To,
The Members of
ALFAVISION OVERSEAS (INDIA) LIMITED
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the standalone financial statements of ALFAVISION OVERSEAS (INDIA)
LIMITED ("the Company"), which comprise the balance sheet as at 31 March
2023, and 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 standalone financial statements, 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 standalone financial statements give the information required
by the Companies Act, 2013 ("Act") in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2023, its profit including other
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 standalone financial statement in accordance with the
Standards on Auditing (Sas), as specified under Section 143(10) other Act. Our
responsibilities under those SAs 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 together with the ethical requirements that are relevant o 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 opinion.
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 for the financial year
ended 31 March,2023. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
We have determined the matter described below to be the key audit matter to be
communicated in our report. We have fulfilled the responsibilities described in the
Auditors responsibilities for the audit of the standalone financial statements section of
our report, including in relation to these matters. Accordingly our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of the standalone financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying standalone financial statements.
| Key Audit Matter |
Auditors Response |
| Existence and completeness of Trade Receivables and Other Advances |
Principal Audit Procedures |
| We discussed in basis of unqualified opinion, the company has to get confirmation and
made reconciliation with all respective parties on periodic basis. |
Our audit procedures related to confirmation and reconciliation included the following
,among others: |
|
We tested the effectiveness of controls relating to (1) recording of revenue and
estimation of price and application controls pertaining to revenue recording. |
|
We selected a sample of revenue recognized during the year and verified with the
necessary documents. |
|
We have verified the subsequent payment received and trace to the bank statements. |
| Allowance for credit losses |
Principal Audit Procedures |
| The Company determines the allowance for credit losses based on historical loss
experience adjusted to reflect current and estimated future economic conditions. The
Company considered current and anticipated future economic conditions relating to
industries the Company deals with and the countries where it operates. In calculating
expected credit loss, the Company has also considered credit reports and other related
credit information for its customers to estimate the probability of default in future and
has taken into account estimates of possible effect from the pandemic relating to
COVID-19. |
Our audit procedures related to the allowance for credit losses for trade receivables
and unbilled revenue included the following, among others: |
| We identified allowance for credit losses as a key audit matter because the Company
exercises significant judgment in calculating the expected credit losses. |
We tested the effectiveness of controls over the (1) development of the methodology
for the allowance for credit losses, including consideration of the current and estimated
future economic conditions (2) Completeness and accuracy of information used in the
estimation of probability of default and (3) computation of the allowance for credit
losses. |
|
For a sample of customers: We tested the input data such as credit reports and other
credit related information used in estimating the probability of default by comparing them
to external and internal sources of information. |
|
We tested the mathematical accuracy and computation of the allowances by using the
same input data used by the Company. |
Other Information
The Companys management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Companys
annual report, 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 in the 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.
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 including
other comprehensive income, cash flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act read with [the
Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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 misstatement, whether
due to fraud or error.
In preparing the standalone financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Going Concern
In preparing the standalone financial statements, management and Board of Directors are
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. Board of Directors is also
responsible for overseeing the Companys financial reporting process.
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 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 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 materialm is statement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under Section143(3)(I)
of the Act, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls with reference to standalone financial statements 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.
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
for the financial year ended 31 March, 2023 and is 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 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 Order, to the extent applicable.
2. As required by Section 143(3) of the Act, were 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 flows 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
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended;
e) On the basis of the written representations received from the directors as on 31
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March, 2023 from being appointed as a director in terms of Section
164(2) ofthe Act;
f) With respect to the adequacy of the internal financial controls with reference to
standalone financial statements of the Company and the operating effectiveness of such
controls, refer to our separate report in "Annexure 2" to this report;
g) In our Opinion, the managerial remuneration of the year ended 31 March, 2023 has
been paid/provided by the Company to its Directors the provisions of Section 197 read with
Schedule V to the Act;
h) With respect to the other matters to be including the Auditors Report in accordance
with Rule11 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 no pending litigations therefore not required to disclosed the
impact of pending litigations on its financial position in its standalone financial
statements;
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 were no amount, required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. a. The management has represented that, to the best of its knowledge and belief, no
funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person or entity, including foreign
entities ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any person or entity, including foreign
entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries; and
c. Based on such audit procedures that we reconsidered reasonable and appropriate in
the circumstances, nothing has come tour notice that has caused us to believe that the
representations under sub-clause (a)and
(b) contain any material misstatement.
v. The dividend declared/paid during the year and subsequent to the year-end by the
Company is in compliance with Section 123 of the Act.
