To the Members of IEL LIMITED
Opinion
We have audited the accompanying standalone financial statements of IEL 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.
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) specified under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the state of affairs of the Company
as at 31st March 2023, and its profit (including other comprehensive loss), its cash flows
and the changes in equity for the year ended on that date.
Basis of opinion
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
Statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together
with the ethical requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the rules there under, 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 on the financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements for the financial year ended March
31, 2023. 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. For each matter below, our description of how our audit
addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the
Auditors responsibilities for the audit of the financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit
opinion on the accompanying financial statements.
| Key audit matter |
How our audit addressed the key audit matter |
| The Company vide letter dated 18th March 2020 has applied to the Collector of Jamnagar
District for surrender of its leasehold interest in the land situated at village Jamnagar,
Gujarat which was acquired under two different agreements dated 18/02/1956 and 19/03/1959
by order no. DCJ/Land/168 for industrial purposes on 99 years basis of Lease from the
Collector - Jamnagar, Government of Gujarat for industrial purpose. After necessary
formalities, the survey numbers ref: 3925/2, 3925/3, 3945, 3946 and 4536 related to such
land will be taken back by the Government of Gujarat and considering the fact that the
Company has already applied for the surrender of the said land to the Collector of
Jamnagar District, Gujarat State, the Board of Directors at their meeting held on 20th
January, 2023 has decided and approved to write off the said land together with Building
thereon by providing necessary impairment and also accordingly revaluation reserve has
been adjusted to give effect of such impairment. |
Our audit procedures included the following: |
|
1. We inquired the status in respect of Jamnagar Land with the Companys internal
legal team. |
|
2. We involved our subject matter experts, wherever required, to assess the value of
Land in light of the nature of the exposures, applicable regulations and related
correspondence with the authorities. |
|
3. We tested journal entries posted to identify unusual items of written off Fixed
Assets. |
Information other than the Standalone Financial Statements and Auditors Report thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include
the standalone financial statements and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we will not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements
The accompanying standalone financial statements have been approved by the Companys
Board of Directors. The Companys Board of Directors are 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 including other comprehensive income, changes in equity
and cash flows of the Company in accordance with the Ind AS specified under section 133 of
the Act 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 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.
In preparing the standalone financial statements, the Board of Directors of the Company
are 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 the Board of Directors of the Company either intend to
liquidate the Company or to cease operations, or has no realistic alternative but to do
so.
Those Board of Directors of the Company are also responsible for overseeing the
Companys financial reporting process. Auditors Responsibilities for the Audit of the
Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with 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 statements.
As part of an audit in accordance with Standards on Auditing, specified under section
143(10) of the Act 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
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control;
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system with reference to financial statements 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 Board of Directors use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the standalone financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors report. However, future events or conditions may
cause the Company to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the standalone
financial statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation;
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the e?ect of any
identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone 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 section 197(16) of the Act based on our audit, we report that the
Company has paid remuneration to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read with Schedule V to the Act.
2) 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, to the extent applicable.
3) Further to our comments in "Annexure A", as required by section 143(3) of
the Act, based on our audit, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit of the
accompanying standalone 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 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 Ind AS
specified under section 133 of the Act;
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) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company as on 31st March 2023 and the operating effectiveness
of such controls, refer to our separate Report in "Annexure B" wherein we have
expressed an unmodified opinion; and
g) 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 does have any pending litigations which would impact its financial
position as on 31st March, 2023 and its shown under separate notes to accounts.
ii. the Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses as at 31st March 2023;
iii. there were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended 31st March 2023;
IV.
a. The management has represented that, to the best of its knowledge and belief, as
disclosed in notes to the standalone financial statements, no funds have been advanced or
loaned or invested (either from borrowed funds or securities premium or any other sources
or kind of funds) by the Company to or in any persons or entities, including foreign
entities (the 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 (the Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, as
disclosed in notes to the standalone financial statements, no funds have been received by
the Company from any persons or entities, including foreign entities (the 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 as considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
management representations under sub-clauses (iv)(a) and (iv)(b) above contain any
material misstatement.
v. During the year, Company has not declared any dividend nor paid during the year.
Company is in compliance with section 123 of the Companies Act, 2013.
