TO THE MEMBERS OF FACOR ALLOYS LIMITED
Report on the audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of
FACOR ALLOYS LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31,2023, and the Statement of Profit and Loss (including other comprehensive
income), Statement of changes in Equity and Statement of Cash Flows for the year then
ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.
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 ("the Act") in the manner so
required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2023,
and total comprehensive income (comprising loss and other comprehensive income), the
profit, changes in equity and its cash flows and for the year then ended on that date.
Basis for opinion
We conducted our audit 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 Standalone 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 Standalone 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.
Emphasis of Matter
We draw attention to Note 15.2 of the standalone financial statement,
which emphasises the company to be certain regarding the recoverability of the loan amount
from the Cati Madencilik Ithalat Ve Ihracat A.S (step down overseas subsidiary of the
company). However, the operation of such a subsidiary is yet to be commenced.
Our Opinion is not modified in respect of this matter.
Key Audit Matter
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the Standalone Financial Statements
for the financial year ended March 31,2023. These matters were addressed in the context of
our audit of the Standalone Financial Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit
matters to be communicated in our report. We have fulfilled the responsibilities described
in the Auditors responsibilities for the audit of the Standalone Financial
Statements section of our report, including in relation to these matters. Accordingly, our
audit included the performance of procedures designed to respond to our assessment of the
risks of material misstatement of the Standalone Financial Statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying Standalone Financial Statements.
| Key Audit Matters |
How Our audit addressed the key audit matter |
| Pending Arbitration proceedings for pre termination of
conversion agreement by the company (as described in note no. 49 to the Standalone Ind AS
financial statements) |
Our audit procedures included and were not limited to the
following: |
| The Company is subject to Arbitration proceedings related to
termination of conversion agreement by the company before Honble High Court of Delhi
appointed Arbitrator. Claims and counter claims are made by both the parties to
arbitration. The assessment of the likelihood and quantum of impact in respect of
arbitration can be judgmental due to the uncertainty about the outcome. |
• Assessed the managements conclusions through
discussions with the in-house legal expert and external legal opinions obtained by the
Company (where considered necessary) on both, the probability of success in the aforesaid
cases, and the magnitude of any potential loss. |
| We identified this as a key audit matter, since the amounts
involved are material to the Standalone financial statements and involve a significant
degree of management judgment in interpreting the case and it may subject to management
bias. These claims and counter claims require management estimates and interpretation of
various matters, issues involved and are subjective in nature. |
• Discussed with the management on the development in
these litigations during the year ended March 31,2023. |
|
• Rolled out of enquiry letters to the Companys
legal counsel and noted the responses received. |
|
• Assessed the responses received from Companys
legal counsel by engaging our internal legal experts. |
|
• Assessed the objectivity and competence of the
Companys legal counsel involved in the process and legal experts engaged by us. |
|
• Assessed and validated the adequacy and
appropriateness of the disclosure made by the management in the Standalone Ind AS
Financial Statements. |
|
• Obtained representation letter from the management on
the assessment of these matters. |
Information Other than the Financial Statements and Auditors
Report Thereon
The Companys Board of Directors is responsible for the other
information. The other information comprises the information included in the annual
report, but does not include the Standalone 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 the
other information is materially inconsistent with the Standalone 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.
Responsibilities of management and those charged with governance for
the Standalone financial statements
The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these Standalone
financial statements that give a true and fair view of the financial position, financial
performance, changes in equity 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 the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate implementation and maintenance of accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate 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 Standalone financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the
companys financial reporting process.
Auditors responsibilities for the audit of the Standalone
financial statements
Our objectives are to obtain reasonable assurance about whether the
Standalone 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 Standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional scepticism 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 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 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 Standalone 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
Standalone financial statements, including the disclosures, and whether the Standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the 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.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the financial
statements of the current period and are therefore the key audit matters. We describe
these matters in our auditors report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020
("the Order") issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in the "Annexure A", a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report, to the extent
applicable, 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 appears from our examination of those books;
c. The Balance Sheet, Statement of Profit and Loss including Other
Comprehensive Income, the Statement of changes in equity and the statement of Cash Flow
Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid Standalone financial statements comply
with the Indian Accounting Standards specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015 as amended;
e. On the basis of the written representations received from the
directors as on 31st March, 2023, and taken on record by the Board of Directors, none of
the directors is disqualified as on 31st March, 2023 from being appointed as a director in
terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over
financial reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in "Annexure B"; and
g. During the year 2022-23, the company has not paid any managerial
remuneration to its directors.
