TO THE MEMBERS OF GALADA POWER AND TELECOMMUNICATION LIMITED, HYDERABAD,
Report on the Audit of the Financial Statements Opini?n
We have audited the financial statements of GALADA POWER AND TELECOM MUNiC ATI ON LIMITED ("the Company"),, which comprise the balance sheet as at 31st March 2024, the statement of Profit and Loss (including Other Comprehensive Income), statement of changes in equity, statement of cash ftows for the year then ended, and notes to the financial statements, including a summary of significant account?ng policies and other explanatory information.
In our opini?n 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 fatr view in conformity with the accounting principies generally accepted in india including the Indian Accounting Standard? prescribid under sect?on 133 of the Act read with the Companies (Indian Accounting Standard?) Rules, 2015, as amended, (Ind AS), of the State of affairs of the Company as at March 31, 2024, its loss, the total comprehensive income, changes In equlty and its cash flows for the year ended on that date.
8asis for Opini?n
We conaucted our audit in accordance with the Standards on Auditing (SAs) specified under sect?on 143(10) of the Companies Act, 2013, Our responsibilities under those Standards are further described in the Auditor* Responsibilities for the Audit of the Financial Statements sect?on of aur report, We are independent of the Company in accordance with the Code of Ethics fssued by the Inst?tute of Chartered AccounEants of india together with the ethicai requirements that are relevan! to our audit of the financial statements under the provislons of ihe Act and the Rules thereunder, and we have futfilled our other eth?cal responsibilities in accordance with these requirements and the Code of Ethics, We be?eve that the audit evidence we have obtained ?s suffic?ent and appropriate to provide a basis for our opini?n on the financial statements.
Materia! Uncertainty Related to Going Concern
We draw attention to Note 1 to the financial statements wh?ch indicates that thougn there were no operat?ons in the company and the net worth of the company as on the reporting date is negative and it contin?es to incur losses, the financial statements are being prepared on a going concern basis as the company is in process of Implementation of the ftesolution Plan as approved by the Honble National Company Law Tribunal (NCL T), Hyderabad Bench,
Our opini?n is not modified in respect of this matter.
Key Audit Matters
Key Audit Matters (KAM} are those matters that in our profesional judgement, were of most signif?cance in our audit of the fioancial statements of current period. These matters were addressed in the context of our audit of the financioI statements as a whole, and in forming our opini?n thereon, and we do not provide a sep?rate opini?n on these matters, In addit?on to the matter described in the Material Uncertainty Related to Go?ng Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report
KAM Title
Valuation of Deferred Tax Assets KAM Descript?on
The company has not recognised deferred tax assets for deductible temporary differences and unused tax losses. As the utilisation of deferred tax assets is dependent on the .eompanys ability td generate future taxable profrts sufficient to utilise deductible temporary differences ?fid tax losses before tfi? yexpire. We determined this to be a key audit matter due to the inherent limitativos in estimaron and uneertainty in forecasting the amount and timing of future taxabte prof?ts and the reversa! of temporary differences and utilisation of tax losses.
Management has supported the non-retoverabifity the deferred tax as?ets mainjy wifla taxable iricome projections which conta?n estimates of and tax strategies for future taxable-lncome. Changes in the industrial scenario, the business and Its markef? and changas in regulations may impact these projections.
Our Response
Our audit procedures included, among ojh?rs, evaluating the projeqjed tax computations prepared by the company to assess the recognit?on and measurement of the curren^and deferred tax assets and liabilities and eval?ate the compilante with the taj^l?gislation. We paid attehtion to the ?ong-term forecasts and critlcally assessed the assumptions and judgmenis underlying thesp.forecasts by considering the hfstorical aecuracy of forecasts and the sensitivities oflhe progt forecasts. ytf? assessed the adequacy and the level of estimation involved.
