TothemembersofM/sCUBEXTUBINGSLIMITEDReport ontheAuditofthe IndASF inancialStatementsO pinion
We have audited the accompanying Ind AS Financial Statements of M/s. CubexTubingsLimited ("the company"), which comprise the Balance Sheet as at 31st March, 2024, theStatement of Profit and Loss (including Other Comprehensive Income), the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date andnotes to the Ind AS financial statements, including a summary of significant accountingpoliciesandotherexplanatoryinformation.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgivento us, the aforesaid Ind AS Financial Statements give the information required by theCompaniesAct,2013("theAct")inthemannersorequiredandgiveatrueandfairviewinconf ormitywiththeIndianAccountingStandardsprescribedunderSection133oftheActread with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("IndAS") and other accounting principles generally accepted in India, of the state of affairs oftheCompanyasatMarch31,2024anditsprofit,totalcomprehensiveincome,changesinequi tyanditscashflowsfortheyearendedonthatdate.
BasisforOpinion
WeconductedourauditoftheIndASFinancialStatementsinaccordancewiththeStandardsonAu
diting(SAs)specifiedundersection143(10)oftheAct.OurresponsibilitiesunderthoseStandards
arefurtherdescribedintheAuditorsResponsibilitiesfortheAuditoftheIndASFinancialStatem
entssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthi
csissuedbytheInstituteofCharteredAccountantsofIndia(ICAI)togetherwiththeindependence
requirementsthatarerelevanttoourauditoftheIndASFinancialStatementsundertheprovisions
oftheActandtheRulesmadethereunder,andwehavefulfilledourotherethicalresponsibilitiesina
ccordancewiththeserequirementsandthe ICAIs Code of Ethics. We believe that the audit
evidence we have obtained is sufficientandappropriatetoprovide
abasisforourauditopinionontheIndASFinancialStatements.
KeyAudit Matters
Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the Ind AS Financial Statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS Financial Statements asawhole,andinformingouropinionthereon,andwedo not provide a separateopiniononthesematters.
Wehavedeterminedthattherearenokeyauditmatterstocommunicateinourreport.
InformationOtherthantheIndASFinancialStatementsandAuditorsReportThereon
TheCompanysBoardofDirectorsisresponsibleforthepreparationoftheotherinformation.T heotherinformationcomprisestheinformationincludedintheManagement Discussion and Analysis, Boards Report including Annexure to
BoardsReport,BusinessResponsibilityReport,CorporateGovernanceandShareholdersInf ormation, but does not include the Ind AS Financial Statements and our auditorsreportthereon.
OuropinionontheIndASFinancialStatementsdoesnotcovertheotherinformationandwedo
notexpressanyformofassuranceconclusionthereon.
InconnectionwithourauditofIndASFinancialStatements,ourresponsibilityistoreadtheoth erinformationand,indoingso,considerwhethertheotherinformationismaterially inconsistent with the Ind AS Financial Statements or our knowledge obtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.
If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatement of this other information, we are required to report that fact. We havenothingtoreportinthisregard.
ManagementsResponsibilityforthelndASFinancialStatements
The Companys Board of Directors is responsible for the matters stated in section 134(5) ofthe Act with respect to the preparation of these Ind AS Financial Statements that give atrueandfairviewofthefinancialposition,financialperformance,includingothercomprehen siveincome,changesinequityandcashflowsoftheCompanyinaccordance
withthelndASandotheraccountingprinciplesgenerallyacceptedin
India.Thisresponsibility alsoincludes maintenance of adequate accounting records in accordancewith the provisions of theActfor safeguardingthe assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriateaccountingpolicies;makingjudgmentsand estimatesthat
arereasonableandprudent; and design, implementation and maintenance of adequate internal financialcontrols, that were operating effectively for ensuring the accuracy and completeness ofthe accounting records,relevanttothe preparationandpresentation of the
IndASFinancialStatementsthatgiveatrueandfairviewandarefreefrommaterialmisstateme
nt,whetherduetofraudorerror.
