To the Members of BHARAT WIRE ROPES LIMITED Report on the Audit of the standalone
Financial Statements
Opinion
We have audited the accompanying standalone financial statements of BHARAT WIRE
ROPES LIMITED, ("the Company") which comprise the Balance Sheet as at March
31, 2023, 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 notes to the financial statements, including a summary of the significant
accounting policies and other explanatory information (hereinafter referred to as
"the financial statements").
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 March 31, 2023, the profit and total
comprehensive income, changes in equity and its cash flows 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 specified under section 143(10) of the Act (SAs). 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 independence
requirements that are relevant to our audit of the standalone financial statements under
the 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 audit 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 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 matter described below to be the
key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditors responsibilities for
the audit of the standalone Ind AS financial statements section of our report, including
in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of risks of a material misstatement of
standalone Ind AS financial statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion
on the accompanying standalone Ind AS financial statements.
Sr No. |
Key Audit Matter Revenue Recognition |
Auditors Response Principal Audit Procedures |
| 1 |
Revenue is measured taking into account discounts and rebates earned by
the customers on sales. These arrangements result in deductions to gross sales in arriving
at turnover and give rise to obligations for the Company to provide customers with
rebates, discounts, allowances. |
Obtained an understanding of the policies and procedures applied to
revenue recognition including testing the design and operating effectiveness of controls
related to revenue recognition processes employed by the Company. • Performed
procedures by analyzing the cost of sales related to discounts, incentives, rebates and
margins to total revenue recognized as compared with prior year. • Assessed the
relevant estimates made by the management in connection with discounts incentives and
rebates at years end. • Performed procedures for a sample of revenue transactions at
the year end to assess whether they were recognized at the correct period by corroborating
the date of revenue recognition to third party support such as bills of lading, lorry
receipt etc. • Analyzed other adjustments and credit notes issued after the reporting
date. |
Information Other than the standalone Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, 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
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these 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
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; and
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the 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 are responsible for overseeing the Companys financial reporting
process.
Auditors Responsibilities for the 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 the override of internal
control.
• 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 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 financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone 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 standalone 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 standalone financial statements
of the current year and are therefore the key audit matters. We describe these matters in
our auditors report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements.
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government 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.
2. As required by section 143(3) of the Act, we report that
a. We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, the Statement of
Changes in Equity and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with Ind AS
specified under Section 133 of the
Act, read with relevant rule issued there under.
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 Internal financial controls over financial reporting
of the company and the operating effectiveness of such control, 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 requirement of section 197(16) of the Act, as amended:
i. 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 theAct.
h. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in
our opinion and to the best of our information and according to the explanation given to
us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its standalone 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 (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause iv(a) and iv(b) contain any material misstatement
v. The Company has not declared or paid any dividend during the year. Hence the
compliances with section 123 of Companies Act 2013, is not applicable.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rule, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company with effect from April 01, 2023, and
accordingly, reporting under 11(g) of Companies (Audit and Auditors) Rules, 2014 is not
applicable for the financial year ended March 31, 2023.
For NGS & CO. LLP.
Chartered Accountants Firm Registration No. 119850W
Ashok A. Trivedi
Place: Mumbai
Partner Date: 25th April, 2023
Membership No. 042472
UDIN: 23042472BGYNGY3579
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 of the Independent Auditors Report of even date to
the members of Bharat Wire Ropes Limited on the standalone financial statements as
of and for the year ended March 31, 2023)
To the best of our information and according to the explanations provided to us by the
Company and the books of account and records examined by us in the normal course of audit,
we state that:
i. In respect of the Companys Property, Plant and Equipment and Intangible Assets,
a. i. The company is maintaining proper records showing full particulars, including
quantitative detail and situation of property, plant and equipment.
ii. The Company has maintained proper records showing full particulars of intangible
asset.
b. The Company has a program of physical verification of property, plant and
equipments at periodic intervals. In our opinion, the period of verification is
reasonable having regard to the size of the Company and the nature of its assets.
Discrepancies reported on such verification have been properly dealt in the accounts.
c. According to the information and explanation given to us and on the basis of our
examination of the records of the company, the title deeds of immovable properties (other
than immovable properties where the company is the lessee and leases agreement are duly
executed in favour of the lessee) disclosed in the financial statement are held in the
name of the company.
d. The Company has not revalued any of its property, plant and equipment and intangible
assets during the year.
e. No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. (a) As explained to us, management has conducted physical verification of inventory
at regular intervals during the year.
In our opinion and according to the information and explanation given to us, the
procedures of physical verification of inventory followed by the management were
reasonable and adequate in relation to the size of the company and nature of business. In
our opinion and according to the information and explanation given to us, the company has
maintained proper records of its inventories and no material discrepancies were noticed on
physical verification.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company has been sanctioned working capital
limits in excess of five crore rupees, in aggregate, from banks and financial institutions
on the basis of security of current assets. In our opinion, the monthly returns or
statements field by the company with such banks or financial institutions are in agreement
with the books of account of the company.
iii. The Company has not made any investments in, provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured, to companies,
firms, Limited Liability Partnerships, or any other parties covered in the register
maintained under section 189 of the act. Hence, reporting under clause 3(iii) (a), (b),
(c), (d), (e) and (f) is not applicable.
iv. In our opinion and according to the information and explanation given to us, the
company has complied with the provisions of section 185 and 186 of the act, with respect
to the loans and investments made.
v. The Company has not accepted any deposit or amounts which are deemed to be deposits
within the meaning of sections
73, 74, 75 and 76 of the companies act and rules made thereunder to the extent
notified. Hence, reporting under clause 3(v) of the Order is not applicable.
vi. Pursuant to the rules made by the Central Government of India, the company is not
required to maintain cost records as specified under section 148(1) of the act in respect
of its business. Hence, reporting under clause 3(vi) of the Order is not applicable to the
Company.
vii. In respect of statutory dues:
(a) According to the information and explanation given to us and the records of the
company examined by us, in our opinion, the Company has generally been regular in
depositing 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 with
the appropriate authorities.