Other Informatlong^gi^K^
The tompanys Bbard of Dfrectprs is responsibfe for the other informatlon, The other informat?on comprises the informatiori included in the eompanys annual report but does not inelude the financia! statements and our auditors repprt thereon-
Our opini?n on the finandal statementsi?joes not cover the other informat?on and we do not express any form of assurance conclusi?n thereon, :
In connection with oubaudit of the finandal statements, our responsibility is to read the other informat?on and, in doing so, consid?r w.hether such other informat?on is materially inconsistent with the finandal statements, or our knowledge pbta?ned ?n the audit or otherwise appears to be materially m?sstated, If, based on the work we havoperformed, we condude that there is a material mlsstatement of this other informat?on, weare required to report that fact, We have nathing to report ?n thlsregard.
Responsi?j?ities of Management and Those Charged with Governance for the Financial St?tements
The Companys Board of Director* is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financia) st?tements that give a true and fair view of the financial position, financial performance, total cornprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principies generally accepted in India, including the Iridian Accounting Standards spec?fied under section 133 of the Act. This responsibilit1/ also ineludes 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 irregularit?es; selection and applicat?on of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequ^je Interna! financial Controls, that were operating effectively for ensuring the accuracy and ;^mpletenes? of .the accounting records, relevant to the preparation and presentaron of the financia! st?tements that give a,true and fair view and are free from material misstatement, whether due to fraud oir error. .:-
in preparing the financiat st?tements, management is responsible for assessing the Companys, ability to continu? as a going concern, d?sdosing, as appiicable, matters related to.^o?ng concern and usita:the going concern basis of accounting uniess management either intends to liqu?date the Company ;?r to cease operations, or has no reallstte alternative but to do so. ^i-M
The Board of Directors is also responsible for overseajng the Companys financia! report?ng process.
Auditores Responsibilities for the Auditof the Financial St?tements
Our objectives are to obtain reasonable assurance about whether the financial st?tements as a whole are free from material misstatement, wheth?ir due to fraud or error, and to issue an auditores report that [rcludes our opini?n. Reasonable assurance is a high level of assurance but is not a guarantee that an aud?t conducted in accordance with SAs will alwaysdeteci a material misstatement when it exists. Misstatements can arise from fraud or error and are considerad material if, individuaHy or ir the aggregate, they could reasonably be expected to influence the economic decisions of usprs taken on the basis of these financial st?tements.
As part of an aud?t in accpfdance with Standards onAuditing, we exerrise professional judgment and maintain profesional sf<?)3tid$tTi throughout the audit. We also:
> Identify and assess thmrisk^fcjmaterial misstatement of the financia! st?tements, whether due to fraud or ejgpr, design and perforen audit procedures responsive to those risks, and obtain audit eviolencethat js suffi.dent and appropriate to providea basis for our opini?n. The riskof not detecting a material misstatefrent resulting frbjjjn fraud is higher than for one resulting from error, as fraud may Invofve collu^h;..forgery, inteqfpnal omissions, misrepresentat?ons, or the override of ?nternal control.
y Obtain an understandtng of.fnternaf Controls relevant to the audit in order to design audit procedures that are appropriate In tfie t?rcumstances. Under section I43(3)(?) of the Act, we are also responsible for expressing our opini?n on whether the Company has adequate internal financial Controls system in place and the operating effectiveness of such Controls.
> Eval?ate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related d?sclosures made by management.
> Condude on the appcopriateness of managements use of the going concern basis of accounting and, based on the audit ev?dence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continu? as a going concern. If we condude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financia! statements or, if such disdosures are ?nadequate, to modify our Opini?n. Our condusions 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 continu? as a going concern.
> Eval?ate the overall presentation, structure, and conten? of the financial statements, including the disdosures, and whether the financial statements represent the undedyipg transactions and eyents in a manner that achieves falr presentation.
