T o
The Members of BF Utilities Limited, Pune.
Report on the Audit of the Standalone Financial Statements
1. Opinion
We have audited the accompanying standalone financial statements of BF Utilities
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 then ended and notes to the
financial statements including a summary of significant accounting policies and other
explanatory information (hereinafter referred as the Standalone Financial Statements)
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013, as amended (the Act) in the manner so required and give a
true and fair view in conformity with Indian Accounting Standards prescribed under Section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2023, the profit (including other
comprehensive income), changes in equity and its cash flows for the year ended on that
date.
2. Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143 (10) of the Act. Our responsibilities under those Standards are further
described in the Auditors Responsibilities for the Audit of the Standalone 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 (the ICAI)
together with the ethical requirements that are relevant to our audit of the Standalone
Financial Statements under the provisions of the Act and the Rules thereunder and we have
fulfiled 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 Standalone Financial Statements.
3. Emphasis of Matter
We draw attention to the following matter in the Notes to the Standalone Financial
Statements:
Certain litigations by and against the Company are pending in various Courts and the
matter is subjudice. The Company shall review and if required carry out the necessary
accounting adjustments after the final outcome of the cases.
Our opinion is not modified in respect of this matter.
4. 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 financial year
ended March 31 2023. We have determined that there are no key audit matters to communicate
in our report.
5. Information Other than the Standalone Financial Statements and Auditors Report
Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis,
Corporate Governance and Directors Report but does not include the Standalone Financial
Statements and our auditors report thereon. The other information as stated above is
expected to be made available to us after the date of this report.
Our opinion on the Standalone Financial Statements does not cover the other information
and we will not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility
is to read the other information identified above and in doing so, consider whether the
other information is materially inconsistent with the Financial Statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
Upon reading of the other information made available to us, if we conclude that there
is a material misstatement therein, we are required to communicate the matter to those
charged with governance.
6. Responsibility of Management for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section 134
(5) of the Act with respect to the preparation of these Standalone Financial Statements
that give a true and fair view of the financial position, financial performance, 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 companies (Indian Accounting
Standards) Rules 2015, as amended. 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 Standalone Financial Statements that give a true and
fair view and are free from material misstatements, whether due to fraud or error.
In preparing the Standalone Financial Statements, Board of Directors 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
Board of Directors either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Companys financial
reporting process.
7. Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone
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 Standards on Auditing will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these Standalone 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 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 with the reference to the
Standalone Financial Statements 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 standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone
financial statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation.
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.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current year 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.
8. 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 Act, we give in the "Annexure 1," a statement on the matters specified in
paragraphs 3 and 4 of the said 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.
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the
Indian Accounting Standards specified under Section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules 2015, as amended.
(e) On the basis of the written representations received from the directors as on March
31, 2023, and taken on record by the 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) 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 2" to this report.
(g) The managerial remuneration has been paid and provided in accordance with the
provisions of Section 197 and Schedule V of the Act.
(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 has disclosed the impact of pending litigations as at March 31, 2023 on
its financial position in its standalone financial statements- Refer Note 24 to the
financial statements.
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. The management has represented that to the best of its knowledge or 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;
v. The management has represented that to the best of its knowledge or belief no funds
have been received by the Company to or in any other person(s) or entity(ies) including
foreign entities (funding parties) with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the funding
party (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;
vi. Based on the audit procedures considered reasonable and appropriate in the
circumstances carried out by us, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (iv) and (v) contain any material
misstatements.
vii. The Company has neither declared nor paid any dividend during the year.
viii. No comments have been offered as regards the maintenance of books of account
using accounting software which has a feature of recording audit trail (edit log) facility
under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 since the said requirements
under proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 are not applicable to
the Company for the financial year ended on March 31, 2023.
For G. D. Apte & Co.
Chartered Accountants
Firm Registration Number: 100515W
|
Anagha M. Nanivadekar |
|
Partner |
| Place: Pune |
Membership Number: 121 007 |
| Date: June 21, 2023 |
UDIN: 23121007BGXGJK7822 |
ANNEXURE "1" TO THE INDEPENDENT AUDITORS REPORT
Annexure 1 referred to in Paragraph 1 under the heading Report on Other Legal and
Regulatory Requirements of our report of even date to the members of the Company for the
year ended March 31, 2023 of BF Utilities Limited
i. (a) (A) The Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment (PPE).
(B) According to the information and explanations given to us and based on the
examination of the records of the Company, the Company does not have any intangible assets
as at March 31, 2023 and as such reporting under clause i(a)(B) of the Order is not
applicable to the Company
(b) The Company has carried out physical verification of significant items of its
property, plant and equipment during the year and no material discrepancies were noticed
on such verification. In our opinion, the periodicity of physical verification is
reasonable having regard to the size of the Company and nature of its assets.
