Toihe Members of
Kanlshk Steel Industries Limited
Report On the Audit of the Financial Statements
Opinion
To the Members of
Kanishk Steel Industries Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Kanishk Steel Industries
Limited (the Company"), which comprise the Balance Shoot as at March 31.2023. the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes m Equity for the year then ended, and notes to the
financial statements, including a summary of tho significant accounting policies and other
explanatory information (hereinafter referred to as "financial statements).
In our opinion and to the best of our information and according to the explanations
given to us. the aforesaid financial statements give the information requi red by the
Companies Act. 2013 (the Act) In tho mannor so roquirod and givo a truo and fair vlow In
conformity with tho accounting principles generally accepted In India Including Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act of the state of
affairs of the Company as at March 31.2023, and its profit including other comprehensive
income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Our responsibilities under those
standards are further described in the Auditors Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act. 2013 and the rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
thoso roqulromonts and tho Code of Ethics. Wo boliovo that tho audit ovldonco wo havo
obtainod Is sufficient and appropriate to provide a basis for our opinion on the Financial
statements.
Other Matter
The financial statements of the Company for the year ended March 31. 2022. included In
these financial statements, have been audited by the predecessor auditor who expressed an
unmodified opinion on thoso statements on May 27.2022.
Key Audit Matters
Koy audit matters arc those matters that, in our professional judgment, were of most
signff icanco in our audrt of the Financial Statements of the current period. These
matters were addressed In the context of our audit of the Financial Statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit addressed the matter is
provided in that context.
We have determined the matters described betow to be the key audit matters to be
communicated in our report. We have fultilled the responsibilities described in the
Auditors responsibilities tor 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 ot material
misstatement ot the Financial Statements. The results ot 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 matters |
How the matter was addressed in our audit |
| Revenue recognition (Refer Note 25 to financial statements of the Company) |
Principal audit procedure performed |
| Revenue is one of the key profit drivers and is therefore susceptible to misstatement.
Cut-off is the key assertion in so far as revenue recognition is concerned, since an
inappropriate cut-off can result In material misstatement of results for the year. |
• Focusing on tho Companys rovonuo recognition for compliance with
Ind AS; |
|
• Testing the design, implementation and operating effectiveness of
the Compan/s controlson recording revenue; |
|
• Performing Substantive testing for cut-off with verification of
contractual terms of invoices, dtspatch/tielivenes receipts, |
|
• Inventory reconciliations and arculanzation of receivable
balances and analytical review procedures- |
|
• Our test of details focused on cut-off samples to verify that
only revenue pertaining to current year is recognised based on terms and conditions set
out in sales contracts and delivery documents. |
Information Other than the 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 Directors Report including
Annexures to Directors Report, Management Discussion and Analysts Report. Business
Responsibility Report, but does not include the consolidated financial statements,
standalone financial statements and our auditors report thereon. The Directors report is
expected to be made available to us after the date of this auditors report.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assura nee conclusion thereon.
In connection with our audft of the financial statements, our responsibility is to read
the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially Inconsistent with the financial
statements or our knowledge obtained dunng the course of our audit or otherwise appears to
be matcnaliy misstated.
When wo read the Directors report. If wo ooncludo that there Is a material
misstatement therein, we arc required to communicate the matter to those charged with
governance as required under SA 720 The Auditors responsibilities Relating to Other
Information.
Responsibilities of Management for the Financial Statements and those charged with
governance Icr the Financial Statements
The Companys Board of Directors is rssponiitle tor the matters stated in Section
134(5) of the Ccrrpanes Act. 2013 Hhe Act*) with respect to the preparation of these
Financial statements that give a true and fair view of the Mat? <A affaire (finance!
podtlon). profit or tots (financial performance Including other comprehwslve income),
changes h sgutty and cash tows cl tie Company n accordance wth tie accounting principles
generally Eopepted in India, incljcirg the Ind AS specified under Sector 133 <rfth?
