To the Members of Bajaj Steel Industries Limited
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of Bajaj Steel Industries
Limited (‘the Company), which comprise the Balance Sheet as at March 31, 2023
the Statement of Profit and Loss (including Other Comprehensive Income), Statement of
Changes in Equity and Statement of Cash Flow 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 financial statements give the information required by the
Companies Act, 2013 (‘Act) in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India including Indian
Accounting Standards (‘Ind AS) specified under section 133 of the Act, of the state
of affairs (financial position) of the Company as at March 31, 2023, and profit (financial
performance including other comprehensive income), its cash flows and the changes in
equity 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
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
Inventories (refer note- 2.7 of the financial statements) 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 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit addressed the matter is provided
in that context.
We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the
Auditors responsibilities for the audit of the Ind AS financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of the standalone Ind AS financial statements.
The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying Ind AS
financial statements.
| Key Audit Matter |
How the matter was addressed in our audit |
| Inventories held by the Company comprising of Raw Material, Stores & Spares,
Work-in-Progress, Finished Goods and Others represents 21.96% of the Companys total
assets. |
Our audit procedures included: |
| Under Ind AS, the Company is required to measure inventory at lower of Cost or Net
Realizable Value (NRV). However, the raw material and work-in progress is not written down
below cost when finished goods are expected to be sold at or above cost. |
• Through discussions with the management, we understood the Companys basis of
cost of material and estimated selling price for the goods; |
| Assessing NRV |
• Evaluating the design & testing controls related to Companys review
of key estimates, including estimated future selling prices and estimated cost of
completion for work-in-progress inventory. |
| Net realisable value is the estimated selling price in the ordinary course of
business, less estimated costs of completion and the estimated costs necessary to make the
sale. |
|
| The assessment and application of write-down of inventory to NRV are subject to
significant judgement by Company. |
|
| Considering the companys present situation, significant judgements made by the
company in light of future market & economic conditions for determination of NRV and
considering materiality in context of total assets of the Company, we have considered the
valuation of inventory to be the key audit matter. |
|
| Revenue from Exported goods represents 56.14% of the total revenue from operations of
the Company. |
Our audit procedures on Revenue recognition included the following: |
| Revenue is recognised to the extent that it is probable that the economic benefits
will flow to the Company and the revenue can be reliably measured, regardless of when the
payment is received. Revenue is measured at the fair value of the consideration received
or receivable, taking into account contractually defined terms of payment and excluding
taxes, duties or other charges collected on behalf of the government/ authorities. |
• Evaluating that the Companys revenue recognition accounting policies
are in line with the applicable accounting standards and their application to the key
customer contracts including consistent application; |
|
• Sales cut-off procedures for determination of revenue in the correct
reporting period; |
|
• Scrutinising all the revenue journal entries raised throughout the
reporting period and comparing details of a sample of these journals, which met certain
risk-based criteria, with relevant underlying documentation; |
|
• Considered the adequacy of the disclosures in note 2.11 to the
standalone financial statements in respect of the judgments taken in recognising revenue
for residential units. |
|
In addition, we have the performed the following procedures: |
|
• Discussing and challenging key management judgments in interpreting
contractual terms including obtaining inhouse legal interpretations; |
Information other than the Financial Statements and Auditors Report thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include
the financial statements and our auditors report thereon. Our opinion on the financial
statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these financial statements that give
a true and fair view of the state of affairs (financial position), profit or loss
(financial performance including other comprehensive income), changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in
India including the Ind AS specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate implementation
and maintenance of 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 financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error. In preparing the financial statements, 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.
That Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with 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 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 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 place and the operating
effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
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, we give in the Annexure A, a statement on the matters specified in the paragraph
3 and 4 of the order.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss (Including other comprehensive
income), 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 financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the directors as on March
31, 2023 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act;
(f) with respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in "Annexure B"; and
(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
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
(h) with respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The financial statements has, to the extent ascertainable, disclosed the impact of
pending litigations on the financial position of the Company – Refer Note 23 to the
financial statements;
ii. the Company does not have any material foreseeable losses on long term contracts
including derivative contracts which would impact its financial position;
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,
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 or
entity, including foreign entity ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) the management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any person or entity, including foreign
entity ("Funding Parties"), with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (a) and (b) above, contain any material misstatement.
v. the dividend declared or paid during the year by the Company is in compliance with
section 123 of the Act.
vi. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for
the Company w.e.f April 01, 2023, reporting under this clause is not applicable.
For B.Chhawchharia & Co.
Chartered Accountants
Firm Registration No. 305123E
Sd/-
Ketan Chhawchharia
Partner Membership No. 063422
UDIN: 23063422BGXUAI8908
Date: May 27, 2023
Place: Nagpur
The Annexure referred to in the Independent Auditors Report to the members of the
Company on the standalone financial statements for the year ended March 31, 2023 we, to
the best of our information and according to explanations given to us by the Company and
the books of accounts and records examined by us in the normal course of audit, report
that:
(i) (a) (A) According to the information and explanations given to us proper records
showing full Particulars including quantitative details and situation of Property, Plant
and Equipment are being maintained by the Company.
(B) The Company is maintaining proper records showing full particulars of intangible
assets.
(b) According to the information and explanations given to us, the Property, Plant
& Equipment have been physically verified by the management during the year, which in
our opinion, 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 title deeds of all the immovable properties
(other than properties where the company is the lessee and the lease agreements are duly
executed in favour of the lessee) disclosed in the financial statements, are held in the
name of the Company.
(d) the Company has not revalued any of its Property, Plant and Equipment (Including
Right of use assets) or intangible assets or both during the year.