In preparing the Ind AS Financial Statements, management is responsible for assessingthe Companys ability to continue as a going concern, disclosing, as applicable, mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanag ement either intends to liquidate the Company or to cease operations, or has norealisticalternativebuttodoso.
The Board of Directorsarealso responsible
foroverseeingtheCompanysfinancialreportingprocess.
AuditorsResponsibilitiesfortheAuditofthelndASFinancialStatements
Our objectives are to obtain reasonable assurance about whether the Ind AS FinancialStatements as a whole are free from material misstatement, whether due to fraud orerror, and to issue an auditors report that includes our opinion. Reasonable assuranceisahighlevelofassurance,butisnotaguaranteethatanaudit conducted
inaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatemen tscanarisefromfraudorerrorandare consideredmaterial if,individually or in the aggregate, they could reasonably be expected to influence theeconomicdecisionsofuserstakenonthebasisoftheseIndASFinancialStatements.
AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessiona
lskepticismthroughouttheauditWealso:
IdentifyandassesstherisksofmaterialmisstatementoftheIndASFinancialStatements, whether due to fraud or error, design and perform audit proceduresresponsivetothoserisks,andobtainauditevidencethatissufficientand
appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, asfraud may involve collusion, forgery, intentional omissions, misrepresentations, ortheoverrideofinternalcontrol.
Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that is appropriate in the circumstances. Under section143(3)(i) of the Act, we are also responsible for expressing our opinion on whethertheCompanyhasadequateinternalfinancialcontrolssysteminplaceandtheoper atingeffectivenessofsuchcontrols.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccountingestimatesandrelateddisclosuresmadebymanagement.
Conclude on the appropriateness of managements use of the going concern basis ofaccountingand,basedontheauditevidenceobtained,whethera materialuncertainty exists related to events or conditions that may cast significant doubt onthe Companys ability to continue as a going concern. If we conclude that a materialuncertainty exists; we are required to draw attention in our auditors report to therelated disclosures in the Ind AS Financial Statements or, if suchdisclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtaineduptothedateofourauditorsreport.However, future events orconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
Evaluatetheoverallpresentation,structureandcontentoftheIndASFinancialStatements,
including the disclosures, and whether the Ind AS Financial Statementsrepresenttheunderlyingtransactions andevents in
amannerthatachievesfairpresentation.
Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplan
nedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienc
iesininternalcontrolthatweidentifyduringouraudit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence, and to communicate withthemallrelationshipsandothermattersthatmayreasonablybethoughttobearonour
independence,andwhereapplicable,relatedsafeguards.
Fromthematterscommunicatedwiththosechargedwithgovernance,we determinethosemattersthatwereofmostsignificanceintheauditofthelndAS FinancialStatements for the financial year ended 31stMarch, 2024 and are therefore the key
auditmatters.Wedescribethesemattersinourauditorsreportunlesslaworregulationpreclud espublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminetha tamattershouldnotbecommunicatedinourreportbecause theadverse consequences of doing so would reasonably be expected to outweigh the publicinterestbenefitsofsuchcommunication.
OtherMatters
Thecomparativefinancialinformation ofthe Companyas atandfor the year ended31st March, 2023 prepared in accordance with Ind AS included in the Ind AS financialstatements has been audited by the predecessor auditor. The report of the predecessorauditor on such comparative financial information dated 12ThMay 2023 expressed anunmodifiedopinion.
ReportonOtherLegalandRegulatoryRequirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act,we give in the Annexure A, a statement on the matters Specified in paragraphs 3 and 4oftheOrder.
