<dhhead>INDEPENDENT AUDITORS’
REPORT</dhhead>
To the Members of
INDIA FINSEC LIMITED
Report on the Audit of the Standalone Ind AS Financial
Statements Opinion
We have audited the Standalone Ind AS financial statements of India
Finsec Limited (‘the company”) which comprise the balance sheet as at March
31, 2023, and the statement of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity, and Statement of Cash Flows for the year ended on that
date, and notes to the Ind AS financial statements, including a summary of 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 Ind AS 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
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 of the Company as at March 31, 2023,
the profit 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 Standalone Ind AS Financial
Statements 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 Auditor’s Responsibilities for the Audit of the Ind AS 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 together with the
ethical requirements that are relevant to our audit of the Ind AS financial statements
under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the Standalone Ind AS 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 Standalone Ind AS Financial
Statements of the current period. These matters were addressed in the context of our audit
of the Standalone Ind AS 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 the
matters described below to be the key audit matters to be communicated in our report.
Key Audit Matters |
Auditor’s response |
1. Loans and advances: - |
Our audit procedure inter- alia includes the following: - |
Loans are to be disclosed at Amortised Cost using Effective
Interest Method prescribed under Ind AS 109 on ‘Financial Instruments’. |
1. We evaluated the control environment including authorization,
sanctioning and disbursement of significant loans advanced during the year. |
We focused on the conditions of disbursement and appropriateness
of sanctioning process of the loan granted by the Company. |
2. We evaluated the control environment of advanced by the
company and is treatment in the books of accounts in accordance with Ind AS 109. |
|
3. We have obtained external confirmations from third parties in
respect of transactions and closing balance for significant loans advanced by the company. |
|
4. We tested all material entries recorded in connection with
the loan advance and interest thereon to determine whether the accounting was appropriate. |
2. Compliance of RBI directions and circulars: |
Our audit procedure inter- alia includes the following: - |
The recent RBI regulations increased the responsibility of
auditors of NBFCs. |
We have reviewed the conditions for prudential norms prescribed
by the RBI including: |
As Company is an NBFC, it is the responsibility of Company to
duly follow the directions and circulars. |
a) Hold impairment allowance as required by IND AS in parallel
with existing prudential norms on IRACP on loan advanced. |
We focused on the
requisite compliance and disclosure as per the requirements in the norms. |
b) Transfer of 20% profit to reserve maintain under section
45-IC of the RBI Act. |
|
c) Holding of at least 50% of the financial assets and 50% of
the financial income respectively. |
|
d) To comply with the Net owned fund requirement of Rs 5 Crores
by March 2025 vide Notification no DOR.CRE.060.CGM 2022 |
Information Other than the Standalone IndAS Financial Statements
and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the
preparation of the other information. The other information comprises the information
included in the Company’s annual report, but does not include the Standalone Ind AS
financial statements and our auditor’s report thereon.
Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS
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.
Responsibilities of Management and Those Charged with
Governance for the Standalone Ind AS Financial Statements
The Company’s 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 Ind AS 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 (Ind AS) specified under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended
from time to time.
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 Ind AS financial statements that give a tme and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, management is
responsible for assessing the Company’s 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.
Those Board of Directors are also responsible for overseeing the
Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the
Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether
the Ind AS financial statements are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s 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 aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism throughout the audit. We are
also:
• Identify and assess the risks of material misstatement of
the Ind AS 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 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 management’s 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 Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the Ind AS 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 auditor’s 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 Ind AS financial statements, including the disclosures, and whether the Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone
Ind AS financial statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the Ind AS 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 effect of any identified misstatements in the Ind AS 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 Ind AS Financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s 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 (Auditor’s 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, we give in the
“Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent 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.
(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 Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income), the Cash Flow Statement and the Statement of
Change in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Standalone Ind AS financial
statements comply with the Indian Accounting Standards (Ind AS) specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(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
Auditor’s Report in accordance with the requirements of section 197(16) of the Act,
as amended:
The Company has not paid any remuneration to its Managing
Director.
(h) With respect to the other matters to be included in the
Auditor’s 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 Fund by the Company.
iv) (i) the management has represented that, to the best of its
knowledge and belief, other than as disclosed in the notes to the accounts, no funds have
been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or in any other person(s) or
entity(ies), 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.
