs in Lakhs) |
| Business Loan |
20 |
83.86 |
| Loan against |
4 |
1.57 |
| Property |
|
|
| Loan against |
439 |
245.95 |
| Jewelry |
|
|
| Personal loan |
15 |
12.79 |
| Total |
478 |
344.18 |
(d) According to the information and explanations given to us and based
on examination of records of the company, there is no is no overdue amount for more than
ninety days in respect of loans and advances in the nature of loans given, except as
mentioned herein below. In case of amount overdue the steps taken by the company for
recovery of principal and interest are reasonable and adequate.
| Name of Product |
No. of Clients |
Amount (Rs in Lakhs) |
| Business Loan |
12 |
80.45 |
| Loan against Property |
1 |
0.66 |
| Loan against Jewelry |
224 |
101.92 |
| Personal Loan |
8 |
11.71 |
| Total |
245 |
194.75 |
(e) The Company is a non-banking finance company engaged in business of
granting loans or advances in the nature of loans, accordingly the requirement of clause
3(iii)(e) are not applicable.
(f) According to the information and explanation given to us and on the
basis of examination of the records of the Company, the company has not given loans or
advances to promoters, related parties as defined in clause (76) of section 2 of Companies
act 2013. Accordingly, clause 3(iii)(f) of the order is not applicable.
(iv) According to the information and explanation given to us and on
the basis of examination of the records of the Company, the company has complied with the
provisions of section 185 and 186 of the Act, with respect to the loans and investments
made.
(v) The company has not accepted deposits or amounts which are deemed
to be deposits during the financial year 2022-2023. Accordingly, paragraph 3(v) of the
order is not applicable.
(vi) According to the information and explanation given to us, the
Central Government has not prescribed the maintenance of cost records under Section 148(1)
of Act, for any of the services rendered by the company. Accordingly, paragraph 3(vi) of
the order is not applicable.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, the company is regular in
depositing undisputed statutory dues including Goods and Service Tax, provident fund,
employees state insurance, income-tax, sales-tax, service-tax, duty of excise, value
added tax, cess and any other statutory dues to the appropriate authorities; According to
the information and explanations given to us and on the basis of our examination of
records of the company, no undisputed amounts payable in respect of GST, provident fund,
employees state insurance, income-tax, sales-tax, service-tax, duty of excise, value
added tax, cess and any other statutory dues were in arrears as at March 31, 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 and on
the basis of our examination of the records of the Company, there are no dues of Goods and
Service Tax, Provident Fund, employees state insurance, income tax, sales tax, duty
of excise, service tax and value added tax, on account of disputes, which have not been
deposited by company.
(viii) According to the information and explanations given to us and on
the basis of our examination of the records of the Company has not surrendered or
disclosed any transaction, previously unrecorded as income in books of account in the tax
assessments under the Income Tax Act, 1961 (43 of 1961) as income during the year.
(ix) (a) 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
defaulted in repayment of loans or other borrowings or in the payment of interest thereon
to any lender.
(b) 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 been
declared a willful defaulter by any bank or financial institution or other lender.
(c) According to the information and explanation given to us and on the
basis of examination of the records of the Company, the term loans have been applied for
the purpose for which these were obtained by the company.
(d) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that no funds raised on
short term basis have not been utilized for long term purposes by the company.
(e) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that company does not
have any of its subsidiary, or joint ventures or associate company, accordingly clause
3(ix)(e) and (f) of the order are not applicable.
(x) (a) According to the information and explanation given to us and on
the basis of examination of the records of the Company, the company has not raised any
money by way of initial public offer or further public offer (including debt instruments)
during the year. Hence the clause 3 (ix) of the order is not applicable.
(b) According to the records of the company examined by us and the
information and explanation given to us the company has not made any preferential
allotment or private placement of shares or convertible debentures (fully, partially or
optionally convertible) during the year. Accordingly, clause 3(x)(b) of the order is not
applicable.
(xi) (a) According to the information and explanation given to us and
on the basis of examination of the records of the Company, considering the principles of
materiality outlined in the Standards on Auditing, we report that no material fraud by the
company or any fraud on the company has been noticed or reported during the course of our
audit.
