To The Members of VLS Finance Limited
Report on the Standalone Financial Statements Opinion
We have audited the accompanying Standalone financial statements of VLS Finance Limited
(“the Company”) which comprises 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 on that date and notes to the
financial statements, including a summary of 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, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 (“the Act”) in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, (“Ind AS”) and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2023, and its profit and total
comprehensive loss, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (Sas) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the 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 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 fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Information Other than the Standalone 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 Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the standalone financial statements and our auditors report thereon.
Our opinion on the standalone 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 standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone 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.
Managements Responsibility 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, total
comprehensive income, changes in equity and cash flows of the Company in accordance with
accounting principles generally accepted in India, including the accounting Standards
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 statement 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.
The Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility for the Audit of the Standalone 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 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 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
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 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
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 Annexure ‘A a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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 Change in Equity, and the Statement of Cash Flow 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 Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as of 31st
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as of 31st March 2023 from being appointed as a director in terms
of Section 164 (2) of the Act.
f) In our opinion, proper books of accounts and records as specified in Rule 15 of the
Securities Contract (Regulation) Rules, 1957 have been kept in so far as it appears from
our examination of such books;
g) The company as Stock Broker has complied with the requirements of the stock exchange
so far as they relate to maintenance of accounts and was regular in submitting the
required accounting information to the Stock Exchange;
h) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended: In our opinion
and to the best of our information and according to the 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.
i) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.
j) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company has informed and explained to us the pending litigations have no adverse
effect on its financial position in its standalone financial statements as of 31st March
2023.
ii. The Company has made provision as of 31st March 2023, as required under the
applicable law or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.
iii. There has been no requirement to transfer any amount to the Investor Education and
Protection Fund, as the Company has no due outstanding during the year ended 31st March
2023.
iv. a) The Management has represented that, to the best of its
knowledge and belief, no funds (which are material either individually or in the
aggregate) have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other person or
entity, including foreign entity (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been, received by
the Company from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.
v. As stated in note 20, foot note (6) of the accompanying standalone financial
statements, the final dividend paid by the Company during the year ended 31 March 2023 in
respect of dividend declared for the previous year ended 31 March 2022 is in accordance
with section 123 of the Act to the extent it applies to payment of dividend.
Further as stated in note 54 (i)of the accompanying standalone financial statements,
the Board of Directors of the Company have proposed final dividend for the year ended 31
March 2023 which is subject to the approval of the members at the ensuing Annual General
Meeting. The final dividend declared by the Company for the previous year ended 31 March
2023 is in accordance with section 123 of the Companies Act 2013 to the extent it applies
to declaration of dividend.
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 with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is
not applicable for the financial year ended March 31,2023.
For Agiwal & Associates Chartered Accountants (FRN: 000181N)
CA P. C. Agiwal
Partner
M. No. 080475
Place: New Delhi
Date: May 27, 2023
UDIN: 23080475BGWKSU1549
ANNEXURE “A” TO INDEPENDENT AUDITORS REPORT
The Annexure referred to an Independent Auditors Report to the members of the Company
on the Standalone Financial Statements for the year ended 31 March 2023, we report that:
i. a) A. The Company has maintained proper records showing full
particulars including quantitative details and the situation of fixed assets.
B. The Company has maintained proper records showing full particulars of intangible
assets.
b) The Property, plant and equipment, and intangible assets, except assets on lease
which are in the possession of the lessees, have been physically verified by the
Management according to the program of periodical verification in a phased manner which in
our opinion is reasonable having regard to the size of the Company and the nature of its
fixed assets. The discrepancies noticed on such physical verification were not material.
c) As per the records and information and explanations given to us, title deeds of
immovable properties are 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) 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) The company generally deals in shares, securities, and Units
of Mutual funds. Primarily these are held in electronic form, so the inventory of the
Company has been electronically verified by the management at reasonable intervals and the
procedures of verification of inventory followed by the Management are reasonable in
relation to the size of the Company and nature of its business. There were no
discrepancies noticed on such verification of inventory as compared to book records.
