To the Members of M/s. Ambition Mica Limited Report on the Audit of the Standalone
Financial Statements
Disclaimer of Opinion
We have audited the accompanying Standalone Financial statements of M/s. Ambition Mica
Limited (“the Company”), which comprises the Balance Sheet as at March 31, 2023,
the Statement of Profit and Loss (including Other Comprehensive income), the Statement of
Changes in Equity and the Cash Flow Statement for the year ended on that date, and a
summary of significant accounting policies and other explanatory information (hereinafter
referred to as “the standalone financial statements”).
We do not express an opinion due to the fraud conducted by the officer of the company
which is discovered on 24th June, 2022 such as during the Financial Year 2022-23, we are
not able to generate necessary and appropriate audit evidences regarding the value of
stock, balance of sundry debtors & creditors and Input Tax Credit of Goods &
Services Tax lying as on 31st March, 2023 in the financial statement, whether, the
aforesaid standalone annual financial results:
a. Are presented in accordance with the requirements of the Companies Act, 2013 (the
‘Act) in the manner so required and
b. Give a true and fair view in conformity with the recognition and measurement
principles laid down in the applicable Indian Accounting Standards, Standards (‘Ind
AS) specified under Section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, and other accounting principles generally accepted in India, of
the net profit and other comprehensive income and other financial information for the year
ended 31st March, 2023 and its loss and total comprehensive income, changes in equity and
its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”)
specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our
responsibilities under those SAs are further described in the Auditors Responsibilities
for the Audit of the Standalone Annual Financial Statement 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
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 obtained by
us, is insufficient and inappropriate to provide a basis for our opinion on the standalone
annual financial results.
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 statement of current period. These
matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, as we do not provide a separate opinion on these
matters. We have determined the matters described below to be the key audit matters to be
communicated in our report.
Sr No. Key Audit Matters |
Principal Audit Procedures/Auditors Reponses |
1. Evaluation of Pending Tax Litigations: |
We have obtained details of tax litigations under various statutes
for the year ended 31st March, 2023 from the management. |
The Company has pending litigation for demand in dispute under
various tax statutes which involves significant judgment to determine the possible outcome
of these disputes. |
We have reviewed the managements underlying assumptions in
estimating the tax provision and the possible outcome of the disputes. We have also
reviewed the legal precedence and other rulings provided for review by the management in
evaluating its position in various matters. |
|
We have also reviewed the assumptions made by the management as at
31st March, 2023 and evaluated whether any change was required on account of information
and updates made available during the year. |
2. Appropriateness of Current / Non- current classification |
For the purpose of current/non-current classification of assets and
liabilities, the Company has ascertained its normal operating cycle as twelve months. This
is based on the nature of services and the time between the acquisition of assets or
inventories for processing and their realization in cash and cash equivalents. |
|
The classification of assets and liabilities has been done on the
basis of documentary evidences. Where conclusive evidences are not available, the
classification has been done on the basis of managements best estimate of the period in
which the assets would be realized or the liabilities would be settled. We have evaluated
the reasonability of the managements estimates. |
3. Non-responses of external confirmations request perpetrated
pursuant to SA 505 COVID-19 has impacted the procedure of external confirmation request to
vendors and customers. However, due to suspension of business activities of many
confirming parties, there are fewer confirmations received than anticipated. |
We revised our assessed risk and have modified our audit procedures
to mitigate these risks. We have obtained a reliable assurance pertaining to transactions
with confirming parties, in the sense for accurate and complete processing of routine and
significant classes of transactions such as revenue, purchases and cash receipts or cash
purchases. |
|
We selected samples and tested the effectiveness of controls
relating to accuracy and completeness of transactions in totality considering the
frequency and regularity of transactions. |
Emphasis Matter Paragraph
Company is unable to pay annual listing fees to BSE for the Financial Year
2021-22 and 2022-23, which results into suspension of trading in stock exchange.
On perusing the documents and upon conducting an inquiry with the
management of company, it is noticed that there is an extra payment of Rs. 385.42 Lakhs
(Rupees Three Hundred Eighty-Five Lakhs only) has been made over normal operating
transaction. The transaction is under the purview of the Companies Act, 2013. The Company
has failed to furnish supporting documents which shows normal operating transactions.
During the previous year, consequent to discovering of fraud committed by
the CFO of the company, company neither suspended CFO of the company nor appointed new CFO
in his place till 31st March, 2023.
Material Uncertainty Related to Going Concern
We draw attention to Due to the materiality of the fraud conducted, it may
create economic uncertainty and may have a significant impact on a companys ability to
continue as a going concern and might require robust assessment and entity-specific
disclosures. Our opinion is not modified in respect of this matter.
Information other than the Standalone Financial Statements and Auditors
Report Thereon
The Companys Board of Directors is responsible for the other information.
The other information comprises the information included in the Annual Report, but does
not include the financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained 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.
