To
The Members of
Bhagawati Oxygen Limited
Report on the Audit of the Ind AS Financial Statements
Opinion
We have audited the accompanying Ind AS Financial Statements of Bhagawati Oxygen
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 the 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 for the year ended on that date (hereinafter referred to as
“Ind AS Financial Statements).
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Ind AS Financial Statements give the information required by
the Companies Act, 2013 (“the Act “) in the manner so required and give a true
and fair view in conformity with the Indian Accounting 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 March 31, 2023, its Loss (including other
comprehensive income), changes in equity and its cash flows 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 Responsibilitiesfor 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(“ICAI”) together with the ethical requirements that are
relevant to our audit of the Ind AS Financial Statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAIs Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Ind AS Financial Statements of the current period. These
matters were addressed in the context of our audit of the Ind AS 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.
Information Other than the Ind ASFinancial 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 Report of the Board of Directors,
Extract of Annual Returns, Directors Responsibility Statement and other annexure to
Directors Report including Shareholders Information, but does not include the Ind AS
Financial Statements and our auditors report there on. Our opinion on the 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 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 Ind AS 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 misstatementof this other information; we
are required to report that fact. We have nothing to report in this regard.
Management Responsibility for the Ind AS Financial Statements
TheCompanys Board of Directors is responsible for the matters stated in section 134(5)
of the Act with respect to the preparation of these Ind AS Financial Statements that give
a true and fair view of the financial position and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the accounting
standards 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 accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectivelyfor
ensuring the accuracy and completeness of the accounting records, relevantto the
preparation and presentation of the Ind AS Financial Statements that give atrue and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS Financial Statements, the Board of Directors are 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. The Board of Directors are
also responsible for overseeing the Companys financial reporting process.
Auditors Responsibility for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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
Standards on Auditing (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 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 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 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 system with reference to Ind AS Financial Statements
in place and the operating effectiveness of such controls;
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures in the Ind AS Financial Statements 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. Our conclusion are based on the
audit evidence obtained up to the date of auditors report however, future events or
conditions may cause the Companyto cease to continue as a going concern; and
Evaluate the overall presentation, structure and content of the Ind AS Financial
Statements, including the disclosures, and whether the Ind AS Financial Statements
represent the underlying transactions and event in a manner that achieves fair
presentation. Materiality is the magnitude of misstatements in the Ind AS Financial
Statements that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Ind AS Financial Statements may be
influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the Ind AS Financial
Statements. 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 Ind AS 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
i. As required by the Companies (Auditors Report) Order, 2020 (“the Order),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the “Annexure-A”, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
ii. Further to our comments in the annexure referred to in the paragraph above, 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), Statement of Changes in Equity and the Statement of Cash Flows 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 Indian
Accounting Standards specified under Section 133 of the Act.
e) On the basis of written representation received from the directors as on March 31,
2023, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as director in terms of Section 164 (2) of the
Act.
f) With respect to the adequacy of the internal financial controls with reference to
Ind AS Financial Statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure B”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Companys internal
control;
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, 2014and subsequent
amendments thereto, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its Ind AS Financial Statements - Refer Note no. 34 to the accompanying Ind AS
Financial Statements;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;
iii. There were no amounts which were 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 persons
or entities, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or
provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
b. The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall:
directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding
Party or
provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries; and c. Based on such audit procedures as 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 (iv)(a) and (b) alone contain any
material mis-statement.
v.The Company has not declared or p aid dividend during the year.
| FOR CHATURVEDI & CO |
S.C. Chaturvedi |
|
| Chartered Accountants |
Partner |
|
| (Firms Registration No.302137E) |
M. No:-012705 |
Place- Kolkata |
|
UDIN: -23012705BGWLYL7915 |
Date- 30th May, 2023 |
“Annexure-A” to the Independent Auditors Report
[Referred to in Paragraph (i) under “Report on Other Legal and Regulatory
Requirements” section of our Independent Auditors Report] (i) In respect of the Comp
anys property, plant and equipment, right-of-use assets and intangible assets:
(a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situations of Property, Plant and Equipment.
(B) The Company has no intangible assets.
(b) As per the information and explanations given to us and on the basis of our
examination of the record of the Company, the Property, Plant and Equipment have been
physically verified by the management during the year, which in our opinion is reasonable,
having regard to the size of Company and nature of its business. No discrepancies have
been noticed on the physical verification.