"Annexure A" referred to the Independent Auditors Report of even date to the
members of IEL Limited on the standalone financial statements for the year ended 31st
March 2023
Report as required by the Companies (Auditors Report) Order, 2020 ("the
Order"), issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, 2013 (Refer to in paragraph 1 under Report on Other
Legal and Regulatory Requirements section of our report of even date) With reference to
the Annexure A referred to in the Independent Auditors Report to the members of the
Company on the financial statements for the year ended March 31, 2023, we report the
following:
(I) (a) (A) The company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment;
(B) The company is maintaining proper records showing full particulars of intangible
assets;
(b) The property, plant and equipment and right of use assets have been physically
verified by the management during the year and no material discrepancies were noticed on
such verification. In our opinion, the frequency of physical verification program adopted
by the Company, is reasonable having regard to the size of the Company and the nature of
its assets.
(c) whether the title deeds of all the immovable properties (other than properties
where the company is the lessee and the lease agreements are duly executed in favour of
the lessee) disclosed in the financial statements are held in the name of the company, if
not, provide the details thereof.
(d) The Company has not revalued its Property, Plant and Equipment, Right of Use assets
or intangible assets during the year.
(e) No proceedings have been initiated or are pending against the Company for holding
any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made there under. Accordingly, reporting under clause 3(i)(e) of the Order is not
applicable to the Company.
(ii) (a) The Company does not have any inventory and hence reporting under clause
3(ii)(a) of the Order is not applicable.
(b) The Company has not been sanctioned working capital limits in excess of Rs. 5
Crore, in aggregate, at any points of time during the year, from banks or financial
institutions on the basis of security of current assets and hence reporting under clause
3(ii)(b) of the Order is not applicable.
(iii) 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, if so,-
(a) During the year the Company has not provided loans or advances in the nature of
loans, or stood guarantee, or provided security to any other entity
(b) In our opinion, and according to the information and explanations given to us, the
terms and conditions of the grant of all loans and advances in the nature of loans
provided are, prima facie, not prejudicial to the interest of the Company.
(c) in respect of loans and advances in the nature of loans, whether the schedule of
repayment of principal and payment of interest has been stipulated and whether the
repayments or receipts are regular;
(d) There is no overdue amount in respect of loans or advances in the nature of loans
granted other parties.
(e) The Company has not granted any loan or advance in the nature of loan which has
fallen due during the year. Further, no fresh loans were granted to any party to settle
the overdue loans/advances in nature of loan.
(f) The Company has not granted any loans or advances in the nature of loans, which are
repayable on demand or without specifying any terms or period of repayment.
(iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 186 of the Act in respect of
investments, as applicable. Further, the Company has not entered into any transaction
covered under section 185 and section 186 of the Act in respect of loans, guarantees and
security.
(v) In our opinion, and according to the information and explanations given to us, the
Company has not accepted any deposits or there is no amount which has been considered as
deemed deposit within the meaning of sections 73 to 76 of the Act and the Companies
(Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause
3(v) of the Order is not applicable to the Company.
(vi) Whether maintenance of cost records has been specified by the Central Government
under subsection (1) of section 148 of the Companies Act and whether such accounts and
records have been so made and maintained. Accordingly, reporting under clause 3(v) of the
Order is not applicable to the Company.
(vii) (a) In our opinion, and according to the information and explanations given to
us, undisputed statutory dues including goods and services tax, provident fund, employees
state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise,
value added tax, cess and other material statutory dues, as applicable, have generally
been regularly deposited with the appropriate authorities by the Company, though there
have been slight delays in a few cases. Further, no undisputed amounts payable in respect
thereof were outstanding at the year-end for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us, there are no statutory
dues referred in sub-clause (a) which have not been deposited with the appropriate
authorities on account of any dispute.
(viii) According to the information and explanations given to us, no transactions were
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (43 of 1961) which have not been recorded in the books of accounts.
(ix) (a) According to the information and explanations given to us, the Company has not
defaulted in repayment of its loans or
borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanations given to us including confirmations
received from banks and representation received from the management of the Company, and on
the basis of our audit procedures, we report that the Company has not been declared a
willful defaulter by any bank or financial institution or other lender.
(c) In our opinion and according to the information and explanations given to us,
Company has not raised money by way of term loans were applied for the purposes for which
these were obtained. Accordingly, Reporting under clause 3(ix)(c) is not applicable.
(d) In our opinion and according to the information and explanations given to us, and
on an overall examination of the financial statements of the Company, funds raised by the
Company on short term basis have not been utilized for long term purposes.
(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 obligations of its
subsidiary.
