TO THE SHAREHOLDERS OF PARIKSHA FIN-INVEST-LEASE LIMITED Opinion
We have audited the accompanying financial statements PARIKSHA FIN-INVEST- LEASE
LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2022
the Statement of Profit and Loss, including the Statement of Other Comprehensive Income,
the Cash Flow Statement and the Statement of Changes in Equity for the year then ended,
and a summary of significant accounting policies and other explanatory information
(hereafter referred to as Ind AS 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 as amended ("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 ,thereof ("Ind AS ") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31,2022, the profit,
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit 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 Auditor’s 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 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 there
under, 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 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
are 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.
| Valuation of investments carried at fair value |
Our audit procedures in relation to valuation of investments included, but were not
limited to, the following: |
| As at 31stMarch 2022, the Company held investments amounting to Rs.
9,01,58,688 /- which represent 81.93 % of the total assets of the Company as at 31 March
2022. These investments comprise of investment in unquoted equity shares and preference
shares of related companies which are fair valued using Level 2 and 3 inputs. The fair
valuation of these investments is determined by a management appointed independent
valuation specialist. The process of computation of fair valuation of investments includes
use of unobservable inputs and management judgments and estimates. |
a) Obtained a detailed understanding of the management’s process and controls for
determining the fair valuation of these investments. The understanding was obtained by
performance of walkthroughs which included inspection of documents produced by the Company
and discussion with those involved in the process of valuation; |
| The key assumptions underlying management’s assessment of fair value of these
investments, include application of liquidity discounts; calculation of discounting rates
and the estimation of fair market value of assets of related companies. |
b) Evaluated the design and the operational effectiveness of relevant key controls
over the valuation process, including the Company’s review and approval of the
estimates and assumptions used for the valuation including key authorization and data
input controls; |
| The valuation of these investments was considered to be one of the areas which
required significant auditor attention and was one of the matters of most significance in
the financial statements due to the materiality of the value of such investments and the
complexity involved in the valuation of these investments. |
c) Assessed the appropriateness of the valuation methodologies for varied type of
investments in accordance with the Company’s policy and tested the mathematical
accuracy of the management’s model adopted for different types of investments; |
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d) Obtained the valuation reports received from the management’s expert and
assessed the expert’s competence, objectivity and independence in performing the
valuation of these investments; |
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e) Ensured the appropriateness of |
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the carrying value of these investments in the financial statements and the gain or
loss recognized in the financial |
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f) statements as a result of such fair valuation; and |
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g) Ensured the appropriateness of the disclosures in accordance with the applicable
accounting standards |
Management’s Responsibility for the 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, changes in equity
and cash flows of the Company in accordance with the accounting principles generally
accepted in India including the Indian Accounting Standards (Ind As) specified under
section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015
as amended thereof. 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, management is 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 company’s financial
reporting process.
Auditor’s Responsibilities for the Audit of 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 auditor’s 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 aggregate, they
could reasonably be expected to influence the economic decision 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:
- 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 to 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
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 management’s 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 material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusion are based on the audit evidences obtained up to the
date of our auditor’s report. However, future events or conditions may cause the
company to cease to continue as a going concern.
- Evaluate the overall presentation, Structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statement that,
individually or in aggregate, makes it probable that the economic decision of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factor in (i) planning the scope of our audit work; and (ii)
to evaluate the effect of any identified misstatement 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 decencies in internal control that we identify during our audit.
We also provide those charge 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
auditor’s 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
As required by the Companies (Auditor’s Report) Order, 2020 ("the
Order"), issued by the Central Government of India in terms of section 143(11) of the
Act, we give in "Annexure I" a statement on the matters specified in paragraphs
3 and 4 of the Order.
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 the 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, Statement of changes in Equity
and Statement of Cash Flow dealt with by this Report are in agreement with the relevant
books of account.
(d) In our opinion, the aforesaid financial statements comply with Ind AS specified
under Section 133 of the Act, read with relevant rules issued there under.
(e) On the basis of the written representations received from the directors as on March
31, 2022 taken on record by the Board of Directors, none of the director is disqualified
as on March 31,2022 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 II". Our report express an unmodified opinion on
the adequacy and operating effectiveness of the Company’s internal financial controls
over financial reporting.
(g) With respect to the other matters to be included in the Auditor’s report in
accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to best of our information and according to the explanations given
to us, the company is not providing any managerial remuneration. Accordingly, provisions
of section 197 are not applicable.
(h) With respect to the other matters to be included in the Auditor’s 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.
(ii) The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to Investor Education
and Protection Fund by the Company.
