Report on the Standalone Financial Statements
To the Members of SHIVOM INVESTMENT & CONSULTANCY LIMITED Opinion
We have audited the accompanying financial statements of SHIVOM INVESTMENT &
CONSULTANY LIMITED, ("the Company"), which comprise the Balance Sheet as at
March 31, 2023, the Statement of Profit and Loss (including other comprehensive income),
Statement of Changes in Equity and Statement of Cash Flows for the year ended and notes to
the financial statement, including a summary of the significant accounting policies and
other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by tire
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 and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2023, the profit & Loss statement, total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under
those Standards are further described in the Auditors Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the independence requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the lCAIs Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the
financial statements.
Other Matters
1. The Statement includes the results for the quarter ended March 31, 20Z3 being the
balancing figure between audited figures in respect of the full financial year and the
published unaudited year to date figures up to the third quarter of the current financial
year which were subject to limited review by us.
2. While conducting audit,-Loans and Advances (Assets) and Loans (Liability) are
Subject to Management Confirmation.
3. The Company has various litigations pending before various authorities, the outcome
of which are material but not practicable for the Company to estimate the timings of cash
outflows, as well as per Legal opinions obtained by the Management of the Company, it is
not probable that an outflow of resources embodying economic benefits will be required to
settle the obligation.
4. Assessing the appropriateness of Companys accounting policy for valuation of
Investments and compliance of the policy with the requirements of the prevailing
accounting standards. Valuation of unquoted investments are done; it is valued based on
management assumptions.
5. We draw your attention to note number 27, which states that during the year, the
company wrote off loans totalling Rs. 1283.86 lakhs as bad debts because management lacked
the ability to compel payment from the parties, and we relied on the managements
confirmation for this.
Our report is not modified in respect of tire above matters.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for tire preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include die 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; wTe are required to report that fact. We have nothing to report in this
regard.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for die matters stated in section
134(5) of the Act with respect to the preparation of diese financial statements that give
a true and fair view of the financial position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company in accordance with the Ind AS and
otiier accounting principles generally accepted in India. 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 hue and fair viewr
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 eoing concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors are responsible for overseeing the Companys financial reporting
process 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 tire
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone
financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control
• Obtain an understanding of internal 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 doubt on tire 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 financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government of India in terms of Section 143(11) of the Act, we give
in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4
of the Order, to tire extent applicable.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a. We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, the Statement of Changes in Equity and the 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 the (Ind-AS)
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e. On die basis of the wr itten representations received from the directors as on March
31, 2023 taken on record by die Board of Directors, none of the directors is disqualified
as on March 31,2023 from being appointed as a director in terms of Section 164 (2) of the
Act.
f. Witii respect to die 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 die Auditors Report in
accordance with the requirements of section 197(16) of die Act, as amended: In our opinion
and to the best of our information and according to die explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act. Regarding payment of managerial remuneration
within limits.
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, 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 could have an impact on its
financial position.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
iii. There wrere no amounts which required to be transferred, to the Investor Education
and Protection Fund by tire Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material cither 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, directiy 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 has appropriate
in tire 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 misstatement.
For and on behalf of
ADV & Associates
Chartered Accountants
FRN.128045W
Prakash Mandhaniya
Partner
Membership No.: 421679
Place: Mumbai
Dated: 16.05.2023
UDIN: 23421679BGYAQM4601
(Annexure A to the Independent Auditors Report)
(Referred to in our report to the member SHIVOM INVESTMENT & CONSULTANY LIMITED OF
EVEN DATE),
To the best of our knowledge and information, according to the explanations provided to
us by the Company, the audit procedures followed by us and examination of the books of
account and records examined by us in the normal course of audit, we state that:
i. In respect of the Companys Fixed Assets, Company does not have any Fixed Asset,
Hence, Clause (i) and sub-clause (a), (b), (c), (d) and (e) of the Companies (Auditors
Report) Order 2020 is not applicable to the Company
ii. The Company does not have any inventory, Hence, Clause (ii) and sub-clause (a), and
(b) of the Companies (Auditors Report) Order 2020 is not applicable to the Company.
iii. In respect of Loans, Advances, Investment and Guarantee.
a) The Company is a Non-Banking Finance Company and its principal business is to give
loans. Accordingly, reporting under clause 3(iii)(a) of the order is not applicable to the
Company.
b) In our opinion, and according to the information and explanations given to us, the
investments made and terms and conditions of the grant of all loans and advances in the
nature of loans provided are, prima facie, not prejudicial to the interest of the Company.
