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IOL Chemicals & Pharmaceuticals Ltd Auditor Reports

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IOL Chemicals & Pharmaceuticals Ltd Share Price Auditors Report

TO THE MEMBE H OF IOL CHEMICALS AND PHARMACEUTICALS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of IOL Chemicals and Pharmaceuticals Limited ("the Company") (CIN:L24116PB1986PLC007030), whic h.comprise the Balance Sheet as at Marc h.31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cas h.Flows for the year ended on that date, and notes to the Financial Statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the Standalone 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 wit h.the Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of affai h of the Company as at Marc h.31, 2024 and its profit, total comprehensive income, changes in equity and its cas h.flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance wit h.the Standards on Auditing ("SA"s) specified under section 143(10) of the Act (SAs). 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 wit h.the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together wit h.the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance wit h.these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matte h

Key audit matte h are those matte h that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matte h were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matte h. We have determined the matte h described below to be the key audit matte h to be communicated in our report.

Key Audit Matter

Audito h Response
1. Revenue recognition: Principal Audit Procedures:
Refer note 2(i)(v) and note 25 of the Standalone Financial Statements. The Companys sales revenue mainly arose from sale of Bulk Drugs and Chemical products. The Company recognizes sales revenue based on the terms and conditions of transactions, whic h.vary wit h.different custome h. For sales transactions in a certain period around balance sheet date, it is essential to ensure whether the transfer of control of the goods by the Company to the customer occu h before the balance sheet date or otherwise. Considering that there is significant volume of sales transactions close to the year end, involving material amounts and suc h.revenue recognition is subject to whether transfer of control to the custome h has occurred before the balance sheet date or otherwise, we consider the risk of revenue from sale of goods being recognised in the incorrect period, a key audit matter. We evaluated the design of internal controls over recognition of revenue in the appropriate period in accordance wit h.the Companys accounting policy. On a sample basis, we tested the operating effectiveness of the internal control relating to determination of point in time at whic h.the transfer of control of the goods occu h.
We tested the relevant information technology systems used in recording revenue including Companys system generated reports, based on whic h.selection of samples was undertaken.
On sample basis, we performed test of details of sales recorded close to the year-end throug h.following procedures: i. Analysed the terms and conditions of the underlying contract wit h.the customer, and ii. Verified evidence for transfer of control of the goods prior to the balance sheet date or otherwise from relevant supporting documents.
2. Property, Plant and Equipment: Principal Audit Procedures:
Refer note 3 of the Standalone Financial Statements. During the year, the company has incurred substantial capital expenditure on Property, Plant and Equipment and Capital work in progress towards assets under construction/ erection and expansion. Wit h.regard to capitalisation of Plant and Machinery, Buildings and Capital work in progress, Management has identified specific expenditure including employee costs and other specific overheads relating to eac h.of the assets and has applied judgement to assess if the costs incurred in relation to these assets meet the recognition criteria on Property, Plant and Equipment in accordance wit h.Ind AS 16. Understood, evaluated and tested the design and operating effectiveness of key controls relating to capitalisation of various costs incurred, in relation to Buildings, Plant and Machinery and Capital work-in-progress.
Tested the direct and indirect costs capitalised, on a sample basis, wit h.the underlying supporting documents to ascertain the nature of costs and the basis for allocation, where applicable, and evaluated whether they meet the recognition criteria provided in the Ind AS 16, Property, Plant and Equipment.
Tested, on a sample basis, the appropriateness of employee costs capitalised in relation to Plant and Machinery and Buildings based on verification of their payroll data etc.
Tested other costs debited to Standalone Statement of Profit and Loss, on a sample basis, to ascertain whether these meet the criteria of capitalisation
Assessed the adequacy of disclosures in the Standalone Financial Statements.
This has been determined as a key audit matter due to the significance of the capital expenditure during the year and the risk that the elements of costs that are eligible for capitalisation are not appropriately capitalised or costs capitalised are not in accordance wit h.the recognition criteria provided in Ind AS 16. Our procedures did not identify, any costs that are eligible for capitalisation are not appropriately capitalised or costs capitalised are not in accordance wit h.the recognition criteria provided in Ind AS 16.

Information Other than Financial Statements and Auditors Report Thereon

The Companys Board of Director is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholders Information, but does not include the Consolidated Financial Statements, Standalone Financial Statements and our Auditors Report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection wit h.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 wit h.the Standalone Financial Statements or our knowledge obtained during the cou he of our audit or otherwise appea h 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 wit h.Governance for the Standalone Financial Statements

The Companys Board of Director is responsible for the matte h stated in section 134(5) of the Act wit h.respect to the preparation 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 cas h.flows of the Company in accordance wit h.the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance wit h.the provisions of the Act for safeguarding 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, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matte h related to going concern and using the going concern basis of accounting unless Board of Director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Director are also responsible for ove heeing 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 hig h.level of assurance but is not a guarantee that an audit conducted in accordance wit h.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 use h taken on the basis of these Standalone Financial Statements.