We communicate with those charged with governance regarding, amdpg other matters/?he plqnned scope and timing of the audit and significant audit findings, induding any significant deficientesin Internal control that we identify during our audit. ::: TO
We also provide those charged with governance with a statement wat we have complied w?tfi relevant ethical requirements regarding independerse, and to communicate v?fth ?tem all relationshipsand other matters that may reasonably be thought to beat?n our independenf^, end^where appljpirole, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most sigrtificance 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 uniess taw or regulaban predudes public disdosure about the matter or whe.ri, ?n extremely rare circumstances, we determine that a matter shouid not be communicated in our report because the adverse consequences of doing so w?uld reasonably be expected to outweigh the public ?nterest benefits of such communication,
Report on Other Legal and Regulatory Requlrements:
1. As required by the Companies fAuditor? Report) OrdefJ 2020 ("the Order"), issued by the Central Government of india ip, terms of sub-section f?l) of seetion 14-3 of the Companies Act, 2013, we give in the Anng^uPPWsa statement on the matters speciffed in paragraphs 3 and 4 of the Order, to the extern amanea ble
2. As required by Sectioa&43 (3) of the Act, we report that:
(a) Wel.have sqpght and obtained all the information and explanations wh?ch to the best of our knowl^dge and belief wer?n^tessary for the purposes of our audit,
(b) In our opini?n, proper books of account as required by law have been kept by the Company so far as it appears?^jon>f?ur examination of those books except for the matters stated in the paragraph 2{i)l6j te?bw on reporting under Rule U(g) of the Companies (Audit and Auditors)Rules, 2?14.
(c) The Balance Sheet, the Statement of Profit and Loss, the statement of changes in equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opini?n, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (AccountsLRules,
(e) Qn the basis of the written representations received from the directors as on 31st March 2024 taken on record by the Board of Directors, none of the directors ?s disqualified as an 31 st March 2024 from be?ng appointed as a director ?n terms of Section 164 (2) of the Act,
(f> The mod?fications relating to the rnaintenance o? accounts and other matters connected therewith are as stated in the paragraph 2 (b) above on reporting under Section 143(3)(b) of the Act and paragraph 2(i)(6j belowon reporting under Rulell(g) of the tompanles (Audit and Auditors) Rules, 2014,
(g) With respect to the adequacy of the internal financlal Controls with reference to financia! statements of the Company and the operating effectiveness of such Controls, refer to our sep?rate Report ?n "Annexure B".
(b> As the Company did not pay, any remuneration to its Directors durjng the ye?r, other matters to be included in the auditor1* report in accordance with thjp requirements of section 197(16) of the Act, as amended are not applicable to the company. ?p5
(I) With respect to the other matters to be included in the.Auditors Report ?n accojrdance with Ru?e 11 of the Companies (Aud?t and Auditors) Rules, 2014, in iqyr opini?n and t<Jfhe best of our Information and according to the exnlanat?ons given to _ &
i. The Company does not have apv pehgjng lit?gations which wouid impact ?ts financial position.
?i, The Company did not h?ye any long-term controcts including denvative contraets for which there were any material foreseeable losses.
i?i. According to the ?nformatioq and explanations given to us, there were no amounts which were required to be transareed to the Investor Esfucation and Protection Fund by the Company.
Iv. a. The Management has rep?es?nted that; the best of its knowledge and belief, no funds (which are material either individually or in the aggregale) have been advanced Jjjf or ??aned or invested (either from borrowed funds or share premium or any other sources or kind^of funds) by the Company to or ?n any other person or entity, ?rduding foreign entity ("Intermediarles), with the understanding, whether recorded in wf?ting or othe.ryxise, 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 ("Ult?mate Beneficia r?es") or provide any guarantee, security or the llke on behalf of the Ult?mate Beneficiarles;
b. The Management has represented, that, to the best of its 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 ?n 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 ("Ult?mate Benef?ciaries") or provide any guarantee, security or the like onljehaitpf the Ult?mate Beneficiarles;
c. Basad on the audit procedures that have been considered reasonable and approprtate in the clrcumstances, nothing has come to our notlce that has caused ?s to believe that the representations under sub-clause (i) and (i?) of Rule ll(e), as provided tinder (a) and (b) above, contain any material misstatement.
v. During the year, the company has neither declared ?or paid any dividend.
vL Based on our examinaron which Included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trall (edit log) fadlity. However, the same is not enabled during the year.