However, as per information and explanations given to us, the exercise of physical
verification of land is in progress.
(c) According to the information and explanations given to us and the records examined
by us and based on the examination of registered documents provided to us, we report that,
the title deeds comprising all the immovable properties of land and buildings which are
freehold, are held in the name of the Company as at the balance sheet date, subject to
correction in the revenue record in respect of land admeasuring 65.75 Acre situated at
Bhoposhi, District Satara which is under litigation.
(d) Based on the audit procedures conducted by us and according to the information and
explanations given to us we report that, the Company has not revalued its Property, plant
and equipment or intangible assets during the year.
(e) Based on the audit procedures conducted by us and according to the information and
explanations given to us, we report that 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) 1) The Company has carried out physical verification of inventories in the
nature of spare parts during the year and no materials discrepancies were noticed on such
verification. In our opinion, the periodicity of physical verification is reasonable.
2) Based on the information and explanations provided to us and based on the audit
procedures conducted by us, we report that, the inventories of renewable energy
certificates (RECs) have been verified electronically on web portal of "Renewable
Energy Certificate Registry of India" as at March 31,2023, since the same are not
physically verifiable, considering the nature of inventories. We report that, we did not
observe any material discrepancies therein.
(b) Based on the audit procedures conducted by us and according to the information and
explanations given to us, we report that the Company has not been sanctioned any working
capital limits from banks or financial institutions during the year. As such, reporting
under paragraph 3 (ii)(b) of the Order is not applicable to the Company.
iii. Based on the audit procedures conducted by us and according to the information and
explanations provided to us, during the year the Company has not made any investments in
or has not provided any guarantee or security or has not granted any loans or advances in
the nature of loans, secured or unsecured, to companies, firms, Limited Liability
Partnerships or any other parties. As such, reporting under paragraph 3 (iii) (a) to (f)
of the Order are 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 provision of Section 185 of the Act. The provision of
section 186 of the Act, except sub-section 1 are not applicable to the Company being
Company providing infrastructural facilities as specified in Schedule VI to the Act. We
further report that the provision of sub-section 1 of section 186 are complied with.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits
to which the provisions of section 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the rules made there under apply. According to the information and
explanations given to us, no order has been passed by Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
vi. The maintenance of cost records is not applicable to the company pursuant to the
provisions of sub-section (1) of section 148 of the companies Act, 2013.
vii. a. The Company does not have liability in respect of Service tax, Duty of excise,
Sales tax and Value added tax during the year since effective 1 July 2017, these statutory
dues has been subsumed into GST.
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in our opinion, the Company is generally
regular in depositing the undisputed statutory dues including provident fund, income tax,
employee state insurance, duty of customs, goods and services taxes, cess and other
material statutory dues as applicable with appropriate authorities. According to
information and explanations given to us and on the basis of examination of the books of
account and the records of the Company, we report that there we no undisputed statutory
dues as at the last day of the financial year which were outstanding for a period of more
than six months from the date, they became payable.
b. According to the information and explanations given to us and on the basis of
examination of books of account and records of the Company, we report that there are no
dues in respect of provident fund, income tax, employees state insurance, sales tax,
service tax, duty of customs, duty of excise, value added tax, goods and services Tax,
cess and other material statutory dues which have not been deposited on account of any
dispute.
viii. According to the information and explanations given to us and on the basis of
examination of books of account and records of the Company, we report that there are no
transactions, which were not recorded in the books of account but have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(43 of 1961).
ix. a. The Company has not defaulted in repayment of unsecured, interest free inter
corporate loans repayable on demand. According to the information and explanation given to
us, such loans have not been demanded for repayment. The Company has not taken any loans
from banks or financial institutions.
The Company has not defaulted in repayment of other borrowings, being amount of Sales
Tax Deferral obligation.
b. According to the information and explanations given to us and on the basis of
examination of books of account and records of the Company, we report that the Company has
not been declared to be a wilful defaulter by any lender.
c. According to the information and explanations given to us and on the basis of
examination of books of account and records, the Company has not availed term loans during
the year. As such, reporting under clause 3(ix)(c) shall not be applicable.
d. During the year, the Company has not raised any loans from banks or financial
institution and as such reporting under clause 3(ix)(d) is not applicable.
e. According to the information and explanations given to us and on the basis of
examination of books of account and records, we report that the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its
subsidiaries.
f. During the year, the Company has not raised any loans on the pledge of securities
held in any of its subsidiaries, and as such reporting under clause 3(ix)(f) of the Order
is not applicable.
x. a. During the year, the Company has not raised any money by way of initial public
offer or further public offer (including debt instruments). As such, reporting under
clause 3(x)(a) is not applicable.
b. In our opinion and according to the information and explanations given to us, the
Company has not made any preferential allotment or private placement of shares during the
year. As such reporting under clause 3(x)(b) is not applicable.
xi. a. Based on the procedures performed for the purpose of reporting the true and fair
view of the Financial Statements and as per the information and explanations given by the
management, we report that 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 explanation given to us, we report that, no
whistle- blower complaints were received during the year by the Company.
xii. The Company is not a Nidhi Company within the meaning of Section 406 of the Act.
