To
The Members of
GALAXY BEARINGS LIMITED
Ahmedabad
Report on the Audit of the Standalone Financial Statements
Opinion
1. We have audited the accompanying standalone financial statements of GALAXY BEARINGS
LIMITED (the ‘Company) which comprise the Balance Sheet as at 31st March
2023, the Statement of Profit and Loss (including Other Comprehensive Income) the
Statement of Cash Flow and the Statement of Changes in Equity for the year then ended and
a summary of the significant accounting policies and other explanatory information.
2. 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
including Indian Accounting Standards (‘Ind AS) specified under Section 133 of the
Act, of the state of affairs of the Company as at 31st March 2023 and its
profit (including other comprehensive income) its cash flows and the changes in equity for
the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing 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
Statement 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 Statement 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
4. Key audit matters are those matters that, in our professional, judgment, were of
most significance in our audit of the, standalone financial statements of the current
period. These matters were addressed in the context of our audit, of the standalone
financial statement as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion, on these matters.
5. Key audit matter identified in our audit is on Recognition of Government Grant
(Export Incentives)/as follows:
| Key audit matter |
Audit Approach |
| Recognition of Government Grant (Export Incentives) |
|
| The Company receives government grants (Export Incentives Benefits) as per the Ro DTEP
Scheme & Duty Drawback Income On Export. |
We evaluated the accounting treatment of the government grant in terms of Ind AS -20
"Accounting for Government Grants". In respect of the same our audit procedures
included the following: |
| During the current financial year, the Company has recognised an amount Rs. 221. 30
Lacs as other Operating Revenue (Refer Note 22). Company has received Rs. 239.87 Lacs
during the year under the said scheme including income recognised in earlier years. |
• On a sample basis verified the claims lodged by the Company and its approval by
the concerned Government Authorities; |
| We considered this to be a matter of most significance to our audit due to the: |
• In respect of claims pending for approval at the year end, we verified the
empirical evidence of the claims lodged vis-a-vis claims approved to satisfy as regards
the reliable measurement of government grant receivable. |
| • Significant level of Management Judgement involved in respect of reliable
measurement of government grants and its accrual; |
|
| • The quantum of the Export Incentives Income is 13.88 % of PAT. |
|
Information other than the Standalone Financial Statement and Auditors Report thereon
6. 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 Statement and our auditors report thereon. The Annual Report is
expected to be made available to us after the date of this auditors report.
Our opinion on the Standalone Financial Statement 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 Statement, 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 Standalone
Financial Statement or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance and as
may be legally advised.
Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements
7. 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 state of affairs (financial position), profit or
loss (financial performance including other comprehensive income), changes in equity and
cash flows of the Company in accordance with the accounting principles generally accepted
in India, including the Ind AS specified under Section 133 of the Act read with the
Companies (Indian 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 the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Standalone Financial
Statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
8. In preparing the Standalone Financial Statement, 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.
9. Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial Statement
10. Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Statement 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 Standards on Auditing 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 Statement.
11. As part of an audit in accordance with Standards on Auditing, 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 Statement, 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 explaining our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness
of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Financial Statement 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 Statement, including the disclosures, and whether the Standalone Financial
Statement represent the underlying transactions and events in a manner that achieves fair
presentation.
12. 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.
13. 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.
14. From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the Standalone Financial
Statement 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
15. As required by the Companies (Auditors Report) Order, 2020 (the ‘Order)
issued by the Central Government of India in terms of Section 143(11) of the Act, we give
in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the
Order.
16. Further to our comments in Annexure A, 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 purpose 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 standalone financial statements 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 Ind AS
specified under Section 133 of the Act read with the Companies (Indian Accounting Standard
Rules) 2015, as amended.
e) on the basis of the written representations received from the directors 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) we have also audited the internal financial controls over financial reporting
(IFCoFR) of the Company as on 31st March 2023 in conjunction with our audit of
the standalone financial statements of the Company for the year ended on that date and our
report as per Annexure B expressed an unmodified opinion;
g) The company has paid/provided for managerial remuneration in accordance with the
requisite approvals mandated by the provisions of Section 197 read with Schedule V to the
Act.
h) with respect to the other matters to be included in the Auditors Report in
accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), 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 the standalone financial statements; (Refer Note 39 to the Standalone
Financial Statement);
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. (i) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts , 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 Intermediaries shall, whether, directly or indirectly lend or
invest in the 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.