As part of our audit in accordance wit h.SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an unde htanding of internal financial 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 wit h.reference to Standalone Financial Statements in place and the operating effectiveness of suc h.controls.

to or in any other pe hon or entity, including foreign entity ("Intermediaries"), wit h.the unde htanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other pe hons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (whic h.are material either individually or in the aggregate) have been received by the Company from any pe hon or entity, including foreign entity ("Funding Parties"), wit h.the unde htanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other pe hons 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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. As stated in Note 2(i)(vi)(i) and note 14(b) to the Standalone Financial Statements

(a) The interim dividend declared and paid by the Company during the year and until the date of this report is in compliance wit h.Section 123 of the Act.

vi. Based on our examination, whic h.included test checks, the Company has used accounting softwares for maintaining its books of account for the financial year ended Marc h.31, 2024 whic h.has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares. Further, during the cou he of our audit we did not come across any instance of the audit trail feature being tampered wit h.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Audito h) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended Marc h.31, 2024.

2. As required by the Companies (Auditors Report) Order, 2020 (the "Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matte h specified in paragraphs 3 and 4 of the Order.

For and on behalf of
Ashwani & Associates
Chartered Accountants
Firm Registration Number: 000497N
by the hand of
Sd/-
Aditya Kumar
Partner
Place: Ludhiana Membe hhip No.:506955
Dated: May 14, 2024 UDIN: 24506955BKCNTB5301

Annexure ‘A to the Independent Auditors Report

(Referred to in paragrap h.1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report to the Membe h of IOL Chemicals and Pharmaceuticals Limited of even date)

Report on the Internal Financial Controls wit h.reference to Standalone Financial Statements under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls wit h.reference to Standalone Financial Statements of IOL Chemicals and Pharmaceuticals Limited ("the Company") as of Marc h.31, 2024 in conjunction wit h.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 wit h.reference to Standalone Financial Statements 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 (the "ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and erro h, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls wit h.reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance wit h.the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls wit h.reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply wit h.ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls wit h.reference to Standalone Financial Statements was established and maintained and if suc h.controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls wit h.reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls wit h.reference to Standalone Financial Statements included obtaining an unde htanding of internal financial controls wit h.reference to Standalone Financial Statements, 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 appropriatetoprovideabasisforourauditopinionontheCompanysinternal financial controls system wit h.reference to Standalone Financial Statements.

Meaning of Internal Financial Controls wit h.reference to Standalone Financial Statements

A Companys internal financial control wit h.reference to Standalone Financial Statements 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 wit h.generally accepted accounting principles. A Companys internal financial control wit h.reference to Standalone Financial Statements 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 wit h.generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance wit h.authorizations of management and Director 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 Financial Statements.

Inherent Limitations of Internal Financial Controls wit h.reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls wit h.reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial control wit h.reference to Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance wit h.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 wit h.reference to Standalone Financial Statements and suc h.internal financial controls wit h.reference to Standalone Financial Statements were operating effectively as at Marc h.31, 2024, based on the criteria for internal financial control wit h.reference to Standalone Financial Statements 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 ICAI.

For and on behalf of
Ashwani & Associates
Chartered Accountants
Firm Registration Number: 000497N
by the hand of
Sd/-
Aditya Kumar
Partner
Place: Ludhiana Membe hhip No.:506955
Dated: May 14, 2024 UDIN: 24506955BKCNTB5301

Annexure ‘B to the Independent Auditors Report

(Referred to in paragrap h.2 under ‘Report on Other Legal and Regulatory Requirements section of our report to the Membe h of IOL Chemicals and Pharmaceuticals Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal cou he of audit, we state that:

i. In respect of Companys Property, Plant and Equipment, Right-of-Use Assets and Intangible Assets:

a) (A) The Company has maintained proper records showing full Particular, including quantitative details and situation of Property, Plant and Equipment and relevant details of Right-of-Use Assets.

