TO THE MEMBERS OF KOHINOOR FOODS LIMITED
Qualified Opinion.
We have audited the accompanying Standalone financial statements of Kohinoor Foods
Limited ("the Company"), which comprise the Standalone Balance Sheet as at March
31**, 2023, the Standalone Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Cash Flow Statement and the standalone Statement of Changes in
equity for the year ended, and a summary of the significant accounting policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, except for the effects/possible effects of the matters described in
paragraph under Basis for Qualified Opinion, the aforesaid standalone financial
statements give the information required by the Act in the manner so required and give a
tree and lair view in conformity with the accounting principles generally accepted in
India including the Ind AS, of the financial position of the Company as at March 31st,
2023, and its standalone profit/loss including other comprehensive income, its standalone
cash flows and the changes in equity for the year ended on that date.
Basis For Qualified opinion
1. In reference to Note No. 40 in the statement discloses the managements assessment
of the companys ability to continue as going concern. The managements assessment of
going concern is based on the OTS by the lead bank PNB and the Interest shown by
prospective Investors In the company. However, In view of default In re-payment of
borrowings, continuous losses, negative cash flows and negative net worth and due to
financial constraints, material uncertainty exists about the companys ability to continue
as going concern and the decision of the management of the company to prepare the accounts
of the company on going concern basis. There may arise a need to adjust the realizable
value of assets and liabilities in the event of failure of assumption as to going concern.
Further, the company has paid Rs 1500 lakhs as interest on OTS delay, which is broken as
Rs 101 lakhs for period pertains to March, 2022 and Rs 1399 lakhs for the period from
April 2022 to December, 2022. Also, company has made provision of Interest for last
quarter for Rs 359 lakhs on OTS amount
2. As stated in Note No. 27 of Standalone Audited Financial Results, Loss of the
company is understated by Rs.11,568 lakhs (approx.) due to non-provisioning of interest on
bank loans for the period from 01/04/2022 to 31/03/2023 and Rs.45,647 lakhs (approx.) from
the date on which the account of the company was classified as NPA to the period covered
under audit, due to non-provisioning of interest on bank loans after the accounts of the
company were classified as NPA. Also, towards revoked corporate guarantee of the wholly
owned subsidiary in USA, the company has not provided interest to the extent of Rs 247
lacs tor the year ended 31.03.2023 and Rs. 661 lacs up to 31.03.2023 from the date of
revocation of corporate guarantee in the books of account Further no provision has been
made towards penal interest, any other penalty etc. as may be charged by lenders. In the
absence of complete statement of account from the bank, the above amount has been arrived
as per calculation made by the company. With the limited information the aggregate amount
un-provided in books of account of the company is not ascertainable with accuracy.
Emphasis of Matters
We draw your attention to the following matters In the Notes to the financial
statements:
(1) The company has not made Provision for the demand raised by various authorities
(Such as Income Tax, Vat etc.) as the matters are pending before various appellate forums.
We are unable to comment upon possible impact of no provision in the standalone financial
statement for the year ended 31** March 2023.
(2) We draw attention to Note No. 16 of the statement of the company, The Secured
Creditors of the Company have filed petition under Section 7 of Insolvency and Bankruptcy
Code, 2016, before the Honble court of NCLT, Chandigarh Bench, which are not yet
admitted. The Next Date of Hearing has been scheduled for 251h July 2023. The company has
filed an appeal before Honble High Court, Punjab & Haryana for stay. The Honble High
Court has granted stay till 12 July 2023. The next date of hearing is 12 July 2023.
(3) With reference to Note no. 16 against amount payable to Bank, management has raised
certain disputes towards overcharging of Interest As on date company has paid INR 40.09
crates to banks in the no-lien account, the said amount has been netted off in the total
outstanding of Loan repayable on Demand from Banks.
(4) In reference to Note No46, balances of some debtors and creditors are subject to
their confirmations.
(5) In reference to Note No. 29(b) during the period company has taken the Net impact
of Creditots/Debtors balance written off amounting to INR 46.25 Lacs.
(6) In reference to Note No. 37D, The Companys vendor has filed an execution petition
before Faridabad District & Session Judge. The company Is contesting the matter. The
next date of hearing Is 10 July 2023. The company has also approached Honble High Court
Shimla for stay on above matter. The Honble High Court has admitted our application. The
next date of hearing is yet to be updated by the registrar.
