To the Members of Bihar Sponge Iron Limited Report on the Financial Statements
Qualified Opinion
We have audited the accompanying financial statements of M/s. BIHAR SPONGE IRON LIMITED
(the Company), which comprise the Balance Sheet as at 31 March, 2023, and 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, including a summary of the
significant accounting policies and other explanatory information (hereinafter referred to
as "the Ind AS Financial Statements").
In our opinion and to the best of our information and according to the explanations
given to us, except for the possible effects of the matter described in the Basis for
Qualified Opinion section of our report, the aforesaid 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 31 March, 2023,
the loss and total comprehensive income(loss), changes in equity and its cash flows for
the year ended on that date.
Basis for Qualified Opinion
As explained in the Notes to the financial statement, the company has not provided
under noted liabilities:
I. Non recognition of liability on account of currency fluctuations on foreign currency
loan and interest thereon (as required under Indian Accounting Standard - 21) amounting to
Rs. 4065.68 lakhs as provided in the BIFR Scheme dt. 29.07.2004 and also confirmed by
AAIFR/Single Bench of Jharkhand High Court, Ranchi. The company has filed Letters Patent
Appellate Jurisdiction (LPA) before the Divisional Bench of High Court of Jharkhand,
Ranchi. It is pertinent to note that IFC (Washington) had filed application for withdrawal
in C.A. No. 4075 of 2016 on 27.07.2018. In view of the same interest has not been provided
in the books of accounts. (refer other note no. 3(III) appearing in Annexure 1).
II. Non recognition of penalty of Rs. 215.28 lakhs recovered by South Eastern Coal
Fields Ltd. on account of short lifting of coal in terms of Fuel Supply Agreement since
the matter has been disputed by the Company under writ petition filed before the Honble
High Court of Chhattisgarh ,Bilaspur .The amount has been included in long terms loans and
advances.(refer other note no 5 of Annexure I (iii)).
III. The Company has approached its promoters for one time settlement of their loans.
The settlement will be subsequent to and on the line as per settlement arrived at with
Government of Jharkhand for soft loans. Interest on Soft Loan from Government of Jharkhand
under Jharkhand Industrial Rehabilitation Scheme 2003 amounting to Rs.6576.83 lakhs not
been provided and is subject to representations for waiver. The Honble High Court of
Jharkand, Ranchi vide its order dated 09.06.2022 has directed the Company to pay Rs. 1.25
crores per month to be adjusted in the principal amounts.The Company has started payment
from July,2022.Taking into consideration non provision of likely liabilities mentioned
paragraph i, ii & iii above a. The net result for the year would have been a loss of
Rs. 9644.24 lakhs as compared to the disclosed profit of Rs. 1213.55 lakhs. b. Accumulated
losses would have been Rs.32694.04 lakhs as compared to disclosed losses of Rs. 21836.25
lakhs. c. The above losses is however subject to ascertainment of liabilities as mentioned
in Para iii.
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditors Responsibilities for the Audit of
the 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
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 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 financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. We have
determined that there are no key audit matters to communicate in our report.
Information Other than the 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, Corporate
Governance and Shareholders Information, but does not include the financial statements
and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the 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.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these 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 Indian Accounting Standards (Ind AS) and other 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 judgements and
estimates that are reasonable and prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, 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 Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As a part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal 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 and its subsidiary companies which are companies incorporated in India, has
adequate internal financial controls system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management. •
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit, 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, 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 financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with the Companies
(Indian Accounting Standards) Rules, 2015..
(e) On the basis of the written representations received from the Directors as on 31
March, 2023 taken on record by the Board of directors, none of the Directors is
disqualified as on 31 March, 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 A". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the internal financial control over financial
reporting of those companies, for reasons stated therein.
(g) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of Section 197 of the Act.
(h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended 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
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 person(s)
or entity(ies), 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 by or on behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any person(s) or entity(ies), including
foreign entity (ies).
Based on the audit procedures performed 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 (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material misstatement.
2. 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 "Annexure B" a statement on the matters specified in paragraphs 3 and
4 of the Order.
Annexure A to the Independent Auditors Report
(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements
section of our report of even date)
In terms of the information and explanations sought by us and given by the Company and
the books of account and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state that:
(i) (a) A. The Company has maintained proper records showing full particulars,
including quantitative details and situation of property, plant and equipment
B. The Company has maintained proper records showing full particulars of intangible
assets.
(b) The Company has a programme of physical verification to ensure that all the assets
are verified at reasonable intervals which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. Management has physically verified
major fixed assets during the year and no major discrepancy has been noticed on such
verification as compared to book records.
(c) With respect to immovable properties disclosed in the financial statements included
in property, plant and equipment, according to the information and explanations given to
us , we report that, the title deeds of such immovable properties are held in the name of
the Company as at the balance sheet date.
(d) The Company has not revalued any of its property, plant and equipment and
intangible assets during the year.
(e) As per the details and information shared with us, 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) Inventories have been physically verified by the management at reasonable
intervals during the year. In our opinion, the frequency ofvsuch 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 more than 10% in the aggregate of each class of inventory
(b) According to the information and explanations given to us, at any point of time of
the year, the Company has not been sanctioned any working capital facility from banks or
financial institutions and hence reporting under clause (ii)(b) of the Order is not
applicable.
