To the Members of
Crayons Advertising Limited (Formerly known as Crayons Advertising Private Limited).
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Crayons Advertising Limited
(Formerly known as Crayons Advertising Private Limited), which comprise the Balance sheet
as at March 31 2023, the Statement of Profit and Loss and the Cash Flow Statement for the
year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013, as amended ("the Act") in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2023, its profit and its
cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs), as 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 together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
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.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises information included in the Annual Report, but does not include the
financial statements and our auditors report thereon. The Annual Report is expected to be
made available to us after the date of this Auditors Report.
Our opinion on the 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 identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
When we read the Companys annual report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance.
Responsibility of Management for the 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 financial statements that give
a true and fair view of the financial position, financial performance, cash flows of the
Company in accordance with the accounting principles generally accepted in India,
including the Companies (Accounting Standards) Rules, 2006 (as amended) specified under
section 133 of the Act, read with the Companies (Accounts) Rules, 2014). This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
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.
Those 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 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 financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to financial statements in place and
the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in
the "Annexure 1" 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 purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Companies
(Accounting Standards) Rules, 2006 (as amended) specified under section 133 of the Act,
read with the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the directors as on March
31,2023 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act;
(f) With respect to the adequacy of the internal financial controls with reference to
these financial statements and the operating effectiveness of such controls, refer to our
separate Report in "Annexure 2" to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2023 has
been paid/ provided by the Company to its directors in accordance with the provisions of
section 197 read with Schedule V to the Act; and
(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
position;
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, as
disclosed in the note 42(v) to the financial statements, 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, 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, as
disclosed in the note 42(vi) to the financial statements, 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 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; and
c) Based on such audit procedures that were 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 (a) and (b) contain any material misstatement.
v. No dividend has been declared or paid during the year by the Company.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 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 1,2023, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable
for the financial year ended March 31, 2023.
For S.S. Kothari Mehta & Company
Chartered Accountants
ICAI Firm Registration Number: 000756N
Sd/-
AMIT GOEL
Partner
Membership Number: 500607
UDIN: 23500607BGURMA2313
Place of Signature: New Delhi
Date: June 20, 2023
Annexure ‘1 referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements" of our report to the members of Crayons
Advertising Limited (Formerly known as Crayons Advertising Private Limited) ("the
Company") 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.
(i)(a)(B) The Company has maintained proper records showing full particulars of
intangibles assets.
(i)(b) Property, Plant and Equipment have been physically verified by the management
during the year and no material discrepancies were identified on such verification.
(i)(c) The title deeds of immovable properties (other than properties where the Company
is the lessee and the lease agreements are duly executed in favor of the lessee) disclosed
in note 11 to the financial statements are held in the name of the Company.
(i)(d) The Company has not revalued its property, plant and equipment or Intangible
assets during the year ended March 31, 2023.
(i) (e) There are no proceedings initiated or are pending against the Company for
holding any benami property under the Prohibition of Benami Property Transactions Act,
1988 and rules made thereunder.
(ii) (a) The Companys business does not require maintenance of inventories and,
accordingly, the requirement to report on clause 3(ii)(a) of the Order is not applicable
to the Company.
(ii)(b) As disclosed in note 7 to the financial statements, the Company has been
sanctioned working capital limits in excess of Rs. five crores in aggregate from banks
and/or financial institutions during the year on the basis of security of current assets
of the Company. The quarterly returns/statements filed by the Company with such banks and
financial institutions are not in agreement with the books of accounts of the Company and
the details of the same is as follows :
| Quarter |
Particulars |
Amount as reported in the quarterly return/statement |
Amount as per books of account (Rs. In lacs) |
Difference |
| Quarter-1 |
Trade Receivable |
3,686.69 |
5523.46 |
(1,836.77) |
| Quarter-1 |
Trade Payable |
727.46 |
3760.49 |
(3,033.03) |
| Quarter-2 |
Trade Receivable |
5,781.20 |
5173.58 |
607.62 |
| Quarter-2 |
Trade Payable |
1,958.93 |
4204.57 |
(2,245.64) |
| Quarter-3 |
Trade Receivable |
4,709.77 |
4521.35 |
188.42 |
| Quarter-3 |
Trade Payable |
1,386.55 |
2793.48 |
(1,406.93) |
| Quarter-4 |
Trade Receivable |
6,472.88 |
6287.36 |
185.52 |
| Quarter-4 |
Trade Payable |
4,062.39 |
3843.77 |
218.62 |
(iii)(a) During the year the Company has provided loans, advances in the nature of
loans, stood guarantee and provided security to companies, firms, Limited Liability
Partnerships or any other parties as follows:
(Amount in Rs. In Lacs)
|
Guarantees |
Security |
Loans |
Advances in nature of loans |
| Aggregate amount granted/ provided during the year |
|
|
|
|
| - Others |
- |
- |
1361.91 |
- |
| Balance outstanding as at balance sheet date in respect of above cases - Others |
|
|
828.00 |
|
(iii) (b) During the year the terms and conditions of the grant of all loans to
companies, are not prejudicial to the Companys interest. The Company has not provided
advances in the nature of loans, stood guarantee or provided security to companies, firms,
Limited Liability Partnerships or any other parties.