(7) Note no. 16(d) of the financial result stating that the company has received
Ex-parte Interim Order dated 25-06-2020 from Debt Recovery Tribunal-Ill, Delhi restraining
the company from transferring/ alienating or otherwise dealing with, or disposing off or
encumbering or creating any third-party interest with respect of the hypothecated
assets/immovable properties of Company until further orders. The company is contesting the
matter and has filed its reply before DRT-I, Delhi. The next date of hearing is 18 Aug
2023. Further the financial result stating that the Lead Bank has filed petition before
DRT-III, New Delhi under section 19(4) of the Act. The Company is contesting the matter.
The next date of hearing Is yet to be updated. The company has filed an appeal against the
honorable DRT-III, Delhi PO order before honourable DRAT-I, Delhi. The honourable DRAT-I,
Delhi accepted the petition of the company, and granted relief as per the petition on its
hearing and accordingly the petition was disposed-off.
(8) In reference to Note no. 28 read with Note no. 40 of the Balance Sheet which
explains the managements assessment of Impairment of assets due to COVID 19 pandemic
situations. As per the assessment of the management, the recoverable amount of assets is
higher than it carrying value and hence no impairment of assets needs to be recorded in
the financial statements.
(9) In reference to Note no. 16(c) to the standalone financial statement the Banks have
classified the companys accounts as non-Performing asset and served recall Notice under
section 13(2) & 13(4) of The Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.
(10) In reference to Note no. 48 to the standalone financial statement provident fund
amounting Rs 0.30 lacs could not deposited due to technical reasons. The amount along with
interest will be deposited.
(11) In reference to Note no. 49 to the financial statement, Companys Rice
manufacturing unit is not running up to its fell capacity due to non-availability/shortage
offends.
(12) In reference to Note no. 47 corresponding figures tor the previous year have been
regrouped/rearranged, wherever necessary to confirm to current year classification.
Our opinion is not modified in respect of these matters.
Key Audit Matters.
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements 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. In
addition, the matters described in the "basis for qualified opinion and
"emphasis of matter" paragraph are by their nature are key audit matters.
Responsibility of Managements and Those Charged with Governance for the Standalone
Financial Statements
The Companys Board of Directors is responsible tor 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 Including other comprehensive Income, cash flows and
changes In equity of the Company in accordance with the Indian Accounting Standards (Ind
AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, and other accounting principles generally accepted in
India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other Irregularities; selection and application of
appropriate Implementation and maintenance of 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 tor ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Ind AS financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
In preparing the financial statement, management is responsible for assessing the
companys ability to continue as a going concern, disclosing, as application, 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.
Thus, board of directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement; whether due to fraud or error,
and to issue an auditors report that indudes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic dedsions of users taken on the
basis of these financial statements.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Older, 2020 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the Order.
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; except as stated
in para under the head "Basis for Qualified Opinion".
b) Except for the effects/possible effects of the matters described in the "Basis
for Qualified Opinion" paragraph above, in our opinion, proper books of account as
required by law have been kept by the Company so for as it appears from our examination of
those books;
c) The standalone finandal statement dealt within the report are in agreement with the
books of account and return;
d) Except for the effects/possible effects of the matters described in the Basis for
Qualified Opinion* paragraph, in our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules;
e) The matters described In the "Basis for Qualified Opinion* paragraph above, In
our opinion, may have an adverse effect on the functioning of the Company.
f) On the basis of the written representations received from the directors and taken on
record by the Board of Directors, none of the directors is disqualified as on March 31**,
2023, from being appointed as a director in terms of Section 164(2) of the Act;
g) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and Ihe operating effectiveness of such controls, refer to our
separate report in Annexure A”; and
h) With respect to the other matters to be Included In the Auditors Report In
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements. Refer Note 37 to the financial statements;
ii. Except as matter described under "basis for qualified opinion* and
‘Emphasis of matter* paragraph, the company has made provision, as required under the
applicable law or Ind AS, for material foreseeable losses, if any, on long-term contracts
including derivative contracts- Refer Note 30,35,36 and 42 to the financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
Place: Delhi |
For M/s N.C. Raj & Associates |
Date: 29-05-2023 |
Chartered Accountants |
UDIN: 230S8636BGUBEG8148 |
Firm Reg. No. 002249N |
|
Sdf- |
|
(CA. Sanjay Garg) |
|
Partner |
|
M.No. 088636 |
Annexure-A to the Auditors report (Referred to In our report of even date)
The Annexure referred to in Independent Auditors Report to the members of the company
on the standalone financial statement for the year ended 31** March, 2023, we report that:
i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:
(a) (A) The Company has maintained proper records showing full particulars, 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 particulars of intangible
assets.
