TO THE MEMBERS OF
ASIAN PETROPRODUCTS & EXPORTS LIMITED
Report on the Audit of the Standalone Financial Statements
To
The Members of
ASIAN PETROPRODUCTS & EXPORTS LIMITED
(CIN:L23209GJ1991PLC016666)
Qualified Opinion
We have audited the financial statements of ASIAN PETROPRODUCTS & EXPORTS
LIMITED ("the Company"), which comprise the balance sheet as at 31st March
2023, and the statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity, the Statement of Cash Flows and notes to the standalone
Ind AS financial statements, for the year ended on that date, and a summary of the
significant accounting policies and other explanatory information (hereinafter referred to
as "the standalone financial statements").
In our opinion and to the best of our information and according to the explanations
given to us except for the effects of the matters described in the Basis for Qualified
Opinion section of our report the aforesaid standalone 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 accounting
principles generally accepted in India of the state of affairs of the Company as at
March3i 2023 its profit including other comprehensive income its cash flows and the
changes in equity for the year ended on that date.
Basis for Qualified Opinion
We draw to attention to:
We are unable to determine the consequential impact of certain specific transactions
/matters and disclosures on the Standalone Financial Statements. Such specific
transactions/ matters include:
1. The Company continues to prepare its accounts as going concern basis, despite facts
that-
a) There is an erosion in the Net Worth of the Company
2. The Company has not complied with the TDS provisions of the Income Tax Act.
3. The Company has not complied with provision of Ind AS- 119 for employee benefits.
We conducted our audit in accordance with the Standards on Auditing ("SAs")
specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our
responsibilities under those Standards are further described in paragraph (a) of Auditors
Responsibilities section below. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India ("the
ICAI") together with the ethical requirements that are relevant to our audit of the
Standalone Financial Results for the year ended Month 31, 2023 under the provisions of the
Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAIs Code of Ethics. We believe that the
audit evidence obtained by us is sufficient and appropriate to provide a basis for our
opinion except mentioned in basis for qualified opinion paragraph.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
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 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.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards (AS) specified
under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the 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 management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional 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 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)0)
of the Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the standalone financial statements.
We communicate with those charged with governance 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure A, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit except as
mentioned in basis of qualified opinion para.
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 and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards (AS) specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 except as mentioned in basis of qualified opinion para
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 with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in Annexure B.
g) With respect to the matter to be included in the Auditors Report under section
197(16), 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) which are
required to be commented upon by us.
h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company 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 the Investor
Education and Protection Fund by the Company.
iv.(a) The management has represented that, to the best of its knowledge and belief,
no funds 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;
(b) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the company from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with the understanding, whether recorded
in writing or otherwise, that the company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material mis-statement.
v. No dividend has been declared or paid during the year by the company.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company w.e.f. 1st April 2023, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable
for the financial year ended 31st March 2023.
For D B S & ASSOCIATES.
Chartered Accountants
Firm Reg. No. 018627N
CA ROXY TENIWAL
Partner
Membership No. 141538
UDIN: 23141538BGYFQQ9190
Date: 30th May, 2023
Place: Mumbai.
Annexure A to Independent Auditors Report
Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of
the Independent Auditors Report of even date to the members of ASIAN PETROPRODUCTS &
EXPORTS LIMITED on the financial statements for the year ended March 31, 2023
(i) (a) (A) The company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment;
(B) The company is maintaining proper records showing full particulars of intangible
assets;
(b) As explained to us, Property, Plant and Equipment have been physically verified by
the management at reasonable intervals; no material discrepancies were noticed on such
verification;
(c) The title deeds of all the immovable properties (other than properties where the
company is the lessee and the lease agreements are duly executed in favour of the lessee)
disclosed in the financial statementsare held in the name of the company.
(d) The company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year.
(e) As explained to us, no proceedings have been initiated or are pending against the
company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
(ii) (a) According to the information and explanations given to us and on the basis of
our examination of the records of the Company is primarily engaged in Manufacturing,
Trading and Exports of various products.
