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Bang Overseas Ltd Auditor Reports

52.44
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Sep 23, 2025|12:00:00 AM

Bang Overseas Ltd Share Price Auditors Report

TO THE MEMBERS OF
BANG OVERSEAS LIMITED

Report on Audit of the Standalone Financial Statements
Opinion

We have audited the standalone financial statements of Bang Overseas Limited ("the Company"), which
comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year
ended on that date, and a summary of the 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 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 of the 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, 2025, the Loss and total comprehensive Loss, changes in equity and its cash
flow for the year ended on that date.

Basis for Opinion

We conducted our audit of the 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 ethical requirements that are relevant to our audit
of the standalone financial statements under provisions of the Act and the Rules made 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
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.

We have determined that there are no key audit matters to be communicated in our report.

Other Information

The Companys Board of Directors is responsible for preparation of the other information. Other information
comprises the information included in the Companys Annual Report, but does not include the financial
statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cover the other information and we will 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 identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

Responsibilities of Management and those charged with Governance for the Standalone
Financial Statements

The Companys Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to 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 provisions of
the Act for safeguarding 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 accuracy and completeness of the accounting records, relevant to
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.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for 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
skepticism 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 override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference
to financial statements in place and the operating effectiveness of such controls.

• Evaluate appropriateness of accounting policies used and reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on 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 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 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, 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 paragraph 3 of the Order.

2. (A) 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 appears from our examination of those books of accounts;

c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive
income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account;

d) In our opinion, the aforesaid Ind AS financial statements comply with the accounting
standards specified under section 133 of the Act;

e) On the basis of written representations received from the directors as on 31st March 2025
and taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2025, from being appointed as a director in terms of sub section (2) of
Section 164 of the Act;

f) With respect to adequacy of the internal financial control over financial reporting of the
Company and operating effectiveness of such control, refer to our separate Report in
Annexure ‘B; and

(B) 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:

(a) The Company has disclosed the impact of pending litigations on its financial position
in its standalone Ind AS financial statements - Refer Note 28 to the standalone Ind AS
financial statements;

(b) The Company did not have any long term contracts including derivative contracts for
which there were material foreseeable losses:

(c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

(d) (i) As per the information and explanation given to us by the management, 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 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;

(ii) As per the information and explanation given to us by the management, no funds
have been received by the company from any person or entity, 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;

(e) The Company has neither declared nor paid any dividend during the year.

(f) Based on our examination which included test checks, the Company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year
for all relevant transactions recorded in the software (refer Note 40 to the standalone
Ind AS financial statements). Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with.

(C) As required by Section 197(16) of the Act, we report that the Company has paid remuneration to
its directors during the year in accordance with the provisions of and limits laid down under Section
197 read with Schedule V to the Act.

ANNEXURE ‘A TO INDEPENDENT AUDITORS REPORT

Annexure ‘A referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements in our

report to members of BANG OVERSEAS LIMITED ("the Company") for the year ended 31st March,

2025.

We report that:

i. In respect of its Property, Plant & Equipment:

(a) (i) The Company is maintaining proper records showing full particulars

including quantitative details and situation of Property, Plant & Equipment;

(ii) The Company is maintaining proper records showing full particulars of Intangible
Asset.;

(b) The Company has a regular programme of physical verification of Property, Plant &
Equipment which is, in our opinion, reasonable having regard to the size of the Company and
the nature of its assets. In accordance with this programme, certain Property, Plant &
Equipment have been physically verified by the management during the year and no material
discrepancies have been noticed on such verification;

(c) According to the information and explanations received by 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 lease agreements are duly
executed in favor of the lessee) disclosed in the financial statements are held in the name of
Company.

(d) As per the information and explanation given to us by the management, the Company has not
revalued its Property, Plant and Equipment or Intangible Assets during the year and hence
provisions of Clause 3(i)(d) of the Order are not applicable to the Company;

(e) As per the information and explanation given to us by the management, no proceedings have
been initiated or are pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder and
hence provisions of Clause 3(i)(e) of the Order are not applicable to the Company.

ii. In respect of its inventories:

(a) The inventory has been physically verified by the management during the year. In our opinion,
the frequency of such verification is reasonable and procedures and coverage as followed by
the management were appropriate. No discrepancies were noticed on verification between the
physical stocks and the book records that were more than 10% in the aggregate of each class
of inventory;

