TO THE MEMBERS OF BHANDERI INFRACON LIMITED
Report on the Audit of the Standalone Financial Statements Opinion
1. We have audited the accompanying standalone financial statements of Bhanderi
Infracon Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2023, and
the Statement of Profit and Loss, and statement of Cash Flow Statement for the year then
ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information
(hereinafter referred to as the "standalone financial statements").
2. 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 accounting principles generally accepted in India. In case of Balance
Sheet, of the state of affairs of the Company as at March 31, 2023; In case of the
Statement of Profit & Loss Account, of the profit of Company for the year ended on
that date; In case of the Cash Flow Statement, of the Cash flow of the Company for the
year ended on that date.
Basis for Opinion
3. 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 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 made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be
the key audit matters to be communicated in our report.
| Key Audit Matter |
Auditors Response |
| Revenue recognition in respect of sale of services: |
Our Audit Procedure includes the following: |
| Revenue from the sale of services (hereinafter referred to as "Revenue") is
recognised when the Company performs its obligation to its customers and the amount of
revenue can be measured reliably and recovery of the consideration is probable. |
Assessing the appropriateness of the Companys revenue recognition accounting
policies. |
| The timing of such recognition in case of sale of services is when the actual service
has been provided to the customer. |
Evaluating the design and implementation of Companys controls in respect of revenue
recognition. |
|
Testing the effectiveness of such controls over revenue cut off at year-end. |
|
Obtained confirmations from the customers on sample basis to support existence
assertion of trade receivables and assessed the relevant disclosure made in financial
statements. |
Information Other than the Standalone Financial Statements and Auditors Report thereon
5. The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the annual
report, but does not include the standalone financial statements and our auditors report
thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon. In connection with our
audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this
regard.
Managements Responsibility for the Standalone Financial Statements
6. The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (‘the act) with respect to the preparation of
these standalone financial statements that give a true and fair view of the financial
position, financial performance 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
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; design, implementation and
maintenance of adequate internal financial controls, that are 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.
7. 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 are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility for the Audit of the Standalone Financial Statements
8. 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 consider 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.
9. 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 the override of internal controls.
Obtain an understanding of internal financial controls 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 in place and the operating
effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors 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.
10. 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.
11. 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.
12. 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
13. 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 paragraphs 3
and 4 of the Order, to the extent applicable.
14. 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 purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by the
Company so far as appears from our examination of those books;
c) the Standalone Balance Sheet, Statement of Profit and Loss, and 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
applicable Accounting Standards specified under Section 133 of the Act.;
e) on the basis of written representations 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 a director in terms of Section 164(2) of the
Act;
f) with respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in
"Annexure B";
g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial
position.
ii. The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses does not arise.
iii. There has not been any occasion in case of the Company during the year under
report to transfer any sums to the Investor Education and Protection Fund. The question of
delay in transferring such sums does not arise.
iv. (a) The management has represented that, to the best of its knowledge and belief,
as disclosed in the notes to the accounts, no funds have been advances or loaned or
invested (either from borrowed funds or share premium or any other sources or kin 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 the Ultimate
Beneficiaries.
(b) The Management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, 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 by or on behalf of the Funding Parties ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries, and
(c) Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representation under sub-clause (a) and (b) contain any material misstatement.
v. The Company has not declared any dividend during the year.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which
provides for books of account to have the feature of audit trail, edit log and related
matters in the accounting software used by the Company, is applicable to the Company only
with effect from financial year beginning April 1, 2023, the reporting under clause (g) of
Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not
applicable.
h) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to the explanations given to us, the
Company has not paid any remuneration to its directors during the year.
| For S A R A & Associates |
| Chartered Accountants |
| (Firm Registration No. 120927W) |
| Sd/- |
| Chirag Shah |
| Partner |
| Membership No. 151285 |
| Mumbai, |
| Date: 23.06.2023 |
| UDIN: 23151285BGXSEN4608 |
Annexure A to the Auditors Report
The annexure referred to in Independent Auditors Report to the members of BHANDERI
INFRACON LIMITED on the standalone financial statements for the year ended 31st March,
2023, we report that:
v. (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment.
(b) The Property, Plant and Equipment of the Company have been physically verified by
the Management according to a phased programme designed to cover all the items over a
period, which in our opinion, is reasonable having regard to the size of the Company and
the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are
held in the name of the Company.
(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 (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 proceeding initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder and therefore the question
of our commenting on whether the Company has appropriately disclosed the details in its
financial statements does not arise.
vi. (a) The inventory has been physically verified by the Management during the year.
In our opinion, the frequency of verification is reasonable. On the basis of our
examination of the inventory records, in our opinion, the Company is maintaining proper
records of inventory. The discrepancies noticed on physical verification of inventory as
compared to book records were not material.