(b) The company has not been sanctioned working capital limits in excess of five crore
rupees, in aggregate, from banks or financial institutions on the basis of security of
current assets during any point of time of the year. therefore, this clause is not
applicable to the company.
(iii) (a) During the year the company has made following 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.
|
|
|
(Amount in Lacs) |
| Name of the party |
Nature of transaction |
Transaction during the year |
Closing Balance |
| BRIJLAXMI INFOTECH LTD. |
Loan given |
1739 |
2.16 |
| BRIJLAXMI LEASING & FINANCE LTD |
Loan Given |
2.03 |
1.05 |
| JJC (GUJ) PVT LTD |
Lona given |
0.43 |
0.43 |
(b) 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 are not prima facie
prejudicial to the companys interest;
(c) There is no stipulation of schedule of repayment of principal and payment of
interest and therefore we are unable to comment on the regularity of repayment of
principal & payment of interest.
(d) Since the term of arrangement do not stipulate any repayment schedule, we are
unable to comment whether the amount is overdue or not.
(e) No loan or advance in the nature of loan granted which has fallen due during the
year, has been renewed or extended or fresh loans granted to settle the over dues of
existing loans given to the same parties.
(f) The company has granted following loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment.
| Name of the party |
Nature of transaction |
Transaction during the year |
Closing Balance |
| BRIJLAXMI INFOTECH LTD. |
Loan given |
1739 |
2.16 |
| BRIJLAXMI LEASING & FINANCE LTD |
Loan Given |
2.03 |
1.05 |
| JJC (GUJ) PVT LTD |
Lona given |
0.43 |
0.43 |
| Janak Shah |
Loan Given |
- |
4.20 |
(iv) According to the information and explanations given to us, the Company has granted
of Secured or unsecured loans, investments or provided any guarantees, and security, as
per provisions of section 185 and 186 of the Companies Act, 2013. The Company have been
complied with the provision of Section 186 of the Act with regard to Investments made
during the year.
(v) Based on the information and explanation provided, the Company has not accepted any
deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance
of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the
Order are not applicable.
(vi) As per information & explanation given by the management, maintenance of cost
records has been specified by the Central Government under sub-section (1) of section 148
of the Companies Act are not applicable to Company during the year.
(vii)(a) According to the records made available to us, company is regular in
depositing undisputed statutory dues (except as mentioned follow) including Goods and
Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service
tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues
to the appropriate authorities. According to the information and explanation given to us
there were following outstanding statutory dues as on 31st of March, 2023 for a period of
more than six months from the date they became payable.
| S.no. Nature of Dues |
Amount |
Due from |
| 1 TDS on professional |
5000/- |
2019-20 |
| 2 Late filing fee on TDS returns |
64929/- |
Various years |
| 3 Interest on default of TDS payment |
23969/- |
Various Years |
| 4 TDS on Purchase |
1.43 |
2022-23 |
| 5 Income tax |
50500 |
12/01/2016 |
| 6 Income tax |
1546910 |
20/11/2015 |
| 8 Income tax |
154000 |
13/03/2013 |
| 9 Income tax |
4868 |
31/03/2009 |
| 10 Income tax |
28750 |
31/03/2008 |
| 11 Income tax |
3799590 |
13/03/2009 |
| 12 Income tax |
28379 |
31/12/2010 |
| 13 Income tax |
195730 |
25/03/2014 |
| 14 Income tax |
209039 |
31/03/1998 |
| 15 Income tax |
1066530 |
31/10/2002 |
| 16 Income tax |
1760490 |
26/06/2014 |
(b) According to the information and explanations given to us, there is no statutory
dues referred to in sub-clause (a) that have not been deposited on account of any dispute
except following:
|
|
|
|
(Amount in Rs.) |
| Nature of Statues |
Nature of Dues |
Amount |
Period for which amount related |
Forum where dispute is pending |
| Income tax Act- 1961 |
Income tax |
50,00,000 |
2012 |
CIT appeal Income Tax |
| Income tax Act- 1961 |
Income tax |
467000 |
2013 |
CIT appeal Income Tax |
(viii) According to the information and explanations given by the management, no
transactions not recorded in the books of account have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.
