INDEPENDENT AUDITORS REPORT To
The Members of
ASHOK ALCO-CHEM LIMITED
Report on Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of ASHOK ALCO-CHEM
LIMITED ("the Company"), which comprise the Standalone Balance Sheet as at
31st March 2023, the Standalone Statement of Profit and Loss (including other
Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone
Statement of Cash Flows for the year ended on that date and notes to the standalone
financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "the standalone financial
statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section
133 ofthe Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31st March, 2023, the profit 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 of standalone financial statements in accordance with the
Standards on Auditing ("SAs") 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 Standalone 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
independence requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the ICAIs
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 financial statements.
Key audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit ofthe 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.
We have determined the matters described below to be the key audit matters to be
communicated in our report.
Key Audit Matters (Revenue Recognition as per Ind AS 115)
The Company recognises Revenue from the sale of goods ("Revenue") when the
Company performs all its agreed obligations to its customers, the amount of revenue can be
measured reliably and recovery of the consideration is probable. The timing of such
recognition is when the control over the same is transferred to the customer, which is
mainly upon delivery. The timing of revenue recognition is relevant to the reported
performance ofthe Company.
Auditors Response
Our audit approach was a combination of test of internal controls and substantive
procedures including assessing the appropriateness of the Companys revenue recognition
accounting policies in accordance e with Ind AS 115 ("Revenue from Contracts with
Customers") and testing thereof; evaluating the integrity of the general information
and control environment and testing the operating effectiveness of key controls.
Information Other than the Standalone financial statements and Auditors Report Thereon
The Companys management and Board of Directors are responsible for the preparation of
t
other information. The other information comprises the information included in the
Directors Report but does not include the standalone financial statements and our
auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial statements or our knowledge
obtained in the 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 on the even date.
Responsibility of Management and Board of Directors for the Standalone financial
statements
The Companys management and Board of Directors is responsible for the matters stated
in Section 134(5) of the Act with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company
in accordance with 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 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 ofthe accounting records, relevant to the preparation and presentation of the
standalone financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys standalone
financial statements process.
Auditors Responsibilities for the Audit of the standalone financial statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism 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 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 relation to the standalone
financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone
financial statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with the Management, 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 are 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
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the 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. 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including
Other Comprehensive Income, Standalone Statement of change in Equity and the Standalone
Statement of Cash Flow dealt with by this Report are in agreement with the relevant books
of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the
Indian Accounting Standards specified under Section 133 of the Act read with the Rule 7 of
the Companies (Account) Rules, 2014.
(e) On the basis of the written representations received from the directors as on
31stMarch,2023 taken on record by the Board of Directors, none of the director is
disqualified 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 with reference to
standalone financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B". Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the companys internal
controls over the standalone financial statement.
(g) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended in our opinion
and to the best of our information and according to the explanations given to us, the
company has not paid any remuneration to its directors during the year .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, as detailed in Note 27 to the standalone financial statements, has
disclosed the impact of pending litigations on its financial position as at 31st
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 Funds of the Company.
iv. a) The Management has represented that, to the best of its knowledge and belief no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons
or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
b) The Management has represented that, to the best of its knowledge and belief no
funds have been received by the Company from any persons or entities, including foreign
entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the Funding Parties or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
c) Based on the audit procedures performed that we 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 (a) and (b)of Rule 11(e) mentioned above
contain any material mis-statement.
v. As stated in Note 15 to the accompanying standalone financial statements, the Board
of Directors of the Company have proposed final dividend for the year ended 31st March,
2023 which is subject to the approval of the members at the ensuing Annual General
Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent
it applies to declaration of dividend.
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 1st April, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is
not applicable for the financial year ended 31st March, 2023.
|
For R. A. Kuvadia& Co. |
|
Chartered Accountants |
|
F.R.N. 105487W |
|
R. A. Kuvadia |
|
(Proprietor) |
|
M. No. 040087 |
|
UDIN: 23040087BGTMYN8718 |
| Place:Mumbai |
|
| Date: 19.05.2023 |
|
"Annexure A" to the Independent Auditors Report of even date on the
Standalone financial statements of ASHOK ALCO-CHEM LIMITED
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory
Requirement of our report of even date to the standalone financial statements of the
Company for the year ended March 31, 2023:
1) a) A. The Company has maintained proper records showing full particulars, including
quantitative details and situation
ofproperty, plant & equipment.