There were no undisputed amounts payable in respect of Goods and Service 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 arrears 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 explanation given to us and the records of the
company examined by us, the particulars of dues of Income Tax as at March 31, 2023 which
has not been deposited on account of a dispute are as follows:
Nature of Statute Nature of Forum where Period to which Amount Dues dispute is pending
amount relates (In Lakhs)
The Income Tax Income Tax Commissioner of A.Y. 2011 -12 156.80 Act,1961 Income Tax
–Appeals
viii.According to the information and explanation given to us and the records of the
company examined by us, 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) According to the records of the company examined by us and the information and
explanation given to us, the company has not defaulted in repayment of loans or other
borrowings or in the payment of interest to any lender to any lender during the year.
(b) According to the information and explanation given to us and on the basis of our
audit procedure, we report that the company has not been declared willful defaulter by any
bank or financial institution or government or any government or any government authority.
(c) In our opinion and according to the information and explanation given to us by the
management, 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 an overall
examination of the balance sheet of the company, we report that no funds raised on
short-term basis have been used for long term purposes by the company.
(e) According to the information and explanation given to us and the records of the
company examined by us, the company has not taken any funds from any entity / person on
account of / to meet the obligations of its associate.
(f) The Company has not raised any loans during the year on the pledge of securities
held in its associate company and hence reporting on clause 3(ix)(f) of the Order is not
applicable.
x. (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year and hence reporting under clause
3(x)(a) of the Order is not applicable.
(b) The Company has made preferential allotment of Equity Shares during the year and
the requirements of Section 42 and Section 62 of the Companies Act, 2013 have been
complied with and the funds raised have been used for the purposes for which the funds
were raised.
xi. (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 explanation given to us, we have neither come across any
instance of material fraud by the company or on the company, noticed or reported during
the year, nor have we been informed of any such case by the management.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government, during the year and upto 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 and hence Nidhi Rules, 2014 along with
reporting under clause 3(xii) of the order are not applicable
xiii.In our opinion, the Company has entered into transactions with related parties in
compliance with the provision of Section 177 and 188 of the Companies Act, 2013. The
details of such related party transactions have been disclosed in the standalone financial
statements as required by the applicable accounting standards (Ind As 24 – related
party disclosures) as specified u/s 133 of the act, read with Rule 7 of the companies
(accounts) Rules 2014.
xiv. (a) In our opinion and according to the information and explanation given to us,
the company has an internal audit system commensurate with the size and nature of its
business.
(b) The reports of the Internal Auditor for the period under audit have been considered
by us.
xv. The company has not entered into any non-cash transactions with its directors or
persons connected with its directors.
Accordingly, the provision of clause 3(xv) of the order is 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. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order
is not applicable to the company.
(b) The company has not conducted non-banking financial activities or housing finance
activities during the year.
Accordingly, the reporting under clause 3(xvi)(b) of the order is not applicable to the
company.
(c) The company is not a Core investment company (CIC) as defined in the regulation
made by the Reserve Bank of India. Accordingly, the reporting under clause 3(xvi)? of
the order is not applicable to the company.
(d) There is no group company/ Core Investment Company. Accordingly, the requirement to
report on clause 3(xvi) of the Order is not applicable to the Company.
xvii. The company has not incurred cash losses during the financial year covered under
audit and immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during
the year.
xix. 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 and our knowledge of the Board of Directors and Management
plans and based on our examination of the evidence supporting the assumptions, nothing has
come to our attention, which causes us to believe that any material uncertainty exists as
on the date of the audit report indicating that 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. As at balance sheet date, the Company does not have any amount remaining unspent
under Section 135(5) of the Act.
Accordingly, reporting under clause 3(xx) of the order is not applicable to the
company.
For NGS & CO. LLP.
Chartered Accountants
Firm Registration No. 119850W
Ashok A. Trivedi
Place: Mumbai Partner
Date: 25th April, 2023
Membership No. 042472
UDIN: 23042472BGYNGY3579
ANNEXURE - B TO THE AUDITORS REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over standalone financial reporting of BHARAT
WIRE ROPES LIMITED ("the Company") as of March 31, 2023 in conjunction with
our audit of the standalone financial statements of the Company for the year ended on that
date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over standalone 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
standalone Financial Reporting issued by the Institute of Chartered Accountants of India
(ICAI). These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to companys policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over standalone financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls over standalone
Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over standalone financial reporting was
established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over standalone financial reporting and their
operating effectiveness. Our audit of internal financial controls over standalone
financial reporting included obtaining an understanding of internal financial controls
over standalone financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditors judgment,
including the assessment of the risks of material misstatement of the standalone 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 standalone financial reporting.
Meaning of Internal Financial Controls over Standalone Financial Reporting
A companys internal financial control over standalone financial reporting 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 over
standalone 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 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
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 standalone
financial statements.
Limitations of Internal Financial Controls over standalone 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 standalone
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 standalone financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based
on the internal control over standalone 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 standalone Financial Reporting issued by
the Institute of Chartered Accountants of India.
For NGS & CO. LLP.
Chartered Accountants Firm Registration No. 119850W
Ashok A. Trivedi
Place: Mumbai
Partner Date: April 25, 2023
Membership No. 042472
UDIN: 23042472BGYNGY3579
+91-9892691696