The Company has not provided any guaransssee or given any security during the year
c) In respect of loans and advances in the nature of loans, no schedule of repayment of
principal and payment of interest has been stipulated. Therefore, we cannot comment on the
same.
d) According to information and explanation given to us, the records examined by us and
based on examination of the documents provided to us. The amount is not overdue for more
than 90 days since it is repayable on Demand, hence sub-clause 3(iii) (d) of the Companies
(Auditors Report) Order, 2020 is not applicable to the company.
e) According to information and explanation given to us, the records examined by us and
based on examination of the documents provided to us. There is no loan given falling due
during the year, which has renewed or extended or fresh loans given to settle the overdue
of existing loans given to tire same party, hence sub-clause 3(iii)(e) of the Companies
(Auditors Report) Order, 2020 is not applicable to the company.
r) According to information and explanation given to us, the records examined by us and
based on examination of the documents provided to us. The company has not given any loans
either repayable on demand or without specifying any terms or period of repayment, hence
sub-clause 3(iii) (f) of the Companies (Auditors Report) Order, 2020 is not applicable to
the company.
iv. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of tire Companies Act,
2013 as applicable. Further, the Company has not entered into any transaction covered
under section 185 and section 186 of the Act in respect of guarantees and security.
v. The Company has not accepted deposits from tire public or amounts which are deemed
to be deposits from the public. Hence clause 3(v) of the Companies (Auditors Report) Order
2020 is not applicable to the Company.
vi. The maintenance of the cost records has not been specified by central government
under the subsection (1) of section 148 of the Companies Act, 2013 for the business
activities carried out by the company, hence Reporting under clause 3(vi) of the Companies
(Auditors Report) Order 2020 is not applicable to the Company.
vii. According to the information and explanations given to us, in respect of Statutory
Dues.
a) The Company has been generally regular in depositing undisputed statutory dues
including Goods and Services Act, Provident fund, Employees State Insurance, Income Tax,
Sales Tax, Service Tax, duty of Customs, duty of Excise, Value Added Tax, Cess and other
statutory dues to the appropriate authorities during the year. According to the
information and explanations given to us, no undisputed amount payable in respect of the
aforesaid dues were outstanding as at March 31, 2023 for a period of more than six months
from the date they became payable.
b) According to information and explanation given to us, there are no dues of GST,
Provident fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of
Customs, duty of Excise, Value Added Tax, Cess and other statutory dues to the appropriate
authorities during the year.
viii. There are no transactions that were not recorded in the books of account, and
which has been surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961 (Section 43 of 1961).
ix. In respect of Term Loans
a) According to the information and explanations given to us, The Company has not
defaulted in repayment of its loans or borrowings or in the payment of interest thereon to
any lender, hence reporting under sub-clause 3(ix)(a) of the Companies (Auditors Report)
Order, 2020 is not applicable to the company.
b) According to tire information and explanations given to us, the company has not been
declared wilful defaulter by any bank or financial institution or government or any
government authority, hence reporting under sub-clause 3(ix)(b) of the Companies (Auditors
Report) Order, 2020 is not applicable to the company.
c) According to information and explanation given to us, the records examined by us and
based on examination of the documents provided to us. The company has not borrowed any
term loans during the year, hence reporting under sub-clause 3(ix)(c) of the Companies
(Auditors Report) Order, 2020 is not applicable to the company.
d) On an overall examination of the financial statements of the company, we report that
no funds raised on short-term basis have been used for long-term purposes by the company,
hence reporting under sub-clause 3(ix)(d) of the Companies (Auditors Report) Order, 2020
is not applicable to tire company.
e) According to information and explanation given to us, the records examined by us and
based on examination of the documents provided to us. The company has not taken any funds
from any entity or person on account of or to meet tire obligations of its subsidiaries or
joint ventures, hence sub-clause 3(ix)(e) of the Companies (Auditors Report) Order, 2020
is not applicable to the company.
f) According to information and explanation given to us, the records examined by us and
based on examination of the documents provided to us. The company has not raised loans
during the year on the pledge of securities held in its subsidiaries or joint ventures,
hence reporting under sub-clause 3(ix)(f) of the Companies (Auditors Report) Order, 2020
is not applicable to the company.