Managements responsibilities for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 (“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 accounting principles generally
accepted in India, including the Indian accounting Standards specified in the Companies
(Indian Accounting Standards) Rules, 2015 (as amended) 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 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 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
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
Standards on Auditing will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the 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 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 explaining 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 financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2020, issued by the Central
Government of India in terms of subsection (11) of section 143 of the Act (“the
Order”), we give in the Annexure "A" a statement on the matters specified
in paragraphs 3 and 4 of the Order.
As required by Section 143(3) of the Act, based on our audit we report that:
a. We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), Statement of Changes 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;
e. On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2023 from being appointed as a director in terms of Section
164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in Annexure
"B". Our report expresses a Disclaimer of opinion on the adequacy and
operating effectiveness of the Companys internal financial controls over financial
reporting.
g. For director remuneration company follows section 197(16) of the act with the
provision of and limits laid down under section 197 read with schedule V of the act.
h. 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.
i. 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 standalone financial statements; ii. The Company did not have any
long-term contracts including derivative contracts for which there were any material
foreseeable losses. iii. There were no amounts which were required to be transferred to
the investor Education and Protection Fund by the company.
For, Hiren D Shah & Associates. Chartered Accountants
(F.R.No. 135212W)
[CA Yash N Desai]
Partner Place: Ahmedabad
Membership No. 179659
Date: 12/06/2023
UDIN : 23179659BGYZBL7629
ANNEXURE TO INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 14 under the heading Report on other legal and regulatory
requirements of our report of even date on the financial statements for the year ended
31st March, 2023)
To the best of our information and according to the explanations provided to us by the
Company and the books of account and records examined by us in the normal course of audit,
we state that:
1. In respect of its Property, Plant and Equipment: a. (A) The Company has
maintained proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipment. (B) The Company has maintained proper records
showing full particulars of intangible assets.
b. All the Property, Plant and Equipment have been physically verified by the
management during the year and there is a regular programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its
assets. No material discrepancies have been noticed on such verification.
c. Title deeds of all the immovable properties disclosed in the financial statements
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 Prohibition of Benami Property Transactions Act, 1988 (45 of
1988) and rules made thereunder.
2. In respect of its inventory: a. We are unable to express our opinion on
inventory physical verification, We also have disclaimer of opinion on physical
verification of inventory and its valuation. b. The Company has not been sanctioned
working capital limits in excess of five crore rupees during the year from banks or
financial institutions on the basis of security of current assets. Therefore, 3(ii)(b) of
the Companies (Auditors Report) Order, 2020 (the Order) are not applicable.
3. The Company has not made 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. Hence,
sub-paragraphs (a) to (f) of paragraph 3(iii) of the Companies (Auditors Report) Order,
2020 (the Order) are not applicable.
4. The Company has not been granted loans or provided any guarantees or
securities to the parties covered under sections 185 and 186 of the Act. Accordingly, the
provisions of paragraph 3(iv) of the Order are not applicable to the Company.
5. The Company has not accepted any deposits or amounts which are deemed to be
deposits within the provisions of sections 73 to 76 or any other relevant provisions of
the Companies Act. Therefore, the provisions of paragraph 3(v) of the Order are not
applicable to the Company.
6. The Central Government has not specified for maintenance of cost records
under sub-section (1) of section 148 of the Companies Act in respect of the products
manufactured / services rendered by the Company.
7. In respect of statutory dues: a. Company is generally regular in depositing
with appropriate authorities undisputed statutory dues including Income tax, Sales-tax,
Service tax, Duty of Excise, Goods and Service Tax, Value added tax or Cess and any other
statutory dues applicable to it, except for a professional tax amounting to Rs.
2,91,859/-, Tax Deducted At Source (Including TCS) for the earlier years amounting to Rs.
47,21,839/-, and Penalty on LODR amounting Rs. 8,64,800 which is outstanding on the last
date of the financial year concerned for a period of more than six months from the date
they became payable, also there has been a delay in GST Payment, TDS/TCS payment,
Professional Tax payment and Provident Fund Payment.
b. According to the information and explanation given to us and as per the records of
the company, the dues outstanding of Central Sales Tax & Provident Fund on account of
any dispute, is as per annexure of Statement of Disputed Dues.
Name of the Statute |
Name of the dues |
Amount Rs. |
Period to which the amount relates |
Forum where dispute is pending |
Central Sales Tax Act(Gujarat) |
Central Sales Tax, Interest and Penalty( For Non submission of C
Forms) |
40.13 Lacs |
2015-16 |
Deputy Comissioner of Commercial Tax( Appeal- 2), Ahmedabad |
Provident Fund Act |
Provident Fund |
N.A. |
2015-21 |
Comissioner |
8. The Company has not surrendered or disclosed as income any transaction not
recorded in the books of account during the year in the tax assessments under the
Income-tax Act, 1961.
