<dhhead>Independent Auditors’ Report</dhhead>
To
The Members of
ENTERPRISE INTERNATIONAL LIMITED
Report on the Audit of the Financial statements
Opinion
We have audited the accompanying financial statements of ENTERPRISE
INTERNATIONAL LIMITED (the Company), which comprise the Balance Sheet as at 31st
March 2023, the Statement of Profit and Loss (including Other Comprehensive Income),
the Cash Flow Statement and the Statement of Changes of Equity for the year then ended,
and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information for the year ended on that date (hereinafter
referred to as the "Financial Statements").
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 (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 31st March 2023, and its profit and total
comprehensive income, its Cash Flows and Changes in Equity 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) specified under Section 143(10) of the Act. Our
responsibilities under those standards are further described in the Auditors
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the
Rules 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
judgement, were of most significance in our audit of the financial statements of the
current year. These matters were addressed in the context of our audit of the financial
statements as a whole, and informing our opinion thereon, and we do not provide a separate
opinion on these matters. Based on the audit procedure performed including assessment of
risk of material misstatement we have not come across any material Key Audit Matters that
are required to be communicated in accordance with the standard.
Information Other than the Financial Statements and Auditors’
Report thereon.
•The Company’s Board of Directors is responsible for the
preparation of the other information. The other information comprises the information
included in the Board’s Report in the annual report for the year ended March 31, 2023
but does not include the financial statements and our auditors’ report thereon.
• 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 during the course of
our audit or otherwise appears to be materially misstated.
• If, based on the work we have performed, we conclude that there
is a material misstatement of this other information, we are required to report that
fact.• We have nothing to report in this regard.
Responsibilities of Management and those charged with Governance for
the Financial Statements
The Company’s Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act) with respect to the
preparation of these financial statements that give a true and fair view of the state of
affairs (financial position), Profit & Loss (financial performance including
comprehensive income), changes in equity and cash flow of the Company in accordance with
the accounting principles generally accepted in India, including the accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounting
Standard) Rules, 2015 as amended.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate implementation and maintenance of accounting policies; making
judgements 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 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 Company’s 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
company’s financial reporting process.
Auditor’s 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 misstament, whether due to fraud or
error, and to issue an auditor’s 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 misstament when it exists. Misstaments
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
judgement and maintain professional skepticism throughout the audit. We also "
• Identify and assess the risks of material misstatement of the
Standalone 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 system with reference to
financial statement 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 management’s 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 Company’s 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.
Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Standalone financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the financial statements.
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 (Auditor’s Report) Order, 2016
("the Order") issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act, we based on our examination given in the "Annexure
A", a statement on the matters specified in paragraph 3 and 4 of the Order, to
the extent applicable.
2. Further to our comments in the annexure referred to in the paragraph
above, 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 including other
Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt
with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the
Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 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 over
financial reporting of the Company and the operating effectiveness of such controls, refer
to our separate report in Annexure B. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the internal control with reference to
financial statements of the Company.
3. With respect to the other matters to be included in the
Auditor’s 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 pending litigations which would impact
its financial position;
ii) The Company did not have any long-term contracts including derivate
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) The management has represented that to the best of its knowledge
and belief, no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other
persons or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall :
•directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on
behalf of the Company or
•provide any guarantee, security or the like to or on behalf of
the Ultimate Beneficiaries.
v) The management has represented that to the best of its knowledge and
belief, no funds have been received by the Company from persons or entities, including
foreign entities ("Funding Parties"), with the understanding, whether recorded
in writing or otherwise, that the Company shall :
•directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on
behalf of the Funding Party or
•provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries.
vi) Based on such audit procedures as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under clause (iv) and (v) contain any material
misstatement.
vii) The company has not declared or paid any dividend during the year
and has not proposed final dividend for the year.
viii) In our opinion and according to the information and explanation
given to us, the remuneration paid by the Company to its directors during the current year
is in accordance with the provisions of Section197 of the Act. The remuneration paid to
any director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which
are required to be commented upon by us.
ix) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014
requires all companies which use accounting software for maintaining their books of
account, to use such an accounting software which has a future of audit trail, with effect
from the financial year beginning on 1 April 2023 and accordingly, reporting under Rule
11(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) is not applicable for the
current financial year.
| |
R C Jhawer |
| |
Proprietor |
| |
Membership No. 17704 |
| |
For and on behalf of |
| |
R C Jhawer & Co. |
| |
Chartered Accountants |
Place : Kolkata. |
Regn. No. 310068E |
Date : 27/05/ 2023 |
UDIN : 23017704BGXCGJ1147 |
Annexure A to the Independent Auditor’s Report
(Referred to in paragraph 2 under the heading "Report on Other
Legal and Regulatory Requirements" of our report of even date)
I) In respect of the Company’s Property, Plant and Equipment and
Intangible Assets :
a) (A) The Company has maintained proper records showing full
particulars including quantitative details and situation of Property, Plant &
Equipments and capital work-in-progress.
