to the Members of M/s Ganon Products Limited Report on the Audit of the Standalone
Financial Statements Opinion
We have audited the accompanying standalone financial statements of M/s. Ganon Products
Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2023,
the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year ended 31st March,
2023, and a summary of the 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 (‘Act) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, (Ind AS) and other accounting principles generally accepted in India, of
the state of affairs (financial position) of the Company as at 31st March 2023
and its profit and loss (financial performance including other comprehensive income), its
cash flows and changes in equity for the year 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 Companies Act, 2013. 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 (‘the 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 obtained by us, is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters / emphasis of matter
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
During the year, purchases of Cotton of Rs.1319.00 lacs had been done from a single
party in Mumbai, Maharashtra. Similarly, Cotton of Rs.1274.02 lacs had been sold to single
party in Aurangabad, Maharashtra. As reported by the Management, there are long term
purchase contract and long term sales contract of cotton with these two parties.
Our opinion is not modified in respect of this matter.
Information other than the Financial Statements and Auditors Report thereon.
Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexure to Boards Report, Corporate
Governance 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 during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the Financial
Statements The Companys Board of Directors is responsible for the matters stated in
section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the
preparation of these 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
Indian Accounting Standards specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statement that give
a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the Standalone 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 Financial Statements.
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these standalone financial statements. As part of an audit in accordance with
SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
Identify and assess the risks of material misstatement of the 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 c ollusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls. Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
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 section 143(11) of the
Companies Act 2013, we give in the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extend applicable.
2. As required by section 143(3) of the Act, we report that: a) We have sought and
obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid financial statements;
b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books; c) the Balance Sheet,
the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow
Statement and the Statement of changes in Equity 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 (Ind AS) prescribed under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (As amended).
e) On the basis of written representations received from the Directors as on 31st
March 2022 taken on record by the Board of Directors, none of the Directors is
disqualified as on 31st March 2022 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” to this report. Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Companys Internal Financial Controls over financial Reporting; g) With respect to the
matter to be included in the Auditors Report under section 197(16): In our opinion and
according to the information and explanations given to us, remuneration is paid by the
company to its directors during the current year.
h) With respect to the other matters to be included in the Auditors Report in
accordance with the Rule 11 of Companies (Audit and Auditors) Rules, 2014 (as amended), in
our opinion and to the best of our information and according to the explanation given to
us (as amended), i. The Company has disclosed the impact of pending litigations (if any)
on its financial position in of the Standalone Financial Statements. ii. The Company did
not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses. iii. During the year, no amounts were required to be
transferred to the Investor Education and Protection Fund by the Company. So, the question
of delay in transferring such sums does not arise. iv. a. The management has represented
that, to the best of its knowledge and belief, other than as disclosed in the notes to
accounts to the standalone Ind AS financial statements, 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 person or entity, 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, no
funds have been received by the Company from any person or entity, 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 such audit procedures
performed that have been 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.; and
v. The Company has not declared or paid any dividend during the year.
The ‘Annexure A referred to in Independent Auditors Report to the Members of the
Company on the Standalone Financial Statements for the year ended 31st March
2023, we report that:
i. Company has no tangible / intangible Assets hence, Clause (i) of the Companies
(Auditors) Report Order 2020 is not applicable.
ii. The Company does not have any closing inventory and no working capital limits in
excess of five crore rupees (at any point of time during the year), in aggregate, from
banks or financial institutions on the basis of security of current assets. Accordingly,
the provisions of clause 3(ii) of the Order are not applicable.
iii. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not provided guarantee or
security, to companies, firms, limited liability partnerships or any other parties during
the year. Although the Company has made any investments and granted loans/ advances to
parties during the year, details of the loans are stated in sub-clause (a) below : a. A.