(ix) (a) In our opinion and according to the information and explanations given by the
management, we are of the opinion that 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 by the management, the company
is not declared willful defaulter by any bank or financial institution or other lender;
(c) In our opinion and according to the information and explanations given by the
management, the Company has not obtained money by way of term loans during the year.
(d) In our opinion and according to the information and explanations given by the
management, funds raised on short term basis have not been utilized for long term
purposes.
(e) In our opinion and according to the information and explanations given by the
management, the company has not taken any funds from any entity or person on account of or
to meet the obligations of its subsidiaries, associates or joint ventures,
(f) In our opinion and according to the information and explanations given by the
management, the company has not raised loans during the year on the pledge of securities
held in its subsidiaries, joint ventures or associate companies.
(x)(a) The company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year.
(b) The company has made preferential allotment or private placement of shares or
convertible debentures (fully, partially or optionally convertible) during the year.
(xi)(a) According to the information and explanations given by the management, no fraud
by the company or any fraud on the company has been noticed or reported during the year;
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government;
(c) According to the information and explanations given to us by the management, no
whistleblower complaints had been received by the company.
(xii) The company is not a Nidhi Company. Therefore, clause xii is not applicable on
the company.
(xiii) According to the information and explanations given to us, 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.
(xiv) (a) In our opinion and based on our examination, the company has required to
implement internal audit system but company does not comply.
(b) Company has not provide internal audit report hence, Statutory auditor not able
to consider internal audit report.
(xv) On the basis of the information and explanations given to us, in our opinion
during the year the company has not entered into any non-cash transactions with directors
or persons connected with him.
(xvi)(a) In our Opinion and based on our examination, the Company is not required
to be registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).
(b) In our Opinion and based on our examination, the Company has not conducted
NonBanking 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,
(c) In our Opinion and based on our examination, 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 given by the management, the
Group does not have any CIC as part of the Group.
(xvii) Based on our examination, the company has not incurred cash losses in the
financial year and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and
we have taken into consideration the issues, objections or concerns raised by the outgoing
auditors.
(xix) On the information obtained from the management and audit procedures
performed and on the basis of the financial ratios, ageing and expected dates of
realization of financial assets and payment of financial liabilities, other information
accompanying the financial statements, the auditors 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 that company is 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;
(xx) Based on our examination, the provision of section 135 is not applicable on
the company.
(xxi) The company has not required to prepare Consolidated financial statement
therefore, Clause (xxi) not applicable.
For D B S & ASSOCIATES.
Chartered Accountants
Firm Reg. No. 018627N
CA ROXY TENIWAL
Partner
Membership No. 141538
UDIN: 23141538BGYFQQ9190
Date: 30th May, 2023
Place: Mumbai
Annexure B to the Independent Auditors Report
Referred to in paragraph i(g) under the heading Report on other Legal and Regulatory
Requirements of the Independent Auditors Report of even date to the members of ASIAN
PETROPRODUCTS & EXPORTS LIMITED on the financial statements for the year ended March
31, 2023:
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 ASIAN
PETROPRODUCTS & EXPORTS 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.
Managements Responsibility for Internal Financial Controls
The Companys 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 companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, 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.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and the operating
effectiveness. Our audit of internal financial control over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
Because of the matters described in the Basis for Disclaimer of Opinion in the main
audit report we were not able to obtain sufficient appropriate audit evidence to provide a
basis for our opinion on whether the Company had adequate internal financial controls over
financial reporting with reference to these Standalone Ind AS financial statements as at
March 31, 2023 and whether such internal financial controls were operating effectively.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
For D B S & ASSOCIATES.
Chartered Accountants
Firm Reg. No. 018627N
CA ROXY TENIWAL
Partner
Membership No. 141538
UDIN: 23141538BGYFQQ9190
Date: 30th May, 2023
Place: Mumbai
+91-9892691696