Act read wilhCcrmpanoetfrKfiar Accounting Standarde) RUe3, 2015, asamended. This
resporsioiiity a so Incudes malrttenarce cf adequate eccojnilng records in accordance wth
the provisons of tfe Act for safeguarding ot the assets ct the Company and for preventing
and delecting frauds and other irregularities, selection and applicaSon ol appropriate
accounting powes; maKing judgments and estimates that are reasonable and prudent; ard
design, rrplementaton and maintenance cf acoqi.ate irternal financial controls, that were
opeiatJng effectively for ensuring the accuracy and corrpetei ess cf the accouitng
records, relevant to the preparanen ard p-esentaton of ine Fnanaal stetements that give a
tree ana fair view and a-e free from m atonal misstatement, whether dusto fraud or error,
m precanrg tt>3 Financial statements, management is resporeiwc far assessing the
companys
ahlrty toconlirno hr a goirg concern dia^loRng, ac applicable, natters -dated to goto]
txncam and jsng tic going concern basis & acco urtirg unless management cither intends
to liqudatc tfc
Cctrpan/ or to coasc opoatlcns. or fas no realistic afterratlvo but to do so. Those
Board of
Directors aro also rocpcnsitlcfcr overseeing tho Companys financial reporting proooso-
AudtorB Respensl blit lestorthe Audit of Fmancialstatements:
Otr objectives are to obtain roaeonaPlo assu-aico about whetier tho financial
statements a3 a whole are free from materia misstatement, wtener due to traLd or e-ror,
and to issue an auditors report that incTjde* our cphkw R nation Ohio assurance is a hgl
level of sesiranco, but is not a guarantee that an audit conducted n accordance with
Standards on Audtmg will a ways detect a material misstatement when i exsts. Misstatements
can arise from fraud o- error ard are considered material if, ind vidua Ry or h the
aggregate tncy could roaeonoby bo expected to hfluenoe the economic dec slons of users
taxed on the Pasiscf these Flnanaa statements.
Ae part cf an audit to accordance with Standards on Auditing, w? nxorcico professional
judgment andmoicteinprefoworiBl skepficam throughout IheauSt. Wo also;
• denrify ard assess the risks of material russtatement of the Fnarcrial
statements, whehor due to fraud or error, cfeagn and perforin audi procedures
raspcnsivetothose risks, aid
obtain aidt evidence tltat is sufloeit ard appropriate to provide a Casis for our
opnon. The risk of not delecting a materalrriestatemeit resulting from fraud is higher
than for cn? resulting Irorr error, as fraud may Involve colMaon, fergery, inientloral
omissions, msrepresentaSons, or tbs overice of ntBrnsI control:
• Obtain on understanding of irternal control relevant to the audit n order to
design audit procedures that are appropriate n the arcumstarwes. Unce Seoton 143(3) (0 of
the Act we are also responsible for explaining our opinion on wbethor tho Company has
adequate irto-nal financial convdssystem in place and me cperatingefteciveness of such
oortrott,
• Evaluate tho apprepriatoness of accountng pole os used and tho roaeorabtanoes of
aoscunthg cst mates one related disclosure* made by management,
|
Per Chmiurvcdi A Partners |
|
Chartered Accountants |
|
FRN30TO5SE |
| Date : 36-&5-2G33 |
|
| Piaee: Chennai |
|
|
M MahcswarL ACA, |
|
PaTtner |
|
M. No. 241B14 |
|
UD!N- 23241014BCWKBC7132 |
Annexure A to Ihe Independent Auditors Report of even date Id the members of Keniehk
Steel Industries Limited, an tbo Financial Statements for the year ended March 31,? 023
Witt refsr&nce to Annaxure A refewod in paragraph 1 in Raped on Other Legal
and Regulatory Requirements of the Independe nt Auditors Report of even date to the
members $f the Company on lha Financial slatemenfofoF Ihe year ended Meiqh 31,2G23, we
report foal:
(i) (a) (A) According lo the information and explanations given to us and ihe records
of ihe
Company totammsd by us, to our opinion, tna Company has maintained proper naewds
showing lull particulars,-including quantitative details and situation of Property, Plant
and Equipment,
(B) According tu the information and explanation given to us, Ihe Company does not have
any Intangible assets. Therefore. Clause (i}(a)(?$;i or the order Is not applicable.
(b) According (o the information and explanation given to u$ and basis Of flur
examination of the records d the company, the Company has a regular program or physical
verifying an the Property, Plan! and Equipment at its plants / offices :n a phased manner
over a Mriod of Ihrae years, which in our opinion is reasonable having regard to the size
ot ihe company end the nature of its assets, No material discrepancies a Rs. compared to
hook records were noticed on such variftcalion.