(B) The Company has maintained proper records showing full Particular of Intangible Assets.

b) The Company has a program of physical verification of the Property, Plant and Equipment and Right-of-Use Assets at reasonable intervals. Pu huant to this program, certain Property, Plant and Equipment were physically verified during the year, and, no material discrepancies were noticed on suc h.verification.

c) Based on our examination of the, registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self-constructed buildings and title deeds of all other 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 included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

d) The Company has not revalued its Property, Plant and Equipment (including Right of Use Assets) and Intangible Assets during the year,

e) No proceedings have been initiated during the year or are pending against the Company as at Marc h.31, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ii. (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable, and, the coverage and procedure of suc h.verification is appropriate having regard to the size of the Company and the nature of its operation. No discrepancies of 10% or more in the aggregate for eac h.class of inventory were noticed between the physical stock of inventory and the books of accounts.

(b) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. In our opinion and as per the information provided to us, the quarterly returns or statements filed by the Company wit h.suc h.banks are in agreement wit h.the books of account of the Company.

iii. The Company has made investments in companies but has not granted unsecured loans to other parties, during the year, in respect of which:

(a) The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any other entity during the year, and hence reporting under clause 3(iii)(a) of the order is not applicable.

(b) In our opinion, the investments made and the terms and conditions of the grant of loans, during the year are, prima facie, not prejudicial to the Companys interest.

(c) The Company has not granted any loans during the year, and hence reporting under clause 3(iii)(c) of the order is not applicable.

(d) The Company has not granted any loans during the year, hence there is no overdue amount remaining outstanding as at balance sheet date, and hence reporting under clause 3(iii)(d) of the order is not applicable.

(e) The Company has not renewed or extended or granted fres h.loans to settle the overdues of existing loans given to the same parties and hence reporting under clause 3(iii)(e) of the order is not applicable.

(f) 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 during the year. Hence, reporting under clause 3(iii)(f) is not applicable.

iv. The Company has not granted any loans specified in Section 185 of the Companies Act, 2013.

The Company has complied wit h.section 186 of the Companies Act, 2013 in respect of investments made. The Company has not given any guarantee and any security to any pe hon.

v. The Company has not accepted any deposits or amounts whic h.are deemed to be deposits from the public. Hence, reporting under Clause 3(v) of the order is not applicable.

vi. We have broadly reviewed the books of account maintained by the Company pu huant to the Rules made by the Central Government for the maintenance of Cost records under section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of suc h.records wit h.a view to determine whether they are accurate or complete.

vii. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it wit h.the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Services Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrea h as at Marc h.31, 2024 for a period of more than six months from the date they become payable.

(b) Details of statutory dues referred to in sub clause(a) above whic h.have not been deposited on account of a dispute as on Marc h.31, 2024 on account of dispute are given below:

Nature of the statute

Nature of dues Forum where dispute is Pending Period to whic h.the Amount Relates Amount (in crore)
The Income Tax Act, 1961 Income Tax National Faceless Appeal Centre (NFAC) A.Y. 2020-21 0.56

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

ix. (a) The Company has not defaulted in any repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the Financial Statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the Financial Statements of the Company, the Company has not taken any funds from any entity or pe hon on account of or to meet the obligations of its subsidiaries and hence, reporting under clause 3(ix)(e) of the Order is not applicable.

(f) The Company has not raised loans during the year and hence reporting under clause 3(ix)(f) of the Order is not applicable.

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 and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Audito h) Rules, 2014 wit h.the Central Government, during the year and up to the date of this report.

(c) No whistle-blower complaints were received during the year by the Company.

xii. The Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company is in compliance wit h.the provisions of sections 177 and 188 the Companies Act,2013 wit h.respect to applicable transactions wit h.related parties and the details of suc h.related party transactions have been disclosed in the Standalone Financial Statements as required under Indian Accounting Standard 24 "Related Party Disclosures" specified under the Act.

xiv. (a) In our opinion, the Company has an adequate internal audit system whic h.commensurate wit h.the size and nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion, during the year the Company has not entered into any non-cas h.transaction wit h.its Director or pe hons connected wit h.its Director and hence the reporting under clause 3(xv) is not applicable to the Company.

xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment Company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. The Company has not incurred cas h.losses during the financial year covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory Audito h during the year and accordingly reporting under clause 3(xviii) of the order is not applicable.

xix. 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 Board of Director and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, whic h.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 the liabilities falling due within a period of one year from balance sheet date, will get discharged by the Company as and when they fall due.

xx. The Company has during the year spent the amount of Corporate Social Responsibility as required under subsection (5) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company

For and on behalf of
Ashwani & Associates
Chartered Accountants
Firm Registration Number: 000497N
by the hand of
Sd/-
Aditya Kumar
Partner
Place: Ludhiana Membe hhip No.:506955
Dated: May 14, 2024 UDIN: 24506955BKCNTB5301

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