To the Members of
KRISHIVAL FOODS LIMITED
(formerly known as Empyrean cashews Limited)
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying standalone financial statements of KRISHIVAL FOODS
LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,
2023, the Statement of Profit and Loss, 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 (hereinafter referred to as "standalone
financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 (‘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 cash flows for the
year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing 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 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 opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, during the year we could not
see any key audit matters that requires significant reporting.
Other Information
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Director report, but does not
include the financial statements and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether such other information
is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.
Responsibility of Management for Financial statements:-
The Companys management and the 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, and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the accounting Standards specified under section
133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding 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 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 statement 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 and Board of Directors are
responsible for assessing the Companys ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 subsection (11) of section 143 of
the Act, we give in the "Annexure A" a statement on the matters specified in
paragraphs 3 of the Order, to the extent applicable.
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 in this Report are in agreement with the books of account.
d. In our opinion, the aforesaid Financial Statements comply with the Accounting
Standards prescribed 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 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
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B".
g. According to information and explanations given to us and based on our examination
of the records of the company, the company has paid managerial remuneration in accordance
with the provision of section-197 of the act.
h. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 material 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.
i. (a) The management has represented that to the best of his knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds)by the company to or in any other person or entity, including foreign
entity("intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the intermediary shall whether directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
company ("ultimate beneficiaries")or provide any guarantee, security or the like
on behalf of the ultimate beneficiaries.
(b) The management has represented that to the best of his knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the company from any person or entity, including foreign entity ("funding
parties"), with the understanding, whether recorded in writing or otherwise, that the
company shall whether directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the funding party ("ultimate
beneficiaries")or provide any guarantee, security or the like on behalf of the
ultimate beneficiaries.
c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the reprentations under sub clause (i) and (ii) of rule 11(e) as provided under (a)and (b)
above, contain any material misstatement.
j. The final dividend proposed in the previous year, declared and paid during the
current year is in accordance with section-123 of Companies Act 2013.
k. 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 Tamanna Parmar & Associates
Chartered Accountants
Firms Registration No. 01444C
CA Tamanna Parmar
Partner
Place : Mumbai
Date :25/05/2023
Membership No. 409291
UDIN :- 23409291BGYUPL8371
"Annexure A" to the Independent Auditors Report on the Standalone Financial
Statements of KRISHIVAL FOODS LIMITED for the year ended March 31, 2023
Referred to in paragraph 1 under the heading ‘Report on Other Legal &
Regulatory Requirement of our Report of even date to the Financial Statements of the
Company for the year ended March 31, 2023.
i. PPE AND INTANGIBLE ASSETS: -
a. The company is maintaining proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment and intangible assets.
b. The Property, Plant and Equipment have been physically verified by the management
once in a year, which in our opinion is reasonable having regard to the size of the
company and nature of its business. Pursuant to the program, PPE has been physically
verified by the management during the year and no material discrepancies between the books
records and the physical verification of PPE have been noticed.
c. As per our verification of records of company and books of accounts of company, all
immovable property documents are in the name of company , hence other details in tabular
formats in relation to title of documents held in the name of other person, is not
required to be given.
d. There has been no revaluation of its PPE or intangible assets or both during the
financial year.
e. In terms of Information and explanation sought by us, no proceeding have been
initiated or is pending against the company during the year for holding any benami
property under Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rules made
thereunder.
ii. INVENTORIES:-
a. In our opinion and according to the information and explanation given to us, the
management has conducted the physical verification of inventory at reasonable intervals
and no material discrepancies between the books record and physical verification noticed.
In our opinion coverage and procedure of such verification by the management is
appropriate.
b. In terms of Information and explanation sought by us, and given by the company and
books of accounts and records examined by us in the normal course of audit and to the best
of our knowledge and belief, we state that during the year company has not been sanctioned
working capital limit in excess of Rs 5 crore in aggregate from bank and financial
institution on the basis of security of current assets.
iii. LOANS AND ADVANCES, GUARANTEES, SECURITIES:-
a. In terms of Information and explanation sought by us, and given by the company and
books of accounts and records examined by us in the normal course of audit and to the best
of our knowledge and belief, during the financial year, the Company has not granted any
loans, secured or unsecured to companies, firms, Limited Liability partnerships or any
other parties except some business advances in the course of business.
b. In our opinion and according to the information and explanation given to us, during
the course of audit the company has not made any investments, provided guarantees,
security given to any third party in relation to loans and advances..
c. In relation to loans and advances, there is no schedule of repayment of principal
and interest, hence receipts accordingly is not verified. However management is of the
view that loan given to wholly owned subsidiary company, is repayable on demand.