(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 any working
capital limits from banks or financial institutions on the basis of the security of
current assets at any point of time during the year. Accordingly, clause 3(ii)(b) of the
Order is not applicable to the Company.
vii. The Company has made investments in other companies/firms. The company has not
granted any loans, guarantee or securities or granted any advances in nature of loans,
secured or unsecured to companies, firms, limited liability partnership or other parties.
(a)(A) The Company has not given any loan or advances and guarantee or security to
subsidiaries, joint ventures and associates. Accordingly, clause 3(iii)(a)(A) of the Order
is not applicable.
(B) The Company has not given any loan to any parties other than the subsidiary, joint
venture or associates. Accordingly, clause 3(iii)(a)(B) of the order is not applicable.
(b) Accordingly to the information and explanations given to us and on the basis of our
examination of the records of the Company, the investment made by the Company are prima
facie not prejudicial to the Companys interest.
(c) According to the information and explanations given to us and on the basis of our
examinations, Company has not given any loan or advances in nature of loans, accordingly,
clause 3(iii) (c) is not applicable.
(d) According to the information and explanations given to us and on the basis of our
examinations, Company has not given any loan or advances in nature of loans, accordingly,
clause 3(iii) (d) is not applicable.
(e) According to the information and explanations given to us and on the basis of our
examinations, Company has not given any loan or advances in nature of loans, accordingly,
clause 3(iii) (e) is not applicable.
(f) According to the information and explanations given to us and on the basis of our
examinations, Company has not given any loan or advances in nature of loans, accordingly,
clause 3(iii) (f) is not applicable.
viii. The Company has not granted any loans, or provided any guarantees or security to
the parties covered under Section 185 of the Act. Further, in our opinion and according to
the information and explanation given to us, the Company has complied with the provisions
of section 186 of the Act, with respect to the investments made by it.
ix. The Company has not accepted any deposits or amount which are deemed to be deposits
within the meaning of Section 73 to 76 of the Act and the Rules framed thereunder to the
extend notified.
x. Pursuant to the Rules made by the Central Government of India, the maintenance of
cost records has been prescribed under subsection (1) of Section 148 of the Act, is not
applicable to the company.
xi. (a) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, amount deducted/accrued in the books of
account in respect of undisputed statutory dues including goods & service tax,
provident fund, employees state insurance, income tax, sales tax, service tax, duty of
customs, duty of excise, value added tax, Cess and other material statutory dues, if any,
as applicable, have been regularly deposited during the year by the Company with the
appropriate authorities.;
(b) 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 statutory dues relating to goods
& service tax, provident fund, employees state insurance, income tax, sales tax,
service tax, duty of customs, duty of excise, value added tax, Cess and other material
statutory dues, which have not been deposited on account of any dispute except of
followings:
| Name of Statue |
Nature of Dues |
Assessment Year |
Disputed Amount |
Pending before |
| I.T. Act, 1961 |
Tax Deducted at Source |
2022-23 |
Rs.73,212/- |
CPC |
| I.T. Act, 1961 |
Tax Deducted at Source |
2021-22 |
Rs.47,583/- |
CPC |
| I.T. Act, 1961 |
Tax Deducted at Source |
2020-21 |
Rs.3,211/- |
CPC |
| I.T. Act, 1961 |
Tax Deducted at Source |
Years prior to A.Y. 2017-18 |
Rs.9,13,883/- |
CPC |
xii. According to the information and explanations given to us and the records of the
Company examined by us, there are no transactions in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax 1961, that has not been recorded in the books of account.
xiii. (a) The Company have not taken any loans or borrowings from any financial
institution, banks, government or debenture holders during the year. However, Company has
taken loan from directors and has not defaulted on payment of borrowings.
(b) The Company has not taken any loan from bank or financial institution and has not
been declared wilful defaulter by any bank or financial institution or any lender.
(c) The Company has not taken any term loan and accordingly, clause 3(ix)(c) of the
order is not applicable.
(d) According to the information and explanation given to us and on the basis of our
verification, the funds raised by the company on short term basis has not been used for
long term purpose.
(e) According to the information and explanations given to us, Company has not taken
any fund from any entity or person on account of or to meet the obligations of its
subsidiaries, associates or joint ventures.
o According to the information and explanations given to us, Company has not raised any
loan on the pledge of securities held in its subsidiaries, joint ventures or associates
companies.
xiv. The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) during the year. The Company has not made any
preferential allotment or private placement of share or fully or partially or optionally
convertible debentures during the year. Accordingly, paragraph 3 (x) of the Order is not
applicable.
xv. (a) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company, notices or reported during
the year, nor have we been informed of any such case by the management.