(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings have been initiated or
pending against the Company for holding any benami property under the prohibition of
Benami property Transactions Act, 1988 (as amended in 2016) and rules made there under.
(ii) (a) According to the information and explanations given to us, the management has
conducted physical verification of inventory at reasonable intervals during the year
which, in our opinion, is reasonable having regard to the size of the company and nature
of its business. No material discrepancies were noticed on such verification.
(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 been sanctioned working capital
limits in excess of five crore rupees, in aggregate, from banks on the basis of security
of current assets. In our opinion, the quarterly returns or statements filed by Company
with such banks generally are in agreement with the books of accounts of the Company. No
material discrepancies were noticed on such verification.
(iii) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there the Company has not made any investment,
provided any guarantee or security or granted any advances in the nature of loans, secured
or unsecured, to companies, firms, Limited Liability Partnerships or any other parties
during the year.
(iv) According to the information and explanations given to us and on the basis of our
examination of the records, the Company has not given any loans. Or provided any guarantee
or security as specified under Section 185 of the Companies Act, 2013 and the Company has
not provided any guarantee or security as specified under Section 186 of the Companies
Act, 2013. Further, The Company has complied with the provisions of Section 186 of the
Companies Act, 2013 in relation to loans given and investments made.
(v) In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits or amounts which are deemed to be deposits, within
the meaning of Sections 73 to 76 or any other relevant provisions of the Companies Act,
2013 and rules made there under.
(vi) As certified by a Cost Accountant, the Company has maintained Cost records for the
year under review, as prescribed under sub section (1) of section 148 of the Companies
Act, 2013 to the extent applicable to the Company. We have however, not made a detailed
examination of such records.
(vii) (a) The Company does not have liability in respect of Sales Tax, Service Tax,
Duty of excise and Value added tax during the year since effective July 01, 2017, these
statutory dues has been subsumed into Goods & Services Tax (GST).
According to the records of the company, the company is generally regular in depositing
with appropriate authorities undisputed statutory dues including provident fund,
employees state insurance, income-tax, Goods and Services Tax, duty of customs, cess and
other material statutory dues, as applicable, and no such statutory dues were outstanding
as at the last day of the financial year under review 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 dues of
income-tax, sales-tax, service tax, duty of customs, duty of excise, Goods and Services
Tax, Value added tax, Provident Fund, Employees state Insurance, cess or other statutory
dues as applicable, which have not been deposited on account of any dispute except as
detailed in Annexure-I.
(viii) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, 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.
(ix) (a) The Company has not defaulted in repayment of any loans or other borrowings or
in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared Wilful Defaulter by any bank or financial
institution or other lender.
(c) The Company has applied the term loan for the purpose it was obtained.
(d) On an overall examination of the financial statements of the Company, funds raised
on short-term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries.
(f) the Company has not raised any loans during the year on the pledge of securities
held in its subsidiaries.
(x) (a) The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year.
(b) the Company has not made any preferential allotment or private placement of shares
or convertible debentures (fully or partly or optionally) during the year.
(xi) (a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, considering the principle of materiality
outlined in Standards of Auditing, we report that no material fraud by the Company or on
the Company have been noticed or reported during the year.
(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 up to the date of
this report.
(c) No whistle- blower complaints have been received by the Company during the year.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company and hence reporting under this clause is not applicable.
(xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Companies Act, 2013, Where applicable, and the
details of such transactions have been disclosed in the financial statements as required
by the applicable Indian accounting standards.
(xiv) (a) Based on information and explanations provided to us and audit procedures, In
our opinion, the Company has an internal audit system commensurate with the size and the
nature of its business.
(b) We have considered the internal audit reports of the company issued till the date
for the period under audit.
(xv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected to its directors.
(xvi) (a) In our opinion, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi) (a) of the order
is not applicable.
(b) In our opinion, the Company is not required to be registered under section 45-IA of
the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi) (b) of the order is not
applicable.
(c) The company is not a core Investment Company (CIC) as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016. Accordingly the requirement of
clause 3(xvi)(c) are not applicable.
(d) According to the information and explanations provided to us during the course of
audit, the Group does not have any CIC. Accordingly the requirement of clause 3(xvi)(d)
are not applicable.
(xvii) The Company has not incurred cash losses during the financial year and the
immediately preceding financial year.
(xviii) There has been resignation of the statutory auditors of the Company during the
year and we have taken into consideration the issues, objections or concerns raised, if
any, by the Outgoing auditors.
(xix) 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 financial statements and 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
indicating 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 the our reporting is based on the facts up to the date of
the audit report and we neither give any assurance that the 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.
(xx) (a) In our opinion and according to the information and explanations given to us,
there is no unspent amount under sub-section (5) of section 135 of the Companies Act, 2013
pursuant to any project. Accordingly the requirement of clauses 3(xx)(a) and 3(xx)(b) of
the order are not applicable.
For B.Chhawchharia & Co.
Chartered Accountants
Firm Registration No. 305123E
Sd/-
Ketan Chhawchharia
Partner Membership No. 063422
UDIN: 23063422BGXUAI8908
Date: May 27, 2023
Place: Nagpur
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 Bajaj Steel
Industries Limited ("the Company") as of March 31, 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 financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the 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, 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 March 31, 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.
| Date: May 27, 2023 |
For B.Chhawchharia & Co. |
| Place: Nagpur |
Chartered Accountants |
|
Firm Registration No. 305123E |
Sd/-
Ketan Chhawchharia
Partner Membership No. 063422
UDIN: 23063422BGXUAI8908
+91-9892691696