d. In our opinion and according to the information and explanation given to us, during
the course of audit there is no loan amount of overdue more than 90 days and hence
reporting under the same is not applicable.
e. In our opinion and according to the information and explanation given to us, during
the course of audit there is no loan amount granted to settle the overdue of the existing
loan of the same party, hence reporting under the same is not applicable to the company.
f. In our opinion and according to the information and explanation given to us, during
the course of audit there is no loan amount granted during the year, which is repayable on
demand to persons specified in clause 2 (76) of the companies act 2013. However as on
31/03/23 there is closing balance of loans and advances, given to wholly owned subsidiary
which is repayable on demand.
iv. COMPLIANCE IN RELATION TO LOAN TO DIRECTORS:-
In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Companies Act,
2013, in respect of loans, investments, guarantees, and security.
v. ACCEPTANCE OF DEPOSITS:-
a. In our opinion and according to the information and explanation given to us, the
company has not accepted any deposits in contravention of Directives issued by Reserve
Bank of India and provisions of Sections 73 to 76 or any other relevant provisions of the
Act and the rules framed there under, wherever applicable.
b. According to the information and explanation given to us and based on our
verification of documents in the course of audit, there has not been any deemed deposits
during the year.
vi. COST ACCOUNTING RECORDS:-
As informed to us and as per the provision of section-148(1) of the act r.w. companies
(cost records and audit) rules, 2014, our company is not falling within the specified
class of companies, which are obliged to maintain cost records, hence reporting under the
said clause is not applicable.
vii. STATUTORY DUES:-
a. According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company has been generally regular
in depositing undisputed statutory dues including Goods and service tax, Provident Fund,
Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of
Excise, Cess and any other statutory dues with the appropriate authorities.
As per information and explanations given to us, and based on verification of documents
and records, no undisputed amounts payable in respect of the above were in arrears as at
March 31, 2023 for a period of more than six months from the date on which they become
payable.
b. According to the information and explanation given to us, there are no dues under
dispute in relation to Goods and service tax, Provident Fund, Employees State Insurance,
Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Cess and any other
statutory liability, except income tax dues as mentioned below
| Name of the Statute |
Nature of Dues |
Amount |
Period to which the amount relates |
Forum where the dispute is pending |
| Income Tax Act,1961 |
Income Tax |
25,75,839 |
Financial Year 2015-16 |
Commissioner of income tax (appeal) |
Note :-Of the above disputed amount, company has deposited amount of Rs 6,00,000 under
protest.
viii. DISCLOSURE OF TRANSACTION NOT RECORDED IN BOOKS :-
In terms of Information and explanation sought by us, and given by the company and
books of accounts and records examined by us in the normal course of audit and to the best
of our knowledge and belief, we state that there has not been any search or seizure
initiated by the income tax department during the year and there has not been any
reassessment proceeding in relation to previous financial years, and management strongly
believe that there is no previously unrecorded income for the said company, so reporting
in relation to any unrecorded income in the books of accounts during the year is not
applicable to the said company.
ix. DEFAULT IN REPAYMENT OF LOAN TAKEN :-
a. In terms of Information and explanation sought by us, and given by the company and
books of accounts and records examined by us in the normal course of audit and to the best
of our knowledge and belief, we state that there has not been any default in repayment of
any loans or other borrowings for any principal amount due or any interest thereon.
b. According to the information and explanation given to us, the company has not been
declared as wilful defaulter by any bank, financial Institution and other lenders.
c. According to the information and explanation given to us, the company has applied
for the purpose for which the loans were obtained.
d. According to the information and explanation given to us, the company has not
applied short term raised fund for long term purpose.
e. According to the information and explanation given to us, the company has not raised
any fund to meet the obligation of its subsidiaries, associates or joint ventures.
f. According to the information and explanation given to us, the company has not raised
loan during the year on the pledge of securities held in its subsidiaries, joint venture
or associate company.
X. FUND RAISED THROUGH INITIAL PUBLIC OFFER/PRIVATE PLACEMENT AND ITS UTILISATION :-
a. Based upon the audit procedures performed and the information and explanations given
by the management, the company has not raised moneys by way of initial public offer(IPO),
further public offer (FPO) during the previous year and hence the reporting in relation to
the fund raised have been utilised for the purpose for which it was raised is not to be
reported.
b. In terms of Information and explanation sought by us, and given by the company and
books of accounts and records examined by us in the normal course of audit and to the best
of our knowledge and belief, we state Company has issued 25,00,000 Equity Warrants on
preferential basis, which was approved by members in the Extra ordinary General meeting
held on March 4th, 2023.The company has received 25% of the consideration at
time of allotment of warrants. The amount which has been received by the company, have
been utilised for the purpose for which it was raised.as per table mentioned below
| Amount Raised |
Amount Utilised |
| 16.06 crores |
13 crores |
xi. FRAUD REPORTING:-
a. Based upon the audit procedures performed and the information and explanations given
by the management, we report that no fraud by the company or no fraud on the company by
any person has been reported during the year.
