TO THE MEMBERS OF IRONWOOD EDUCATION LIMITED (FORMERLY KNOWN AS
GREYCELLS EDUCATION LIMITED) REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
Opinion
We have audited the accompanying standalone financial statements of
Ironwood Education Limited (Formerly known as Greycells Education
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 Changes in Equity and the Statement of Cash Flows for the year ended on that
date, and notes to the financial statements, including a summary of significant and other
explanatory information (hereinafter referred to as "the financial statements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 Indian Accounting Standards
("Ind AS") prescribed under Section 133 of the act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31stMarch
2023, and its loss and total comprehensive income, changes in equity and its cash flows
for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with
the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAIs Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Emphasis of Matter
We draw attention to Note no 31 to standalone financial statements,
which states that no impairment of the cost of investment in the wholly owned
subsidiary-EMDI (Overseas) FZ LLC, Dubai, has been provided in the financial statements
for the reason stated in the note.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial statements of the
current 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. We have determined that there are no key audit matters
to communicate in our report.
Information Other than the Financial Statements and Auditors
Report Thereon
The 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 Report, Boards Report including
Annexures to Boards Report, and Shareholders Information, but does not include
the financial statements and our auditors report thereon. The above mentioned
reports are expected to be made available to us after the date of this auditors report.
Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon. In connection
with our audit of the financial statements, our responsibility is to read the other
information and in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Responsibilities of Management for the standalone financial statements
The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation and presentation of
these standalone financial statements that give a true and fair view of the financial
position, financial performance, total comprehensive income, cash flows and changes in
equity of the Company in accordance with the IND AS and other accounting principles
generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities;
accounting policies 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 statements 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 responsible for overseeing the
Companys financial reporting process.
Auditors Responsibility 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 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 financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the
audit in order to design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls system in place and the
operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of 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 ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
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 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 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, 2016
(the Order) issued by the Central Government of India in terms of subsection (11) of
Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit 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 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 Ind AS specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015 (as amended).
e. On the basis of the written representations received from the
directors as on March 31, 2023, taken on record by the
Board of Directors, none of the directors is disqualified as on March
31, 2023, from being appointed as a director in terms of Section 164(2) of the Act. f.
With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B".
g. With respect to the other matters to be included in the
Auditors Report in accordance with the requirements of section 197(16) of the Act,
as amended: In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the
provisions of section 197 of 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, in our opinion and to the best of our information and according to
the explanations given to us:
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
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 deficiencies in internal control that Fund by the
Company.
(iv) (a) The management has represented that, to the best of its
knowledge and belief, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to
or in any other persons or entities, including foreign entities
("Intermediaries"), with the key understanding, whether recorded in writing or
otherwise, that the Intermediary shall: directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like to or
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 persons or entities,
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the
Company shall:
directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries.
(c) Based on such audit procedures as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (a) and (b) contain any material
misstatement.
(v) No dividend has been declared or paid during the year by the
company.
3. 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 A.T. Jain & Co. |
| Chartered Accountants |
| (Firm Registration No. 103886W) |
| Sushil T Jain |
| Partner |
| Membership No.: 033809 |
| UDIN:- 23033809BGVYRC7276 |
| Place: Mumbai |
| Date: 19th May, 2023 |
Annexure "A" to the Independent Auditors Report of even
date on the Financial Statements of IRONWOOD EDUCATION LIMITED (Formerly known as
GREYCELLS EDUCATION LIMITED)
(Referred to in the paragraph 1 under the section "Report on
Other Legal and Regulatory Requirements" section of our report of even date) With
reference to the annexure referred to in the Independent Auditors Report to the
members of company on the standalone Financial Statements for the year ended March
31,2023, we report the following,
i. (a) (A) The company has maintained proper records showing full
particulars, including quantitative details and situation of Property, Plant and
Equipment.
(B) The company has maintained proper records showing full particulars
of intangible assets.
