To the Members of Alliance Integrated Metaliks Limited
Report on the Standalone Ind AS Financial Statements
Qualified Opinion
1. We have audited the accompanying standalone Ind AS financial
statements of Alliance Integrated Metaliks Limited (‘the Company), which
comprise the balance sheet as at March 31,2023, the statement of profit and loss
(including other comprehensive income), the statement of cash flows and the statement of
changes in equity for the year then ended and a summary of the significant accounting
policies and other explanatory information (herein after referred to as "standalone
Ind AS financial statements").
2. In our opinion and to the best of our information and according to
the explanations given to us, except for the effects/possible effects of the matters
described in the Basis for Qualified Opinion section of our report, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013
(‘Act) in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India including Indian Accounting
Standards (‘Ind AS) specified under section 133 of the Act, of the state of
affairs of the Company as at March 31, 2023, and its profit/loss (including other
comprehensive income), its cash flows and the changes in equity for the year ended on that
date.
Basis for Qualified Opinion
3. As stated in note no.3.44 to the accompanying standalone financial
statements, trade payables, trade receivables and other loans and advances given or taken
continued to be subject to reconciliation and confirmation. Further term loan accounts
with the banks are also subject to reconciliation/ confirmation.
4. We conducted our audit in accordance with the Standards on Auditing
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 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 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 qualified opinion.
Material uncertainty related to going concern
5. As stated in note no. 3.35 to the accompanying standalone financial
statements, the Company has incurred a net loss of Rs. 9,642.11 lakhs (before adjustments
of exceptional items) for the year ended March 31,2023 and accumulated losses as at March
31, 2023 stand at Rs. 93,729.86 lakhs resulting in erosion of its net worth. Further, the
Companys current liabilities far exceed its total current assets. The entire
bank/ARC borrowing has been classified as non-performing assets ("NPA"). These
events and conditions indicate that a material uncertainty exists which may cast
significant doubt about the Companys ability to continue as a going concern.
Emphasis of matter
6. We draw attention to note no.3.37 to the accompanying standalone
financial statements, which describes that the Company has outstanding loans aggregating
to Rs. 41,174.28 lakhs including interest accrued and due thereon which have been declared
as NPA by the lenders in earlier years as the repayments and interest against these loans
have become overdue. During the current financial year 2022-23, the Company has settled
its outstanding debts with Bank of Baroda through One Time Settlement ("OTS")
and the impact of the same has been disclosed as exceptional item of statement of profit
and loss. The Company is in active discussion with other lenders for similar resolutions.
Our report is not modified in respect of above-mentioned matters.
Key audit matters
7. Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the standalone financial statements of
the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
8. We have no matters other than described in the Basis for Qualified
Opinion, Material uncertainty related to going concern and Emphasis of Matter section to
communicate in our audit report.
Information other than the financial statements and auditors
report thereon
9. The Companys Board of Directors is responsible for 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 responsibilities for the standalone financial
statements
10. 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, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles
generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
11. In preparing the standalone financial statements, 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.
12. The Board of Directors is also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the audit of the standalone
financial statements
13. 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.
14. 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 control 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 the 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.
15. 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.
16. 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.
17. 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.
18. 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
19. As required by the Companies (Auditors Report) Order, 2020
("the Order"), issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Companies Act, 2013, we give in the ‘Annexure A, a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
20. 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, 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 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 March 31,2023 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 with reference to these Financial Statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in
‘Annexure B to this report;
g) In our opinion, the managerial remuneration for the year ended March
31,2023 has been paid/provided by the company to its directors in accordance with the
provisions of section 197(16) of the Act, as amended;
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 on its
financial position in its 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 amounts which were required to be transferred to the
Investor Education and Protection fund by the Company during the year ended March 31,2023.
iv. The Management has represented that, to the best of its knowledge
and belief:
a) 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) 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. During the year the Company has not declared any dividend.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as
amended), which provides for the feature of recording of audit trail (edit log) facility
in the accounting software used by the Company for maintenance of books of accounts and
related matters, is applicable for the Company only with effect from financial year
beginning April 1,2023, the reporting under clause (g) of Rule 11 of Companies (Audit and
Auditors) Rules, 2014 is currently not tenable.
