To the Members of Ausom Enterprise Limited,
Report on the Audit of the Standalone Indian Accounting Standards (Ind AS) Financial
Statements
Opinion
We have audited the standalone Ind AS financial statements of Ausom Enterprise Limited
("the Company"), which comprise the balance sheet as at 31st March
2023, and the statement of profit and loss, statement of changes in equity and statement
of cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone 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 accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st March, 2023, and
its profit, changes in equity and its cash flow 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. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
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 financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
In our opinion and based on audit of the financial statement of the Company, we have
determined that there are no key audit matters to communicate in our report.
Information Other than the Ind AS Financial Statements and Auditors Report Thereon
The Companys management and Board of Directors is responsible for the other
information. The other information comprises the information included in the annual report
of the Company but does not include the standalone Ind AS financial statements and our
auditors 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 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.
Responsibilities of Management and Those Charged with Governance for the Standalone Ind
AS 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 Ind AS financial statements that give a true and fair view of the
financial position, financial performance, changes in equity and cash flow of the Company
in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards ("Ind AS") specified under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rule, as amended from time to time.
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 accountings 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, the Board of Directors 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 the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility for the Audit of 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 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 Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone 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.
• Obtain an understanding of internal financial control relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the 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.
• 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 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 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 Ind
AS 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 standalone Ind AS financial
statements of the current financial year 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 Act, and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us, 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 purpose 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 and the Statement of Profit and Loss, the Statement of Changes in
Equity and the Cash Flow Statement 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
Indian Accounting Standards specified under section 133 of the Act.
e. On the basis of 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";
g. 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, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial
position;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;
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 its knowledge and belief
other than as disclosed in the notes to the standalone Ind AS financial statement, 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 its knowledge and belief other
than as disclosed in the notes to the standalone Ind AS financial statement, 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; and
(c) Based on such audit procedures that we have 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) above contain any material misstatement.
v. The final dividend paid by the Company during the current year in respect of the
same declared for the previous year is in accordance with section 123 of the Act to the
extent it applies to payment of dividend.
Further, the Board of Directors of the Company have proposed final dividend for the
current year which is subject to the approval of the members of the Company at its 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 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.
h. 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, the Company has not
provided remuneration to its directors during the year.
|
For C.R. SHAREDALAL & CO. |
|
CHARTERED ACCOUNTANTS, |
|
(Registration No. 109943W) |
|
(J. C. Sharedalal) |
|
Partner |
| Place : Ahmedabad |
Membership No.033189 |
| Date : 29-05-2023 |
UDIN-: 23033189BGPUML4190 |
Annexure A to Independent Auditors Report
[Referred to in Paragraph 1 under the heading of "Report on Other Legal and
Regulatory Requirements" of our report of even date]
1. (a) (A) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment, Investment
property and Non-current asset held for sale;
(B) The Company does not hold any intangible asset and hence, clause 3(i) (B) of the
said Order is not applicable.
(b) Property, plant and Equipment, Investment property and Non-current asset held for
sale were physically verified during the year by the management in accordance with a
program of verification, which in our opinion is reasonable having regard to the size of
the Company and the nature of assets. According to the information and explanations given
to us, no 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 title deeds of immovable properties (other
than immovable properties where the Company is the lessee and the leases agreements are
duly executed in favour of the lessee) as disclosed in note no. 3 and 4 in the standalone
financial statements are held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment during the year.
Accordingly, the provision of clause 3(i) (d) is not applicable.
(e) Based on the information and explanations furnished to us, no proceedings initiated
or pending against the Company for holding any benami property under the Prohibition of
Benami Transactions Act, 1988 and rules made thereunder.
2. (a) The inventories have been physically verified by the management at reasonable
intervals during the year. In our opinion the coverage and procedure of such verification
by the management were appropriate. According to the information and explanations given to
us, no discrepancies were noticed in the physical verification of inventories as compared
to book records.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, during the year the Company has been sanctioned
working capital limits from bank and a financial institution. However, the said working
capital facilities do not require any submission of quarterly returns or statements of
current assets to the lender (Refer note no. 47(D) of standalone financial statements).
3. (a) 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 during the year, made
investment in three joint ventures and two mutual fund scheme and granted unsecured loan
to a Limited Liability Partnership (joint venture). The details in respect of the same is
given hereunder. Further, the Company has not given any advance in the nature of loan to
any party during the year.