2. AsrequiredbySection143(3)oftheAct,basedonourauditwereportthat:
a) We have sought and obtained all the information and explanations which to thebest ofourknowledgeand beliefwerenecessaryforthepurposesofouraudit.
b) In our opinion, proper books of account as required by law have been kept by theCompanysofarasitappearsfromourexaminationof those books.
c) TheBalanceSheet,theStatementofProfitandLossincludingOtherComprehensive Income, Statement of Changes in Equity and the Statement ofCashFlowdealtwithbythisReportareinagreementwiththerelevantbooksof
account.
d) Inouropinion,theaforesaidFinancialStatementscomplywiththeIndASspecifiedun derSection133oftheAct, readwithCompanies(IndAS)rules,2015asamended.
e) On the basis of the written representations received from the directors as onMarch
31,2024takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualified as on March 31, 2024 from being appointed as a director in terms ofSection164(2)ofthe Act.
f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls, referto our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Companys internalfinancialcontrolsover financialreporting.
g) With respect tothe othermattersto beincluded in the Auditors Report inaccordance withtherequirementsofsection 197(16)oftheAct,as amended:
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgive ntous,theremunerationpaidbytheCompany to itsdirectors during the year is in accordance with the provisions of section 197 oftheAct.
h) With respecttothe othermatterstobe included in the Auditors Reportinaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, asamended in our opinion and to the best of our information and according to theexplanationsgiventous
i. TheCompanydoesnothavepending litigationsonitsfinancialpositioninitsIndASFinancialStatements.
ii. TheCompanydoesnothaveanylong- termcontractsincludingderivativecontractsforwhichtherewereanymaterial foreseeablelosses.
iii. Therewereno
amountswhichwererequiredtobetransferredtotheInvestorEducationandPr otectionFundbythe Company.
iv. (a)TheManagementhasrepresentedthat,tothebestofitsknowledge
and belief, other than as disclosed in the notes to accounts, no funds havebeenadvancedorloanedorinvested(eitherfromborrowedfunds orshare premium or any other sources or kind of funds) by the Company toorinanyotherpersonsorentities,includingforeignentities("Intermediaries "), with the understanding, whether recorded in writingor otherwise, that the Intermediary shall, directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever("Ultimate Beneficiaries") by or on behalf of the Company or provide anyguarantee,securityorthelikeonbehalfoftheUltimateBeneficiaries.
(b) The Management has represented that, to the best of its knowledge
andbelief, other than as disclosed in the notes to accounts, no funds have beenreceived bythe Companyfrom any persons or entities, includingforeignentities ("Funding Parties"), with the understanding, whether recorded inwriting or otherwise, that the Company shall directly or indirectly, lend
orinvestinotherpersonsorentitiesidentifiedinanymannerwhatsoever("Ultima te Beneficiaries") by or on behalf of the Funding Parties or provideanyguarantee,securityorthelikeonbehalfoftheUltimateBeneficiaries.
(c) Basedontheauditproceduresperformedthathavebeenconsideredreasonab le and appropriate in the circumstances, nothing has come to ournotice that has caused us to believe that the representations in sub-clause (i)and (ii) of Rule 11(e),as provided under (iv) and (v) abovecontain anymaterialmisstatement.
v. Thecompanyhasnotdeclaredorpaidanydividendduringtheyear.
ForPCN&Associates,Ch |
arteredAccountantsFR |
N:016016S |
Sd/- |
SridharAndhavarapuP |
artner |
M.No.213830 |
UDIN:24213830BKHNXF4033 Place: HyderabadDate: |
20.05.2024 |
ANNEXUREATOTHEINDEPENDENTAUDITORSREPORT
(ReferredtoinparagraphlunderReportonOtherLegalandRegulatoryRequirementssec tionofourreporttotheMembersofCwbexTubings Limited ofevendate)
i. InrespectoftheCompanysProperty,PlantandEquipmentandIntangibleAssets:
a) (A)TheCompanyhasmaintainedproperrecordsshowingfullparticulars,includingq uantitativedetailsandsituationofPropertyPlant&Equipment
(B)Thecompanydoesnothaveintangibleassets.