(b) The Company has a program of physical verification of Property, Plant and Equipment
and right-of-use assets at regular intervals which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the title deeds of immovable properties are
held in the name of the company.
(d) The Company has not revalued any of 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 March 31,2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and roles made there under.
ii.(a) The Company has a program of physical verification of inventory at regular
intervals which, in our opinion, is reasonable having regard to the size of the Company
and the nature of its inventory. According to the information and explanations given to
us, no material discrepancies were noticed on such verification.
(b) The Company has not been sanctioned working capital limits in excess of? 5 crore,
in aggregate, at any points of time during the year, from banks or financial Institutions
on the basis of security of current assets and hence reporting under clause 3(ii)(b) of
the Order is not applicable.
iii. During the year the company has not made investments in, provided any guarantee or
security or granted any loans or advances In the nature of loans, secured or unsecured, to
companies, Arms, Limited Liability Partnerships or any other parties and hence, clause
(iii) of the Order is not applicable.
iv. The company has not given any loan, made any investment and provided any security
to the parties covered under section 185 and 186 of the companies Act, 2013. Accordingly,
the provisions of clause 3 0v) of the Order are not applicable to the Company.
v. According to Information and explanation given to us and on die basis of
examination of records, we understand that the company has received advance from customer
for supply of goods which has been outstanding for more than three hundred and sixty-five
days and Ml under the definition of deposit of73 to 76 read with rule darned there
under. However, the company has not complied with regulation u/s 73 to 76 and rule
framed there under.
vi. According to the information and explanations given to us, the cost records
specified by the central Government under sub section (1) of section 148 of the companies
Act have been made and maintained by the company. However, we have not made the detailed
examination of the cost records with a view to determine whether they are accurate or
complete.
vii. In respect of statutory dues:
(a) According to the Information and explanations given to us and on the basis of our
examination of the records of the company, the company Is regular In depositing undisputed
statutory dues Including employees state insurance, income-tax, Wealth Tax, Service Tax,
Goods and Service Tax (GST), State Insurance, VAT, PF. ESI, Customs Duty, Excise Duty,
Cess and other statutory dues to toe appropriate authority. However, the
arrears of the outstanding statutory dues as on the last day of the financial year are
due for a period of less than six months from the date, they become payable except
Provident fund which
is outstanding as on diet last day of the financial year for more than She months from
the date, they become payable and amounts to Rs. 0.30 lacs.
(b) According to the information and explanations given to us, there are dues of Income
Tax, Sales Tax, VAT, Customs, Excise which has not been deposited with the appropriate
authorities on account of disputes refer to Note no. 37 of financial statement.
viii. As per the explanations and information given to us 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 (43 of 1961).
a) On the basis of Audit procedures and as per the information gathered and
explanations received, we are of the opinion that the company has defaulted in the
repayment of loans or borrowing to bank and financial institutions. As per the below
details:
Name of Bank |
Total default amount*(Rs In Lakhs) |
Maximum delay (In days) |
1 Indian Bank (Allahabad Bank) |
14,934.65 |
1823 |
2 Bank of India |
7,216.66 |
1824 |
3 ICICI Bank Limited |
5,928.79 |
1732 |
4 IDBI Bank Limited |
4,502.50 |
1804 |
5 Punjab National Bank |
28,840.31 |
1828 |
6 State Bank of India |
2,965.58 |
1825 |
7 Punjab National Bank - Corporate Guarantee |
3,928.12 |
1095 |
Grand Total |
68,316.61 |
|
* Amount of interest not provided in books of accounts
* Also the amount of Rs. 4009.10 lakhs deposited in No lien account of PNB against the
OTS amount of Rs. 25000 lakhs is not adjusted with above respective balances.
b) As per the information and explanation given to us, Punjab National Bank (PNB) had
declared the company as wilftil defaulter. However the company/ Directors had submitted
the resolution plan for outstanding dues of the bank, which the consortium led by PNB had
sanctioned.
c) Term loans are applied for the purpose for which the loans are obtained and hence
reporting on clause 3(ix)(c) is not applicable.
d) The company has not raised fund on short term basis and hence, reporting under
clause 3{ixXd) of the Order Is not applicable.
e) On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries.
f) The Company has not raised any loans during the year on the pledge of any securities
held in its subsidiaries, Joint ventures or associate companies and hence reporting on
clause 3(ix)(f) of the Order Is not applicable.
x. (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year and hence reporting under clause
3(xXa) 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 Auditors) Rules, 2014
with the Central Government, during the year and up to the date of this report.