(c) According to the information and expfanation given to us and the recoras examined
by us and bawd on examination of the reg: stared sale deed / transfer deed/ conveyance
deed provided to us, we report lhal Idle dead of free hold lend ere held in the nsme of
Ihe company as at the balance sheet dale, tn respect a! Immovable prepedy of land that
havebecn token on lease and disposed as property plant andcqulpmem inthdmancial
statements, the lease agreement are In the name of the company where the wmpanyis lessee m
the agreement
(dj According to the information and explanations given to ue and on Iha basis of our
exami nation of foe records of the Company, the Company has not revalued its Property,
Plant and Equipment (including Right of Use eswts) or intangible assets or both during
tfieye&r.
(e) According to Information and explanations given to us and ort the Oasis of our
oxamination of the records of the Company, ihere are m proceedings initiated or
pending against the Company for hofoing any benami property under the Prohibition of
&ehnmi Property Transadkins Act, 1 D&S and tufas made Iherauhder.
(ii} (a) As reformed, the inventories of the Company except for mateTiats m trensat
have been physically verified at n&aeonabJe intervals by the management during the
year. In cur opinion end accon&ng Ed the informefian and explanations given to us Iha
frequency ct such verification Is reasonable and no nnnto Ha! discrepancies were
noticod
(b) According to the information and explanations given To ua end an Ihe basis of our
examination d Ihe records al the Company, the Company has been sanctioned working capital
limits In excess of five gen rupees. In aggregate, from banks or financial institutions on
the basis of security of current assets. Incur opinion, the quarterly returns OT
statements filed by the Company wrfo such banks or financial institutions gre ip agreement
vrith the bqgka of account OF Ihe Company.
(lii) According to the irfarmBiion an d explanations g rven to us and on the basis of
our exam: nafron ql the neoards af the Company, the Company hag not metis any Investments,
provided guarantee or security or granted arty loans or advances in the nature or loans.
secured or unsecured, to companies, tirms. limited liability partnerships or any other
parties during the yaar, Accordingly provisions of clauses 3ti:i)(ajtfc3(IH)(I}of the
Order arc not aopHcoblotothe Company,
(iv) In our opinion and according to the :nformation and explanations g Ivan to gg, the
company hae complied wilhthe provisions oF section 1&E and 10G of 1ha Companies Act,
2013 wilh reaped ul loans and investments and providing guarantees and securities as
applicable.
(v) According to the Iniormatloc and awlanatlori given !e us, the Company has net
accepted any deposits from the public to which the directives issued by the Reserve Banker
India and the provisions of section 73 10 7$ or any other relevant prpvrgionB of the ad
and the Companies (Acceptance or Deposit^ Flute. 2014 as amended would apply. Accordingly,
paragraph 3(v) Is notapplroabte to the company.
(vi> Wo have broadly rovl&wod the books of account maintained by tho Company
pursuanlte tho Rules made by the Central Government for the maintenance of cost records
under sub .sarrtinn{1) OF Section l43olthe Acf in respect oi CnmpenyP products and
nervinesand areoE the opinion that, prime ;ac a. the prescribed accounts arid
records have been maria anri maintained. However, we have not made a detailed examrnatinn
of the east records with a vi ewlo determine whethorth ay are accurate or compete.
fvu) (a} According to the information and explanations given to ush the
Company is regular in depositing undispuEed statutory dues including pnavidEtnt fund,
employees stale insurance, income-tax, duty Of customs, goods and Service tax, COBS and
other material statutory cues. as applicable, withtha appropriate authorities. Further, no
undisputed amounts payable ip respect thereof were outstanding at the year-end for a
period ol mote than si* months from the dale they became payable.