x. The company has not raised any money by way of initial public offer / further public
offer (including debt instruments) and not made any preferential allotment / private
placement of shares / fully / partly / optionally convertible debentures during the year
under review, hence reporting under clause 3(x) and sub-clause (a) and (b) of the
Companies (Auditors Report) Order, 2020 is not applicable to the Company.
xi. According to information and explanation given to us, the records examined by us
and based on examination of the documents provided to us. No fraud by the Company or any
fraud on the Company has been noticed or reported and No whistle-blower complaints have
been received during the year, hence Clause 3(xi) of the Companies (Auditors Report)
Order, 2020 is not applicable to the company.
According to information and explanation given to us and on the basis of verification
of records, no report under sub section (12) of section 143 of tire Companies Act has been
filed by Auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government and hence no reporting is required under
clause 3(xi)(b) of the Companies (Auditors Report) Order.
xii. The Company is not a Nidhi Company and hence clause 3(xii) of the Companies
(Auditors Report) Order, 2020 is not applicable to the Company.
xiii. In our opinion, the Company is in compliance with section 188 and 177 of the
Companies Act,
2013, where applicable, for all transactions with the related parties and the details
of related party transactions have been disclosed in the standalone financial statements,
etc., as required by the applicable accounting standards.
xiv. As per section 138 of Companies Act, 2013 read with Rule 13 Of Companies
(Accounts) Rules,
2014, the Company is required to appoint Internal Auditor, but company has not made any
appointment of Internal Auditor during the year.
xv. In our opinion and based on our examination. The company has not entered into any
non-cash transactions with its directors or persons connected with its directors, hence
reporting under clause 3(xv) of tire Companies (Auditors Report) Order, 2020 is not
applicable to the company.
xvi.
a) According to information and explanation given to us, tire records examined by us
and based on examination of the documents provided to us. The company is a NBFC registered
under section 45-1A of the reserve bank of India Act, 1934 and eligible to do business as
a NBFC.
b) The Company has conducted the non-banking financial activities with a valid
Certificate of Registration (CoR) from the RBI as per the RBI Act. The Company has not
conducted any housing finance activities and is not required to obtain CoR for such
activities from the RBI.
c) The Company is not a Core Investment Company (CIC) and hence reporting under
paragraph 3(xvi)(c) of the Order is not applicable to the Company.
xvii. On an examination of the Statement of ITofit and Loss account, we are of the
opinion that the Company has not incurred cash losses during the current financial and
preceding financial year.
xviii. There is no resignation of the previous statutory auditors during the year as
per section 140 of company Act, 2013 Clause (3)(xviii) Companies (Auditors Report) Order
2020 is not applicable to the Company.
xix. 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, 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 the company is not capable of meeting its ha bililies
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. In our opinion and based on our examination, there is no unspent amount under
sub-section (5) of section 135 of the companies Act 2013, pursuant to any project, hence
clauses 3(xx) of the Companies (Auditors Report) Order 2020 is not applicable to the
Company.
xxi. According to information & explanation given to us there is no group of
companies, hence not required to report in Companies (Auditors Report) Order 2020.
For and on behalf of
ADV & Associates
Chartered Accountants
FRN.128045W
Prakash Mandhaniya N
Partner
Membership No.: 421679
Place: Mumbai
Dated: 16.05.2023
UDIN: 23421679BGYAQM4601
Annexure "B" to the Independent Auditors Report
(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory
Requirements section of our report to the Members of SHIVOM INVESTMENT & CONSULT ANY
LIMITED of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SHIVOM
INVESTMENT & CONSULTANY LIMITED, ("the Company") as of March 31, 2023 in
conjunction with our audit of the 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 tire Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
tire 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 respective companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the 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 Accountants
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 auditors judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or
error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to
provide a basis for our audit opinion on the internal financial controls system over
financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial 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 controls 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.
Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected,
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at March 31, 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 and on behalf of
ADV & Associates
Chartered Accountants
FRN.128045W
Prakash Mandhaniya
Partner
Membership No.: 421679
Place: Mumbai
Dated: 16.05.2023
UDIN: 23421679BGYAQM4601
+91-9892691696
