<dhhead>INDEPENDENT AUDITOR’S REPORT</dhhead>
To
The Members of,
BLUECHIP INDIA LIMITED
Report on the Ind AS Financial Statements
Qualified Opinion
We have audited the accompanying Ind AS financial statements of
BLUECHIP INDIA LIMITED ("the Company") which comprises the Balance Sheet as at
March 31,2023, the Statement of Profit and Loss (including Other Comprehensive Income),
statement of changes in Equity and Statement of Cash Flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies
and other explanatory information of the company.
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 paragraph, the aforesaid Ind AS financial statements give the
information required by the Companies Act, 2013 ("the Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (India 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,
and its profit (Including Other Comprehensive Income), Statement of Changes in Equity and
its cash flows for the year ended on that date.
Basis for Qualified Opinion
(i) Attention is drawn to Note no 24 of the Financial Statements
related to valuation of inventory of unquoted shares which are carried in the Balance
sheet at cost instead of Fair Value. In absence of adequate information for determining
the fair market value of inventories of unquoted shares, impact thereof on Financial
Statements are not ascertainable.
(ii) Attention is drawn to Note no 28 of the Financial Statement. NBFC
Registration certificate No.
05.01.1991 of the company has been cancelled by RBI order dated
27.08.2019. The management has represented that it is going to file an appeal against the
order. But no appeal has yet been filed. If the registration is not restored the company
cannot continue with the NBFC activities. In view of the management the order will neither
impact the going concern status of the company nor its future operation.
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 there
under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on Ind AS
Financial Statement.
Emphasis on Matter:
We draw attention note no. 28 in respect of holding of GHCL of 1,06,200
equity shares, the company had filed claims for non-delivery of shares/missing shares
against depository participant Destiny Securities Ltd. with BSE Ltd for 1,06,200 equity
shares and in the arbitration proceedings BSE Ltd accepted admissible claim of Rs. 260.29
Lacs which is yet to be received/settled, the same has not been adjusted and recorded for
in the accounts and no adjustment in valuation of these shares has been made in the
accounts Our opinion is not modified in respect of this matter.
Key Audit Matters:
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the Ind AS financial statements of the current
period. These matters were addressed and communicated with management in the context of
our audit of the Ind AS financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be communicated in the report.
| SL. No. |
Key Audit Matter |
How our audit addressed the Key Audit
Matter |
| 1. |
IT systems and controls |
|
|
Financial accounting and reporting
processes, especially in the financing activities are fundamentally reliant on IT systems
and IT controls to process significant transaction volumes, hence we identified IT systems
and controls over financial reporting as key audit matter for the company. |
We tested the operating effectiveness of the
companys IT access controls over the information systems that are important to financial
reporting and various interfaces, configuration and other identified application controls. |
Information Other than the Ind AS 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, Directors Report including Annexures to Directors
Report, Report on Corporate Governance but does not include the Ind AS Financial
Statements and our auditors report thereon. The above-referred information are expected
to be made available to us after the date of this auditors report.
Our opinion on the Ind AS financial statements does not cover the other
information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above when it becomes available
and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or out knowledge obtained in the audit or otherwise appears to be
materially misstated.
When we read the annual report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance and take appropriate action as applicable under the relevant laws and
regulations.
Responsibility 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 Ind AS 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 accounting principles
generally accepted in India, including the accounting Standards specified under section
133 of the Act, 2013 read with relevant rules issued thereunder 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
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error. In preparing the Ind
AS 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 Ind AS Financial
Statements
Our objectives are to obtain reasonable assurance about whether the Ind
AS financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditors report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with 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 part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
Ind AS Financial Statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal 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
ability of the Company 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 interim consolidated 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
Ind AS financial statements, including the disclosures, and whether the Ind AS 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 Ind AS
financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditors report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
(i) As required by the Companies (Auditors Report) order, 2020 (the
Order) issued by the Central Government of India in terms of section 143 (11) of the Act
we give in the Annexure A, a Statement on the matters specified in paragraph 3 and 4 of
the order.
(ii) 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 Cash Flow Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account.
(d) Except for the matters described in the basis of qualified opinion
paragraph aforesaid, in our opinion Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2023 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st 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 B. (g) With respect to the other matter 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 includes 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 has disclosed the impact of pending litigations in its financial
Statements Refer Note no.20 of Financial statement. ii. The Company did not have any long
term contracts including derivative contact for which there were any material foreseeable
losses. iii. There were no amount which were required to be transferred, to the Investors
Education and Protection Fund by the Company at the year. iv. (a) The company has
represented that to the best of its knowledge and belief, other than as disclosed in the
notes to the accounts, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other source 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, whether, directly or indirectly lend or invest in
other person 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 company has represented that to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have been received
by the company from any person(s) or entity (ies), including foreign entities
("Funding Parties"), with the understanding whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly lend or invest in other
person 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) Nothing has come to our notice that has caused us to believe that
the representation under (a) & (b) above contain any material mis-statement. v) The
company has not declared or paid any dividend during the year. vi. As the proviso to rule
3(1) of the Companies (Accounts) Rules, 2014 in respect of use of accounting software
having feature of recording audit trail (edit log) facility is applicable for the
Financial year commencing on or after from 1st day of April, 2023, the reporting under
this clause for the year is not applicable.