(c) No whistle-blower complaints were received by the auditor during the year and
hence, reporting under clause 3(xiXc) of the Order is not applicable.
xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the
Order is not applicable.
xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies Act, 2013 with respect to applicable transactions with the related parties and
the details of related party transactions have been disclosed in the standalone financial
statements as required by the applicable accounting standards.
xiv. (a) The company has an internal audit system commensurate the size and nature of
its business.
(b) The reports of the internal auditor for the period under audit were considered
wherever necessary.
XV. In our opinion during the year the Company has not entered into any non-cash
transactions with its Directors or persons connected with its directors and hence
provisions of section 192 of the Companies Act, 2013 are 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) The company is not part of any group. Hence, reporting under clause 3{xvi) (d) of
the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year and hence clause (xvii) is not
applicable.
xviii. There is no resignation of the statutory auditor during the year, therefore this
clause (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
financial statements and our knowledge of the Board of Directors and Management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to
the future viability of the Company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due.
xx. The company has incurred losses during the three immediately preceding financial
years and hence, it is not required
to spend any money under sub-section (5) of section 135 of the Act. Accordingly,
reporting under clause (xx) of the order is not applicable to the company for the year.
xxi. In standalone financial statements reporting under clause (xxi) of the order is
not applicable.
Place: Delhi |
For M/s N.C. Raj & Associates |
Date: 29-05-2023 |
Chartered Accountants |
UDIN: 23088636BG U B EG8148 |
Firm Reg. No. 002249N |
|
Sd/- |
|
(CA. Sanjay Garg) |
|
Partner |
|
M.No. 088636 |
Annexure - B to the Auditors Report
Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the standalone financial statements of the Company as
of and for the year ended 31st March, 2023, we have audited the Internal financial
controls over financial reporting of Kohlnoor Food Limited (hereinafter referred to as
“the Holding Company").
Managements Responsibility for Internal Financial Controls
The respective Board of Directors of the Company are responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the holding 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 Accountant of India
(TCAI"). 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 the companys
policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the Company 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 ICAI
and the Standards of Auditing, issued by the ICAI and deemed to be prescribed under
section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of
internal financial controls, both issued by the ICAI. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform fire audit to
obtain the reasonable assurance about whether adequate internal financial controls over
financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors Judgment, Including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained Is sufficient and appropriate to
provide a basis for our audit opinion on the Internal financial controls system over
financial reporting of the Holding Company.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company: (2) provide reasonable assurance that
transactions are recorded as necessaiy to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Basis of Qualified Opinion
We draw our attention to paragraph of ‘Basis for qualified opinion of our main
report and the same to be read with our comments as stated below:
According to information and explanations given to us and based on our audit, the
following material weakness has been identified as at 31st March, 2023.
1. The Company did not have an appropriate internal control system for
(a) Customer acceptance;
(b) Customer credit evaluation;
(c) Establishing customer credit limit for sales;
(d) Acceptance of goods by customers and transfer of risk & reward at the time of
sales.
This could potentially result in the company recognising revenue without establishing
reasonable certainty of ultimate collection.
2. The Company did not have any internal control system for follow-u p/recovery/adj
ustment of old outstanding receivables and payables including balance confirmation and
reconciliation.
A Material weakness is a deficiency, or a combination of deficiency, in internal
financial control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the companys annual financial statement will not be
prevented or detective on timely basis.
Qualified Opinion
In our opinion, except for the effecfs/possible effects of basis of qualified opinion,
the holding Company has maintained, in all material respects, adequate internal financial
controls system over financial reporting and such internal financial controls over
financial reporting were operating effectively as at 31st March, 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.
We have considered the material weaknesses identified and reported above in determining
the nature, timing and extent of audit tests applied in our audit of the March 31,2023
standalone financial statements of the group and these material weaknesses does not affect
our opinion on the standalone financial statements of the company.
Place: Delhi |
For M/s N.C. Raj & Associates |
Date: 29-05-2023 |
Chartered Accountants |
UDIN: 23088636BGUBEG8148 |
Firm Reg. No. 002249N |
|
Sd/- |
|
(CA. Sanjay Garg) |
|
Partner |
|
M.No. 08863S |
+91-9892691696