(iii) The Company has not granted unsecured loans to its subsidiaries and employees and
has not made any investments in, provided any guarantee or security or advances in the
nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships
or any other parties during the year.
(iv) According to information and explanation given to us, the Company has not granted
any loans, made investments or provided guarantees or securities that are covered under
the provisions of sections 185 or 186 of the Companies Act, 2013, and hence reporting
under clause (iv) of the Order is not applicable.
(v) The Company has not accepted any deposit or amounts which are deemed to be
deposits. Hence, reporting under clause (v) of the Order is not applicable.
(vi) We have broadly reviewed the cost records maintained by the Company pursuant to
the Rules made by the Central Government for the maintenance of cost records under
sub-section (1) of Section 148 of the Act in respect of Companys products and are of the
opinion that, prima facie, the prescribed accounts and records have been made and
maintained. However, we have not made a detailed examination of the cost records with a
view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion, the Companyvis regular in depositing
undisputed statutory dues in respect of income tax, Goods and Service tax, and other
material statutory dues as applicable with the appropriate authorities. Further, there
were no undisputed amounts outstanding at the yearend for a period of more than six months
from the date they became payable as at 31st March, 2023.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, statutory dues relating to Goods and Service
Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or
other statutory dues which have not been deposited on account of any dispute are as
follows:
| Name of the statute |
Forum where Dispute pending |
|
Nature of dues |
Period of dispute |
Amount (Rs. Lakhs) |
| 1. JVAT Act, 2005 |
Commissioner of Commercial Jharkhand, Ranchi. |
Taxes |
Tax on JVAT. |
2010-11 |
37.91 |
| 2. JVAT Act, 2005 |
Commissioner of Commercial Jharkhand, Ranchi. |
Taxes |
Tax on JVAT. |
2010-11 |
81.40 |
| 3. JVAT Act, 2005 |
Commissioner of Commercial Jharkhand Ranchi. |
Taxes, |
Central Sales Tax |
2010-11 |
30.96 |
| 4. JVAT Act, 2005 |
Commissioner of Commercial Jharkhand, Ranchi. |
Taxes |
Tax on CST |
2013-14 |
34.91 |
| 5. I ncome Tax Act, 1961 |
ITAT, Patna |
|
Short deduction of tax at source and collection of Tax at Source with interest and
penalty raised by DCIT, JSR and confirmed by the commissioner of Income Tax (Appeals), JSR
on 28-032016. |
A.Y.2004-05 A.Y.2005-06 |
27.15 28.80 |
| 6. Excise Duty |
Commissioner of Central (Appeals)Kolkata Ranchi. |
Excise |
Availing irregular claim on cenveat in ER6 in December,2014 |
2013-14 |
47.06 |
| 7. Excise Duty |
Commissioner of Central (Appeals) Jharkhand, Ranchi. |
Excise |
Excise Duty on dutiable sales of scrap and waste |
2006-07,2007- 08and 2008-09 |
64.99 |
(viii) There were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961
(43 of 1961) during the year.
(ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or
other borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared willful defaulter by any bank or financial
institution or government or any government authority.
(c) The Company has not taken any term loan during the year and there are no unutilised
term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the
Order is not applicable.
(d) The company has not raised any funds on short term basis and hence, reporting under
clause 3(ix)(d) of the Order is not applicable.
(e) The Company has not taken any term loan during the year and hence, reporting under
clause 3(ix)(e) of the Order is not applicable.
(f) The Company has not raised any loans during the year 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) During the year the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge, no fraud by the Company and on the Company has
been noticed or reported during the year.
(b) To the best of our knowledge, no report under sub-section (12) of section 143 of
the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to
the date of this report.
(c) As represented to us by the Management, there were no whistle blower complaints
received by the Company during the year and upto the date of this report.
(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the
Order is not applicable.
(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies Act, where applicable, for all transactions with the related parties and the
details of related party transactions have been disclosed in the financial statements etc.
as required by the applicable accounting standards.
(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate
with the size and the nature of its business.
(b) We have considered the internal audit reports issued to the Company during the
year.
(xv) In our opinion during the year the Company has not entered into any non-cash
transactions with any of its directors or persons connected with such directors and hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934. Hence, reporting under clause
3(xvi)(a), (b) and (c) of the Order are not applicable.
(b) The Group does not have any Core investment Company (CIC) as part of the group and
accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
(xvii) The Company has not incurred cash losses during the financial year covered by
our audit and the 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 realization 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 hat 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) 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.
Annexure B to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act") as referred to in paragraph 2 of
Report on Other Legal and Regulatory Requirements section
We have audited the internal financial control with reference to financial statement of
BIHAR SPONGE IRON LIMITED ("the Company") as of March, 31, 2023 in conjunction
with our audit of the 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 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 (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 over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing prescribed under Section
143(10) of the Act, 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 ICAI.
Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with 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 financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation
of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may
become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, based on the
internal control over financial reporting criteria, established by the Company considering
the essential components of internal control stated in the Guidance Note of Audit of
Internal Financial controls over financial reporting issued by the Institute of Chartered
Accountants of India.
|
For K. K. JAIN & CO. |
|
Chartered Accountants |
|
FRN. 002465N |
|
Sd/- |
|
Simmi Jain |
|
Partner |
| Place: New Delhi |
M.No.086496 |
| Date : 26/05/2023 |
UDIN: 23086496BGWOPE7079 |
+91-9892691696