(c) According to the information and explanations given to us, the records examined by
us and based on the Title deeds provided to us, we report that, the title deeds,
comprising immovable properties of land and building are in the name of the company as on
the balance sheet date.
(d) 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 revalued its Property,
plant and equipment 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 initiated or pending
against the Company for holding any benami property under the of Benami Property
(Prohibition) Act, 1988 and rules made there under.
(ii) (a) As informed the inventories of the Company, have been physically verified by
the management during the year. In our opinion and according to the information and
explanations given to us, the frequency of such verification is reasonable and procedures
and coverage as followed by management were appropriate. No discrepancies were noticed on
verification between the physical stocks and the book records that were 10% or more in the
aggregate for each class of inventory.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not been sanctioned working
capital limits in excess of five crore rupees, in aggregate, from banks or financial
institution on the basis of security of current assets.
(iii) According to the information and explanation given to us, the Company has not
granted any loans, secured or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the register maintained under section 189 of the
Companies Act, 2013 as such provisions of paragraph 3(iii) of the said order are not
applicable.
(iv) In our opinion and according to information and explanations given to us the
Company has, in respect of loans, investments, guarantees, and security, complied with the
provisions of section 185 and 186 of the Act. The Company has not accepted any deposits or
amounts which are deemed to be deposits from the public within the meaning of sections 73
to 76 or any other relevant provisions of the Act. In respect of overdue earnest money
deposits and security deposits, Management is of the view that overdue earnest money
deposits and security deposits of suppliers/contractors appearing in the books are in the
nature of retention money for performance of contracts for supply of goods and services
and accordingly, not to be treated as deemed deposits by virtue of amendment in rule 2,
sub rule (1), clause (c) of the Companies (Acceptance of Deposits) Amendment Rules 2016.
(vi) Based on the information available and explanations given to us, the maintenance
of Cost records has not been specified by the Central Government under section 148(1) of
the Companies Act, 2013 for any of the products manufactured by the company.
(vii) In respect of statutory dues:
(a) According to the information and explanations given to us, during the year, the
Company has generally been regular in depositing with appropriate authorities undisputed
statutory dues including Goods and Services Tax, Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service tax, duty of custom, duty of excise, Value Added
Tax, Cess and other material statutory dues as applicable to it. There were no undisputed
amounts payable in respect of Goods and Services Tax, Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service tax, duty of custom, duty of excise, Value Added
Tax, Cess and other material statutory dues in arrear as at March 31, 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 and as per the records of
the Company examined by us, the particulars of dues of Sale tax, Income tax and Central
excise, which have not been deposited on account of any dispute as at March 31, 2023are
given below:
Serial No |
Name of the Statute |
Nature of dues |
Amount (In INR) |
Period to which the amount relates |
Forum where pending |
1 |
Central Excise Act |
Central Excise |
7,97,16,430 |
2010-2011 to 2017-18 |
CESTAT, Kolkata |
| 2 |
Value Added Tax |
Value Added Tax (VAT) |
5,81,251 |
2019-20 |
JCCT, Jamshedpur |
(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 (43 of 1961).
(ix) (a) In our opinion and on the basis of information and explanations given to us by
the management, we are of the opinion that 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
examination of the records of the Company, the Company has not been declared a willful
defaulter by any bank or financial institution or other lender.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, term loans were applied for the purpose for
which the loans were obtained.
(d) 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 raised any fund on short-
term basis.
(e) According to the information and explanations given to us and on an overall
examination of the Ind AS 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 or joint ventures. Accordingly, clause 3(ix)(e) of the Orderis not
applicable.
(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 or joint ventures. Accordingly, clause 3(ix)(f) of the
Order is not applicable.
(x) (a) In our opinion and according to the information and explanations given to us,
the Company has not raised any money by way of initial public offer or further public
offer (including debt instruments) during the yearas such, clause 3(x)(a) of the Order is
not applicable.
(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 made any preferential
allotment or private placement of shares or fully or partly or optionally convertible
debentures during the year. Accordingly, clause 3 (x)(b) of the Order is not applicable to
the Company.
(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 principles of materiality
outlined in Standards on Auditing, we report that no fraud by the Company or on the
Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Companies Act, 2013 has been filed by the auditors
in Form ADT-4 as prescribed under Rule 13 ofCompanies (Audit and Auditors) Rules, 2014
with the Central Government.
(c) According to the information and explanations given to us, no whistle blower
complaints have been received by the company during the year.