(ii) The management has represented, that to the best of its knowledge and belief,
other than as disclosed in the notes to the 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 the other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Parties
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(iii) Based on such audit procedures applied by us, nothing has come to our notice that
has caused them to believe that the representations made under sub clause (i) and (ii)
contain any material misstatement.
v. The company has not declared any dividend during the year as prescribed under
Section 123 of the Companies Act, 2013.
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.
|
For, J. T. Shah & Co. |
| Place: Ahmedabad |
Chartered Accountants, |
| Date: 27th May 2023 |
[Firm Regd. No. 109616W] |
|
(Naresh C Shah) |
|
Partner |
|
[M. No. 35159] |
|
UDIN: 23035159BGRNXG1414 |
ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT
Referred to in paragraph 15 of "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the Members of GALAXY BEARINGS LIMITED
for the year ended 31st March, 2023.
In terms of the information and explanations sought by us and given by the Company and
the books of account and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state that:
1. In respect of Property, Plant and Equipment :
a) (i)The Company has maintained proper records showing full particulars including
quantitative details and situation of Property, Plant & Equipments.
(ii) The Company has maintained proper records showing full particulars of intangible
assets.
b) The property, plant and equipments were physically verified by the Management
according to a phased programme at regular interval which, in our opinion, is reasonable
having regard to the size of the company and the nature of its assets. Pursuant to the
programme, property, plant and equipments have been physically verified by the management
during the year and no material discrepancies have been noticed on such verification.
c) The title deeds of all the immovable properties company (other than immovable
properties where the Company is the lessee and the lease agreements are duly executed in
favour of the lessee) disclosed in the Standalone Financial Statements are held in the
name of the Company.
d) The company has not revalued its Property, Plant & Equipments or intangible
assets during the year.
e) No proceedings have been initiated or pending against the company for holding any
Benami property under the Benami Transaction (Prohibition) Act, 1988 and rules made there
under.
2. In respect of its Inventories :
(a) The physical verification of inventories has been conducted at reasonable intervals
by the management. In our opinion, the coverage and procedure of such verification by
management is appropriate and no material discrepancies of 10% or more in aggregate for
each class of inventory were noticed on such physical verification.
(b) The company has been sanctioned working capital limit of Rs. 9.30 Crores in
aggregate. Copies of quarterly statement and return, furnished to bank have also been made
available for our verification. We have verified the same on random sampling basis and
found the same in agreement with books of accounts. Discrepancies noticed during the
verification, were reasonably explained by the management.
3. In respect of Loans and Advances granted during the year:
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. Accordingly,
the clauses 3 (iii) (a) to (f) of the Companies (Auditors Report) Order, 2020 ("the
Order") are not applicable to the company.
4. Loans, Investments and Guarantees:
The company has not granted any loans or made any investments or provided any
guarantees or security during the year to the parties covered under section 185 and 186 of
the companies Act 2013. Therefore, clause 3(iv) of the Order is not applicable to the
company.
5. In respect of Deposits:
The company has not accepted any deposits or amount which are deemed to be deposits and
hence the directives issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act and the rules framed there
under are not applicable to the company. Accordingly, clause 3(v) of the Order is not
applicable.
6. In Respect of Cost Records:
We have broadly reviewed the books of account maintained by the Company pursuant to the
order of the Central Government for maintenance of cost records under sub section (1) of
section 148 of the Companies Act, 2013 and are of the opinion that prima facie the
prescribed records have been made and maintained. We have, however, not made a detailed
examination of the records with a view to determining whether they are accurate or
complete.
7. In respect of Statutory Dues :
(a) The Company is by and large regular in depositing with appropriate authorities
undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State
Insurance, Income Tax, Duty of Customs, Cess and any other material statutory dues with
the appropriate authorities. According to the information and explanations given to us, no
undisputed amounts payable in respect statutory dues were outstanding as at 31st
March, 2023 for a period of more than six months from the date they became payable.
(b) There were no dues of Goods and Service Tax, Provident Fund, Employees State
Insurance, Duty of Customs, cess which have not been deposited on account of any dispute
except following.
| Act |
Nature of Dues |
F.Y. |
Amounts |
Forum |
Remarks |
| Gujarat Value Added Tax Act |
VAT |
2016-17 |
19.65 Lacs |
Dy. Commissioner of Commercial Tax, (2nd Appeal) |
|
8. In Respect of Undisclosed Income Discovered in Income tax Assessment:
There were no transactions that were not recorded in books of accounts and have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961. Hence, clause 3 (viii) of the Order is not applicable to the company.