(Amount in Rupees in Lakhs)
Particulars |
Loans |
Aggregate amount provided / granted during the year |
|
Subsidiary |
- |
Joint ventures |
833.00 |
Associates |
- |
Others |
- |
Balance outstanding as at balance sheet date in respect of above cases |
|
Subsidiary |
- |
Joint ventures |
5416.29* |
Associates |
- |
Others |
- |
(* include interest accrued)
(b) In our opinion and according to the information and explanation given to us, the
terms and conditions under which investment were made, loan were granted and guarantee
were provided, are prima facie, not prejudicial to the Companys interest.
(c) We have been informed that aforesaid loans do not have any stipulation for the
repayment of principal and payment of interest.
(d) Since the loans granted do not have any stipulation for the repayment of principal
and payment of interest, no amount outstanding as at 31st March, 2023 is
considered as overdue for more than ninety days.
(e) As the loan is granted without stipulation for its repayment, there is no amount
which is considered to be fallen due during the year.
(f) The Company has granted unsecured loan to its Joint venture which are repayable on
demand and details for the same are given hereunder:
(Amount in Rupees in Lakhs)
Particulars |
Joint venture |
Aggregate amount of loans granted during the year |
833.00 |
Percentage of loans to the total loans |
100% |
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. In our opinion and according to the information and explanation given to us, during
the year, the Company has not accepted any deposits or any amounts which are deemed to be
deposits under the directives issued by the Reserve Bank of India and the provisions of
section 73 to 76 of the Companies Act, 2013 and rules made thereunder. Accordingly, the
clause 3(v) of the Order is not applicable to the Company.
6. According to the information and explanation given to us the maintenance of cost
records has not been prescribed for the Company under sub-section (1) of Section 148 of
the Companies Act, 2013.
7. (a) According to the information and explanations given to us and on the basis of
our examination of the books of account, the Company has been regular in depositing
undisputed statutory dues including Provident fund, Employees state insurance,
Income-tax, Goods and service tax, Custom duty, Excise duty, Service tax, Value added tax,
Cess and any other statutory dues whichever is applicable during the year with the
appropriate authorities and no undisputed dues payable in respect of outstanding statutory
dues were in arrears as at 31st March, 2023 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there are no amounts in
respect of statutory dues referred to in clause (a) above that have not been deposited
with the appropriate authorities on account of any dispute.
8. 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 surrendered or disclosed any
transaction, previously unrecorded in the books of account, in the tax assessments under
the Income Tax Act, 1961 as income during the year. Accordingly, the clause 3(viii) of the
Order is not applicable to the Company.
9. (a) In our opinion and according to the information and explanation given to us and
on the basis of our examination of the books of account, the Company has not defaulted in
repayment of loans or other borrowings or in payment of interest thereon to any lender
during the year.
(b) According to the information and explanations given to us, the Company has not been
declared willful defaulter by any bank or financial institution or other lender.
(c) According to the information and explanations given to us, the Company has not
obtained any term loan during the year, hence the clause 3(ix)(c) is not applicable to the
Company.
(d) According to the information and explanations given to us and on an overall
examination of the standalone financial statements of the Company, funds raised on
short-term basis have prima facie, not been used during the year for long-term purpose by
the Company.
(e) According to the information and explanations given to us and on an overall
examination of the standalone financial statements of the Company, we report that the
Company has taken funds from following entities and persons on account of or to meet the
obligations of its joint ventures as per details below:
(Amount in Rupees in Lakhs)
Nature of fund taken |
Name of lender |
Amount involve d |
Name of the joint venture |
Relations |
Nature of transactions for which funds utilized |
Remarks |
Loan against securities (LAS) |
NBFC |
8.00 |
Swadeshi Distributors LLP |
Joint venture |
To meet the obligations of the Joint venture |
|
|
|
50.00 |
IGR Ausom LLP |
|
|
|
Inter corporate loan |
Corporate |
825.00 |
Swadeshi Distributors LLP |
|
|
|
|
|
226.90 |
IGR Ausom LLP |
|
|
|
(f) According to the information and explanations given to us and procedures performed
by us, we report that the Company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies.