Annexure "A" to the Independent Auditors Report
(Referred to in paragraph 19 under the heading "Report on Other
Legal & Regulatory Requirements" section of our report of even date to the
members of Alliance Integrated Metaliks Limited)
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the standalone financial statements of the Company and taking into
consideration the information and explanations given to us and the books of account and
other records examined by us in the normal course of audit, and to the best of our
knowledge and belief, we report that:
(i) In respect of the Companys Property, plant and equipment:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, plant and equipment and relevant
details of right-of-use assets.
(b) The Company has a program of physical verification of Property,
plant and equipment and right-of-use assets so to cover all the assets once every three
years which, in our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. Pursuant to the program, certain Property, plant and equipment
were due for verification during the year and were physically verified by the management
during the year. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) Based on our examination of the records for land on which building
is constructed, provided to us, we report that, the title in respect of self-constructed
buildings and title deeds of all other immovable properties disclosed in the financial
statements included under Property, plant and equipment are held in the name of the
Company as at the balance sheet date.
(d) The Company has not revalued its property, plant and equipment
(including right-to-use assets) during the year.
(e) No proceedings have been initiated during the year or are pending
against the Company as at March 31,2023 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) (a) According to the information and explanations provided to, the
physical verification of inventories has been carried out by the management at regular
interval. The frequency of the physical verification, in our opinion, is reasonable having
regard to the size of the Company and nature of business. Further, there were no
discrepancy noticed for each class of the inventory.
(b) The Company has not been sanctioned working capital limits in
excess of five crore rupees, in aggregate, from banks or financial institution on the
basis of security of current assets during the current year. Further, the working capital
limit sanctioned in the earlier year has been classified as nonperforming assets by the
lender on July 31,2017. Also, refer note no.3.15 to the accompanying financial statements.
(iii) During the year, the Company has not made any investments in,
provided any guarantee or security, or granted any loans or advances in the nature of
loans, secured or unsecured to companies, firms, limited liability partnerships or any
other parties and hence reporting under clause 3(iii) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of section 185 and 186 of the
Act in respect of loans, investments, guarantees, and security.
(v) The Company has not accepted any deposits and also there were no
amounts which are deemed to be the deposits. Hence the directives issued by the Reserve
Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of
the Companies Act, 2013, and the rules framed there under, do not apply to this Company.
(vi) The maintenance of cost records has been specified by the Central
Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the
books of account maintained by the Company pursuant to the Companies (Cost Records and
Audit) Rules, 2014, as amended, prescribed by the Central Government for maintenance of
cost records under Section 148(1) of the Companies Act, 2013, and are of the opinion that,
prima facie, the prescribed cost records have been made and maintained by the Company. We
have, however, not made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(vii) (a) According to the records, the company is generally regular in
depositing undisputed statutory dues including Goods and service tax, provident fund,
employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty
of excise, value added tax, cess and all other material statutory dues with the
appropriate authorities and there were no arrears of statutory dues as at March 31, 2023
for a period of more than six months from the date they became payable.
(b) According to the records of the Company and the information and
explanations given to us, there were no statutory dues referred to in sub clause (a),
which have not been deposited on account of any dispute.
(viii) According to the information and explanations given to us and
based on our verification, there were no transactions which are not recorded in the books
of account have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43) of 1961.
(ix) a) The Company has defaulted in repayment of loans or in the
payment of interest thereon to any lender.
Amount of default is as under:
| Nature of borrowings |
Name of lender |
Amount not paid on due date (In Rs.