(B) The Company has maintained proper records showing full particulars
Intangible Assets.
b) As explained to us, some of th Property, Plant and Equipment and
capital work-in-progress were physically verified during the year by the management in
accordance with a program of verification, which in our opinion provides for physical
verification of all the Property, Plant and Equipment and capital work-in-progress at
reasonable intervals having regard to the size of the Company and the nature of its
activities. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) According to the information and explanations given to us and the
records examined by us and based on examination of the registered sale deed, title deed,
conveyance deed, mutation of title papers, provided to us, we report that, the title deeds
of all the immovable properties land and buildings disclosed in the financial statements
included in Property, Plant and Equipment and capital work-in-progress, are held in the
name of the Company as at Balance Sheet date.
d) According to the information and explanations given to us, the
Company has not revalued any of its Property, Plant and Equipment during the year.
e) To the best of our knowledge and according to the information and
explanations given to us, no proceedings have been initiated during the year or are
pending against the Company as at 31st March, 203 for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made
thereunder.
(ii) In respect of Inventories :
(a) The inventories, except for goods-in-transit and stock lying with
third parties, were physically verified by the management at reasonable intervals during
the year. In our opinion and based on the information and explanation given to us, the
coverage and procedure of such verification by Management is appropriate having regard to
the size of the Company and nature of its operations. No discrepancies of 10% or more in
the aggregate for each class of inventories were noticed on such physical verification of
inventories / alternate procedures performed as applicable, when compared with books of
accounts.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company has been
sanctioned working capital limits in excess of five crores rupees, in aggregate, from
banks on the basis of security of current assets. In our opinion, the quarterly returns or
statements filed by the Company with such banks are in agreement with the books of account
of the Company.
(iii) Reporting on investments in, provided any guarantee or
security or advances or loans:-
a) During the year the company has granted loan or advances in the
nature of loans. Loans given in earlier years, the schedule of repayment of principal and
payment of interest has been stipulated as repayable on demand. As per the information and
explanations given to us and books examined by us in respect of loans & advances in
the nature of loans, no written schedule of repayment of principal and payment of interest
has been stipulated and in absence of such schedule, we are unable to comment on the
regularity of the repayment of principal amounts and payment of interest.
b) Details of Unsecured Loan granted to related parties in furnished
below :-
Particulars |
Loans (In Thousand) |
Security |
Advance in nature of loans (In Thousand) |
Purpose |
Aggregate amount of Loan granted during the
year |
5,100.00 |
Nil |
5,100.00 |
For the normal business purposes |
-- Subsidiary |
Nil |
Nil |
Nil |
|
-- Associate & Related parties |
5,100.00 |
Nil |
5,100.00 |
|
Balance outstanding at balance sheet date |
46,100.00 |
Nil |
46,100.00 |
For the normal business purpose |
c) During the year the Company has not provided any guarantee to
others. As per explanations and information provided to us the terms and conditions of the
grant of all loans and advances in the nature of loans are not prejudicial to the interest
of the company.
d) As per the information and explanations given to us by the
management, since all the loans granted by the company are repayable on demand and during
the year, the company has not demanded repayment of full amount of such loans and
interest, we are unable to comment on the amount over due for more than ninety days as at
balance sheet date.
e) As per the information and explanations given to us by the
management and books examined by us there has not been any loan or advance in the nature
of loan granted which has fallen due during the year, has been renewed or extended or
fresh loans granted to settle the over-dues of existing loans given to the same parties.
f) As per the information and explanations given to us by the
management, the Company has granted loans to the related parties is repayable on demand.
The Company has not granted any loan to promoters during the year.
(iv) In our opinion and according to the information and explanations
given to us, the company has not made any investments in, provided any guarantee or
security, to any companies, firm, Limited Liability partnerships or other parties as
covered in the register maintained under Section 189 of the Act. The company has granted
loans & advances in the nature of loan to a related party M/s. BKV Infracon Pvt. Ltd.
amounting to Rs. 5,100.00 thousands (Net) during the year for the normal business purposes
of the company. The total amount outstanding as on the date of balance sheet is Rs.
46,100.00 thousand.
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 with respect to loans, investments, guarantees and security made by it
during the year under audit.
(v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the meaning of section 73 to
76 of the act and the rules framed there under, where applicable. Accordingly, the
provisions of clause 3(v) of the order are not applicable.
(vi) According to the information and explanations given to us,
provisions relating to maintenance of Cost Records under section 148 (1) of the Act, in
respect of Companys products/services are not applicable to the company.