10. (a) During the year, the Company has not raised any moneys by way of initial public
offer or further public offer (including debt instruments); hence the clause 3(x)-(a) of
the Order is not applicable to the Company.
(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.
Accordingly, clause 3(x) (b) of the Order is not applicable to the Company.
11. (a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no fraud on the Company by its officers or
employees has been noticed or reported during the year.
(b) To the best of our knowledge, no report under sub-section (12) of section 143 of
the Act has been filed in Form ADT- 4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government, during the year and up to the date of
this report.
(c) As represented to us by the management, the Company has not received any
whistle-blower complaints during the year.
12. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable
to it; hence the clause 3(xii) of the Order is not applicable to the Company.
13. In our opinion and according to the information and explanations given to us the
Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where
applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the standalone financial statements as required by the
applicable Indian Accounting Standards.
14. (a) In our opinion and based on our examination of records of the Company, the
Company has an adequate internal audit system commensurate with the size and nature of its
business.
(b) The reports of the Internal Auditor for the period under audit have been considered
by us.
15. According to the information and explanations given to us, in our opinion during
the year, the Company has not entered into any non-cash transactions with its directors or
persons connected with its directors. Accordingly, the clause 3(xv) of the said Order is
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, the clause 3(xvi) (a) of the Order is not applicable
to the Company.
(b) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not conducted any Non-Banking
Financial or Housing Finance activities. Accordingly, the clause 3 (xvi) (b) of the Order
is not applicable to the Company.
(c) In our opinion and according to the information and explanations given to us, the
Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, the clause 3 (xvi) (c) and 3 (xvi) (d) of the Order is
not applicable to the Company.
17. Based on our examination of the records of the Company, the Company has not
incurred any cash losses during the financial year covered by our audit and in the
immediately preceding financial year.
18. In the current financial year, there is change of statutory auditors of the Company
pursuant to mandatory rotation requirements as prescribed under section 139(2) the Act.
There has been no resignation of statutory auditor during the year. Hence the clause
3(viii) of the Order is not applicable.
19. According to the information and explanation given to us and on the basis of
financial ratios, ageing and expected dates of realization 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 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. (a) In respect of other than ongoing projects, there are no unspent amounts that
are required to be transferred to a fund specified in Schedule VII of the Act, in
compliance with second proviso to sub-section 5 of Section 135 of the Act.
(b) In respect of ongoing projects, the company has transferred unspent amount to a
special account, before the end of the current financial year in compliance with section
135(6) of the Act.
21. The reporting under clause 3(xxi) of the Order is not applicable in respect of
audit of the standalone financial statements. Accordingly, no comment in respect of the
said clause has been included in this report.
|
For C.R. SHAREDALAL & CO. |
|
CHARTERED ACCOUNTANTS, |
|
(Registration No. 109943W) |
|
(J. C. Sharedalal) |
|
Partner |
| Place : Ahmedabad |
Membership No.033189 |
| Date : 29-05-2023 |
UDIN-: 23033189BGPUML4190 |
Annexure B to Independent Auditors Report
[Referred to in paragraph 1(f) under Report on Other Legal and Regulatory
Requirements of our report of even date]
Report on the Internal Financial Controls Over Financial Reporting 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 Ausom
Enterprise Limited ("the Company") as of 31st March 2023 in
conjunction with our audit of the standalone Ind AS financial statements of the Company
for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
("the Guidance Note") 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 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 express an opinion on the Companys internal financial controls
over financial reporting based on our audit, we conducted our audit in accordance With the
Guidance Note issued by the Institute of Chartered Accountants of India and the Standards
on Auditing prescribed under Section 143(10) of the Companies Act, 2013 to the extent
applicable to an audit of internal financial controls. 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 control over
financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment including the assessment of the risks of
material misstatement of the standalone Ind AS financial statements, whether due to fraud
or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or, fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at 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 issued by the
Institute of Chartered Accountants of India.
|
For C.R. SHAREDALAL & CO. |
|
CHARTERED ACCOUNTANTS, |
|
(Registration No. 109943W) |
|
|
|
(J. C. Sharedalal) |
|
Partner |
| Place : Ahmedabad |
Membership No.033189 |
| Date : 29-05-2023 |
UDIN-: 23033189BGPUML4190 |
+91-9892691696