9. (a) According to the information and explanation given to us, the company has
not defaulted in repayment of loans or Borrowings from Banks and Financial Institutions,
except Following
Banks And Financial Institutions |
Amount |
IDFC First Bank Ltd. |
3,83,00,000 |
AXIS bank CC account |
19,80,40,117 |
(b) We report that the Company has not been declared wilful defaulter by any bank or
financial institution or other lender or government or any government authority. (c) The
Company has utilised the money obtained by way of term loans during the year for the
purposes for which the loans have been obtained. (d) On an overall examination of the
financial statements of the Company, we report that no funds raised on short-term basis
have been utilised for long-term purposes by the Company. (e) On an overall examination of
the financial statements of the Company, we report that the Company is not having
subsidiaries, associates or joint ventures. Hence, the question of taking any funds from
any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures does not arise. (f)We report that the Company is not having
subsidiaries, joint ventures or associate companies. Therefore, the question of raising
loans during the year on the pledge of securities held in its subsidiaries, joint ventures
or associate companies does not arise. 10. (a) According to the information and
explanation given to us, the company did not raised any money by way of further public
offer (including debt instruments) during the year under review. (b)The Company has not
made any preferential allotment or private placement of shares or convertible debentures
(fully, partially or optionally convertible) during the year and therefore the
requirements of compliance with section 42 and section 62 of the Act and utilisation of
the funds for the purposes for which they were raised do not arise.
11. (a) We have been informed that the Chief Financial Officer of the Company has
misappropriated inventory valuation as well as quanting of inventory amounting to Rs. 28
crores approx during the preceding year and the year for the period July2015 to
September2021. Investigations are in progress and the Chief Financial Officer has been
dismissed and arrested. The Company has withheld his terminal benefits and it is estimated
that the amount of misappropriated may not exceed the terminal benefits due to the Chief
Financial Officer.
(b) We Statutory auditor have filed a report under sub-section (12) of section 143 of
the Companies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government on 10th August, 2022. (c) We have taken
into consideration the whistle blower complaints received by the Company during the year
while determining the nature, timing and extent of audit procedures.
12. The Company is not a Nidhi company. Therefore, the provisions of paragraph 3(xii)
of the Order are not applicable to the Company. 13. The Company has entered into
transactions with related parties in compliance with sections 177 and 188 of the Companies
Act. The details of such related party transactions have been disclosed in the financial
statements as required under Indian Accounting Standard (Ind AS) 24, Related Party
Disclosures specified under section 133 of the Companies Act, read with rule 7 of the
Companies (Accounts) Rules, 2014. 14. (a) Though the Company is required to have an
internal audit system under section 138 of the Companies Act, it does not have the same
established for the year. (b) The Company did not have an internal audit system for the
period under audit. 15. The Company has not entered into any non-cash transactions with
its directors or persons connected with its directors during the year and hence provisions
of section 192 of the Companies Act are not applicable to the Company. 16. (a) The nature
of business and the activities of the Company are such that the Company is not required to
obtain registration under section 45-IA of the Reserve Bank of India Act, 1934. (b) The
Company has not conducted any Non-Banking Financial or Housing Finance activities without
a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the
Reserve Bank of India Act, 1934. (c) The Company is not a Core Investment Company (CIC) as
defined in the regulations made by the Reserve Bank of India, and therefore, requirement
of fulfilling the criteria of a CIC as well as fulfilment of criteria for an exempted or
unregistered CIC are not applicable. 17. The Company has not incurred cash losses in the
current financial year and in the immediately preceding financial year. 18. There has not
been resignation of the statutory auditors during the year. Therefore, This clause is not
applicable to the company. 19. On the basis of the financial ratios, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors
and management plans and based on our examination of the evidence supporting the
assumptions which causes us to believe that there are 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. 20. The Company
is not liable to spend or expend or contribute for Corporate Social Responsibility under
section 135 of the Companies Act. Hence, the provisions of paragraph (xx) of the Order are
not applicable. 21. The Company is not having any subsidiary, joint venture or associate
company and as such the Company is not required to prepare consolidated financial
statements. Hence, the provisions of paragraph (xxi) of the Order are not applicable to
the Company.
For, Hiren D Shah & Associates. Chartered Accountants
(F.R.No. 135212W)
[CA Yash N Desai]
Partner Place: Ahmedabad Membership No. 179659 Date: 12/06/2023 UDIN :
23179659BGYZBL7629
ANNEXURE-B to the Independent Auditors Report
Report on the Internal Financial Control 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 AMBITION
MICA LIMITED (“the Company”) as of 31st March, 2023 in conjunction with our
audit of the financial statement 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 Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conduct 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 plans 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 procedure 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 exist, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedure
selected depends on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence obtained by us, is insufficient and inappropriate to
provide a basis for our 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 purpose 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 authorization 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.
Disclaimer of Opinion
Due to the fraud conducted by the officer of the company which was conducted on 24th
June, 2022 we are not able to comment whether 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 Auditing of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
Hiren D Shah & Associates Chartered Accountants
Yash N Desai
Partner Place: Ahmedabad
Mship No. 179659 Date: 12th June, 2023
Firm Reg. No. 135212W
UDIN : 23179659BGYZBL7629
+91-9892691696