(b) The Company has been sanctioned working capital limits in excess of Rs 5 Crores in aggregate
from banks or financial institutions on the basis of security of current assets. In our opinion,
the quarterly statements filed with banks or financial institutions are in agreement with the
books of account except as follows:

(Rs. In Lakhs)

Quarter

Name of Bank Particulars Amount as
per books
of accounts
Amount as
reported in the
quarterly
return/statement
Amount

of

difference

Whether
return /
statement
subsequently
rectified

Q1

ICICI Bank Ltd Inventory
& Debtors
10,297.33 10,326.31 -28.98 No

Q2

ICICI Bank Ltd Inventory
& Debtors
10,955.31 10,867.68 87.64 No

Q3

ICICI Bank Ltd Inventory
& Debtors
10,978.41 10,996.21 -17.80 No

Q4

ICICI Bank Ltd Inventory
& Debtors
11,498.74 11,552.29 -53.55 No

iii. (a) According to information and explanation provided by the management and based on our scrutiny

of the Companys records during the year the company has provided loans, advances in the nature of
loans, provided guarantee and security to companies as follows:

(Rs. in lakhs)

Particulars

Guarantee Loans / Advance in
the nature of loans

Aggregate amount granted or provided during the year: -

(A) Subsidiaries/Joint Venture/Associates

200.00 -

(B) Others

- -

Total

200.00 -

Balance outstanding as at Balance Sheet date: -

-

(A) Subsidiaries/Joint Venture/Associates

200.00 188.57

(B) Others

- -

Total

200.00 188.57

(b) According to the information and explanations given to us and based on the audit procedures
performed by us, we are of the opinion that, prima-facie, the terms and conditions on which loans have
been granted to the companies/investments made are not prejudicial to the Companys interest.

(c) According to information and explanation provided by the management, loans and advances
provided by the Company which is repayable on demand. Hence schedule of repayment of principal
and payment of interest has not been stipulated.

(d) According to information and explanation provided by the management, loans and advances
provided by the Company which is repayable on demand. Hence there is no amount which overdue
for more than ninety days in respect of aforesaid loan.

(e) According to information and explanation provided by the management and based on our scrutiny
of the Companys records, the Company has not granted any loan or advance which has been fallen
due during the year, which has been renewed or extended or fresh loans granted to settle the overdue
of existing loans given to the same parties.

(f) The company has not granted loan or advance to related party as defined in clause (76) of section
2 of the Companies Act, 2013;

iv. 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 Act in respect of guarantees given, where
applicable. The Company has not provided any security for which the provisions of section 185 and
186 of the Act are applicable.

v. The Company has not accepted any deposits from the public or amounts which are deemed to be
deposits during the year. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.

vi. In our opinion and according to the information and explanations given to us, the Central Government
has not prescribed the maintenance of cost records under Section 148(1) of the Act for the Company.

vii. (a). In our opinion and according to the information and explanations given to us, the Company has
generally been regular in depositing any undisputed statutory dues including goods and services tax,
provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, cess
and any other statutory dues to the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of provident fund, employees
state insurance, income tax, goods and services tax, duty of customs, duty of excise, value added tax,
cess and other material statutory dues were in arrears as at March 31, 2025, for a period of more than
six months from the date they became payable.

(a) In our opinion and according to the information and explanations given to us, we report that the
following statutory dues have not been deposited with the appropriate authorities on account of
any dispute:

Name of the
Statute

Nature of the
Dues
Amount (Rs.
Lakhs)
Period to
which the
amount
relates (F.Y.)
Forum where dispute is
pending

Income Tax Act,
1961

Income Tax and
Interest
8.58 FY2012-13

(AY2013-14)

National Faceless Appeals
Centre (NFAC)

Income Tax Act,
1961

Income Tax and
Interest
- FY2015-16

(AY2016-17)

National Faceless Appeals
Centre (NFAC)

Income Tax Act,
1961

Income Tax and
Interest
118.81 FY2016-17

(AY2017-18)

National Faceless Appeals
Centre (NFAC)

Income Tax Act,
1961

Income Tax and
Interest
1447.47 FY2017-18

(AY2018-19)

National Faceless Appeals
Centre (NFAC)

Income Tax Act,
1961

Income Tax and
Interest
872.21 FY2018-19

(AY2019-20)

National Faceless Appeals
Centre (NFAC)

viii. In our opinion and 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 instances of any transactions not recorded in
the books of account which have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961.

ix. (a) In our opinion and 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 defaulted in repayment of loans
or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our audit procedures,
we report that the Company has not been declared a willful defaulter by any bank or financial
institution or any other lender.