(ii) the management has represented, that, to the best of its
knowledge and belief, other than as disclosed in the notes to the accounts, no funds have
been received by the company from any person(s) or entity(ies), including foreign entities
(“Funding Parties”), with the understanding, that Company had 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
(iii) Based on such audit procedures that we have considered
reasonable and appropriate in the circumstances; nothing has come to their notice that has
caused them to believe that the representations under sub-clause (i) and (ii) contain any
material misstatement.
v) The Company has not declared or paid any dividend during the
year.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules 2014
for maintaining books of account using accounting software which has a feature of
recording audit trail (edit log) facility is applicable to the Company with effect from
April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and
Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
For Ajay Rattan & Co. |
Chartered Accountants |
Firm Registration No.012063N |
CA. Ajay Aggarwal |
Partner Membership No. 090975 |
UDIN: 23090975BGYTAT9673 |
Place: New Delhi |
Dated: 30.05.2023 |
“Annexure A” to the Independent Auditors’
Report
Referred to in paragraph 1 under the heading Report on Other
Legal & Regulatory Requirement’ of our report of even date to the Standalone Ind
AS Financial Statements of the Company for the year ended March 31, 2023:
We report that:
1) Property Plant and Equipment and Intangible Assets
a) The company is
maintaining proper records showing full particulars, including quantitative details and
situation of Property, Plant & Equipment.
b) The company does
not have any intangible assets.
c) These Property, Plant and Equipment have been physically
verified by the management at reasonable intervals and no material discrepancy were found
during the inspection.
d) According to the
information and explanations given to us, the company has no immovable property as on
balance sheet date.
e) The company has not revalued its Property, Plant and
Equipment during the year.
f) According to the information and explanations given to us, 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
thereunder.
2) Inventories
a) The company does
not have any inventory and hence reporting under clause (ii) paragraph 3 of the order is
not applicable.
b) The company has
not been sanctioned working capital limits on the basis of security of current assets.
3) Investments, Guarantee/Security, Loan and Advance
a) The principal
business of the company is to give loans, thus clause (iii) (a) to Paragraph 3 is not
applicable to the company.
b) The company has
invested surplus funds in debentures and these investments are not prejudicial to the
interest of the company.
c) In respect of loans and advances in the nature of loans given
by the company, the schedule of repayment of principal and payment of interest has been
stipulated and the repayments or receipts are generally regular;
d) The company does
not have any amount overdue for more than ninety days. Accordingly, the provisions of
clause 3(iii)(d) of the Order are not applicable to the Company and hence not commented
upon.
e) The principal business of the company is to give loans, thus
clause (iii) (e) is not applicable to the company.
f) In our opinion and according to the information and
explanation given to us, 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
to the promoters, related parties as defined in clause (76) of section 2 of the Companies
Act, 2013.
4) Compliance of Provisions of Section 185 and 186.
In our opinion and according to the information and explanation
given to us, the company has not given loans, investments, guarantees, and securities
covered under section 185 and 186 of the Companies Act, 2013.
5) Public Deposits
In our opinion and according to the information and explanation
given to us, the company has not accepted public deposits and the provisions of sections
73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed
there under are not applicable to the company. No order has been passed by the Company Law
Board or National Company Law Tribunal or RBI or any court or any other tribunal.
6) Cost Records
According to the information and explanation given to us, the
government has not prescribed maintenance of cost records under sub section (1) of section
148 of the Companies Act, 2013 for the services of the company.
7) Statutory Dues
a) In our opinion the company is regular in depositing
undisputed statutory dues including provident fund, employees state insurance, income
tax, goods and services tax and any other statutory dues with the appropriate authorities.
There are no arrears of outstanding statutory dues as at the last day of the financial
year concerned for a period of more than six months from the date they became payable.
b) According to the information and explanation given to
us, there are disputed amounts payable in respect of income tax as on Mar 31, 2023 for a
period of more than six months from the date they became payable.
Nature of the dues |
Amount (Rs in 000’s) |
Period (AY) |
Forum where dispute is pending |
Income Tax |
403.76 |
2017-18 |
CIT (Appeals) |
Income Tax |
91740.29 |
2011-12 |
CIT(Appeals) |
8) Unrecorded Income
Based upon the audit procedures performed and the information
and the explanations given by the management, there are no transactions not recorded in
the books of accounts which have been surrendered or disclosed as income during the year
in the tax assessments under the Income Tax Act, 1961.
9) Repayment Of Dues
Based upon the audit procedures performed and according to
information and explanations given to us:
a) The company has not defaulted in repayment of loans or
other borrowings or in the payment of interest thereon to any lender during the year of
audit;
b) The company has not been declared a wilful defaulter
by any bank or financial institution or other lender.
c) The term loan taken by the company were applied for the
purpose for which they were obtained.
d) the company has not raised funds on short term basis,
thus reporting under this clause in not required and not commented upon;
e) The company has not taken any funds from any entity or
person on account of or to meet the obligations of its subsidiaries, associates, or joint
ventures.
f) The Company has not raised loans during the year on
the pledge of securities held in its subsidiary company. The company does not hold any
securities in any associates or joint venture.