(iii)(c) According to the books of accounts and records examined by us in respect of
the loans and advances in the nature of loans granted to companies which are repayable on
demand and has been disclosed as per clause 3(iii)(f) below and note 41 and 42f the
financial statements. In respect of these unsecured loans, the company has received the
amount whenever demanded. Further, outstanding loan given in note 41 and 42 of the
financial statements Company has not demand for repayment of loan. Hence the same is
treated as regular.
(iii)(d) There are no amounts of loans and advances in the nature of loans granted to
companies, firms, limited liability partnerships or any other parties which are overdue
for more than ninety days.
(iii)€ There were no loans or advance in the nature of loan granted to companies,
firms, Limited Liability Partnerships or any other parties which was fallen due during the
year, that have been renewed or extended or fresh loans granted to settle the overdues of
existing loans given to the same parties.
(iii)(f) As disclosed in note 42 to the financial statements, the Company has granted
loans or advances in the nature of loans, either repayable on demand or without specifying
any terms or period of repayment to companies, firms, Limited Liability Partnerships or
any other parties. Of these following are the details of the aggregate amount of loans or
advances in the nature of loans granted to promoters or related parties as defined in
clause (76) of section 2 of the Companies Act, 2013:
|
All Parties |
Promoters |
Related Parties |
| Aggregate amount of loans/ advances in nature of loans - Repayable on demand |
828.00 |
- |
- |
| Percentage of loans/ advances in nature of loans to the total loans |
100% |
- |
- |
(iv) In our opinion and according to information and explanation given to us, the
Companies has complied with the provision of section 185 and 186 of the Companies Act,
2013, as applicable, in respect of loans, investments, guarantees and security given.
(v) The Company has neither accepted any deposits from the public nor accepted any
amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the
Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the
requirement to report on clause 3(v) of the Order is not applicable to the Company.
(vi) According to the information and explanations given to us, the Central Government
has not prescribed maintenance of cost records under clause (d) of sub-section (1) of
section 148 of the Act for the Companys activities. Hence, the provisions of clause 3(vi)
of the Order are not applicable to the Company.
(vii) (a) The Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including goods and services tax, provident fund, employees
state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise,
value added tax, cess and other statutory dues applicable to it. According to the
information and explanations given to us and based on audit procedures performed by us, no
undisputed amounts payable in respect of these statutory dues were outstanding, at the
year end, for a period of more than six months from the date they became payable.
(vii) (b) There are no dues of goods and services tax, provident fund, employees state
insurance, income tax, sales-tax, service tax, customs duty, excise duty, value added tax,
cess, goods and service tax and other statutory dues which have not been deposited on
account of any dispute.
(viii) 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 clause 3(viii) of the
Order is not applicable to the Company.
(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in
the payment of interest thereon to any lender.
(ix)(b) The Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority.
(ix)(c) To the best of our knowledge and belief, in our opinion, term loans availed by
the Company were, applied by the Company during the year for the purposes for which the
loans were obtained.
(ix) (d) On an overall examination of the financial statements of the Company, no funds
raised on short-term basis have been used for long-term purposes by the Company.
(ix)(e) The Company does not have any subsidiary, associate or joint venture.
Accordingly, the requirement to report on clause 3(ix)(e) of the Order is not applicable
to the Company.
(ix) (f) The Company does not have any subsidiary, associate or joint venture.
Accordingly, the requirement to report on clause 3(ix)(f) of the Order is not applicable
to the Company.