(vii) In respect of statutory dues :
a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues including provident
fund, employees state insurance, income tax, sales tax, goods and service tax, service
tax, custom duty, excise duty, value added tax, cess and other material statutory dues as
applicable with the appropriate authorities.
b) According to the information and explanations given to us by the
management and records of the company examined by us, there are no undisputed amounts
payable in respect of provident fund, employees state insurance, income tax, sales tax,
service tax, custom duty, value added tax, GST, excise duty, cess and other material
statutory dues which were outstanding, at the year-end for a period of more than six
months from the date they became payable.
viii) According to the information and explanations given to us and the
records of the company examined by us, there were no transactions relating to previously
unrecorded income that were surrendered or disclosed as income in the tax assessments
under the Income Tax Act, 1961 (43 of 1961) during the year.
ix) In respect of borrowings :
a) According to the information and explanations given to us and the
records of the company examined by us, the Company has not defaulted in repayment of loans
or other borrowings or in the payment of interest thereon to any lender during the year.
b) The company has not been declared willful defaulter by any bank or
financial institution or government or any government authority.
c) In our opinion, and according to the information and explanations
given to us and the records of the company examined by us term loans have been utilized
for the purpose for which these loans were obtained.
d) On an overall examination of the financial statements of the
Company, funds raised on short-term basis have, prima facie, not been used during the year
for long - term purposes by the Company.
e) According to the information and explanations given to us, the
company has not taken any funds form any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures;
f) According to the information and explanations given to us, the
company has not raised loans during the year on the pledge of securities held in its
subsidiaries, joint ventures or associate companies.
(x) In respect of fund raising :
a) The Company has not raised moneys by way of initial public offer or
further public offer (including debt instruments) during the year and hence reporting
under clause x(a) of the Order is not applicable.
(b) During the year the Company has not made any preferential allotment
or private placement of shares or convertible debentures (fully or partly or optionally)
and hence reporting under clause (x) (b) of the Order is not applicable to the Company.
(xi) In respect of fraud and complaints :
a) Based on examination of the books and records of the Company and
according to the information and explanations given to us, no fraud by the company or on
the company has been noticed or reported during the year.
b) To the best of our knowledge, no report under sub-section (12) of
section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13
of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year
and upto the date of this report.
c) As represented to us by the Management, there were no whistle blower
complaints received by the Company during the year and upto the date of this report.
(xii) In our opinion and according to the information and explanations
given to us, the company is not a Nidhi company. Accordingly, paragraph 3 (xii) of the
order is not applicable.
(xiii) According to the information and explanations given to us and
based on our examination of the records of the company, transactions with the related
parties if any are in compliance with the provisions of Sections 177 and 188 of the act
where applicable and details of such transactions have been disclosed in the financial
statements as required by the applicable accounting standards.
(xiv) In respect of Internal Audit System :
a) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
b) We have considered the internal audit reports issued to the Company
till date for the period under audit.
(xv) According to the information and explanations given to us and
based on our examination of the records of the company, the company has not entered into
any non-cash transactions with its directors or persons connected to its directors and
hence provisions of section 192 of the Act are not applicable to the Company.
xvi) The company is not required to be registered under Section 45-IA
of the Reserve Bank of India Act 1934. Hence , reporting under clause (xvi) (a), (b), (c )
& (d) of the Order is not applicable.
xvii) The company has not incurred cash losses in the current financial
year and in the immediately preceding financial year.
xviii) There has been resignation of the statutory auditors during the
year and we have taken into consideration the issues objections or concerns raised by the
outgoing auditors.
xix) Accounting to the information and explanations given to us and on
basis of the financial ratios, ageing and expected dates of realization of financial
assets and payments 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 the 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 viability of
the company. We further state that our reporting is based on the facts upto the date of
audit report and we neither give any guarantee or any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the company as and when they fall due.
xx) In our opinion and according to the financial statements, company
is not covered by Section 135(1) of the Companies Act 2013, regarding Corporate Social
Responsibilities (CSR). So this clause is not applicable to the Company.
xxi) The reporting under (xxi) is not applicable in respect of audit of
standalone financial statements of the Company. Accordingly, no comment has been included
in respect of said clause under this report.
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R C Jhawer |
| |
Proprietor |
| |
Membership No. 17704 |
| |
For and on behalf of |
| |
R C Jhawer & Co. |
| |
Chartered Accountants |
Place : Kolkata. |
Regn. No. 310068E |
Date : 27/05/ 2023 |
UDIN : 23017704BGXCGJ1147 |
Annexure B to the Independent Auditor’s Report
(Referred to in paragraph 2(f) under the heading "Report on Other
Legal and Regulatory Requirements" of our report of even date)
Report on the Internal Financial Controls under Clause (I) of
Sub-section 3 of Section 143 of the Companies Act,2013 ("the Act")
We have audited the internal financial controls over financial
reporting of Enterprise International 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.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India
("ICAI"). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to
company’s 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.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s
internal financial controls over financial reporting based on our audit. We conducted our
audit in accordance with the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting , assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor’s 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 Company’s internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s internal financial control
over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and depositions 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 authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based
on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note
issued by the ICAI.
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R C Jhawer |
| |
Proprietor |
| |
Membership No. 17704 |
| |
For and on behalf of |
| |
R C Jhawer & Co. |
| |
Chartered Accountants |
Place : Kolkata. |
Regn. No. 310068E |
Date : 27/05/ 2023 |
UDIN : 23017704BGXCGJ1147 |
+91-9892691696