(b) According to the information and explanation given to us and on the
basis of our examination of the records of the Company, the Company has a regular
programme of physical verification of its Property, Plant and Equipment by which all
property, plant and equipment are verified in a phased manner. In accordance with this
programme certain property, plant and equipment were verified during the year. In our
opinion this periodicity of physical verification is reasonable having regard to the size
of the Company and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, we report that there are no
immovable properties held by the Company, hence this clause is not applicable to the
Company.
(d) 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 revalued
its Property, Plant and Equipment (including Right of Use assets) or intangible assets or
both during the year.
(e) According to information and explanations given to us and on the
basis of our examination of the records of the Company, there are no proceedings initiated
or pending against the Company for holding any benami property under the Prohibition of
Benami Property Transactions Act, 1988 and rules made thereunder.
ii. (a) The Company does not have any inventory and hence reporting
under this clause is not applicable.
(b) According to information and explanations given to us and on the
basis of our examination of the records, the Company has not been sanctioned any working
capital limits in excess of five crores rupees in aggregate, at any point of time during
the year, from banks or financial institutions on the basis of security of current assets.
Accordingly, clause 3(ii)(b) of the said Order is not applicable to the Company.
iii. (a) During the year the company has not granted any further loan
to its wholly owned subsidiary and balance outstanding of said loan is Rs 264.03 Lacs as
at 31st March 2023.
(b) According to the information and explanation given to us and on the
basis of our examination of the records of the Company, we are of the opinion that the
investments made in subsidiary and other company and loan given to subsidiary 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, in case of loan given, the repayment of
principal and payment of interest has been stipulated.
(d) According to the information and explanation given to us 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.
(e) 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 loan granted
falling due during the year, which has been renewed or extended or fresh loans granted to
settle the overdues of existing loans given to same parties.
(f) According to the information and explanation given to us and on the
basis of our examination of the records of the company, the company has not granted any
loans or advances in the nature of loans either repayable on demand or without specifying
any terms or period of repayment.
iv. In our opinion and according to the information and explanation
given to us, the company has complied with provisions of section 185 and 186 of the
Companies Act, 2013 in respect of loan given and investment made.
v. The Company has not accepted any deposits or amounts which are
deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not
applicable.
vi. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records under Section 148(1)
of the Act for the Company. Accordingly, clause 3(vi) of the Order is not applicable.
vii. (a) According to the information and explanation given to us and
on the basis of records maintained by the company, the company is generally regular in
depositing with appropriate authorities undisputed statutory dues Including Goods and
service tax, provident fund, employees state insurance, income tax, sales tax,
wealth tax, goods and service tax, custom duty, excise duty, cess and other statutory dues
where applicable.
According to the information and explanations given to us, no
undisputed amounts in respect of the aforesaid statutory dues were in arrears, as at 31st
March, 2023, for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, there are no statutory dues
relating to Goods and Service Tax, Provident Fund, Employees State Insurance, Income Tax,
Duty of Customs or Cess or other statutory dues which have not been deposited on account
of any dispute.
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 does not have any
transaction not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessment under the Income tax Act, 1961.
ix. (a) 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
defaulted in repayment of loans or other borrowings or in the payment of interest thereon
to any lender.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company has not been
declared a wilful defaulter by any bank or financial institution or other lender.
(c) According to the information and explanations given to us by the
management, the company has not obtained any term loans during the year. Accordingly,
clause 3(ix)(c) of the Order is not applicable to the Company.
(d) According to information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that no funds are
raised on short-term basis. Accordingly, the reporting under clause 3(ix)(d) of the Order
is not applicable to the Company.
(e) According to the information and explanations given to us and on an
overall examination of the financial statements of the Company, the company has not taken
any funds from any entity or person on account of or to meet the obligation of its
subsidiaries.
(f) According to the information and explanation given to us and based
on the audit procedures performed by us, we report that the Company has not raised loans
during the year on the pledge of securities held in its subsidiaries.