(x) (a) The Company has not raised any money during the year by way of initial public
offer / further public offer (including debt instruments) hence, the requirement to report
on clause 3(x)(a) of the Order is not applicable to the Company.
(x) (b) The Company has not made any preferential allotment or private placement of
shares /fully or partially or optionally convertible debentures during the year under
audit and hence, the requirement to report on clause 3(x)(b) of the Order is not
applicable to the Company.
(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 explanations given to us, we have neither come across any
instance of 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.
(xi)(b) During the year, no report under sub-section (12) of section 143 of the Act has
been filed by cost auditor/ secretarial auditor or by us in Form ADT - 4 as prescribed
under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(xi) (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 as per the provisions of the Act. Therefore,
the requirement to report on clause 3(xii)(a) to 3(xii)(c) of the Order are not applicable
to the Company.
(xiii) In our opinion, and according to the information and explanations given to us
during the course of audit,, transactions with the related parties are in compliance with
sections 188 of Act where applicable and the details have been disclosed in the notes to
the financial statements, as required by the applicable accounting standards. The
provisions of section 177 are not applicable to the Company for the period under audit and
hence not commented upon.
(xiv) The Company does not have an internal audit system and is not required to have an
internal audit system under the provisions of Section 138 of the Act. Therefore, the
requirement to report under clause 3(xiv)(a) and 3(xiv)(b) of the Order is not applicable
to the Company.
(xv) The Company has not entered into any non-cash transactions with its directors or
persons connected with its directors and hence requirement to report on clause 3(xv) of
the Order is not applicable to the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of
1934) are not applicable to the Company. Accordingly, the requirement to report on clause
(xvi)(a) of the Order is not applicable to the Company.
(xvi)(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities without obtained a valid Certificate of Registration (CoR) from the Reserve
Bank of India as per the Reserve Bank of India Act, 1934.
(xvi)(c) The Company is not a Core Investment Company as defined in the regulations
made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of
the Order is not applicable to the Company.
(xvi) (d) There are no other Companies part of the Group, hence, 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 in the current and in the immediately
preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and
accordingly requirement of this Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in note 38 to the financial
statements, 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) The Company is not required to spent on corporate social responsibility as per the
section 135 of the Act. Accordingly, the requirement to report on clause 3(xx) (a) and (b)
of the Order is not applicable to the Company.
(xxi) The Company is not subject to prepare consolidated financial statements, as
informed to us. Accordingly, the provision of clause 3 (xxi) of the Order is not
applicable to the Company.
For S.S. Kothari Mehta & Company
Chartered Accountants
ICAI Firm Registration Number: 000756N
Sd/-
AMIT GOEL
Partner
Membership Number: 500607
UDIN: 23500607BGURMA2313
Place of Signature: New Delhi
Date: June 20, 2023
Annexure 2 to the Independent Auditors Report of even date on the financial statements
of Crayons Advertising Limited (Formerly known as Crayons Advertising Private Limited).
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act").
(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory
Requirements section of our report of even date).
We have audited the internal financial controls over financial reporting of Crayons
Advertising Private 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 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. 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 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 financial reporting with reference to these financial statements based on
our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the "Guidance Note") and
the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013,
to the extent 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 with reference to these financial statements was established and maintained and
if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls over financial reporting with reference to these financial
statements and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial
controls over financial reporting with reference to these financial statements, assessing
the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the 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 internal financial controls over financial
reporting with reference to these financial statements.
Meaning of Internal Financial Controls Over Financial Reporting with Reference to these
Financial Statements. A companys internal financial control over financial reporting with
reference to these financial statements 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
with reference to these financial statements includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of
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 With
Reference to these Financial Statements.
Because of the inherent limitations of internal financial controls over financial
reporting with reference to these financial statements, including the possibility of
collusion or improper management override of controls, material misstatements due to error
or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting with reference to these financial
statements to future periods are subject to the risk that the internal financial control
over financial reporting with reference to these financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial
controls over financial reporting with reference to these financial statements and such
internal financial controls over financial reporting with reference to these financial
statements 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 on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India.
For S.S. Kothari Mehta & Company
Chartered Accountants
ICAI Firm Registration Number: 000756N
Sd/-
AMIT GOEL
Partner
Membership Number: 500607
UDIN: 23500607BGURMA2313
Place: New Delhi
Date: June 20, 2023
+91-9892691696