(xii) The Company is not a Nidhi Company as such, reporting under clauses 3(xii) (a),
(b) and (c) of the Order is not applicable to the Company.
(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 Section 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the Note No. 38 of Ind AS Financial Statements as
required by the applicable accounting standards.
(Xiv)(a) The company is having Internal Audit Department responsible for carrying out
the internal audit as per the approved audit plan. The internal audit system adopted by
the internal audit department is commensurate with the size and nature of the business of
the company.
(b) We have considered the internal audit reports for the year under audit, submitted
by Internal Audit Department to the Company during the year and till date, in determining
the nature, timing and extent of our audit procedures.
(xv) According to the information and explanations given to us and as represented to us
by the management 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 with him.
Accordingly, clauses 3(xv) of the Order are not applicable.
(xvi) According to the information and explanations given to us and based on our
examination of the records of the Company,
(a) The Company is not required to be registered under section 45-IAof the Reserve Bank
of India Act 1934.
(b) The company has not conducted any Non- Banking Financial or Housing Finance
activities during the year.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India.
(d) The Group does not have any CIC. Accordingly, clauses 3(xvi) (a), (b), (c) and (d)
of the Order are not applicable.
(xvii) The Company has incurred cash losses in the current and in the immediately
preceding financial year of INR 1,03,12,320 and INR 60,26,396 respectively.
(xviii) There has been no resignation of the statutory auditors during the year.
Accordingly, clause 3 (xviii) of the Order is not applicable.
(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 Ind AS
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.
(xx) 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, clauses 3(xx)(a) and 3(xx)(b) of the Order are
not applicable.
| FOR CHATURVEDI & CO |
S.C. Chaturvedi |
|
| Chartered Accountants |
Partner |
|
| (Firms Registration No.302137E) |
M. No:-012705 |
Place- Kolkata |
|
UDIN: -23012705BGWLYL7915 |
Date- 30th May, 2023 |
“Annexure B to the Independent Auditors Report”[Referred to in Paragraph
(ii) (f) under “Report on Other Legal and Regulatory Requirements” section of
our Independent Auditors Report]
Report on the Internal Financial Controls with reference to Ind AS Financial Statements
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
We have audited the internal financial controls with reference to Ind AS Financial
Statements of Bhagawati Oxygen Limited (“the Company) as at March 31, 2023 in
conjunction with our audit of the 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 with reference to Ind AS Financial
Statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India (the
“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 Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls with reference to Ind AS Financial Statements based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) issued by the Institute of
Chartered Accountants of India and the Standards on Auditing 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 with reference to Ind AS Financial Statements 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 with reference to Ind AS Financial Statements and
their operating effectiveness. Our audit of internal financial controls with reference to
Ind AS Financial Statements included obtaining an understanding of internal financial
controls with reference to Ind AS Financial Statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend on the
auditors judgement, including the assessment of the risks of material misstatement of the
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 with reference to Ind AS Financial
Statements. Meaning of Internal Financial Controls with reference to Ind AS Financial
Statements A Companys internal financial control with reference to Ind AS Financial
Statements is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of Ind AS Financial Statements for external
purposes in accordance with generally accepted accounting principles. A Companys internal
financial control with reference to Ind AS Financial Statements includes those policies
and procedures that
(1) pertain to the maintenance of records that, in reasonable deail, accurately and
fairly reflect the transactions and dispositions of the asses of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of Ind AS Financial Statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are being made
only in accordance with authorizations of management and directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the Companys assets that could have a
material effect on the Ind AS Financial Statements.
Inherent Limitations of Internal Financial Controls with reference to Ind AS Financial
Statements
Because of the inherent limitations of internal financial controls with reference to
Ind AS Financial Statements, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls with
reference to Ind AS Financial Statements to future periods are subject to the risk that
the internal financial control with reference to Ind AS Financial Statements 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
with reference to Ind AS Financial Statements and such internal financial controls with
reference to Ind AS Financial Statements were operating effectively as at March 31, 2023,
based on the internal control with reference to Ind AS Financial Statements criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.
| FOR CHATURVEDI & CO |
S.C. Chaturvedi |
|
| Chartered Accountants |
Partner |
|
| (Firms Registration No.302137E) |
M. No:-012705 |
Place- Kolkata |
|
UDIN: -23012705BGWLYL7915 |
Date- 30th May, 2023 |
+91-9892691696