(b) du ee outstanding in reaped of income-tax, sales tax, duty of customs, doty of
excise and vel ue juried tax on account of any dispute, ere ?: reflows:
| Statute Name |
Nature ul dues |
Amount in Rs. |
Forum wficfo dispute Is pending |
| Contra Excise Law |
Dispute relating to r?-1ixatiCn uJ Annual capacity |
-:D Lakhe Flue equal eihOunl c! pynally of Plus IntereBt thereon, |
HcrYbila High Court ol Madras. |
| Incametex Act 1961 |
Encome Tax |
Rs. 3S3.08Lekh5 |
The Assessing Officer - CPC Bengaluru^ Chonnai |
| Income tax Act .1361 |
Encoms Tax |
Rs. 59.43 Lakhs |
ThbClT Appeals. Chennai |
| income tax Act .1961 |
IDS |
Rs. 2.B7 Lakhs. |
Assessing Officer |
(viii) According t" the infarmntion and expla natinrg g iven to u& ard on the
basis of our examination of the records of the Company, the Company has not surrendered or
dfsclosed any transactions. previously unrecorded as income in the books of account, in
tna tax assessments unda r the i ncome Tax Actr 19fl 1 as income during the
year.
(ix) On ihe basis of verification gf records. cr an overall examination qf the fi
nancial statements of [ha Company and aoporo ng To the Infcrmalian and explanations given
to us,
?; jj The Company has not defauH&d In repayment of loans or other borrowings or In
Iho payment oi interest thereon to any lender
(b) The Company i&noi declared wi:llgl defaulter by any bancor financial
instituran qrother lender.
fe) To too boat ol our toiowlodgo and boliof, in our opinion, tomn toans availed try
the Company were, applied by the Company during the year for the purposes forwhich the
loan,1; were obtained.
(d) According to ttre information and explanations given to us. ana the procedures
oorformod by us, and on an overall examination of tho financial stalomorvla of the
Company, iho Company has not utilized funds raised on short-term basis tor long-term
purposes.
(*) According to the information and explanation given to us and on overall examination
of too rinanefaf stalomonts of tho Company, the Company deos nd hotd any Investment In any
subsid inry, associate or joint venture (as defi nod under Companies Act, SOI S) during
the yea r ended March 31.. Accordingly, clausa 3fix)(e) is not applicatjJe.
(1) The Company doas not have any subsidiary or associate or joir.L venture a.nd hence
reporting on clause 3(ix)(l) d the Order js not applicable.
{x) fa) In our opinion and according to the information and explanations grven to us,
the company did hot raise any money by way of initial public offer qr lurther public glfer
(including debt inetrumerits) or term loans during the year and thenefare clause 3-i/a;
ol the Order ie not applicable to the Company.
(b) Upon tho audit procedures performedand tho information and explanations given by
the management; the company has not made any preferential allotment or private placeman!
Of Shares Or tolly or pertly convertible debentures during the year under review
Accordingly, prevasions of clause 3(xb) of the Order are not afjpllcabto.
(xi) (a) Based on examination of the booXe and records of the Company and according to
the information and explanations given 1o Ue, no fraud by tha Campsny qrgn the Company has
been noticed qr reported during the CDureeOlIhe audit.
ft) According to toe information and explanations given to us, no report under
sub-section (12) of Section 143 of the Ad has been fifed by the auditors in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) FtUtas. 2014 with the Cenlral
Government.
fc) As represented to us by too management, there are no whisTto Slower complaints
received by ihe Company du ring the year.
(jii j) Incur op:nnjn and accord mg do [ha information arm explanation given to us, the
Company is not a Nidhi-Company. Therelone.the provisions pf clause 3 f?i) of the Order
are nat eppdicedle to the Company.
(xiil) In our opinion and according to the mlormabon and explanations given 10 us,
the Company is in compliance with Section 165 and 177 of the Companies Act,
2013> whsre applicable, f ai I transactions with ihe related parties and the
details of related party transactions have -been disdosed In the Financial statements.
(xi v> (a) Based on information and explanations provided to us and our audrt
procedures. In ouropmion, the Company has an ? nte^el 3tidrt system etnnmensvratewith ihe
size andnHluracrf Il5 bcieirsss.
{b) We have considered the internal audit rapons el the Company issued (ill date
forthe per; d under audit.
(xv> Rased upon the audit procedures performed and ihe information and explanations
given by the management, the company has not entered Into any no n-caeh Transactions with
directors or persons connected with him covened under eecflonige of the Aci. Accordingly.
the provisions of clause 3 (jw) of lha Order are not applicable to tne Company,
(xvi) (e) The Company is np] nerjuired [o be registered under section 45-1A of the
Reserve (p Bank cl India Act, t03d. Hence, reporting under clausa (xvii iaj {b} end (c}
cl (oj paragraph 3 df me Order is nut applicable.