Annexure -A to the Auditores Report:
Statement on the matters specified ?n paragraphs 3 and 4 of the Companies (Audltors Report) Order,2020, as referred to irt Para 1 underthe heading of "Report on Other Legal and Regulatory Requirements" of our report of even date, to the members of GALADA POWER ANO TELECOMMUNICATION LIMITED, HYDERABAD, for the yearended March 31,2024,
1. ^ a. The Company ?$ ma?ntaining proper records showing full particu?ars, indudlng quantitative detallsand situation of Property, Plant and Equippienl..
B. The Company does not have any Intangible assets.
The refere, the provisions of paragraph 3 (i)(a)(B) of the Order ?s not applicable^
b- it is Informed to us, the management has not phys?cally verified the Property, Plant and Equipment during the year. In view of that, we are unabje to comment on the?dlscrepancies between the books of account and phys?cally available Property, Plant and Equipfn?nt.
c- According to the Information and explanations glveiY.Tp us^and on the, oasis of our examination of the records of the tjjrnpany, the titie deedsof all the ?mm??r?ble properties {other than Properties where the cdrnpiariy is the lessee, and thrl?ale agreements are duly executed in favour of the lessee) are hetd in the ?ame of the Company.
d. The company d?d not reval?e ?ts Property, Plant and Equipment (Indudlng right of use assets) during the year. Therefqre, the provisions of paragraph 3 (i)(d) of the Order are not applicable.
e
According to the Information anc: explanations given.to us and on our verification of records of the Company, no proceedlngs fiaye been Initiated^or are pending against the company for hofding any benami property under the Benami. Transa ctions (Prohibitlon) Act, 1988. (45 of 1988) and rules made thereunder^??*2- a. The inventory has not been phys?cally verified during the year by the management and does not have tirneline.s. for such verfficat?on. Henee, we are unable to comment on the discrepancre^betweenThe physical stocks and book of account.
b< The company did not obtain any working capital llmits during the year. Therefore, the provisidhsof paragraph 3 fii)(b) of the Order are not applicable.
3. During the y?ar, the Company has not made investments in, provided any guarantee or security, or granted any loan* or.advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnershlps or any other partles. Therefore, the provisions of paragraph 3 (iii) of the Order are not applicable.
4. The Company has not given any loans or made any investments or given any guarantees or security to the partles covered under Sections 185 and 186 of the Act. Therefore, the provisions of paragraph 3 (?v) of the Order are not applicable.
5. The Company has not accepted any deposits and also there were no amounts which are deemed to be the deposits. Henee the cfirectlves issued by the Reserve Bank of india and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013, and the rules framed there under, do not apply to this Company.
6. During the year the Company did not earry out any manufacturing or Services activ?ty. Therefore, the provisions of paragraph 3 (vi) relating to Cost records, of the Order are not applicable.
7. a. According to the records, the company is generally regular in depositlng undisputed statutory
dues Induding Goods and Service tax, provFdent fund, employees state Insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, valu? added tax, cess and all other material statutory dues with the appropriate authorities and there were no arrears of statutory dues as at March 31, 2024 for a period of more than six months from the date they beca rite payadle.
b. According to the records of the Company and the information apd eprpl^Mtions given to us, there were no statutory dues referred to in subclause (a) have npt osen t^pibsi??d^pn account of any
8 According to the Information and explanations given to us and based on our verific^t?on, there were no transactions which are not recorded ?n the books of account have been surrendered, or disclosed as income during the year in the tax assessments under the Ircome Tax Act, 1%: (43 of 1961). Therefore, the provisions of paragraph 3 (viii) of the Order are^ot applicable,
9. a. The Company has not defaulted^^^^^nt of loans or thereon to
b. The Company has not been declared a wilful defaulter by any bank or financia! institut?on or any
other lender. M
c. The Company has not taken any term loan during the year. Therefore, the provisions of Paragraph 3(ix)(c) of the Order are not applicable
d. On an overall examination of ?^.financial statements of the Company, funds raised on short- lerm bas?s have, prima facie, not been used during the year for longderm purposes by the
Com
M?V -e. If?e Company1 has not taken any funds from any entity or person on account of or to meet the Qjjligations of associates;
f. The Company has not ra?s?d any loans during the year. Therefore, the provisions of Paragraph 3{?x}ff).of t[ie Order are nmtappiicable
10, a. The Cornpgnyyjd ng:>raise any money by way of initial pubiic offer or further public offer
(induding d?tii.instfurnents) during the year, Therefore, the provisions of paragraph 3 (x)(a) of the Order are n?tappiicabie.
