<dhhead>INDEPENDENT AUDITORS’ REPORT</dhhead>
To the Members of
ARIHANT CAPITAL MARKETS LIMITED
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements
of ARIHANT CAPITAL MARKETS LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2023, the Statement of Profit and Loss, (including the statement of
Other Comprehensive Income), Statement of Changes in Equity and statement of Cash Flows
for the year then ended, and notes to the standalone Ind AS financial statements,
including, a summary of significant accounting policies and other explanatory information.
(Hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone Ind AS financial statements give the
information required by the Companies Act, 2013 ("the Act"), in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standard
prescribed under section 133 of the act read with the companies (Indian Accounting
Standards) rules,2015 as amended, ("Ind AS") and other principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2023, and its
Profit, and 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 Ind AS financial statements in
accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described in
the ’Auditor’s Responsibilities for the Audit of the standalone Ind AS 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 to our audit of the
standalone Ind AS financial statements under the provisions of the Companies Act, 2013 and
the Rules there under, 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
on the standalone Ind AS financial statements.
Key Audit Matters
Key audit matters (’KAM’) are those matters that, in our
professional judgment, were of most significance in our audit of the standalone Ind AS
financial statements of the current period. These matters were addressed in the context of
our audit of the standalone Ind AS financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Information Other than the standalone Ind AS financial statements and
Auditor’s Report Thereon
The Company’s Management and Board of Directors are responsible
for the other information. The other information comprises the information included in the
Management Discussion and Analysis, Board’s Report including Annexure to Board’s
Report, Business Responsibility Report, Corporate Governance and Shareholder’s
Information, but does not include the Standalone Ind AS financial statements and our
auditor’s report thereon.
Our opinion on the standalone Ind AS 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 Ind AS financial
statements, our responsibility is to read the other information identified above and, in
doing so, consider whether such other information is materially inconsistent with the
standalone Ind AS financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. Based on the work we have performed, we conclude that
there is no material misstatement of this other information;
Management’s Responsibility for the Standalone Ind AS financial
statements
The Company’s Management and Board of Directors are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these financial statements that give a true and fair
view of the state of affairs, Profit/Loss (and 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 ("Ind
AS") specified under section 133. 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 Ind AS 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 Ind AS financial statements, management and
Board of Directors are responsible for assessing the Company’s 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 Management and Board of Directors are responsible for overseeing
the Company’s financial reporting process.
Auditor’s Responsibility for the standalone Ind AS financial
statements
Our objectives are to obtain reasonable assurance about whether the
standalone Ind AS financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s 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 Ind AS financial
statements.
As part of audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement of the
standalone Ind AS 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.
2. 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 Companies Act, 2013, 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.
3. Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by management.
4. Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the standalone Ind AS 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 auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
5. Evaluate the overall presentation, structure and content of the
standalone Ind AS financial statements, including the disclosures, and whether the
standalone Ind AS 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 Ind
AS financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s 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 (Auditor’s Report) Order, 2020,
issued by the Central Government of India in terms of subsection (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.
2. With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of section 197(16) of the Act,
as amended:
In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid/provided by the Company to its directors
during the year is in accordance with the provisions of section 197 of the Act.
3. Further, 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 the
Statement of Other Comprehensive Income), the 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 Ind AS financial statements
comply with the Ind AS 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 Companies Act, 2013.
f) With respect to the adequacy of the internal financial control over
financial reporting of the company with reference to these Standalone Ind AS financial
statements and the operating effectiveness of such control, refer to our separate report
in Annexure "B".
g) With respect to the other matters to be included in the
Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company, as detailed in note 42 to the Standalone Ind AS
financial statements, has disclosed the impact of pending litigations on its financial
position as at 31 March 2023.
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 has been no delay in transferring amounts, 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 it’s
knowledge and belief, other than as disclosed in the notes to the accounts, no funds have
been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or in any other person(s) or
entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the best of it’s
knowledge and belief, other than as disclosed in the notes to the accounts, no funds have
been received by the company from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
(c ) Based on such audit procedures that the auditor has considered
reasonable and appropriate in the circumstances, nothing has come to their notice that has
caused them to believe that the representations under sub-clause (a) and (b) contain any
material mis-statement.
v. (a) The final dividend proposed in the previous year, declared and
paid by the Company during the year is in accordance with section 123 of the act, as
Applicable.
(b) No interim dividend was declared and paid by the company during the
year.
(c) The Board of directors of the company have proposed final dividend
for the year which is subject to the approval of the members at the ensuing Annual General
Meeting. The amount of dividend proposed is in accordance with section 123 of the act, as
Applicable.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company w.e.f. 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.