B. The Company has maintained proper records showing full particulars of intangible
assets.
b) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has a system of physical
verification of its property, plant and equipment by which all property, plant and
equipment are verified by the management at reasonable intervals during the year. In our
opinion, this periodicity of physical verification is reasonable having regard to the size
of the Company and the nature of its assets. No material discrepancies were noticed on
such verification.
c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company does not hold any freehold /
leasehold immovable properties.
d) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not revalued its property,
plant and equipment (including right of use assets) during the year.
e) According to the information and explanations given to us and based on our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.
2) a) The inventory has been physically verified during the year by the management. In
our opinion, the frequency of the
verification, coverage and procedure of such verification is reasonable and
appropriate. The discrepancies noticed on verification between the physical stocks and the
book records were not material and have been dealt with in books of account. There were no
inventories at the year end.
b) The Company has not been sanctioned a working capital limit in excess of Rs 5 Crores
by banks based on security of current assets.
3) a) According to the information and explanations given to us and on the basis of our
examination of the records, the
Company has granted loans to Companies, firms, limited liability partnerships or any
other parties covered in the register maintained under Section 189 ofthe Companies Act,
2013 during the year.
b) The loans granted are repayable on demand. As informed to us by the management, the
Company has renewed the agreements for loans from time to time. The Company has not
recalled such loans before the expiry of the agreement period.
c) According to the information and explanations given to us and based on the audit
procedures conducted by us, the terms and conditions ofthe grant of loans and advances in
the nature of loans provided during the year are, prima facie, not prejudicial to the
interest ofthe Company.
4) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of grant of loans, making investments and providing guarantees and
securities, as applicable.
5) The Company has not accepted any deposits from the public and 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 Act and the Companies (Acceptance of Deposit) Rules, 2015 with
regard to the deposits accepted from the public are not applicable.
6) In our opinion and according to the information and explanations given to us, the
Central Government has not prescribed maintenance of Cost records as per the provisions of
Section 148 of The Companies Act, 2013.
7) a) According to information and explanations given to us and based on our
examination of the books of account, and records, the Company has been generally regular
in depositing undisputed statutory dues including Goods and service tax, Income-Tax and
any other statutory dues with the appropriate authorities.
b) According to the information and explanations given to us, no undisputed amounts
payable in respect of the above were in arrears as at March 31,2023 for a period of more
than six months from the date on when they become payable.
c) The particulars of dues of Value Added Tax, Service Tax, Goods & Service Tax
Provident Fund, Employees State Insurance, Income Tax, Duty of Customs, Duty of Excise,
Cess and other material statutory dues, at 31st March 2023 which have not been deposited
on account of dispute are as follows:
| Name of the Statute |
Nature of Dues |
Amount (Rs. in Lakhs) |
Assessment Years /Period to which the dues relates |
Forum where Dispute is pending |
| The Income Tax Act, 1961 |
Demand U/s 143 (3) |
226.50 |
2011-2012 |
Commissioner of Income Tax (Appeals), Mumbai |
| The Custom Act, 1962 |
Custom Duty |
659.13 |
2017 to 2019 |
CESTAT |
8) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year.
9) a) The Company has no loans outstanding and also not defaulted in repayment of the
loans or other borrowings or in the
payment of interest thereon to any lender during the year.
b) The Company has not been declared a wilful defaulter by any bank or financial
institution or government or government authority.
c) The Company has not raised money by way of term loans during the year and
accordingly clause 3 (ix) (c) ofthe Order is not applicable.
d) In our opinion and according to the information and explanation given to us and on
an overall examination of the Standalone financial statements of the Company, no funds
raised on short-term basis have been applied for long term purpose.
e) We report that the Company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiaries as defined under the Companies
Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.
f) We report that The Company has not raised loans during the year on the pledge of
securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly,
clause 3(ix)(f) ofthe Order is not applicable.