Annexure 1(Referred in paragraph 1 under the heading "Report on other Legal and
Regulatory Requirement" of our report of even date
(i)
(a) According to the information and explanation given to us and based on the audit
procedures performed by us-
(A.) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment including right to
use.
(B.) The Company has maintained proper records showing full particulars of
intangible assets.
(b) The Company has a regular program of physical verification of its property, plant
and equipment including right to use under which the assets are physically verified in a
phased manner over a period of three years, which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. In accordance with this
program, certain property, plant and equipment including right to use were verified during
the year and no material discrepancies were noticed on such verification.
(c) According to the information and explanation given to us and based on the audit
procedures performed by us, the title deeds of immovable properties (other than properties
where the Company is the lessee and the lease agreements are duly executed in favor of the
lessee) disclosed in the financial statements are held in the name of the Company.
(d) According to the information and explanation given to us, during the year the
Company has revalued its Property, Plant and Equipment.
| Date of Report |
Name of Registered Valuer/ FIRM |
Membership/ License No. |
Amount |
| 02.12.2020 |
Dr Ramnarayan Sharma |
158650-B |
30,00,00,000/- |
(e) According to the information and explanation given to us, there are no proceedings
initiated or are pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii)
(a) According to the information and explanation given to us, the inventory has been
physically verified during the year by the management at regular intervals. In our
opinion, the procedure of physical verification of inventories followed by the management
is reasonable and adequate in relation to the size of the Company and the nature of its
business, and no material discrepancy of 10% or more exists in the aggregate in each class
of inventory.
(b) In our opinion and according to the information and explanations given to us, the
quarterly returns or statements comprising of value of closing stock of inventory,
receivables and payables filed by the Company with such bank are in agreement with the
audited books of account of the Company of the respective quarters.
(iii) During the year the Company has not provided loans to companies, firms, Limited
Liability Partnerships or any other parties. Accordingly, the requirement of clause (iii)
(a) to (f) of the order is not applicable to the Company.
(iv) As per information and explanation given to us, the Company has complied with the
provisions of Section 186 of the Act to the extent applicable with respect to the
investment made and guarantees given, and there are no transactions covered by Section 185
ofthe Act during the year.
(v) In our opinion and as per the information and explanation given to us, the Company
has not accepted any deposits from the public within the meaning of Section 73 to 76 of
the Act and rules framed there under to the extent notified. Accordingly, reporting under
clause 3(v) of the Said Order is not applicable to the Company.
(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant
to the Companies (Cost Records and Audit) Rules, 2014 as amended prescribed by the Central
Government under Section 148(1) of the Act in respect of products where, the maintenance
of cost records has been specified, and we are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained. However, we have not made a
detailed examination of the records with a view to determine whether they are accurate or
complete.
(vii) a. According to the information and explanation given to us, and the records of
the company examined by us, in our opinion, the Company is generally regular in depositing
undisputed statutory dues relating to Provident Fund, Employees State Insurance, Income
Tax, Duties of Customs, Goods and Service Tax, Cess and other material statutory dues as
applicable to it with appropriate authorities. There are no undisputed statutory dues
payable which are outstanding as at 31st March, 2023 for a period of more than 6 months
from the date they became payable.
b. According to the information and explanation given to us, and the records of the
company examined by us, there are no dues of Income tax, Custom duty, Goods and Service
Tax, Cess, Professional tax and other statutory liabilities which have not been deposited
with appropriate authorities on account of any dispute.
(viii) According to the information and explanation given to us, the Company has not
surrendered or disclosed any transaction, previously unrecorded in the books of account,
in the tax assessments under the Income Tax Act, 1961 as income during the year.
Accordingly, the reporting under clause 3(viii) of the said Order is not applicable to the
Company.
(ix) According to the information and explanation given to us- a. The Company has not
defaulted in repayment of loans or other borrowings or in payment of interest thereon
to any lender;
b. The Company has not been declared a willful defaulter by any bank or financial
institution or other lender;
c. The terms loans were applied only for those purpose for which they were obtained;
d. Funds raised for short-term basis were not utilized for long-term purposes;
e. The Company has subsidiary, associate or joint ventures. Accordingly, reporting
under clause 3(ix)(e) of the said Order is not applicable to the Company.
f. The Company has subsidiary, associate or joint ventures. Accordingly, reporting
under clause 3(ix)(f) of the said Order is not applicable to the Company.