Lakhs) |
Whether principle or interest |
No. of days delay or unpaid |
Remarks |
| Term loan |
Prudent ARC |
11,305.94 |
Both |
2070 |
The lenders have classified the amount as Nonperforming
assets. Refer note no. 3.15 and 3.17 to the standalone financial statements. |
| Term loan |
Punjab National Bank |
9,054.48 |
Both |
2101 |
|
| Term loan |
UCO Bank |
10,347.93 |
Both |
2435 |
|
| Working capital loan |
Prudent ARC |
10,465.93 |
Both |
1340 |
|
b) The Company has not been declared wilful defaulter by any bank or
financial institution or any other lender.
c) The term loans were applied for the purpose for which loans were
obtained.
d) On an overall examination of the financial statements of the
Company, funds raised on short-term basis have, prima facie, not been used during the year
for long-term purposes by the Company.
e) The Company has not taken any funds from any entity or person on
account of or to meet the obligations of associates.
f) The Company has not raised any loans during the year on the pledge
of securities held in its subsidiaries, joint ventures or associate companies.
Accordingly, clause 3(ix)(f) of the Order is not applicable.
(x) a) The Company did not raise any money by way of initial public
offer or further public offer (including debt instruments) during the year. Accordingly,
clause 3 (x)(a) of the Order is not applicable.
b) The Company has not made any preferential allotment or private
placement of shares or convertible debentures during the year. Accordingly, clause 3
(x)(b) of the Order is not applicable.
(xi) a) According to the information and explanations given by the
management and based upon the audit procedures performed no fraud by the Company and no
material 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 in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)
Rules, 2014 with the Central Government during the year and up to the date of this report;
c) As represented to us by the management, there were no whistle blower
complaints received by the Company during the year.
(xii) In our opinion and according to the information and explanations
given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order
is not applicable
(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 as required
by the applicable accounting standards.
(xiv) a) In our opinion, the company has an adequate internal audit
system commensurate with the size and nature of its business;
b) We have considered the reports of the Internal Auditors for the
period 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
non-cash transactions with directors or persons connected with him. Accordingly, clause
3(xv) of the Order is not applicable.
(xvi) In our opinion, the Company is not required to be registered
under section 45-IA of the Reserve Bank of India Act 1934, and is not a core investment
Company (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016 and
hence reporting under clause 3(xvi) and sub-clauses of the Order are not applicable.
(xvii) The Company has incurred cash losses amounting to Rs. 6,829.87
lakhs in the financial year and Rs. 4,791.04 lakhs in the immediately preceding financial
year.
(xviii) There has been no resignation of the Statutory Auditors during
the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable to
the Company.
(xix) As stated in the paragraph 5 of the Independent auditors
report, the Company has incurred a net profit of Rs.1171.83 lakhs for the year ended March
31, 2023 and accumulated losses as at March 31, 2023 stand at Rs. 93,729.86 lakhs
resulting in erosion of its net worth. Further, the Companys current liabilities far
exceed its total current assets. The entire bank/ARC borrowing has been classified as
non-performing assets ("NPA"). These events and conditions indicate that a
material uncertainty exists which may cast significant doubt about the Companys
ability to continue as a going concern.
(xx) The provisions of section 135 are not applicable to the Company
and hence reporting under clause 3(xx) and its sub-clauses of the Order are not
applicable.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable
in respect of audit of standalone financial statements. Accordingly, no comment in respect
of the said clause has been included in this report.
Annexure "B" to the Independent Auditors Report
Report on the Internal financial controls under clause (i) of
sub-section 3 of section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial
reporting of Alliance Integrated Metaliks Limited ("the Company") as of 31 March
2023 in conjunction with our audit of the standalone Ind AS financial statements of the
Company for the year ended on that date.
Managements Responsibility for internal financial controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal financial controls over
financial reporting issued by the Institute of Chartered Accountants of India
(‘ICAI). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to
companys policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors responsibilities
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 Ind AS 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.
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, 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 31 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 Chatterjee & Chatterjee Chartered Accountants Firm registration
no: 001109C
Sd/-
BD Gujrati Partner
Membership no: 010878
Place : New Delhi
Date : May 26, 2023
UDIN : 23010878BGWRCG1012
+91-9892691696