10) Application Of Money Raised by Public Issue and Preferential
Allotment
a) Based upon the audit procedures performed and the
information and explanations given by the management, the company has not raised moneys by
way of initial public offer or further public offer including debt instruments and term
Loans. Accordingly, the provisions of clause 3(x) of the Order are not applicable to the
Company and hence not commented upon.
b) The Company has not made any preferential allotment or
private placement of shares or convertible debentures during the year.
11) Fraud
Based upon the audit procedures performed and the information
and explanations given by the management:
a) No fraud on or by the company has been noticed or
reported during the year.
b) No report under sub-section (12) of section 143 of the
Companies Act 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 have been received during the
year by the company.
12) Nidhi Company
In our opinion, the Company is not a Nidhi Company. Therefore,
the provisions of clause 3(xii) of the Order are not applicable to the Company and hence
not commented upon.
13) Transaction With Related Parties
In our opinion, all the transactions with related parties are in
accordance with section 177 and 188 of the Companies Act, 2013.Details have been properly
disclosed in Ind AS financial statements as required by applicable accounting standards.
14) Internal Audit System
a) The company has an internal audit system commensurate
with the size and nature of its business.
b) The reports of the Internal Auditors for the period
under audit were considered by the statutory auditor.
15) Non-Gash Transaction with Director
Based upon the audit procedures performed and the information
and explanations given by the management;, the company has not entered into any non-cash
transactions with directors or persons connected with him. Accordingly, the provisions of
clause 3(xv) of the Order are not applicable to the Company and hence not commented upon.
16) Registration With RBI
a) According to the information and explanations given to
us, the company is a Non-Banking Financial Company and registered under section 45-IA of
the Reserve Bank of India Act, 1934.
b) According to information and explanations given to us,
the company has conducted Non- Banking Financial activities with a valid certificate as
per the Reserve Bank of India Act, 1934;
c) The company is not a Core Investment Company (CIC) as defined
in the regulations made by the Reserve Bank of India;
d) The Group does not have any CIC as part of the Group.
17) Gash Losses
The company has not incurred cash loss in the Current and in the
immediately preceding financial year.
18) Considerations Of Issues Raised by Outgoing Auditor
There has been no resignation of the statutory auditor .
Accordingly, clause (xviii) of Para 3 of the order is not applicable.
19) Existence Of Material Uncertainty as To Company Ability
to Meet Its Liabilities
As per our opinion, 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 Ind AS financial statements, the auditor’s
knowledge of the Board of Directors and management plans, there is no material uncertainty
exists as on the date of the audit report that company is 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
20) Transfer Of Unspent GSR Amount
According to the information and explanations given to us,
provisions of Corporate Social Responsibility (CSR) specified m section 135 read with
schedule VIT of Companies Act are not applicable upon the company.
21) Qualifications Or Adverse Remarks in Caro Reports of Group
Companies
This clause shall be dealt with in the consolidated auditor’s
report.
For Ajay Rattan & Co. |
Chartered Accountants |
Firm Registration No.012063N |
CA. Ajay Aggarwal |
Partner Membership No. 090975 |
UDIN: 23090975BGYTAT9673 |
Place: New Delhi |
Dated: 30.05.2023 |
“Annexure B” to the Independent Auditor’s
Report of even date on the Standalone Ind AS Financial Statements of India Finsec Limited
the year ended March 31, 2023
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial
reporting of India Finsec Limited (“the Company”) as of March 31, 2023
in conjunction with our audit of the Standalone Ind AS financial statements of the
Company for the year ended on that date.
Management’s Responsibility for Internal Financial
Controls
The Company’s 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 (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 company’s
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 fhe 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”) issued by the Institute of Chartered
Accountants of India and the Standards on Auditing prescribed under section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of internal financial controls.
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 auditor’s judgment, including
the assessment of the risks of material misstatement of the Ind AS 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 Company’s
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 Ind AS 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
Ind AS 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 Ind AS
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 financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Opinion
In our opinion, 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 Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India”.
For Ajay Rattan & Co. |
Chartered Accountants |
Firm Registration No.012063N |
CA. Ajay Aggarwal |
Partner Membership No. 090975 |
UDIN: 23090975BGYTAT9673 |
Place: New Delhi |
Dated: 30.05.2023 |
+91-9892691696