b) The Company has been sanctioned working capital limits in excess of Rs. 5 crores in
aggregate from Banks/financial institutions on the basis of security of companys own
fixed deposits. The company is not required to file the Quarterly return/ statements of
current assets with banks and financial institutions. This matter has been disclosed in
note 56 (iv) of the Standalone Financial Statements.
iii. a) According to the information and explanations given to us, the Company has
during the year granted loans to its Subsidiary company and to its employees, and the
details are as follows:
(Rs in Lakhs)
Particulars |
Loans (To
Employees) |
Advances in nature of loans (To Related Party- Subsidiary) |
Total |
Aggregate amount granted/ provided during the year |
20.46 |
0.06 |
20.52 |
Percentage of loans/ advances in the nature of loans to total loans
(in %) |
99.71 |
0.29 |
100.00 |
Balance outstanding as at balance sheet date in respect of above
cases |
12.32 |
0.06 |
12.97 |
b) In respect of the aforesaid loans and advances, in our opinion the terms and
conditions under which the loan to its employees and advances in the nature of loan
granted to its subsidiary are prima facie, not prejudicial to the Companys interest.
In our opinion, the investments made during the year are prima facie, not prejudicial
to the interest of the Company.
c) According to the information and explanations given to us, advances given in the
nature of loan to its subsidiary, the schedule of payment of interest &schedule of
repayment of principal amount of such loans are not stipulated. In respect of loans given
by the Company to its employees, the Company has stipulated the schedule of repayment of
principal and payment of interest wherever applicable. Repayment of such loans is regular.
d) According to the information and explanations given to us in respect of loans
granted to employees during the year, there is no overdue amount for more than ninety days
as at the Balance Sheet date.
e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, no loan which has fallen due during the year,
which has been renewed or extended or fresh loans granted to settle the overdue of
existing loans given to same parties.
f) In our opinion and according to the information and explanations given to us there
are no loans/advances granted during the year in the nature of loans to promoters or
related parties as defined in clause (76) of section 2 of the Companies Act, 2013 which
are repayable on demand or without specifying any terms or period of repayment other than
companys subsidiary.
iv. According to the information, explanations and representations provided by the
company and based upon audit procedures performed, we are of the opinion that in respect
of loans and investments given/ made by the Company, the Company has complied with the
provisions of the Section 185 and 186 of the Companies Act, 2013.
v. In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits from the public within the meaning of Section 73 to
76 or any other relevant provisions under the Act. Accordingly, paragraph v of the Order
is not applicable to the Company.
vi. Clause 3 (vi) of CARO is not applicable as the Company is not engaged in production
of such goods and providing such services as prescribed by Central Government under sub
section (1) of section 148 of the Companies Act, 2013 for maintenance of cost records.
vii. a) The Company is regular in depositing undisputed statutory dues,
including provident fund, employees state insurance, income- tax, wealth tax, service
tax and any other statutory dues with the appropriate authorities.
b) There were no undisputed amounts payable in respect of
provident fund, employees state insurance, income-tax, wealth tax, service tax and any
other material statutory dues in arrears as at 31.03.2023 for a period of more than six
months from the date they became payable.
c) According to the records and information and explanations given to us, there is no
outstanding of any disputed statutory dues as on 31.03.2023.
viii. In our opinion and as per the documents presented by the management there are no
transactions recorded in the books of account which 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) According to the information and explanation given to us and on
the basis of our examination of the records of the Company, the Company has not
defaulted in repayment of loans and borrowing or in the payment of interest thereon to any
lender.
b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not been declared a willful
defaulter by any bank or financial institution or government or government authority. This
matter has been disclosed in note 56 (ix) of the Standalone Financial Statements.
c) In our opinion and according to the information and explanation given to us, no
money was raised by way of term loans. Accordingly, the provision stated in paragraph
3(ix)(c) of the Order is not applicable to the Company.