(iv) (a) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (2) (h)
(iv) (a) and (b) above, contain any material misstatement.
(v) The Board of Directors of the Company have not proposed final dividend for the
year.
(i) Further, as required by ‘Non-Banking Financial Companies Auditor’s Report
(Reserve Bank) Directions,2016’ , we further state that we have submitted a
separate report to the Board of Directors of the Company on the matters specified in
said directions as under:-
a) The company applied for registration as provided in section 45IA of the Reserve Bank
of India Act, 1934 and has obtained certificate of registration from the Reserve Bank of
India.
b) The Company is entitled to continue to hold the Certificate of Registration in terms
of its asset/income pattern as on 31st March, 2022.
c) The Board of Directors of the company has passed a resolution for non - acceptance
of any public deposits.
d) The company has not accepted any public deposit during the year under reference.
e) The company has complied with the prudential norms relating to income recognition,
accounting standards, assets classification and provisioning of bad and doubtful debts as
applicable to it in terms of Non-Banking Financial (Non-Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Directions, 2016.
f) The Company has requisite Net Owned Fund as required by Master direction - Non
Banking Financial Company - Non systemically Important Non-Deposit taking Company (Reserve
Bank) Direction,2016.
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For B.K.KAPUR AND CO. |
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Chartered Accountants, Firm Registration No. 000852C |
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Sd/- |
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(M.S.KAPUR) F.C.A. |
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(Partner) |
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Membership No: 074615 |
| Place : Delhi |
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| Dated: 27.05.2022 |
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Annexure I to Independent Auditors’ Report
Referred to in Paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of report of even date on the financial statements for the
year
ended on March 31,2022
i. (a) The Company do not have any Property, Plant & Equipment and Intangible
assets as such requirement for maintenance such of records, physical verification and
title deeds to be reported under clause 3(i)(a) to (d) does not arise.
(b) No proceedings have been initiated during the year or pending against the company
as at 31st March, 2022 for holding and benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. (a)The inventory of the company comprises equity shares, which are in
dematerialized form, and which have been verified by the management with reference to
holding statement from depository participant. In our opinion the procedure of
verification of inventory followed by the management is satisfactory. Further, the company
is maintaining proper records of its inventory and no discrepancies were noticed on
verification.
(b) The Company do not have any sanctioned working capital limits in excess of ?
5 crores, in aggregate, at any points of time during the year, from banks or financial
institutions on the basis of security of current assets and hence reporting under clause
3(ii)(b) of the Order is not applicable.
iii (a)Since the Company’s principal business is to give loans. Accordingly, the
provision of clause 3(iii)(a) of the Order is not applicable to it.
(b) The Company, being a Non-Banking Financial Company (‘NBFC’), registered
under provisions of RBI Act, 1934. In our opinion and according to the information and
explanations given to us, the investments made, guarantees provided, security given and
the terms and conditions of the grant of all loans and advances in the nature of loans and
guarantees, provided during the year are, prima facie, not prejudicial to the
Company’s interest.
(c) The Company, being a Non-Banking Financial Company (‘NBFC’), registered
under provisions of RBI Act, 1934 and rules made thereunder, in pursuance of its
compliance with provisions of the said Act/Rules, particularly, the Income Recognition,
Asset given to us, in respect of loans and advances in the nature of loans, repayment
Classification and Provisioning Norms, monitors repayments of principal and payment of
interest by its customers as stipulated. In our opinion and according to the information
and explanations of principal is on demand and schedule for payment of interest has been
stipulated .Details of such loans/advances which are not repaid by borrowers as per
stipulations is as under:-
| Name of the Entity |
Amount |
Due Date |
Extent of delay |
Remark |
| JPC Infra Private Limited |
669459 |
31/03/2021 |
More than 90 days |
Considered as NPA |
(d)Details of such loans/advances which are not repaid by borrowers as per
stipulations. According to the information and explanation made available to us,
reasonable steps are being taken by the Company for recovery thereof
| No. of cases |
Principal Amount overdue |
Overdue Interest |
Total Overdue |
Remark |
| 1 |
NIL |
6,69,459 |
6,69,549 |
Considered as NPA |
(e) Since the Company’s principal business is to give loans. Accordingly, the
provision of clause 3(iii)(e) of the Order is not applicable to it.
(f) No Loans or Advances in the nature of Loans are payable on demand or without
specifying any terms or period of repayment.