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 explanations given to us, the
company has not made any private placement of shares or convertible debentures (fully,
partially or optionally convertible) during the year and therefore, provision of Clause
3(x)(b) of the order are not applicable to the company.
xi. (a) Based on examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company noticed or reported during the
year, nor have we been informed of any 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 Act has in Form ADT-4 as prescribed
under beenfiled rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.
(c) According to the information and explanations given to us, and as
represented to us by the management, no whistle-blower complaints have been received
during the year by the Company.
xii. According to information and explanations provided to us, the
Company is not a Nidhi Company. Accordingly, the provisions of Clause 3(xii) of the Order
are not applicable to the Company.
xiii. In our opinion and according to the information and explanations
given to us, the transactions with related parties are in compliance with Section 177 and
188 of the Act, where applicable, and the details of the related party transactions have
been disclosed in the financial statements as required by the applicable accounting
standards.
xiv. (a) Based on information and explanations provided to us and in
our opinion, the Company has an internal audit system commensurate with the size and
nature of its business.
(b) We have considered the internal audit reports of the Company issued
till date for the period under audit.
xv. In our opinion and according to the information and explanations
given to us, the Company has not entered into any non-cash transactions with its directors
or persons connected to its directors and hence, provisions of Section 192 of the Act, are
not applicable to the Company. xvi. (a) According to the information and explanations
given to us, the Company is not required to be registered under Section 45-IA of the
Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not
applicable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the company has not conducted any Non-Banking
Financial or Housing Finance activities. Therefore, the provisions of Clause 3(xvi) (b) of
the Order are 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. Accordingly, clause 3(xvi)(c) of the
Order is not applicable.
(d) Based on the information and explanations provided by the
management of the company, the Group does not have any CIC which are part of the Group.
Accordingly, the reporting under clause 3(xvi)(d) of the Order is not applicable to the
Company.
xvii. The Company has incurred cash loss in the current financial year
amounting to Rs. 46.37 Lakhs and has incurred cash loss of Rs. 69.72 Lakhs in the
immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during
the year. Accordingly, clause 3(xviii) 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 realisation of financial
assets and payment of financial liabilities, other information accompanying the standalone
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 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 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 Company as and when they fall due.
xx. In our opinion and according to the information and explanation
provided by the management, the company do not fall under the prescribed classes of the
Companies mentioned under the Section 135 of the Companies Act, 2013. Accordingly,
reporting under Clause 3(xx) of the Order are not applicable to the Company. xxi. The
reporting under clause 3(xxi) of the Order is not applicable in respect of audit of
Standalone Financial Statements. Accordingly, no comment in respect of the said clause has
been included in this report.
| For A.T. Jain & Co. |
| Chartered Accountants |
| (Firm Registration No. 103886W) |
| Sushil Jain |
| Partner |
| Membership No.: 033809 |
| UDIN: 23033809BGVYRC7276 |
| Place: Mumbai |
| Date: 19th May, 2023 |
Annexure "B" to the Independent Auditors Report
[Referred to in paragraph 2(f) under the heading "Report on other
legal and regulatory requirements of our report of even date to the members of Ironwood
Education Limited (Formerly known as Greycells Education Limited)] Report on the Internal
Financial Controls under Clause (i) of Subsection 3 of Section 143 of the Companies Act,
2013 ("the Act")
We have audited the internal financial controls over financial
reporting of Ironwood Education Limited (Formerly known as Greycells Education Limited)
("the Company") as of March 31, 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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or
error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting A
companys internal financial control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the
company; and
(3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the companys assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over 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, to the best of our information and according to the
explanations given to us, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of if
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
| For A.T. Jain & Co. |
| Chartered Accountants |
| (Firm‘s Registration No.103886W) |
| Sushil T. Jain |
| Partner |
| Membership no. 033809 |
| UDIN:- 23033809BGVYRC7276 |
| Place: Mumbai |
| Date: 19th May, 2023 |
+91-9892691696