The Company does not have any subsidiaries or joint ventures. Hence clause (iii) (a) of
paragraph 3 is not applicable. B. Based on the audit procedures carried on by us and as
per the information and explanations given to us, the Company has made investments to
companies other than group companies as below In companies Investments
| Nature Name of Company |
Opening balance as on 1.04.2022 |
Aggregate amount during the year. |
Balance outstanding as on 31.03.2023 |
| 1. Bright Impex and agency Pvt. Ltd. |
49.00 |
-- |
49.00 |
| 2. Anjali credit private Limited |
150.00 |
-- |
150.00 |
According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the terms and conditions of the
investments made are, prima facie, not prejudicial to the interest of the Company.
C. Based on the audit procedures carried on by us and as per the information and
explanations given to us, the Company has granted loans and advances to companies (incl
group companies) other than Subsidiaries and Joint Ventures as below
| Particulars |
Amount in Rupees (In Lakh) |
| Aggregate amount during the year |
2,701.97 |
| Balance outstanding as on 31.03.2023 |
1,713.10/- |
b. According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the terms and conditions of the
loans given are, prima facie, not prejudicial to the interest of the Company.
c. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in the case of loans given, there are no loans
wherein the schedule of repayment of principal and payment of interest has not been
stipulated.
d. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no overdue amount for more than ninety
days in respect of loans given during the year;
e. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are loans which had fallen due during the
year, and have been renewed or extended. However, no fresh loans granted to settle the
overdues of existing loans given to the same parties.
f. The company has given loans or advances in the nature of loans to other than group
companies as per the terms of agreement. Details of the said loan or advances is as
follows; (In Lakh)
| Name |
Aggregate amount during the year |
% to the total loans given |
Closing Balance 31.03.2023 |
| Absolute Greenfule LLP |
60.00 |
2.35% |
238.97 |
| India Nivesh Capital Ltd |
200.00 |
7.85% |
374.14 |
| Kontor Space Pvt Ltd |
377.20 |
14.80% |
0.00 |
| Neomile Corporate |
215.00 |
8.44% |
191.46 |
| Advisory Ltd |
|
|
|
| Odhav Realities Pvt Ltd |
50.00 |
1.96% |
2.38 |
| Viral Infra Agro & |
20.00 |
0.78% |
56.75 |
| Cultivation Pvt Ltd |
|
|
|
| Yogi Ltd |
255.00 |
10.01% |
256.56 |
| Total |
1177.20 |
|
|
Aggregate amount of loan granted to Promoters and Related company
| Name |
Aggregate amount during the year |
% to the total loans given |
Closing Balance 31.03.2023 |
| Krishnamani Holding |
1355.90 |
53.19% |
571.93 |
| Private Limited |
|
|
|
| Shivam Investment |
168.87 |
6.25% |
5.00 |
| Total |
1524.77 |
|
|
iv. In our opinion and according to information and explanation given to us, the
company has, in respect of loans, investments, guarantees, and security provisions,
complied with section 185 and 186 of the Companies Act, 2013.
v. According to the information and explanation given to us, the company has not
accepted any deposits, whether 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,
2013. Hence the provisions of clause (v) of Paragraph 3 are not applicable to the company.
vi. Pursuant to the rules made by the Central Government, the maintenance of Cost
Records has been prescribed u/s. 148(1) of the Companies Act, 2013. We are of the view
that prima facie the prescribed accounts and records have been maintained. We have not,
however, made a detailed examination of the records with a view to determine whether they
are accurate or complete.
vii. a. According to the information and explanations given to us and on the basis of
our examination of the records of the Company, amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including Goods and Services Tax
(‘GST), Provident fund, Employees State Insurance, Income-tax, Duty of Customs,
Cess and other material statutory dues have generally been regularly deposited with the
appropriate authorities except for a few delays which are as stated below
| Particulars |
Amount |
| TDS |
1,064 |
| TDS |
473,402 |
| TDS |
170,250 |
| PT |
10,600 |
| Total |
655,315 |
b. According to the information and explanations given to us, there are no dues of GST,
Provident fund, Employees State Insurance, Income-tax, Sales tax, Service tax, Duty of
Customs, Value added tax, Cess or other statutory dues which have not been deposited by
the Company on account of disputes.