. The Company has not made any investments through more than two layers of
iv Investments companies. The other reporting requirements under clause (iv) of
paragraph 3 of the Companies (Auditor’s Report) Order, 2016 are not applicable as
it being a Non- Banking Financial Company.
v. In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits from the public within the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed
there under during the year.
vi. The Central Government has not prescribed the maintenance of cost records by the
Company under section 148 (1) of the Companies Act, 2013.
vii. a The Company has been regular in depositing to the appropriate authorities
undisputed statutory dues including Income tax, Service tax, Goods and Service Tax and
any other statutory dues to the extent applicable to it. According to the information and
explanations given to us, no undisputed amounts in respect of statutory dues were in
arrears as at March 31, 2022 for a period of more than six months from the date they
became payable.
b According to the information and explanation given to us there were no dues of Income
tax, Goods & Service Tax and Cess, which have not been deposited on account of any
dispute except the following:
| ASSESSMENT YEAR |
NAME OF THE STATUTORY AUTHORITY |
AMOUNT |
REMARK |
| 2013-14 |
INCOME TAX |
8923 |
Appeal is pending before ITAT .Delhi |
| 2014-15 |
INCOME TAX |
10000 |
Appeal is pending before ITAT ,Delhi |
viii There were no transactions relating to previously unrecorded income that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961.
ix (a) Based on our examination and according to the information and explanation given
us. There are no dues to any lender.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority.
(c) Based upon the audit procedures performed and the information and explanations
given by the management, no the term loans were taken during the year.
(d) On an overall examination of the financial statements of the Company, funds raised
on short- term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company
has does not have any subsidiary, joint venture or associate company, hence clause no
3(ix)(e) is not applicable to the company.
(f) On an overall examination of the financial statements of the Company, the Company
has does not have any subsidiary, joint venture or Associate company hence clause no
3(ix)(f) is not applicable to the company.
x (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year and hence reporting under clause
3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause 3(x)(b) of the Order is not applicable.
(a) No fraud by the Company and no material fraud on the Company has been xl
noticed or reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and upto the date of this report.
(c) We have taken into consideration the whistle blower complaints received by the
Company during the year (and upto the date of this report), while determining the nature,
timing and extent of our audit procedures.
In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of Xii
clause 3 (xii) of the Order are not applicable to the Company.
In our opinion, all transactions with the related parties are in compliance with
xiii section 177 and 188 of Companies Act, 2013 and the details have been disclosed in
the Financial Statements as required by applicable Indian Accounting Standard.
(a) In our opinion the Company has an adequate internal audit system
xiv commensurate with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
In our opinion during the year the Company has not entered into any non-
xv cash transactions with its Directors or persons connected with its directors. and
hence provisions of section 192 of the Companies Act, 2013 are not applicable to the
Company.
(a) The Company is required to be registered under Section 45-IA of the
xvi Reserve Bank of India Act, 1934 and the Company has obtained the required
registration.
(b) According to the information and explanations given to us, the Company has not
conducted any Non-Banking Financial or Housing Finance activities without obtaining a
valid CoR from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.
(c) According to the information and explanations given to us, the Company is not a
Core Investment Company (‘CIC’) as defined under the Regulations by the Reserve
Bank of India.
(d) As per information provided in course of our audit, the Group has not any
CIC’s as defined in the Core Investment Companies (Reserve Bank) Directions, 2016.
xvii The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xviii There has been no resignation of the statutory auditors of the Company during the
year.
According to the information and explanations given to us and on the basis
xix of the financial ratios, ageing and expected dates 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 the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of the
audit report 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 Since the provision of Section 135 of the Companies Act, for the time being do not
apply to the Company accordingly, reporting under clause 3(xx)(a) and (b)of the Order is
not applicable for the year.
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For B.K.KAPUR AND CO. Chartered Accountants, Firm Registration No. 000852C |
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Sd/- |
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(M.S. KAPUR) F.C.A. |
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(Partner) |
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Membership No.074615 |
| Place : Delhi |
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| Dated: 27.05.2022 |
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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 PARIKSHA
FIN-INVEST-LEASE LIMITED ("the Company") as of March 31, 2022 in conjunction
with our audit of the financial statements of the Company for the year ended on that date.
Management’s 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 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.
Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the company based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") issued by the Institute of Chartered Accountant
of India 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 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 auditor’s judgment,
including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the internal financial controls system over
financial reporting of the company.
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 those receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2022, 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.
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For B.K.KAPUR AND CO. |
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Chartered Accountants, |
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Firm Registration No. 000852C |
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Sd/- |
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(M.S. KAPUR) F. C A. |
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(Partner) |
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Membership No: 074615 |
| Place : Delhi |
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| Date: 27.05.2022 |
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+91-9892691696