b) Asexplainedtous,PropertyPlant andEquipment have been physicallyverified by the management at regular intervals; as informed to us no materialdiscrepancieswerenoticedonsuchverification.Inouropinion,thefrequency ofverificationisreasonable.
c) According totheinformationandexplanations givento us and on the basis ofourexamination of records oftheCompany, we report that, the title in respectof immovable properties, disclosed in the financial statements included underProperty, Plant and Equipment are held in the name of the Company as at thebalancesheetdate.
d) According totheinformationandexplanations givento us and on the basis ofourexaminationof records, the company has notrevalued its Property, PlantandEquipment.
e) According totheinformationandexplanations givento us and on the basis ofour examination of records of the company, no proceedings have been initiatedor are pending against the company for holding any benami property under theBenamiTransactions(Prohibition)Act,1988.
ii. a)Accordingtotheinformationandexplanationsgiventousandonthebasisofourexamina
tionoftherecordsofthecompany,inventorieshavebeenphysically
verifiedatreasonableintervalsoftimeandnomaterialdiscrepancieshavebeenfound.
b) The company has been sanctioned working capital limits in excess of five crorerupees, in aggregate, from banks or financial institutions on the basis of security ofcurrent assets. The quarterly returns or statements filed by the company with suchbanks or financial institutions are in agreement with the books of account of thecompany.
iii. Duringtheyear,theCompanyhasnotmade investmentsin, provided anyguarantee or security or granted any loans or advances, secured or unsecured tocompanies,Firms,LimitedLiabilityPartnershipsorotherparties.
iv. Aspertheinformationandexplanationgiventousand in our opinion,
theCompanyhasnotgrantedanyloansormadeanyinvestments,orprovidedanyguarante eorsecurity totheparties coveredunder section 185and186of theAct.
v. The Company has neither accepted any deposit from the public nor accepted anyamounts which were deemed to be deposits during the year from the public withinthemeaningoftheprovisionsofsection73to76of"theAct".
vi. Wehavebroadlyverifiedthebooksofaccountandrecordsmaintainedbythecompany
relating to the copper and copper alloy products pursuant to the ordermadebytheCentralGovernmentformaintenanceofcostrecordsundersub-section (1) of section 148 of the Act, and are of the opinion that, prima facie, the prescribedaccountsandrecordshavebeenmaintained.Wehave not, however, made adetailedexaminationofrecordswithaviewtodetermine, whether they
areaccurateandcomplete.
vii. Inrespectofstatutory dues:
(a) According to the information and explanations given to us and based on therecords of the companyexamined by us, thecompanyis regular in depositingthe undisputed statutory dues as applicable, with the appropriate authorities inIndia and there were no undisputed statutory dues in arrears as at 31stMarch2024foraperiodofmorethan6months fromthedate theybecamepayable.
(b) Accordingtotheinformationandexplanationsgiventousandbasedontherecords of the company examined by us, there are no statutory dues which havenotbeendepositedwithappropriateauthoritiesonaccountofanydispute.
viii. According to the information and explanations given to us and on the basis of
ourexamination of the records of the company, the company has not surrendered ordisclosedanytransactions,previouslyunrecordedasincomeinthe books
ofaccount,in the taxassessmentsunderthe Income Tax Act, 1961 as income duringtheyear.
ix. (a) Based on our audit procedures and according to the information and explanationsgiventous,thecompanyhasnotdefaultedinrepaymentof loans or otherborrowingsorinthepaymentofinterestthereontoanylender.
(b) According to the information and explanations given to us and on the basis of ourexamination of records, the company has not been declared willful defaulter by anybankorfinancialinstitutionorotherlender.
(c) In ouropinion and accordingtothe information and explanations given to us,Term loans are being applied for the purposes for which they were obtained by thecompany.
(d) Accordingtotheinformationandexplanationsgiventousandonanoverallexamination of the financial statements of the Company, funds raised on short-termbasis have, prima facie, not been used during the year for long-term purposes by theCompany.