(d) The Group does nol have any Gore investmend Cornpany (CIC) as part oMhp
group and accordingly reporting under clause (xvi) (cf> of paragraph 3 of the Order is
net applicable to the Compa ny.
(xvt:) Based upon the audrt procedures parlormed and the information and explanations
given
by the management, the company nas not Incurred cash losses du ririg the current and
preceding financial year.
(xviii] Thera has been nc resignation oF Ihe SlartUtory auditors during the year.
Accordingly, clause 3<\w-\\i otthe Order is not applicable.
(xixj On the basis of the financial ratios disclosed In Note a? to the
Financial statements, ageing and axpacled dates of realization cl cpmenl sgaebi and
payment of financial !abilities. Other hnfCnnalicn accompanying the financial
EtatBmantE, Cur knowledge el the Board cl Directors and management plans and based on our
examination o\ the ovidsnco supporting the assumptions, nothing has come to our
attention, wtiich causes us to helieve [hat any material uncertainty existe as on the date
of tfoe pudrt report that Company Is not capable c Rs. meeting hs I iatiil Hies exls:lng
at:he dale of balance sheet as and when they Ian due within a period or one year from the
balance sheet date. We. however, state that this Is net an aseuranco as to the future
viability of the Company Wc further state that ourroporting is besod on the tacts up to
the dated the audit report and we neilhar give any guarantee nor any assurance Thai all
liabilhieE Falling due with n a period a! one year Ircm the balance Ehebl date, will get
discharged by the Company as and when they fal l due.
{*x) fa) According to the mfcmiatkjn and explanations given to US and on (he
basis of our exami notion of the records oF the Company, [he unspent Corporate SociH I
Responsibility (CSR} amount oif isr than ongoing projects required to be spent as at the
balance Shoal, date has not dew transferred to Fend specked Jn Schadula Vll during tho
year in compliance with 2nd Proviso to Section f &5{5) of toe Ad till toe ciate of cur
report since the time penad to^ such Iransfar i .e sin months from the end of (he tine
ncial year has not a cpsed as on the dale of Signing Of this report.
{Refer Note 31 to the financial statements)
| Financial year |
20222B23 |
| Amount unspent on Corporate Social Responsibility activities other than Ongoing
Projects" |
i 4.47 Lakhs |
| Amount to be tranere-ned to Fund specified in Schedule VH within 6
months from toe end of The Financial Year |
7 4,47 Lakhs |
| Amount Transferred alter the due dele |
Nil |
(b) According to the Information and explanations givon to us and based on the records,
there are no unspent amounts in respect ol ongoing projects toat ere required io be
tji-nsFened to a special account in compliance or provision Of sub section (6) of section
135 of Companies Act.
(Ml) Tho Company is not required to prepare consolidated financial statements. Hence
reporting under Clause 3[x Rs.(i) of (ho Order is not applicable.
|
For Chatuniedi & Partners |
|
Chartered Accountants |
|
TAN 307Q66E |
|
M Maheswrui, ACA |
|
Partner |
|
M. Pic. 2413H |
| rMIGG . U"Qnr!al |
UDIN. 23?4tfli4BGWKBC7122 |
Arrewrt B to the Independent Auditors Report ot even dale to the member* of Kantshk
Steel Industrie^ Limited, on the Financial Statements for theyear ended March 3%2023
Report on the internal Financial Control under Clause (i) of sub-section 3 of Section
143 of the Companies Act. Rs.013 (.the rAcF)
We have audited the infernal financial controls over knancial reporting (tFCoF-Fl) of
Kanishfc Steel Industries Lenrtsd (the "Company*] as of Chat dele in contunctwn with
our audit of the Financial Stetarr+ents or the Company for foe year ended March 31.2033.