b. As there is no fraud in terms of section 143(12) of the act, so reporting in the
form ADT-4 during the year by an auditor was not required to file.
c. In terms of section-177(9) of the act, it is mandatory for the said company to
establish vigil mechanism set in the company, however based upon the audit procedure
performed and the information and explanations given by the management of the company we
have not come across any whistle-blower complaints during the year.
xii. NIDHI COMPANY :-
In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause
3 (xii) of the Order are not applicable to the Company
xiii. RELATED PARTY TRANSACTIONS:-
Based upon the audit procedures performed and the information and explanations given by
the management, all transactions with the related parties are in compliance with section
177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial
Statements with Applicable Accounting Standards AS-18.
xiv. REPORTING ON INTERNAL AUDIT SYSTEM:-
In our opinion and based on our examination, the company have an internal audit system
and as required by section 138 of the companies act, complied with. Internal audit Report
is reviewed by statutory auditor and there is no material deficiency observed by the
internal auditor.
xv. NON CASH TRANSACTION WITH DIRECTORS: -
According to the information and explanations given to us, in our opinion during the
year the company has not entered into any noncash transactions with its directors, except
perquisites or persons connected with its directors and hence provisions of section 192 of
the Companies Act, 2013 are not applicable to the company.
xvi. REGISTRATION WITH RBI:-
In our opinion, the said company is not in to the business of finance nor NBFC and not
a Core Investment company (CIC) hence is not required to be registered under section 45 IA
of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi)
of the Order are not applicable to the Company and hence not commented upon.
xvii. CASH LOSSES:-
According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company has not incurred cash losses
in the financial year 2022-23 and in the immediately preceding financial year 2021-22.
Therefore, the provisions of clause 3 (xvii) of the Order are not applicable to the
Company.
xviii. RESIGNATION OF STATUTORY AUDITORS:-
There is no resignation of statutory auditor during the said previous year , hence
reporting under the said clause is not applicable to the company.
xix. OPINION ON LIQUIDITY/REPORTING ON FINANCIAL POSITION :-
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, placement of convertible share warrants at
premium as compared to book value, 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. CORPORATE SOCIAL RESPONSIBILITY:-
According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company is not liable to spend
amount as specified under section-135 of the act , in pursuance of its corporate social
responsibility policy.
For Tamanna Parmar & Associates
Chartered Accountants
Firms Registration No. 01444C
CA Tamanna Parmar
Partner
Place : Mumbai
Date : 25/05/2023
Membership No.409291
UDIN :- 23409291BGYUPL8371
"Annexure B" to the Independent Auditors Report of even date on the
Standalone Financial Statements of Krishival Foods Limited for the year ended March 31,
2023
Report on the Internal financial controls with reference to financial statements and
the operating effectiveness of such 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 with reference to financial statements
of Krishival Foods Limited ("the Company") as at March 31, 2023, in conjunction
with our audit of the Standalone Financial Statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The board of directors of the Company is responsible for establishing and maintaining
internal financial controls based on the internal financial controls with reference to
financial statements criteria established by the Company considering the essential
components of internal controls stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India (the "Guidance Note"). 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, 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 internal financial controls with
reference to Financial Statements of the Company 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") issued by the Institute of Chartered
Accountants of India and the standards on auditing prescribed under Section 143 (10) of
the
Companies Act, 2013, to the extent applicable to an audit of internal financial
controls. 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 with reference to financial statements and their
operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of such internal financial
controls, 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 in the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
A companys internal financial controls with reference to financial statements is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of standalone financial statements for external purposes in
accordance with generally accepted accounting principles. A companys internal financial
control with reference to financial statements includes those policies and procedures
that(i) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;(ii) 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
authorisations of management and directors of the company; and(iii) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the companys assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls with reference to Financial
Statements
Because of the inherent limitations of internal financial controls with reference to
financial statements, including the possibility of collusion or improper management of
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 with
reference to financial statements to future periods are subject to the risk that the
internal financial control with reference to 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, an adequate internal
financial control system with reference to financial statements and such internal
financial controls were operating effectively as at March 31, 2023, based on the internal
financial control with reference to financial statements criteria established by the
Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
For Tamanna Parmar & Associates
Chartered Accountants
Firms Registration No. 01444C
CA Tamanna Parmar
Partner
Place : Mumbai
Date : 25/05/2023
Membership No.409291
UDIN : 23409291BGYUPL8371.
+91-9892691696