viii.According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income-tax Act, 1961 as income during the year. ix. a. According to
the information and explanations given to us, the Company has no loans or borrowing from
the bank, Government, financial institutions nor issued any debentures; hence reporting
under clause (ix) of the Order is not applicable.
b. According to the information and explanation given to us, the company is not
declared as a willful defaulter by any Bank or Financial Institution or other lender.
c. In our opinion and according to information and explanation given to us, the company
does not have term loans. Hence clause (ix)(c) of paragraph 3 is not applicable.
d. According to the information and explanation given to us, the company has not raised
funds for short term basis. Hence clause (ix)(d) of paragraph 3 is not applicable.
e. According to the information and explanation given to us, the Company does not have
any subsidiaries, joint ventures or associates. Hence clause (ix)(e) and (f) of paragraph
3 is not applicable.
x. a. The Company has not raised any 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.
b. According to the information and explanation given to us, the Company has not made
any preferential allotment or private placement of shares or convertible debentures
(fully, partially or optionally convertible) during the year. Accordingly, clause 3(x)(b)
of the Order is not applicable.
xi. a. During the course of our examination of the books of account carried in
accordance with the generally accepted auditing standards in India, we have neither come
across any instance of fraud on or by the Company, either noticed or reported during the
year, nor have we been informed of such case by the Management. b. According to the
information and explanations given to us, 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 (Audit and Auditors) Rules, 2014 with the Central Government.
c. No whistle blower complaints were received by the Company during the year. Therefore,
clause xi(c) of paragraph 3 is not applicable.
xii. According to the information and explanations given to us, the Company is not a
Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable; xiii.In our
opinion and according to the information and explanations given to us, the transactions
with related parties are in compliance with Sections 177 and 188 of the Companies Act,
2013, where applicable, and the details of the related party transactions have been
disclosed in the standalone financial statements as required by the applicable Indian
Accounting Standards.
xiv. According to the information and explanations given to us, the Company does not
have an internal audit system commensurate as required by the law. The Company is required
to have an internal audit system as per the guidelines.
xv. According to the information and explanations given to us, we are of the opinion
that the company has not entered into any non-cash transactions with directors or persons
connected with him and accordingly, the provisions of clause 3(xv) of the Order is not
applicable.
xvi. 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 Paragraph 3 of the Order is not
applicable.
b. The Company is not required to be registered under Section 45-IA of the Reserve Bank
of India Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable. c. The
Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause (xvi)(c) of Paragraph 3 of the Order is not
applicable. d. According to the information and explanations provided to us during the
course of audit, the Group does not have any CIC. Accordingly, the requirements of
clause(xvi)(d) of Paragraph 3 are not applicable.
xvii. The Company has not incurred cash losses in the financial year and in immediately
preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year.
Accordingly, clause (xviii) of Paragraph 3 of the Order is not applicable.
xix. According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes
us to believe that any material uncertainty exists as on the date of the audit report that
the Company is not capable of meeting its liabilities existing at the date of balance
sheet as and when they fall due within a period of one year from the balance sheet date.
We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.
xx. a. In our opinion and according to the information and explanations given to us,
the Company does not qualify for CSR. Accordingly, clauses (xx) of Paragraph of the Order
are not applicable.
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”)
Opinion
We have audited the internal financial controls over financial reporting of M/s M/s.
Ganon Products Limited (“the Company”) 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.
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting with reference to these Standalone
Financial Statements 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.
Managements Responsibility for Internal Financial Controls
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 (the
“Guidance Note”) 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 standalone 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 with reference to these Standalone Financial Statements.
Meaning of Internal Financial Controls over Financial Reporting
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 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 standalone
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 standalone
financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting with
Reference to Standalone Financial Statements
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.
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