(b) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, a report under section 143(12)
of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)
Rules, 2014 was not required to be filed with the Central Government. Accordingly, the
reporting under clause 3(xi)(b) of the Order is not applicable to the Company.
(c) During the course of our examination of books and records of the Company, carried
out in accordance with the generally accepted auditing practices in India, and according
to the information and explanations given to us, the Company has not received any whistle
blower complaints during the year. Accordingly, the reporting under clause 3(xi)(c) of the
Order is not applicable to the Company. xvi. In our opinion and according to the
information and explanations given to us, the Company is not a nidhi company. Accordingly,
paragraph 3(xii) of the Order is not applicable.
xvii. According to the information and explanation given to us and based on our
examinations of the records of the Company, transactions entered into by the Company with
the related parties are in compliance with the provisions of section 177 and 188 of the
Companies Act, 2013 and the details have been disclosed in the financial statement as
required by the applicable accounting standard.
xviii. In our opinion and according to the information and explanations given to us,
the Company does not have an internal audit system. Hence we have nothing to comment with
regards to the reports of the Internal Auditors.
xix. According to the information and explanation 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 with him. Accordingly, paragraph 3(xv) of
the order is not applicable.
xx. (a) The Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act
1934. Accordingly, the reporting under clause 3(xvi)(a) of the Order is not applicable.
(b) The Company has not conducted non-banking financial/housing finance activities
during the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not
applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, the reporting under Clause 3(xvi)(c) of
the Order is not applicable.
(d) Based on the information and explanations provided by the management of the
Company, the Group does not have any CICs, which are part of the Group. We have not,
however, separately evaluated whether the information provided by the management is
accurate and complete.
xxi. The Company has not incurred any cash losses in the financial year or in the
immediately preceding financial year.
xxii. There has been no resignation of the statutory auditors during the year and
accordingly the reporting under Clause 3(xvii) of the Order is not applicable.
xxiii. According to the information and explanations given to us and on the basis of
the financial ratios, ageing and expected dates of realisation of financial assets and
payment of financial liabilities, other information accompanying the standalone financial
statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of the
audit report that the Company is not capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to
the date of the audit report and we 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. xxiv. 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 Act pursuant to any project. Accordingly, clauses 3(xx)(a) and
3(xx)(b) of the Order are not applicable.
xxv. The reporting under clause 3(xxi) of the Order is not applicable in respect of
audit of Standalone
Financial Statements. Accordingly, no comment in respect of said clause has been
included in this report.
| For S A R A & Associates |
| Chartered Accountants |
| (Firm Registration No. 120927W) |
| Sd/- |
| Chirag Shah |
| Partner |
| Membership No. 151285 |
| Mumbai, |
| Date: 23.06.2023 |
| UDIN: 23151285BGXSEN4608 |
Annexure B to the Independent Auditors Report on the Standalone Financial Statements
of
Bhanderi Infracon Limited for the year ended 31st March, 2023.
Report on the Internal Financial Controls with reference to the Standalone Financial
Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013.
Opinion
1. We have audited the internal financial controls over financial reporting of BHANDERI
INFRACON 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
2. 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 Ac.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls with reference to the financial statements based on our audit. We conducted our
audit in accordance with 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.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system with reference to the standalone financial
statement and their operating effectiveness. Our audit of internal financial controls with
reference to standalone financial statements included obtaining an understanding of
internal financial controls with reference to standalone financial statement, assessing
the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the standalone financial statements, whether due to fraud or
error.
5. 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
with reference to standalone financial statement.
Meaning of Internal Financial Controls with reference to standalone financial statement
6. A companys internal financial controls with reference to standalone financial
statements is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of standalone financial statements for external
purposes in accordance with generally accepted accounting principles. A companys internal
financial control with reference to the standalone financial statements includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of standalone financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the standalone financial statements.
Inherent Limitations of Internal Financial Controls with reference to the standalone
financial statements
7. Because of the inherent limitations of internal financial controls with reference to
the standalone financial statements, including the possibility of collusion or improper
management override of controls, material misstatements due to error of fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial
controls with reference to the standalone financial statements to future periods are
subject to the risk that the internal financial control over with reference to the
standalone financial statements may become inadequate because of changes in conditions, or
that the degree of compliances with the polices or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal
financial controls system with reference to financial statements and such internal
financial controls with reference to financial statements were operating effectively as at
March 31, 2023, except Company has not appointed internal auditor, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance issued by the
Institute of Chartered Accountants of India.
| For S A R A & Associates |
| Chartered Accountants |
| (Firm Registration No. 120927W) |
| Sd/- |
| Chirag Shah |
| Partner |
| Membership No. 151285 |
| Mumbai, |
| Date: 23.06.2023 |
| UDIN: 23151285BGXSEN4608 |
+91-9892691696