(e) TheCompanydoesnothaveanysubsidiaries,associatesorjointventures.
x. (a) The Company has not raised moneys by way of initial public offer or furtherpublicoffer(includingdebtinstruments)duringtheyear.
(b)Duringtheyear,theCompanyhasnotmadeany preferential allotment
orprivateplacementofsharesorconvertibledebentures(fullyorpartlyoroptionally).
xi. (a)Basedonexaminationof books and records of the Company and according tothe information and explanations given to us, no material fraud by the Company orontheCompanyhasbeennoticedorreportedduringtheyear.
(b) According to the information and explanations given to us, no report under subsection (12) of section 143 of the Companies Act has been filed in form ADT- 4 asprescribedunderrule13ofthecompanies(AuditandAuditors)Rules,2014withtheCent ralGovernment,duringtheyearanduptothedateofthisreport.
(c) Asrepresentedtousbythemanagement,therearenowhistle blowercomplaintsreceivedbythecompanyduringtheyear.
xii. TheCompanyisnotaNidhiCompany.
xiii. Inouropinion,theCompanyisincompliancewithSection177and188oftheCompanies
Act, 2013 with respect to applicable transactions with the related partiesand the details of related party transactions have been disclosed in the
FinancialStatementsasrequiredbytheapplicableaccountingstandards.
xiv. (a)InouropiniontheCompanyhasanadequateinternalaudit systemcommensuratewiththesizeandthenatureofitsbusiness.
(b) We have considered the internal audit reports for the year under audit, issued tothe Company during the year and till date in determining the nature, timing andextentofourauditprocedures.
xv. Accordingto theinformationandexplanations given to us, in our opinion, duringtheyeartheCompanyhasnotenteredintoanynon-
cashtransactionswithitsdirectorsorpersonsconnectedtoitsdirectorsandhence
provisionsofsection192oftheCompaniesAct2013arenotapplicabletotheCompany.
xvi. (a) The Company is not required to be registered under section 45-IA of the ReserveBankofIndiaAct,1934.
(b) TheCompanyhasnotconductedanyNon-
BankingFinancialorHousingFinanceactivitiesaspertheReserveBankofIndiaAct,19
34.
(c) The Company is not a Core Investment Company as defined in the regulationsmadebytheReserveBankofIndia.
(d) TheCompanyisnotpartofanygroup(aspertheprovisionsoftheCoreInvestmentCom panies(ReserveBank)Directions,2016asamended).
xvii. Thecompanyhasnotincurredcashlossesduringthecurrentyearandintheimmediatelypr ecedingfinancialyear.
xviii. There has been no resignation of the statutory auditors of the company during theyear.
xix. Onthebasisofthefinancialratios,ageingandexpecteddatesofrealizationoffinancialasset
sandpaymentof financial liabilities, other informationaccompanyingthe financial statements, based on ourknowledge of theBoard
ofDirectorsandmanagementplans,weareoftheopinion that no
materialuncertaintyexists asonthedateoftheauditreportandcompanyis capable ofmeeting its liabilities existing at the date of balance sheet as and when they fall duewithinaperiodofoneyearfromthebalancesheetdate.
xx. TheCompanyisnotcoveredundertheprovisionsofSection135oftheCompaniesAct,2013.
ANNEXURE"B"TOTHEINDEPENDENTAUDITORSREPORT (Referredtoinparagraph2(f)underReportonOtherLegalandRegulatoryRequirementss ectionofourreporttotheMembersofCwbexrttbings Limited ofevendate)
ReportontheInternalFinancial ControlsOver Financial Reporting
underClause(i)ofSub-section3ofSection143oftheCompaniesAct,2013("theAct")
Wehaveauditedtheinternalfinancialcontrolsoverfinancial reporting of
M/s.CubexTubings Limited ("the Company") as of March 31, 2024 in conjunction withour audit of the Ind AS Financial Statements of the Company for the year ended onthatdate.