b. The Company has not made any Preferential allotment or Pr?vate placement of shares or convertible debentures during the year, However, the Promoters were allotted certain equity shares during the year, pursuant to the ResoSution Plan as approved by the Honble National Company Law Tribunal (NCLT), Hyderabad Bench. The proceeds were used for the pjjfpps^s for which the funds were raised,
11. a. According to the Information and explanations given to us, we report that during the year, the
management o? the Company has not come across any fraud and consequently 3(xi)(b) is not appiicable.
b. No report under sub-section (12) of section 143 of the Compartes 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 up to the date of th?s report;
c, According to the Information and exp?anations given to us and based on our verification, during the year, the Company has not received any Wh?stle-blowsL^omplaints. Therefore, the provisions of paragraph 3 (xi)(c) of the Order are not appiicable.
12. In our opini?n and according to the informaban and expi?ndoos given to us, the C?rnpany is not a N?dhi Company. Therefore, the provisions of paragraph 3(xii}?: the Order are not appiicable
13. According to the Information and expfanations given to uHahd based on our examtoation of the records of the Company, transactions with the reiated partles are ?r^compliance with sapiens 177 and IBS of the Act where appiicable and details of such transact?onshav?;daeen dlsclosedin the flnanclal statements as required by the appiicable accouoting standards,
14. a In our opini?n and based on our examination, though the company is required to have an
?nternal audit system under section 138 of the Act, it does not have the same established for the
b. :n view of our comment aboye the provisions of paragraph 3(xii) of the Order is not appiicable
15. According ta the Information an^ .explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions w?th d?rectors or persons connected with them. Therefore,. the provisions of paragraph 3(xv) of the Order are not
16. a, Th? Company?ta ;$ot required to be registered under section 45-IA of the Reserve Bank of India
Act 1934. Therefore, the provisions of paragraph 3(xv?) (a) and (b) of the Order are not appiicable
b, Tho cojnpan^Ts not a CdieTnvestment Company (C1C) as defined in the regulations made by the Res?o?e 0ank of India. Therefore, the provisions of paragraph 3(xvi)(c) of the Order are not
c. The Group ?as no ?ore Investment Company (CIC). Therefore, the provisions of paragraph 3(xvi)(d) of the prt?er are not appiicable.
17 The company has iheurred cash losses in the financia! year and also In the ?mmedlately precedlng financialyear.
18. The re is no resignaron of statutory auditors during the year. Therefore, the provisions of paragraph 3(xv???) of the Order are not appiicable. ^5=^^
19. The finandal Ratios are not Computed which are not relevant as the Companv is in process of impiementation of the Resoiution Plan as approved by the Honble National Company Law Tribunal (NCLT), Hyderabad Bench. Henee, we cant Comment on the sane as required under the provisions paragraph 3(xix) of the Order,
20. The Provisions of Sect?on 135 of the Cornpanies Act ,2013 relat?ng to Corporate Social Responsibiiity are not appllcable to the Company. Therefore, the provisions of paragraph 3(xx) of the Order are not a pp tica ble.
21. As the Company is not required to present the Consolidated finandal statements, the provisions of paragraph 3(xx?) of the Order are not applicable.
"
Annexure - B to the Aud?tors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Sect?on 143 of the Companies Act, 2013 ("the Aet")
We have audited the interna) financial Controls with reference to the financia! statements of GALADA POWER AND TELECOMMUNICATION LIMITED, HYDERABAD ("the Compan/ ) as of 31 March 2024 ln conjumction wlth our audit of the financia) statements of the Company for the year ended on that date.