Management1* Responsibility lor Internal financial Connors
The Companys Board ar Direetmt is responsible far establishing and maintaining
internal lihancial controls based on the internal control ovar financial reporting
criteria established by the Company considering the essential components pf internal
control staled in the Quidepoe Note 0T 4ll*t ol Internal Financial Controls over Fmarioal
fleporUng (the "Guidance) Note") Issued by the hstltuteaf Chartered Accountants
of India (ICAI). These responsibilities Include Ihe design, implementation and fria:n[enance
?( adequ ate internal financial oanti-dls that were operating effectively For en curing
the orderly and efficionl conduct of the Companys business, including adherence to
Companys policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness Of Luo account:15 records, and Ifrt timely
preparation Ot reliable financial information, as required underthe AcL
AuditorsResponsibility
Our responsibility is to express an opinion on the Company^ IFCoFR with rafarenca to
these financial statements hased on pyraudit. We qonducled am audit in accordance whhttie
Guidance Note and Standards on Auditing, as specified under section l43(iD)otthe Companies
Ad, 2013, to the extent applicable to en audit of IFCoFR and, bath issued by ihe 1CAI.
Those Stenrtards end the Outdance Nate require trial we comply with ethical requirements
and p4an and perform the audit 1a cbtam reasonable assurance about whether adequate IFCoFR
with reference to these financial statements was established .= nd maintained and if such
corrtrals operated effectively in all maleria; respects.
Our audh InvDfvas performing piecedurea fo obtain audit evidence ebpfit foe adequacy of
the 1FC0FR with reference to iftese financial statements and rhelr operating
effecterenass. Oui aurfctof IFCoFR inducted obtaining an understanding or IFCbFfl, with
referance to these financial statements, assessing the risk that e material weakness
exists, and Testing and evaluating the design ana operating effect: venaas of irtemal
control based on the assessed nsk. The procedures selected depend on the auditor^
lodgement, including the assessment of the risks of material misilatement of the H naneial
statements, whether due to fraud or error.
We belifiVB that foe audHl evidence we have Ddfomed is sufficient and appropriated Rs.
provide a basis fu r OU r audil opinion an lhe Companys I FCd Fft with reference to these
financial statements.
Meaning ot Inflernql Financel Controls ov? Financial Reporting whh reference to thwe
financial stelemEfits
A Companys IFCoFR with wfarircsto these financial statements is a process designed to
provide reasonable assurance regarding the reliability offirencial reporting and the
prepnrelion of financial Statemerris fur ertCmEil purposes in accordant^ With generally
accepted accounting principles. A Companys IFCoFfi with reference to those financial
statements Includes those policies and procedures that {1) pertain tc 1he rnamtBnancecf
raccrris 1hel in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets oi the Company; (PJ provide reasonable assurance that
tranMctione are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that necoipls and
expenditures of the Company are being made only m accordance with authorizations of
manegemEnt End directors of the Company, and (3} provide reasonable BssuranoE regarding
prevention orlimaty detection of unauthorized acquisition, use. or disposition ol tho
Companys assels that could havea material effect on the financial sfafemente-
Inlierent Limitations of Internal Financial Controls over Financial Reporting with
reference to those financial statements
Because -cl the Inherent Nmrta.ticns nr tFCbFR with reference (o these financial
Statemflhts, including the possibility oi collusion or Improper maoagemenl override of
controls, material misstatements sue to error or fraud may occur gne not be detected Also,
projections of any evaluation of the IPCdFR with raSarancelDihase Financial
Sialemenfstclulure periods are subj&d lo the nsk that FCoFR with reference to those
financial slatemoMs may become Inadequate because oF changes in oandilions, crlhal lhe
degree d compliance with the polictsa orprocedurES may deteriorate.
Opinion
In bur opinion the Company ha&. In all materiaf respects, adequate internal
ftnuhciul contfote over financial reponi ng with reference to these financial statements
and such internal financial conlrels over financial reporting wifh referencelo 1hese
linaocialstatements were operating affectively asaf March 31.2023, based on the internal
contiot over financial reporting criteria established by the Company considering the
essential components (rf internal control elated in the Guidance Note issued by the I LAI.
|
For Ghaturvedi & Partners |
|
Chartered Accountants |
|
Ffltt 3D7068E |
| ?ate . 2S-0&-3023 |
w FVtaheswarl, aca |
| Place Chennai |
Partner |
|
M No. 24iet4 |
|
LlDIN. 23?41&1>1B(1WKBC7122 |
+91-9892691696