For DEOKI BIJAY & Co.
CHARTERED ACCOUNTANTS
Firm Regn. No : 313105E
|
CA RAMESH KUMAR CHOKHANI |
| Dated: 30th day of May, 2023 |
Partner |
| Place : Kolkata |
Memb No. 062081 |
|
UDIN : 23062081BGZCQF4467 |
Annexure A to the Independent Auditors Report
Referred to Paragraph 1 under "Report on Other Legal and
Regulatory Requirements" section in the Independent Auditors Report of even date on
the Ind AS financial statements of BLUE CHIP INDIA LIMITED for the year ended 31st
March, 2023, we report that: (i) (a) The Company has maintained proper records showing
full particulars including quantitative details and situation of Property, Plant and
Equipment and Intangible Assets.
(b) During the year, the Property, Plant and Equipment of the company
have been physically verified by the management and no material discrepancies were
noticed. As explained by the management all the assets have been physically verified by
the management during the year-end which, in our opinion, is reasonable having regard the
size of the company and the nature of assets.
(c) 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 immovable
properties in the Company.
(d) The company has not revalued its Property, Plant or Equipment
during the year.
(e) According to the information and explanation given to us no
proceedings have been initiated or are pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder.
(ii) (a) The Company has carried out physical verification of inventory
at reasonable intervals. As per the information and explanations given to us, no material
discrepancies were noticed during such verification.
(b) The company has not been sanctioned any working capital limits from
banks or financial institutions.
(iii) (a) The Company has not granted any loans or advances, secured or
unsecured to companies, firms, Limited Liability Partnerships or other parties covered in
the register maintained under section 189 of the Companies Act, 2013.
(b) As the Company has not given any loans, clauses iii(a), iii(b),
iii(c), iii(d), iii (e) and iii (f) of paragraph 3 of the order’ are not
applicable to the Company.
(iv) The Company has not granted any loans, investments, guarantee and
security to any person falling under section 185 and 186 of the Companies Act, 2013. Thus,
paragraph 3(iv) of the Order is not applicable to the Company.
(v) The Company has not accepted any deposits and therefore the
directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or
any other relevant provisions of the Companies Act, 2013 and the rules formed thereunder
are not applicable to the Company.
(vi) The Central Government has not prescribed the maintenance of cost
records under Section 148(1) of the Act, for any of the product/services rendered by the
Company.
(vii) (a) According to information and explanation given to us and as
per the records of the Company examined by us, the Company is regular in depositing with
appropriate Authorities undisputed statutory dues including Provident Fund, Employees
State Insurance, Income-tax, Goods and Service tax, Cess and other statutory dues
applicable to it.:
| Name of the Statute |
Amount (Rs.) |
Period to which the amount relates |
| Income Tax Act, 1961 |
67,072/- |
A.Y.2006-2007 |
| Income Tax Act, 1961 |
3,43,320/- |
A.Y.2010-2011 |
According to the information and explanation given to us and as per
records of the company examined by us, following undisputed amounts payable in respect
ofIncomeTax in arrears as at March 31, 2023 for a period of more than six months from
thedate they became payable : (b) According to the information and explanation given to
us, there are no dues of Provident fund, Employees state insurance, Goods and Service
Tax(GST), cess which have not been deposited on account of any dispute of the company as
at 31st march, 2022. Details of dues of Income tax which have not been deposited as at
31st March, 2023 on account of disputes are given below:
| Name of the |
Nature of Dues |
Amount (Rs.) |
Period for which the |
Forum where dispute is |
| Statue |
|
|
amount is related |
pending |
| Income Tax |
Income Tax |
7,25,990/- |
Asst |
CIT |
| Act, 1961 |
Demands |
|
Year 2012-2013 |
(Appeals) |
(viii) According to information and explanation given to us and on the
basis of our examination of the records of the Company, the Company has not surrendered or
disclosed any transaction, previously unrecorded in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the
requirement to report on para 3(viii) of the Order is not applicable to the company.
(ix) (a) According to the information and explanations given to us and
based on the audit procedures performed by us, the Company does not have any loan or other
borrowing, hence there is no requirement to report under clause (ix)(a) of the Order.
(b) According to the information and explanations given to us and based
on the audit procedures performed by us, the Company has not been declared will full
defaulter by any bank or financial institution or other lender.
(c) The company has not raised any funds by way of term loan, hence
para 3(ix)(c) of the Order is not applicable to the Company.