ManagementsResponsibilityforInternalFinancialControls
TheCompanysmanagementisresponsibleforestablishingandmaintaininginternalfinancialc
ontrolsbasedontheinternalcontroloverfinancialreporting
criteriaestablishedbythecompanyconsideringtheessentialcomponentsofinternalcontrolsta tedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedb ytheInstituteofCharteredAccountantsofIndia(ICAI).Theseresponsibilitiesincludethedesign, implementationand maintenanceof adequateinternal financial controls that were operating effectively for ensuring the orderly
andefficientconductofitsbusiness,includingadherencetocompanyspolicies,thesafeguarding of its assets, the prevention and detection of frauds and errors, the accuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefina ncialinformation,asrequiredundertheAct.
AuditorsResponsibility
Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the"Guidance Note") issued by theInstitute of CharteredAccountantsofIndiaandtheStandardsonAuditingprescribedunderSection 143(10) of the CompaniesAct,2013, to the extent applicable to an audit ofinternal financialcontrols.ThoseStandardsandtheGuidanceNoterequirethatwe
complywithethicalrequirementsandplanandperformtheauditto
obtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinanc ialreportingwasestablishedandmaintained andif
suchcontrolsoperatedeffectivelyinallmaterialrespects.
Ourauditinvolvesperformingprocedurestoobtainauditevidenceabout theadequacy of the internal financial controls system over financial reporting and theiroperatingeffectiveness.Ourauditofinternalfinancialcontrolsover financialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfi nancial reporting, assessing the risk that a material weakness exists, and testing andevaluating the design and operating effectiveness of internal controlbased on theassessed risk. The procedures selected depend on the auditors judgment, includingtheassessmentoftherisksofmaterialmisstatementoftheIndASFinancialStatem ents,whetherduetofraudorerror.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancialreporting.
MeaningofInternalFinancialControlsoverFinancialReporting
A Companys internal financial control over financial reporting is a process designed
toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparati
onofIndASFinancialStatementsforexternalpurposesinaccordancewithgenerallyacceptedac
countingprinciples.ACompanysinternalfinancialcontroloverfinancialreportingincludesthe
sepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail
ed,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(2)
providereasonableassurance that transactions are recorded as necessary to permit
preparation of Ind AS
IndASFinancialStatementsinaccordancewithgenerallyacceptedprinciples,and
thatreceiptsandexpendituresarebeingmadeonlyinaccordancewithauthorizationofmanage
mentanddirectorsoftheCompany;and(3)providereasonableassuranceregarding prevention
ortimely detection of unauthorized acquisition, use, or
dispositionoftheCompanysassetsthatcouldhaveamaterialeffectontheIndASFinancialState
ments.
InherentLimitationoflnternalFinancialControlsoverFinancialReporting
Because of the inherent limitation of internal financial controls over financial reporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,m aterialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,Projections of any evaluation of the internal financial controls over financial reportingtofuture periods are subject tothe risk that the internal financial control over financialreporting may become inadequate because of changes in conditions, or that the degree ofcompliancewiththepoliciesorproceduresmaydeteriorate.
Opinion
In ouropinion, tothebestofourinformationand according to the explanationsgiven to us, the Company has, in all material respects, an adequate internal financialcontrolssystemoverfinancial
reportingandsuchinternalfinancialcontrolsoverfinancial reporting
wereoperatingeffectivelyasatMarch31, 2024,
basedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyco nsidering the essential components of internal control stated in the Guidance NoteonAuditofInternalFinancialControlsOverFinancialReportingissuedby theInstituteofCharteredAccountantsofIndia.
ForPCN&Associates,Ch |
arteredAccountantsFR |
N:016016S |
Sd/- |
SridharAndhavarapuP |
artner |
M.No.213830 |
UDIN:24213830BKHNXF4033 |
Place: HyderabadDate: |
20.05.2024 |
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