(b) According to the information and explanation given to us and on the
basis of examination of the records of the Company, no report under sub-section (12) of
section 143 of the Companies Act has been flied by the auditors in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.
(c) According to the information and explanation given to us and on the
basis of examination of the records of the Company, no whistle-blower complaints have been
received by the company during the year.
(xii) According to the information and explanation given to us and on
the basis of examination of the records of the Company, the company is not a Nidhi
company. Accordingly, paragraph 3(xii) of the order is not applicable.
(xiii) According to the information and explanation given to us and
based on our examination of the records of the company, all transactions with the related
parties are in compliance with sections 177 and 188 of
Companies Act, where applicable, and the details have been disclosed in
the financial statements, etc., as required by the applicable accounting standards.
(xiv) (a)According to the information and explanation given to us and
on the basis of examination of the records of the Company, the company has an internal
audit system commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the company,
issued till date, for the period under audit.
(xv) According to the information and explanation given to us and based
on our examination of the records of the company, the company has not entered into any
non-cash transactions with directors or persons connected to its directors and hence,
provisions of the Section 192 of the Act are not applicable to the Company.
(xvi) (a) The company is registered under section 45-IA of the Reserve
Bank of India Act, 1934 (2 of 1934).
(b) The company obtained and holds valid certificate India, accordingly
clause 3(xvi)(c) of the order is not applicable.
(c) According to the information and explanation given to us and based
on our examination of the records of the company, the company is not a Core Investment
Company (CIC) as defined in the regulations made by the Reserve Bank of India. Hence
clause 3(xvi) (c) of the order is not applicable.
(d) According to the information and explanation given to us and on the
basis of examination of the records of the Company, there is no CIC as part of the Group.
Accordingly, clause 3(xvi)(d) of the order is not applicable.
(xvii) The company has not incurred cash losses in the current
financial year, and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during
the year, accordingly clause 3(xviii) of the order is not applicable.
(xix) According to the information and explanation given to us and
based on our examination of the records of the company, on the basis of the financial
ratios, ageing and expected dates of of realization of financial assets and payment of
financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of
the evidence supporting 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 failing 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)In our opinion and according to the information and
explanations given to us, there are no unspent amount outstanding requiring transfer to
the fund specified in Schedule VII read with provisions of sec 135(5) of the Companies
Act, 2013, Accordingly, clause 3(xx)(a) of the order are not applicable.
(b) In our opinion and according to the information and explanations
given to us, there are no unspent amount outstanding which is required to be transferred
to special account in compliance with provisions of sub section (6) of section 135 of the
said Act; Accordingly, reporting under clause 3(xx)(b) of the order is not applicable for
the year.
(xxi) According to the information and Explanation given to us and
based on our examination of the records of the company, the company does not have any
subsidiary, and no accounts are being incorporated in the financial statement,
accordingly, clause 3(xxi) of the order are not applicable.
| For MGB & Co. LLP |
| Chartered Accountants |
| FRN: 101169W/W-100035 |
| Sd/- |
| Sandeep Jhanwar |
| Partner |
| M.No. 078146 |
| Place: Jaipur |
| Date: May 24, 2023 |
| UDIN: 23078146BGWICV2233 |
Annexure - B to the Auditors Report
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ( the Act )
We have audited the internal financial controls over financial
reporting of Mangal Credit & Fincorp Limited ( the Company ) as of March 31, 2023 in
conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date.
Management s Responsibility for Internal Financial Controls
The Company s management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India ( ICAI ).
These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to 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, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal
financial controls over financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the Guidance Note ) and the Standards on Auditing, issued by ICAI and deemed to
be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable
to an audit of internal financial controls, both applicable to an audit of Internal
Financial Controls and, both issued by the Institute of Chartered Accountants of India.
Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
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 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
Also, projections of any evaluation of the internal financial controls
over financial reporting to future periods are subject to the risk that the internal
financial control over financial reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based
on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
| For MGB & Co. LLP |
| Chartered Accountants |
| FRN: 101169W/W-100035 |
| Sandeep Jhanwar |
| Partner |
| M.No. 078146 |
| Place: Jaipur |
| Date: May 24, 2023 |
| UDIN: 23078146BGWICV2233 |
+91-9892691696