(d) As no funds have been raised during the year, hence no reporting is
required under para 3(ix)(d) of the Order.
(e) According to the information and explanations given to us and on an
overall examination of the financial statements of the Company, we report that the Company
does not have any subsidiary, associate or joint venture. Accordingly, the requirement to
report on paragraph 3(ix)(e) and (f) of the Order are not applicable to the Company.
(x) (a) According to the information and explanation given to us and
based on the audit procedures performed by us, the Company has not raised any money during
the year by way of further public offer (including debt instruments). Hence reporting
under clause (x)(a) of the Order is not applicable to the Company.
(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 made any
preferential allotment or private placement of shares or convertible debentures during the
year. Hence reporting under paragraph 3(x)(b) of the Order is not applicable to the
Company. xi) (a) Based on the examination of the books and records of the Company and
according to the information and explanation given to us, considering the principles of
materiality outlined in the Standards on Auditing, we report that no fraud by the Company
or on the Company has been noticed or reported during the course of audit.
(b) According to the information and explanations given to us, no
report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed 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) According to
the information and explanation given to us, there were no whistle blower complaints
received by the Company during the year while determining the nature, timing and extent of
our audit procedures.
(xii) In our opinion and according to the information and explanations
given to us, the Company is not a Nidhi company.
(xiii) According to the information and explanations given to us and
based on our examination of the records of the Company, transactions with the related
parties are in compliance with sections 177 and 188 of the Act wherever applicable.
(xiv) In our opinion the Company has an adequate internal audit system
commensurate with the size and the nature of its business and report of the Internal
Auditors have been considered by us. xv) According to the information and explanations
given to us and the records of the Company examined by us, 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. xvi) (a) The Company was required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934 and has obtained the
registration to carry on the business of a non- banking financial company without
accepting public deposits. However, the registration obtained was cancelled by RBI vide
order & dated 27.08.2019 and as per information and explanation given to us the
company is going to file an appeal against the order.
(b) As per the information obtained from the management the company has
not conducted any Non-Banking Financial Activities during the year.
(c) The Company is not a Core investment Company (CIC) as defined in
the regulations made by
Reserve Bank of India. Hence, the reporting under paragraph clause 3
(xvi)(c) of the Order are not applicable to the Company (d) The Company does not have any
CIC as part of its group. Hence the provisions stated in paragraph clause 3 (xvi) (d) of
the order are not applicable to the company xvii) The company has incurred cash losses of
Rs. 20.07 lacs in the financial year and cash losses of Rs. 24.88 lacs in the immediately
preceding financial year. xviii)There has not been any resignation of the statutory
auditors during the year. . Hence, the provisions stated in paragraph clause 3 (xviii) of
the Order are not applicable to the Company. xix) According to the information and
explanations given to us and on the basis of the financial ratios, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors
and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any
material uncertainty exists as on the date of the audit report that company is not capable
of meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date.
We, however, state that this is not an assurance as to the future
viability of the company. We further state that our reporting is based on the facts up to
the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the company as and when they fall due. xx) As the Companys net worth is
less than rupees five hundred crores, turnover is less than Rupees one thousand crores and
net profit is less than rupees five crores the Companies is not require to spend towards
CSR and as such reporting under this clause is not required. xxi) The preparation of
consolidated financial statements is not applicable to the Company. Hence reporting under
paragraph (xxi) of the Order is not applicable to the Company.
For DEOKI BIJAY & Co.
CHARTERED ACCOUNTANTS
Firm Regn. No : 313105E
|
CA RAMESH KUMAR CHOKHANI |
| Dated : 30th day of May, 2023 |
Partner |
| Place : Kolkata |
Memb No. 062081 |
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 financial
reporting of BLUECHIP INDIA LIMITED (the Company) as on 31st March, 2023 in
conjunction with our audit of the standalone financial statements of the Company for the
year than ended.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).
These responsibilities include 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 the Companys policies, the safe
guarding 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 financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under Section 143(10) of the 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 were 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 operative 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 of 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 purpose 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 responsible detail, accurately and fairy reflect the
transactions and dispositions of the assets of the Company; (2) provide reasonable
assurance that transactions are records as necessary to permit preparation of financial
statements in accordance with authorizations of the 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 nor be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future period are subject to the risk that the internal financial
control over financial reporting may become inadequate because of change in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at 31st March 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 Notes on
Audit of Internal Financial Control over Financial Reporting issued by the Institute of
Chartered Accountants of India (the "Guidance Note").
|
For DEOKI BIJAY & Co. |
|
CHARTERED ACCOUNTANTS |
|
Firm Regn. No : 313105E |
|
CA RAMESH KUMAR CHOKHANI |
| Dated : 30th day of May, 2023 |
Partner |
| Place : Kolkata |
Memb No. 062081 |
+91-9892691696