d) According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we report that no funds raised on
short-term basis have been used for long-term purposes by the Company.
e) According to the information and explanation given to us and on an overall
examination of the standalone financial statements of the Company, 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, associates or joint ventures.
f) According to the information and explanations given to us and procedures performed
by us, we report that the Company has not raised any loans during the year on the pledge
of securities held in its subsidiaries, joint ventures or associate companies.
x. a) During the year, no monies have been raised by public offer of
shares. Money raised on term loans has been applied for the purposes for which loans
were raised. b) According to the information and explanations given to us and on the basis
of our examination of the books of account, the Company has not made any preferential
allotment or private placement of shares during the financial year ended on 31st
March,2023, hence clause (x)(b) is not applicable.
xi. a) Based on the audit procedure performed and on the basis of
information and explanations provided by the management, no fraud by the Company and on
the Company by its officers or employees has been noticed or reported during the course of
the audit.
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) No whistle blower complaints have been received by us during the year.
xii. In our opinion and according to the information and explanation given to us, the
Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the order is not
applicable.
xiii. As per the information and explanations and records made available by the
management of the Company and audit procedure performed, for the related parties
transactions entered during the year, the Company has complied with the provisions of
Section 177 and 188 of the Act, where applicable, As explained, details of related parties
transactions are disclosed as per the applicable Accounting Standards.
xiv. a) As per the information and records made available by the management of the
Company, the company has an internal audit system commensurate with the size and nature of
its business.
b) The reports of the Internal Auditors for the period under audit were considered by
us and there were no material discrepancies noticed on verification of the reports shared
by the management of the Company.
On the basis of records made available to us and according to information and
explanations
entered into any non cash transactions with the directors or person connected with him.
xvi. a) The Company is not required to be registered under 45-IA of the
Reserve Bank of India Act, 1934.
b) The company has not conducted any Non-Banking Financial or Housing Finance
activities.
c) The company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India.
(d) The Group does not have any CIC as part of the Group.
xvii. 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.
xix. In our opinion and as per the information, documents and records presented by the
management of the Company, no material uncertainty exists as on the date of the 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. a) As per the information given and records presented by the
management of the Company, the unspent amounts in respect of other than ongoing
projects, the company has transferred the unspent amount to a Fund specified in Schedule
VII to the Companies Act before the date of our audit report in compliance with second
proviso to sub-section (5) of section 135 of the said Act. This matter has been disclosed
in note 31 of the Standalone Financial Statements.
b) As per the information given and records presented by the management of the Company
all the amounts that are unspent under Sub Section (5) of section 135 of Companies Act,
pursuant to any ongoing project, has been transferred to special bank account in
compliance with provisions of sub section (6) of Section 135 of the said Act. This matter
has been disclosed in note 31 of the Standalone Financial Statements.
xxi. The reporting under clause 3(xxi) of the order is not applicable in respect of
standalone financial statements. Accordingly, no comment in respect of the said clause has
been included in this report.
For Agiwal & Associates
Chartered Accountants
(FRN: 000181N)
CA P. C. Agiwal
Partner
M. No. 080475
Place: New Delhi
Date: May 27, 2023
UDIN: 2308047SBGWKSU1549
Annexure - B to the Independent Auditors Report Report on the Internal Financial
Controls under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013
(“the Act”)
We have audited the internal financial controls over financial reporting of VLS Finance
Limited (“the Company”) as of 31 March 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 board of directors of the company is responsible for establishing and maintaining
internal financial controls based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India (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 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 judgment, including the assessment of the risks of
material misstatement of the standalone 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 Companys internal financial controls system
over financial reporting of the Company. Meaning of Internal Financial Controls over
Financial Reporting A companys internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanation 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 31st March 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 Agiwal & Associates
Chartered Accountants (FRN: 000181N)
CA P. C. Agiwal
Partner
M. No. 080475
Place: New Delhi
Date: May 27, 2023
+91-9892691696