As such, reporting under clause 3 (xii) (a) to (c) is not applicable.
xiii. Based upon the audit procedures performed and as per the information and
explanations given to us, we report that the transactions with the related parties are in
compliance with Sections 177 and 188 of the Act where applicable and the details as
required by the applicable Indian Accounting Standards have been disclosed in the
Standalone Financial Statements.
xiv. a. In our opinion, the Company has an internal audit system commensurate with the
size and nature of its business.
b. The internal audit reports of the Company have been considered by us during the
course of audit.
xv. Based upon the audit procedures performed by us and according to the information
and explanations given to us, we report that the Company has not entered into any non-cash
transactions of the nature as described in Section 192 of the Act.
xvi. a. The Company is not required to be registered under the section 45-IA of the
Reserve Bank of India Act,1934 (2 of 1934). Accordingly, the provision of clause (xvi (a))
of the Order is not applicable to the Company.
b. The Company has not conducted any Non-Banking Financial or Housing Finance
activities during the year.
c. The Company would not be classified as a Core Investment Company (CIC) as defined in
the regulations made by the Reserve Bank of India.
d. According to the information and explanation given to us, the group has two Core
Investment Companies as defined in Core Investment Companies (Reserve Bank) Directions,
2016.
xvii. On the basis of examination of books of account and records of the Company and
overall examination of the Standalone Financial Statements, we report that the Company has
not incurred cash losses in the financial year 2022-23 or in the immediately preceding
financial year 2021-22.
xviii. There has been no resignation of the statutory auditors during the year and
accordingly the reporting under clause 3 (xviii) is not applicable.
xix. According to the information and explanations given to us 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, 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. In our opinion and according to the information and explanation provided to us and
based on the audit procedures carried out by us, we report that the Company is not
required to incur expenditure on Corporate Social Responsibility (CSR) under section 135
of the Act, since the Company does not satisfy any criteria of applicability of CSR
provision as specified under Section 135 of the Act. Accordingly reporting under clause
3(xx) of the Order is not applicable to the Company.
For G. D. Apte & Co.
Chartered Accountants
Firm Registration Number: 100515W
|
Anagha M. Nanivadekar |
|
Partner |
| Place: Pune |
Membership Number: 121 007 |
| Date: June 21, 2023 |
UDIN: 23121007BGXGJK7822 |
ANNEXURE "2" TO THE INDEPENDENT AUDITORS REPORT
Annexure-2 referred to in paragraph 7(2)(f) under the heading Report on Other Legal
and Regulatory Requirements of our report on even date on the Internal Financial Controls
under Clause (i) of SubSection 3 of Section 143 of the Companies Act, 2013 ("the
Act")
To the Members of BF Utilities Limited
We have audited the internal financial controls over financial reporting of BF
Utilities 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 the 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 with reference to Standalone Financial Statement 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 as
specified under Section 143(10) of the Companies Act, 2013, to the extent applicable to an
audit of internal financial controls with reference to Standalone Financial Statement,
both issued by the Institute of Chartered Accountants of India (ICAI). 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 were 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 with reference to
Standalone Financial Statement and their operating effectiveness. Our audit of internal
financial controls with reference to Standalone Financial Statement 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 with
reference to Standalone Financial Statement.
Meaning of Internal Financial Controls over Financial Reporting with reference to
Standalone Financial Statements
A Companys internal financial control over financial reporting with reference to
Standalone Financial Statement is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of standalone
financial statements for external purposes in accordance with generally accepted
accounting principles. A Companys internal financial control over financial reporting
with reference to Standalone Financial Statement 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
standalone 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
standalone financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting with
reference to Standalone Financial Statements
Because of the inherent limitations of internal financial controls over financial
reporting with reference to Standalone Financial Statement, 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 with reference to Standalone
Financial Statement to future periods are subject to the risk that the internal financial
control over financial reporting with reference to Standalone Financial Statement 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 with reference to Standalone Financial
Statement and such internal financial controls 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 controls stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
For G. D. Apte & Co.
Chartered Accountants
Firm Registration Number: 100515W
|
Anagha M. Nanivadekar |
|
Partner |
| Place: Pune |
Membership Number: 121 007 |
| Date: June 21, 2023 |
UDIN: 23121007BGXGJK7822 |
+91-9892691696