(c) In our opinion and according to the information and explanations given to us, the Company has
utilized the money obtained by way of term loans for the purpose for which they were obtained.

(d) According to the information and explanations given to us, and the procedures performed by us,
and on an overall examination of the financial statements of the Company, we report that no funds
raised on short-term basis have, prima facie not been utilized for long-term purposes by the Company.

(e) According to the information and explanations given to us and on an overall examination of the
financial statements of the Company, 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, associates or joint ventures.

(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.

x. (a) According to the information and explanations provided to us and the records of the Company
examined by us, the Company has not raised monies by way of initial public offer or further public
offer.

(b) According to the information and explanations given to us, the Company has not made any
preferential allotment/private placement of shares or convertible debentures (fully/partly/optionally
convertible) during the year.

xi. (a) To the best of our knowledge and according to the information and explanations given to us, we
report that no fraud by the Company or on the Company has been noticed or reported during the course
of audit.

(b) 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 by the Statutory Auditors and up to the date of this Report.

(c) As represented to us by the management, there are no whistle blower complaints received by the
Company during the year.

xii. The Company is not a Nidhi company as prescribed under Section 406 of the Companies Act.
Accordingly, the reporting requirement under clause 3 (xii) of the Order is not applicable.

xiii. In our opinion and according to the information and explanations given to us, all transactions with
related parties are in compliance with Sections 177 and 188 of the Act, 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) In our opinion and based on our examination, the Company has an internal audit system
commensurate with the size and nature of its business.

(b) The internal audit is performed as per a planned program approved by the management and those
charged with governance of the Company. We have considered, during the course of our audit, the
reports of the branch internal audits for the year under audit in accordance with the guidance
provided in SA 610 ‘Using the Work of Internal Auditors issued by the Institute of Chartered
Accountants of India.

xv. According to the information and explanations given to us, in our opinion, during the year the
Company has not entered into any non-cash transaction with its directors or persons connected with
its directors and hence reporting requirement under Clause 3 (xv) of the Order are not applicable to
the Company.

xvi. (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,

1934 and hence provisions of Clause 3(xvi)(a) of the Order are not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities which
requires the Company to obtain Certificate of Registration (CoR) from the Reserve Bank of India
as per the Reserve Bank of India Act 1934 and hence provisions of Clause 3(xvi)(b) of the Order
are not applicable to the Company.

(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) of the Order is not applicable.

(d) As per the information and explanations given to us, there are no core investment companies as
defined in the regulations made by the Reserve Bank of India as part of its group. Accordingly, clause
3 (xvi)(d) of the Order is not applicable.

xvii. The Company has incurred cash loss of Rs. 221.09 Lakhs in the financial year and Rs. 586.63 Lakhs
in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year, and hence provisions of Clause
3(xviii) of the Order are not applicable to the Company;

xix. According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors and
management plans and based on our examination of the evidence supporting the assumptions, 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 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;

xx. (a) In our opinion and according to the information and explanations given to us, there is no unspent
amount required to be transferred to a fund specified in Schedule VII of the Companies Act in
compliance with second proviso to sub section 5 of section 135 of the said Act for the year.

(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 transferred any unspent amount under sub section 5 of
section 135 of the Companies Act, pursuant to ongoing projects to a special account in compliance
with the provision of section 135(6) of the Companies Act.

ANNEXURE ‘B TO INDEPENDENT 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 Bang Overseas Limited (‘the
Company) as of 31st March 2025 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 design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring orderly and efficient conduct of its business, including adherence to Companys
policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness
of the accounting records, and timely preparation of reliable financial information, as required under the Act.

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 Act, 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 control operated
effectively in all material respects.

Our audit involved performing procedures to obtain audit evidence about adequacy of the Companys internal
financial controls system over financial reporting and their operating effectiveness. Our audit of the internal
financial controls over financial reporting included obtaining an understanding of the internal financial controls
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating design
and operating effectiveness of the internal control based on the assessed risk. The procedures selected depend
on the auditors judgment, including the assessment of the risk of material misstatement of the 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 reliability of financial reporting and 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 31st March 2025, 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 Bharat Gupta & Co.
Chartered Accountants
Firm Regd. No. 131010W

 

Sd/-
BHARAT GUPTA
Proprietor
Membership No: 136055
Place: Mumbai
Dated: 30th May 2025
UDIN: 25136055BMHXGP7394

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