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 has disclosed the impact of pending litigations on its
financial position in note no. 36 in its standalone financial statements.
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable losses;
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.
iv) a) The management has represented that, to the best of its
knowledge and belief, 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, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge
and belief, other than as disclosed in the noted to accounts, no funds have been received
by the company from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
c) Based on the audit procedures that were considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (a) and (b) contain any material
misstatement
v) No dividend declared or paid during the year by the Company.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company with effect from April 1,
2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended March 31, 2023.
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE
STANDALONE FINANCIAL STATEMENTS OF FACOR ALLOYS LIMITED
The Annexure referred to in paragraph 1 under "Report on Other
Legal and Regulatory Requirement" section of our Independent Auditors Report to
the members of the Company on the financial statements for the period ended March 31,
2023, we report that:
1. (a) (A) The company is maintaining proper records showing full
particulars, including quantitative details and situation of Property, Plant and
Equipment;
(B) The company is maintaining proper records showing full particulars
of intangible assets;
(b) These Property, Plant and Equipment have been physically verified
by the management at reasonable intervals; no material discrepancies were noticed on such
verification;
(c) The title deeds of all the immovable properties (other than
properties where the company is the lessee and the lease agreements are duly executed in
favour of the lessee) are in the name of erstwhile pre-demerged company. The immovable
properties and transferred by virtue of BIFR Order No.314/98, dated 13th April,
2004. The immovable properties acquired subsequent to demerger are held in the name of the
company;
(d) As per the information and explanation given to us and as per our
verification of the records, the company has not revalued its Property, Plant and
Equipment (including Right of Use assets) or intangible assets or both during the year;
(e) On the basis of information and explanation given to us, no
proceedings have been initiated or are pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder.
2. (a) The physical verification of inventory has been conducted at
reasonable intervals by the management and no material discrepancies were noticed;
(b) As per the information and explanation given to us and as per our
verification of the records, the company has not been sanctioned any working capital
during any point of time of the year;
3. According to the information and explanation given to us, the
company has not made any investments in, provided any guarantee or security or granted any
loans or advances in the nature of loans, secured or unsecured, to companies, firms,
Limited Liability Partnerships or any other parties during the year.
4. According to the information and explanation given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Act in respect of
grant of loans, making investments and providing guarantees and securities, as applicable.
5. The Company has not accepted any deposit within the meaning of
Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as
amended). Accordingly, the clause (v) of paragraph 3 of the Order is not applicable to the
Company and hence not comment upon.
6. We have broadly reviewed the books of account and records maintained
by the Company relating to the products of the Company pursuant to the Rules made by the
Central Government for the maintenance of cost records under sub-section (1) of section
148 of the Companies Act 2013 for the business activities carried out by the company and
we are of opinion that prima facie such accounts and records have been made and
maintained.
7. According to the information and explanation given to us, in respect
of statutory dues:
(a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Employees State Insurance, Income Tax,
Goods and Service Tax, Customs Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty,
Cess and other material statutory dues in arrears as at March 31,2023 for a period of more
than six months from the date they became payable.
(c) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty
and Value Added Tax which have not been deposited as at March 31,2023 on account of
dispute are given below:
| Nature of dues |
Forum where dispute is pending |
Period to which the amount relates |
Rupees in lakhs* |
| Custom Duty |
A.P High Court, Hyderabad |
1988 - 1989 |
158.34 |
| Sales Tax |
A.P High Court, Hyderabad, APSTAT- |
2009 - 2010 2010-2011, |
21.27 |
|
Visakhapatnam, |
2011 - 2012, 2012 - 2013 |
8.51 |
| Income Tax |
CIT (Appeals) |
2017-18 |
210.00 |
* Amount is net of payment under protest
8. 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.