10) a) Based upon the audit procedures performed and the information and explanations
given by the management, the
Company has not raised moneys by way of initial public offer or further public offer
(including debt instruments). Accordingly, the provisions of clause 3 (x)(a) ofthe Order
are not applicable to the Company .
b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares (fully, partially or optionally) or convertible
debentures during the year. Accordingly, reporting under clause 3(x)(b) of the Order is
not applicable to the Company.
11) a) Based upon the audit procedures performed and the information and explanations
given by the management,
considering the principles of materiality outlined in the Standards on Auditing, we
report that no fraud by the
Company or on the Company has been noticed or reported during the course ofthe audit.
b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the 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. In view ofthe above reporting under clause 3 (xi) (b) ofthe order is not
applicable.
c) To the best of our knowledge and according to the information and explanations given
to us including the representation made to us by the management of the Company, there are
no whistle-blower complaints received by the Company during the year.
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of
clause 3 (xii) of the Order are not applicable to the Company.
13) In our opinion and according to the information and explanations given to us, all
transactions entered into by the Company with the related parties are in compliance with
sections 177 and 188 of the Act, where applicable. Further, the details of such related
party transactions have been disclosed in the standalone financial statements, as required
under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in
Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 ofthe
Act.
14) a) Based on the information and explanations provided to us and our audit
procedures, in our opinion, the Company has
an internal audit system commensurate with size and nature of its business.
b) We have considered the internal audit reports ofthe Company issued till date for the
period under audit.
15) Based upon the audit procedures performed and the information and explanations
given by the management, the Company has not entered into any non-cash transactions with
directors or persons connected with him. Accordingly, the provisions of Section 192 ofthe
Act are not applicable to the Company.
16) a) The Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act,1934.
Accordingly, clauses 3(xvi)(a) ofthe Order are not applicable.
b) The Company is not required to be registered under Section 45-IA of the Reserve Bank
of India Act,1934. Accordingly, clauses 3(xvi)(b) ofthe Order are not applicable.
c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) ofthe Order is not
applicable.
d) The Company is not part of any group (as per the provisions of the Core Investment
Companies (Reserve Bank) Directions, 2016 as amended). Accordingly, the requirements of
clause 3(xvi)(d) are not applicable.
17) The Company has not incurred cash losses in the current nor in the immediately
preceding financial year.
18) There has been no resignation of the statutory auditors during the year.
Accordingly, clause 3(xviii) of the Order is not applicable.
19) According to the information and explanations given to us and 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 standalone financial
statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of the
audit report that the 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 give neither 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) In our opinion and according to the information and explanations given to us,
provisions of Section 135 of the Act are not applicable to the Company. Accordingly,
clauses 3(xx)(a) and 3(xx)(b) of the order are not applicable.
For R. A. Kuvadia& Co. Chartered Accountants
F.R.N. 105487W
|
R. A. Kuvadia |
|
(Proprietor) |
| Place: Mumbai |
M. No. 040087 |
| Date: 19.05.2023 |
UDIN: 23040087BGTMYN8718 |
"Annexure -B" to the 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 ASHOK
ALCO-CHEM LIMITED ("the Company") as of 31st March 2023 in
conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date.
Managements Responsibility for Internal Financial Controls
The 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 the standalone Ind AS 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 the standalone Ind AS financial
statements 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 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 auditors judgment, including the assessment ofthe risks ofmaterial
misstatement ofthe standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
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 standalone 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 standalone
financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the Company are being made only in accordance with
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 standalone
financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting with reference to these standalone Ind AS financial statements including the
possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of
any evaluation of the internal financial controls over financial reporting with reference
to these standalone Ind AS financial statements 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 with reference to these Standalone Ind
AS financial statements and such internal financial controls over financial reporting were
operating effectively as at 31st March 2023, based on the internal control over
financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India.
For R. A. Kuvadia& Co.
Chartered Accountants F.R.N. 105487W
|
R. A. Kuvadia |
|
(Proprietor) |
| Place: Mumbai |
M. No. 040087 |
| Date: 19.05.2023 |
UDIN: 23040087BGTMYN8718 |
+91-9892691696