ANNEXURE "A" TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 under ’Report on Other Legal and
Regulatory Requirements’ section of our report of even date to the Members of ARIHANT
CAPITAL MARKETS LIMITED on the accounts for the year ended 31st March, 2023)
i. In respect of the Company’s Property Plant & Equipments:
(a) (A) The Company has maintained proper records to show full
particulars, including quantitative details and situation of Property Plant &
Equipment.
(B) The Company has maintained proper records to show full particulars
of Intangible assets.
(b) The Property Plant & Equipment of the Company are physically
verified by the management at regular intervals. During the year, as informed to us, no
discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us and the
records examined by us, we report that the title deeds, comprising all the immovable
properties are held in the Company’s name as at the balance sheet date.
(d) The company has not revalued any of its property, plant and
equipment and intangible assets during, the year.
(e) No proceedings have been initiated or are pending against the
company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
ii. In respect of the Company’s Inventory:
(a) The securities held as stock in trade have been verified by the
Management with the statement of holdings provided by depository participants and brokers
at reasonable intervals. In our opinion, the frequency of verification is reasonable and
no material discrepancies between the book records and the statement of holdings provided
by NSDL, other depository participants and brokers have been noticed.
(b) The Company has not been sanctioned working capital limits in
excess of Rs.5 crore, in aggregate, at any points of time during the year, from banks or
financial institutions on the basis of security of current assets hence reporting under
clause 3(ii)(b) of the Order is not applicable.
iii. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has not granted any
loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other
parties listed in the register maintained under Section 189 of the Companies Act, 2013.
Consequently, the provisions of clauses 3(iii) (a), (b), (c), (d), (e) & (f) of the
order are not applicable to the Company.
iv. The company has complied with the provisions of section 185 and 186
of Companies Act, 2013 in respect of loans, investments, guarantees and securities, as
applicable.
v. According to the information and explanation given to us, the
company has not accepted deposits from the public within the meaning of the directives
issued by the Reserve Bank of India, under provisions of section 73 to 76 or any other
relevant provisions of the Companies Act and the rules framed there under.
vi. According to the information and explanations given to us, the
maintenance of cost records has not been prescribed by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013 in respect of the activities
carried by the company.
vii. a) As per the records of the Company, the company is generally
regular in depositing the statutory dues including
GST, provident fund, employees’ state insurance, income tax, sales
tax, service tax, duty of customs, duty of excise, value added tax, cess and any other
material statutory dues applicable to it with the appropriate authorities. According to
the information and explanations given to us, no undisputed amount in respect of GST,
income tax, sales tax, service tax, custom duty, excise duty, cess, applicable to it, is
outstanding as at the last day of the financial year concerned for a period of more than
six months from the date they became payable.
b) According to the information and explanations given to us and on the
basis of examination of records of the Company there is no provident fund, sales tax,
income tax, wealth tax, cess which have not been deposited on account of dispute except
for the following instances:
| Statute In which pending |
Nature of Dues |
Financial Year |
Forum at which pending |
Amount involved (in lacs) |
| Income Tax Act, 1961 |
Tax and Interest thereon |
2012-13 |
Commissioner of Income Tax (Appeals) |
18.47 |
| Income Tax Act, 1961 |
Tax and Interest thereon |
2017-18 |
Commissioner of Income Tax (Appeals) |
13.21 |
| Income Tax Act, 1961 |
Penalty |
2011-12 |
Commissioner of Income Tax (Appeals) |
1.60 |
| Income Tax Act, 1961 |
Penalty |
2013-14 |
Commissioner of Income Tax (Appeals) |
1.60 |
| Income Tax Act, 1961 |
Penalty |
2014-15 |
Commissioner of Income Tax (Appeals) |
1.20 |
| Income Tax Act, 1961 |
Tax and Interest thereon |
2019-20 |
Commissioner of Income Tax (Appeals) |
30.90 |
viii. There were no transactions relating to previously unrecorded
income that 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) In our opinion and according to the information and
explanations given to us, the Company has not defaulted in
the repayment of loans or borrowings or in the payment of interest
thereon to any banks, financial institutions, government or other lender.
(b) The company is not declared willful defaulter by any bank or
financial institution or other lender.
(c) The company has not taken any term loan during the year hence this
clause is not applicable.
(d) The funds raised on short term basis have not been utilized for
long term purposes.
(e) The company has not taken any such type of funds from any entity or
person on account of or to meet the obligations of its subsidiaries, associates or joint
ventures.