9. In our opinion and according to the information and explanations
given by the management-
(a) The company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender;
(b) The company has not been declared wilful defaulter by any bank or
financial institution or other lender;
(c) The company has not applied for term loans during the current
financial year;
(d) The company has not raised availed any borrowing;
(e) The company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiaries, associates or joint ventures;
(f) The company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies;
10. (a) According to the information and explanations given by the
management, the Company has not raised any money by way of initial public offer or further
public offer (including debt instruments) and term loan during the period. Accordingly,
clause (ix) of the paragraph 3 of the Order is not applicable.
(b) The company has not made any preferential allotment or private
placement of shares or convertible debentures (fully, partially or optionally convertible)
during the year.
11. (a) According to the information and explanations given by the
management, no fraud by the Company or on the Company by its officers or employees has
been noticed or reported during the course of our audit.
(b) In our opinion and to the best of our knowledge, no report under
subsection (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) According to the information and explanations given by the
management, there were no whistle blower complaints received by the Company during the
year and upto the date of this report.
12. As the Company is not a Nidhi Company, accordingly clause (xii) of
paragraph 3 of the order is not applicable to the Company.
13. According to the information and explanations given by the
management and in our opinion, the Company is in compliance with Section 177 and 188 of
the Companies act, where applicable, for all transactions with the related parties and the
details of related party transactions have been disclosed in the financial statements etc.
as required by the applicable accounting standards.
14. In respect of Internal audit:
(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 during the year and covering the period up to 31st March, 2023.
15. According to the information and explanations given by the
management, the Company has not entered into non- cash transactions with directors or
persons connected with him as referred to in section 192 of Companies act, 2013 and
accordingly the provision of clause (xv) of the
Order is not applicable to the company and hence not commented upon.
16. (a) The provisions of section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to
report on clause 3(xvi)(a) of the Order is not applicable to the Company.
(b) The Company has not conducted any Non-Banking Financial or Housing
Finance activities without obtaining a valid Certificate of Registration (CoR) from the
Reserve Bank of India as per the Reserve Bank of India Act, 1934.
(c) The Company is not a Core Investment Company as defined in the
regulations made by Reserve Bank of India. Accordingly, the requirement to report on
clause 3(xvi)(c) of the Order is not applicable to the Company.
(d) As represented by the management, the Group does not have more than
one Core Investment Company (CIC) as part of the Group as per the definition of Group
contained in the Core Investment Companies (Reserve Bank) Directions, 2016
17. The company has not incurred cash losses in the current year and in
the immediately preceding financial year respectively.
18. There has been no resignation of the statutory auditor in the
current financial year.
19. Based upon the audit procedures performed, the information and
explanations given by the management and on the basis of financial ratios viz, Debt
service coverage ratio, Current ratio, Debtor days and Creditor days we opine that the
Company seems to be 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.
20. (a) Based upon the audit procedures performed and the information
and explanations given by the management, there is no unspent amount of C.S.R expenditure.
Accordingly, there is no need of transfer of amount to funds specified in Schedule VII to
the Act in accordance with second proviso to sub- section (5) of section 135 of the said
Act.
(b) There are no remaining unspent amount under sub- section 5 of
section 135 of the said Act, that are required to be transferred to a special account in
compliance of provision of sub section (6) of section 135 of Companies Act.
21. Please refer Annexure ‘A of the Report on the Audit of
the Consolidated Financial Statements in respect of clause 3 (xxi) of the Order.
Annexure- "B" to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial
reporting of M/s Facor Alloys Limited ("the Company") as of 31 March 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India
(‘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
companys policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial controls over financial reporting based on our audit. We conducted our
audit in accordance with the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting 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 auditors judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control
over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3)provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
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 that 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 31 March 2023, based on
the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
|
Mohsin Hada |
|
Partner |
|
Membership No. 608681 |
|
For and on behalf of |
|
K.K. Mankeshwar & Co. |
|
Chartered Accountants |
| Place: New Delhi |
Firms Registration No. 106009W |
| Date: 17th May, 2023 |
UDIN:23608681BGQVHW8383 |
+91-9892691696