(x) (a) As per the information and explanation given to us, the Company has not raised
any money through Initial /
Further Public Offer during the year. Therefore, reporting under clause 3(x)(a) of the
said Order is not applicable to the Company.
(b) As per the information and explanation given to us, the Company has not made any
preferential allotment or private placement of shares or convertible debentures during the
year. Accordingly, reporting under clause 3(x)(b) of the said Order is not applicable to
the Company.
(xi) (a) As per the information and explanation given to us, no fraud has been done by
the company or on the company during the year. Nothing was noticed and reported in this
regard.
(b) As per the information and explanation given to us, No report u/s 143(12) ofthe Act
has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)
Rules, 2014 with the Central Government.
(c) As per the information and explanation given to us, no whistle blower complaints
were received by the Company during the year.
(xii) According to the information and explanations, the Company is not a Nidhi
Company. Accordingly, reporting under clause 3(xii) of the said Order is not applicable to
the Company.
(xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with Sections 177 and 188 of the Act, where applicable and details of such
transactions have been disclosed in the financial statements.
(xiv) a. In our opinion and according to the information and explanation given to us,
the Company doesnt have an internal audit system commensurate with the size and nature of
its business;
b. We have not considered the internal audit reports of the Internal Auditor issued
till the date of signing of our report relevant to the year under audit.
(xv) According to the information and explanations given to us and based on our
examination of the records of the
Company, the Company has not entered into any non-cash transactions with directors or
persons connected with him. Accordingly, reporting under clause 3(xv) of the said Order is
not applicable to the Company.
(xvi) According to the information and explanation given to us-
(a) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934 (2 of 1934);
(b) The Company has neither conducted any Non-Banking Financial Activity nor Housing
Finance Activity;
(c) Since, the Company is not a Non-Banking Financial Company ("NBFC") as per
regulation of RBI, it is also not a Core Investment Company ("CIC");
(d) In our opinion and based on the representation received by us from the management,
there is no core investment company within the Group (as defined in the Core Investment
Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause
3(xvi)(d) of the Order is not applicable.
(xvii) The Company has not incurred any cash losses in the current financial year as
well as in the preceding financial year.
(xviii) There has been resignation of the statutory auditor during the year and we have
taken into consideration the issues, objections or concerns raised by the outgoing
auditors. The reason mentioned by the said auditor was that Head office of the previous
statutory auditor is in Surat (Gujrat), which is outside state of Registered Office of the
company, they are unable to continue due to the above reason.
(xix) On the basis of the financial ratios disclosed in note to the financial
statements, ageing and expected dates of realization of financial assets and payment of
financial liabilities, other information accompanying the financial statements, our
knowledge of the plans of the Board of Directors and management 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) According to the information and explanation given to us, the company is not
required to transferred to a fund specified in Schedule VII of the Companies Act, (the
Act), in compliance with second proviso to sub-section 5 of the Section 135 of the
Companies Act. Accordingly, the reporting under clause 3(xx)(a) and (b) of the said Order
is not applicable to the Company.
Annexure 2 to the Independent Auditors Report of even date on the standalone financial
statements of
ALFAVISION OVERSEAS (INDIA) LIMITED for the year ended March 31, 2023
Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls with reference to standalone financial
statements of ALFAVISION OVERSEAS (INDIA) 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 with reference to standalone financial
statements 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 with reference to standalone financial statements 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 with reference to
standalone financial statements 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 with reference to standalone financial statements
and their operating effectiveness. Our audit of internal financial controls with reference
to standalone financial statements included obtaining an understanding of internal
financial controls with reference to standalone financial statements, 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
with reference to standalone financial statements.
Meaning of Internal Financial Controls with reference to standalone financial
statements
A companys internal financial control with reference to standalone financial
statements 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 with reference to standalone financial statements 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 with reference to standalone
financial statements
Because of the inherent limitations of internal financial controls with reference to
standalone financial statements, 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 with reference to standalone financial statements to future periods are subject
to the risk that the internal financial control with reference to standalone financial
statements 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 with reference to standalone financial statements and such
internal financial controls with reference to standalone financial statements were
operating effectively as at March 31, 2023, based on the internal control 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 CA. S.N. Gadiya & Co. |
|
Chartered Accountants |
|
FRN: 002052C |
| Place: Indore |
(CA. S.N. Gadiya & Co.) |
| Date: May 30, 2023 |
Proprietor |
| UDIN: 23071229BGVACC4476 |
M No: 071229 |
+91-9892691696