9. In respect of Repayment of Loans:
(a) The Company has not taken any term loan during the year and hence, clause 3 (ix)(a)
& (c) of the Order is not applicable to the Company.
(b) The company is not declared as willful defaulter by any bank or financial
institution or other lenders.
(c) On an overall examination of the standalone financial statements of the Company,
prima facie, the company has not utilized any funds raised on short term basis for long
term purpose.
(d) The company has not taken any funds from any entity or person to meet obligations
of its subsidiaries, associates or joint ventures. Hence reporting under clause 3 (ix) (e)
of the Order is not applicable to the Company.
(e) The company has not raised any loans during the year on the pledge of securities
held in its subsidiaries, joint ventures or associate companies. Hence, clause 3 (ix)(f)
of the Order is not applicable to the Company.
10. In Respect of Public Offerings:
(a) The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments). Accordingly, clause 3 (x)(a) of the Order is not
applicable to the Company.
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures during the year. Accordingly, clause 3 (x) (b) of the Order is
not applicable to the Company.
11. (a) No fraud by the Company or no material fraud on the company has been noticed or
reported during the year.
(b) No report under sub-Section (12) of Section 143 of the Companies Act,2013 has been
filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Auditor and
Auditor) Rules 2014 with the Central Government.
(c) No whistle-blower complaints were received during the year by the company.
12. As the company is not a Nidhi Company, the Nidhi Rules, 2014 are not applicable to
it. Accordingly, provisions of clause (xii) (a) to (c) of the Order are not applicable to
the Company.
13. The company is in compliance with section 177 and 188 of the Companies Act 2013
where applicable, for all transactions with the related parties and the details of related
part transactions have been disclosed in the standalone financial statements as required
under Indian Accounting Standard (Ind AS) 24 "Related Party Disclosure"
specified under section 133 of the act.
14. In Respect of Internal Audit:
(a) The company has an internal audit system commensurate with the size and nature of
its business of the company.
(b) We have considered the report of the internal auditor for the period under audit.
15. The Company has not entered in to any non-cash transactions with its directors or
persons connected with him. Accordingly, clause 3(xv) of the Order is not applicable to
the Company.
16. In Respect to the Provisions of Reserve Bank Of India Act 1934:
(a) The company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934. Accordingly, clause (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. Accordingly, clause (xvi)(b) of the Order is not applicable to the company.
(c) The company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Hence, clause (xvi)(c) & (d) of the Order is not
applicable to the company.
17. The Company has not incurred any cash losses in the financial year under review and
immediately preceding financial year. Accordingly, clause (xvii) of the Order is not
applicable to the company.
18. During the year, M/s. Samir M Shah & Associates, the erstwhile statutory
auditors of the Company have resigned with effect from 24th September2022
consequent to the amended rules/regulations applicable to the Company. As informed, there
have been no issues, objections or concerns raised by the said outgoing auditors.
19. On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and 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 indicating that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to
the future viability of the Company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due.
20. There were no unspent amount required to be transferred to special account as
required by Section 135 of the Companies Act,2013. Accordingly, provisions of sub clause
(a) and (b) of clause (xx) of the Order are not applicable to the company.
|
For, J. T. Shah & Co. |
| Place: Ahmedabad |
Chartered Accountants, |
| Date: 27th May 2023 |
[Firm Regd. No. 109616W] |
|
(Naresh C Shah) |
|
Partner |
|
[M. No. 35159] |
|
UDIN: 23035159BGRNXG1414 |
ANNEXURE "B" TO INDEPENDENT AUDITORS REPORT
Referred to in paragraph 16 (f) of "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the Members of GALAXY BEARING LIMITED for
the year ended 31st March, 2023.
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 GALAXY
BEARING LIMITED as of 31st March 2023, in conjunction with our audit of the
standalone financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The 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. 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 Standalone Financial Statement, 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 Standalone Financial Statement 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 Standalone
Financial Statement 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 Standalone
Financial Statement.
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 31st 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.
|
For, J. T. Shah & Co. |
| Place: Ahmedabad |
Chartered Accountants, |
| Date: 27th May, 2023 |
[Firm Regd. No. 109616W] |
|
(Naresh C Shah) |
|
Partner |
|
[M. No. 35159] |
|
UDIN: 23035159BGRNXG1414 |
+91-9892691696