(f) According to the information and explanations given to us, the Company has not
raised any loans during the year on the pledge of securities held in its subsidiary.
(x) (a) The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments), during the year. Accordingly, reporting under
clause 3(x)(a) of the Order is not applicable to the Company.
(b) During the year, the Company has not made preferential allotment of convertible
warrants. During the year, the Company did not make preferential allotment/private
placement of fully/partly or optionally convertible debentures. Accordingly, reporting
under clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or on the Company has been noticed or reported during
the period covered by our audit.
(b) No report under section 143(12) of the Act has been filed with the Central
Government for the period covered by our audit.
(c) According to the information and explanations given to us including the
representation made to us by the management of the Company, there are no whistle-blower
complaints received by the Company during the year.
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable
to it. Accordingly, reporting under clause 3(xii) of the Order is not applicable to the
Company.
(xiii) In our opinion and according to the information and explanations given to us,
all transactions entered into by the Company with the related parties are in compliance
with sections 177 and 188 of the Act, where applicable. Further, the details of such
related party transactions have been disclosed in the standalone financial statements, as
required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified
in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of
the Act.
(xiv) (a) In our opinion and according to the information and explanations given to us,
the Company has an internal audit system as required under section 138 of the Act which is
commensurate with the size and nature of its business.
(b) We have considered the reports issued by the Internal Auditors of the Company till
date for the period under audit.
(xv) According to the information and explanation given to us, the Company has not
entered into any non-cash transactions with its directors or persons connected with them
and accordingly, provisions of section 192 of the Act are not applicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934. Accordingly, reporting under clause 3 (xvi) (a), (b) and (c) of
the Order are not applicable to the Company. Based on the information and explanations
given to us and as represented by the management of the Company, the Group (as defined in
Core Investment Companies (Reserve Bank) Directions, 2016) does not have any Core
Investment Company.
(xvii) The Company has not incurred any cash loss in the current as well as the
immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year.
Accordingly, reporting under clause 3(xviii) of the Order is not applicable to the
Company.
(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 standalone financial
statements, our knowledge of the plans of the Board of Directors and management 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 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) According to the information and explanations given to us, the Company does not
have any unspent amount in respect of any ongoing or other than ongoing project as at the
expiry of the financial year. Accordingly, reporting under clause 3(xx) of the Order is
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 of the Company. Accordingly, no comment has been
included in respect of said clause under this report.
"Annexure B" referred to the Independent Auditors Report of even date to the
members of IEL Limited on the standalone financial statements for the year ended 31st
March 2023
Independent Auditors Report on the internal financial controls with reference to the
standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (the Act)
In conjunction with our audit of the standalone financial statements of IEL Limited
(the Company) as at and for the year ended 31st March 2023, we have audited the internal
financial controls with reference to the standalone financial statements of the Company as
at that date.
Responsibilities of Management and Those Charged with Governance for Internal Financial
Controls
The Companys Board of Directors is responsible for establishing and maintaining
internal financial controls based on the internal financial controls with reference to the
standalone financial statements 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 the Companys
business, including adherence to the 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 Act.
Auditors Responsibility for the Audit of the Internal Financial Controls with
Reference to the Standalone Financial Statements
Our responsibility is to express an opinion on the Companys internal financial
controls with reference to the standalone financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the ICAI
prescribed under Section 143(10) of the Act, to the extent applicable to an audit of
internal financial controls with reference to standalone financial statements, and the
Guidance Note issued by the ICAI. 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 with reference to standalone
financial statements were 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 with reference to the standalone financial statements and
their operating effectiveness. Our audit of internal financial controls with reference to
the standalone financial statements includes obtaining an understanding of such internal
financial controls, 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 with
reference to the standalone financial statements.
Meaning of Internal Financial Controls with Reference to the Standalone Financial
Statements
A companys internal financial controls with reference to the standalone financial
statements is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of the standalone financial statements for
external purposes in accordance with generally accepted accounting principles. A companys
internal financial controls with reference to the standalone financial statements include
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 the 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 with Reference to the Standalone
Financial Statements
Because of the inherent limitations of internal financial controls with reference to
the standalone financial statements, 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 with reference to the standalone financial statements to future periods are
subject to the risk that the internal financial controls with reference to the standalone
financial statements 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, adequate internal financial
controls with reference to the standalone financial statements and such controls were
operating effectively as at 31st March 2023, based on internal financial controls with
reference to the standalone financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note
issued by the ICAI.
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