(f) The company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies.
x. (a) According to the information and explanation given to us and the
record examined by us, the Company has not raised any money by way of initial public offer
or further public offer during the year. Hence, clause 3(ix) of the order is not
applicable.
(b) Based on our audit procedures and according to the information
given by the management, the company has not made any preferential allotment or private
placement of shares or convertible debentures.
xi. (a) To the best of our knowledge and according to the information
and explanations given to us, no material fraud by the Company or on the Company by its
officers or employees has been noticed or reported during the course of our audit.
(b) No report under sub-section (12) of section 143 of the Companies
Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government during the year and upto the
date of this year.
(c) According to the information and explanations given to us, there is
no whistle-blower complaints received during the year by the company hence this clause is
not applicable.
xii. Company is not a Nidhi Company as prescribed under Section 406 of
the Act. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.
xiii. In our opinion, all transactions with the related parties are in
compliance with sections 177 and 188 of Companies Act,
2013 where applicable and the details have been disclosed in the
Financial Statements etc. as required by the applicable Indian Accounting Standards.
xiv. (a) In our opinion the Company has an adequate internal audit
system commensurate with the size and the nature of its business.
(b) We have considered the internal audit reports for the year under
audit, issued to the Company during the year in determining the nature, timing and extent
of our audit procedures.
xv. In our opinion and according to the information and explanations
given to us, during the year the Company has not entered into any non-cash transactions
with its Directors or persons connected to its directors and hence provisions of section
192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a) According to the information and explanation given to us, the
Company is not required to be registered under section 45-IA of the Reserve Bank of India
Act, 1934 hence this clause is not applicable.
(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 hence this clause is not applicable.
(c ) The company is not a Core Investment Company (CIC) as defined in
the regulations made by the Reserve Bank of India hence this clause is not applicable.
(d) The group has no CIC as part of the group hence this clause is not
applicable.
xvii. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the
Company during the year.
xix. On the basis of the financial ratios, ageing and expected dates of
realisation of financial assets and payment of financial liabilities, other information
accompanying the financial statements, in our opinion no material uncertainty exists as on
the date of the audit report that company is capable of meeting its liabilities existing
at the date of balance sheet as and when they fall due within a period of one year from
the balance sheet date.
xx. (a) The company has spent full amount as required to be spent as
per the Companies Act 2013. No amount remained unspent which were required to be
transferred in respect of other than ongoing projects in Funds specified in Schedule VII
to the Companies Act within a period of six months of the expiry of the financial year in
compliance with second proviso to sub-section (5) of section 135 of the said Act.
(b) The company has spent full amount as required to be spent as per
the Companies Act 2013. No amount remained unspent which were required to be transferred
in respect of ongoing projects in Funds specified in Schedule VII to the Companies Act
within a period of six months of the expiry of the financial year in compliance with
second proviso to sub-section (5) of section 135 of the said Act.
ANNEXURE"B"
(Referred to in paragraph 2(f) under ’Report on Other Legal and
Regulatory Requirements’ section of our report even date to the Members of ARIHANT
CAPITAL MARKETS LIMITED on the accounts for the year ended 31st March, 2023)
Report on the Internal Financial Controls with reference to the
aforesaid standalone Ind AS financial statements under Clause (i) of Sub-section 3 of
Section 143 of the Companies Act, 2013
We have audited the internal financial controls with reference to
Standalone Ind AS financial statements of Arihant Capital Markets 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.
Opinion
In our opinion, the Company has, in all material respects, adequate
internal financial controls with reference to Standalone Ind AS financial statements and
such internal financial controls were operating effectively as at 31 March 2023, based on
the internal financial controls with reference to standalone Ind AS 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 (the "Guidance
Note").
Management’s Responsibility for Internal Financial Controls
The Company’s 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. 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 company’s 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 Company’s
internal financial controls with reference to these standalone Ind AS 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
over financial reporting with reference to these standalone Ind AS financial statements
were established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting with
reference to these standalone Ind AS financial statements and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting with
reference to these Standalone Ind AS 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 auditor’s 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 Company’s internal
financial controls system over financial reporting with reference to these standalone Ind
AS financial statements.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control with reference to
Standalone Ind AS financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of
Standalone Ind AS financial
statements for external purposes in accordance with generally accepted
accounting principles. A company’s 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 standalone Ind AS 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 company’s assets
that could have a material effect on the standalone Ind AS financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Because of the inherent limitations of internal financial with
reference to financial statement, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial
controls with reference to Standalone Ind AS financial statements to future periods are
subject to the risk that the internal financial control with reference to Standalone Ind
AS financial statements financial statement may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
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