Managements Responsibility for Interna! Financial Controls:
The Companys managemeni is responsible for estahlishing and rpainfaf^g interpa^1financial Controls based on the internal control with reference to the financial statements tr?ten^ establ?shed by the Company considering the essent?al componentsof interna) contro/Jtated ?n the Guidanc&?toe on Audit of Internal Financial Controls Over Financial Reporting issued by the^nst?tute of Charteredy^ountants of India (ICAI). These responsibilities indude the design, implementifion and maintenan??^of adequate internal financial Controls that were operating effectively for ensuflng tbg orderly and effici?nt condec? of its business, induding adherence to compan/s pplicies, the safeguard?ng ot its assets, tljipprevention and detection of frauds and errors, the accuracy an^.?qmpleteness of the ace?unt?ng records, and the timely prepararon of reliable financial informatiom-?s requiredunder the Companies Actr 2013.
Aud?tors Responsibility:
Our responsibility is lo express an opini?n on the Companys internal financial Controls with reference to
the financial statements based on our fludit. We conducted our au^it ?n accordance with the Guldance Note on Audit of Interna! Financial Controls ?ver Financial Reporting {the "Guldance Note") and the Standards on Auditing, to the extern applicable to an audit of internal financial Controls, both appJicable to an audit of Internal Financial Controls and, both issuec?; by the Ipstitute of Chartered Accountants of India. Those Standards and the.G.uidance Note require that we comply with ethicaf requirements and plan and perform the audit to obtain feasonable assurance about whether adequate internal financial Controls with referente to the financial statemei?ts was establ?shed and maintained and if such Controls operated effectively ?n all materMr?spects.
Our audit rnvoives pgrf?rming pmcedures to obta?n audit evidente about the adequacy of the internal financial Controls system with referen.ee to the financia! statements and their operating effectiveness. Our audit of ?nternafftriangial Controls- with reference to the financial statements induded obtaining an understanding of ?nt?rnal fjnaocfai Controls with reference to the financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on tne assessed risk. The procedures selected depend on the auditores judgment, induding the assessmenl of the risks of material misstatement of the financial statements, whether due to fraud or error.
We be?eve that the audit ev?dence we have obtained is sufficient and appropriate to provide a basis for our audit Opini?n.
Meaning of Interna! Financial Controls with Referente to the Financial Statements:
A companys internar financial comrol with reference to the financial statements is a proeess designcd to provide reasonable assurance regarding the reliabllity of financia! reporting and the preparation of financial statements for externa! purposes ?n accordance with generally accepted accounting principies. A companys internal financial control with reference to the financial statements Ineludes those policies and procederes that:
1. pertain to the maintenance of records that, ?n reasonable detail, accurately and fairly reflect the transactions and d?spositlons of the assets of the company;
2. provide reasonable assurance that transactions are recordad asr necess?ry to perrriit preparation of financia! statements in accordance with generally accepted accounting principies^ntlithat receiptsand expendieres of the company are being made only in accordance with authorisations of management and directors of the company; and
i. provide reasonable assurance regarding prevention or timely detection of unauthorised acqu?s?tion, use, or disposition of the companys assets that could have a ..material effect on^the financial statements. ^S::w ^
Inherent Limitat?ons of Interna! Financial Controls with Reference to the Financial Statements:
Because of the inherent limitations of internal financial Controls with reference to the financial statements, induding the possibility of collusion or ^proper management override of Controls, material misstatements due to error or fraud may occur and h?t be detected. Also, projections of any evaluaron of the internal financial Controls with reference to th^ financial statements to futiire periods are subject to the risk that the internal financial control with reference toethe financial statemajjfits may become Inadequate because of changes in conditions, or that the degree of comp?tante with th? policies or procedures may deteri?rate.
Opini?n:
In our opini?n, jibe-Company has, in all material respeets, an adequate internal financial control system with reference to the financial statements and such internal financial Controls with reference to the financial statements were opera?ng effectively as at 31 March 2024, based on the infernal control with reference to^he financial statements criteria established by the Company considering the essential components-;pf internal control Stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Inst?tute of Chartered Accountants of India.
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