To,
The Members of Maan Aluminium Limited,
Report on the Audit of the Standalone Ind AS Financial Statements Opinion
We have audited the accompanying standalone Ind AS financial statements of Maan
Aluminium Limited ("the Company"), which comprise the Balance sheet as at
March 31, 2023, the Statement of Profit and Loss, including the statement of Other
Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for
the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Ind AS financial statements give the information
required by the Companies Act, 2013, as amended ("the Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended ("Ind AS"), and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2023,
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 standalone Ind AS financial statements in accordance with
the Standards on Auditing (SAs), as specified under section 143(10) of the Act Our
responsibilities under those Standards are further described in the ‘Auditors
Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of
our report. We are independent of the Company in accordance with the ‘Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the standalone Ind AS financial statements.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Companys
annual report, but does not include the standalone financial statements and our auditors
report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this
regard.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these standalone Ind AS financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows
and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed
under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rule,
2015, as amended.
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 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 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 standalone Ind AS financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so. The Board of Directors are also responsible for
overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
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 includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls with reference to financial statements in
place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation. Materiality is the magnitude of misstatements in the Standalone Financial
Statements that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be
influenced.
We consider quantitative materiality and qualitative factors in (i) planning the scope
of our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Standalone Financial Statements We
communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditors report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 (‘the Order),
issued by the Central Government of India in terms of Section 143 (11) of the Act, we give
in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations, which to the best
of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) The standalone balance sheet, the standalone statement of profit and loss including
other comprehensive income, the standalone statement of cash flows and the standalone
statement of changes in equity dealt with by this report are in agreement with the books
of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act;
(e) On the basis of the written representations received from the directors as on 31
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2023 from being appointed as a director in terms of Section
164 (2) of the Act; and
(f) With respect to the adequacy of the internal financial controls with reference to
the standalone financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".
(g) With respect to the other matters to be included in the 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 as at 31 March 2023 on
its financial position in Note 36.1 to 36.2 to the standalone financial statements;
ii. the Company did not have any long-term contracts, including derivative contracts,
for which there were any material foreseeable losses;
iii. there has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company during the year ended 31 March
2023.
iv. (a) The management has represented that, to the best of its knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons
or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or
provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries;
(b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including foreign
entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall: directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the Funding Party or provide any guarantee,
security or the like from or on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures as 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 (iv)(a) and (iv)(b) contain any material misstatement.
v. The dividend declared or paid during the year by the Company is in compliance with
Section 123 of the Act. vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014
for maintaining books of account using accounting software which has a feature of
recording audit trail (edit log) facility is applicable to the Company w.e.f. 1st April,
2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended 31st March, 2023.
(h) With respect to the matter to be included in the Auditors Report under Section
197(16) of the Act: In our opinion and according to the information and explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.
For M A K & Associates Chartered Accountants Firm Registration No. 003060C
Place: Indore |
CA. Kunji Lal Kushwaha |
Date : 30.05.2023 |
Partner |
| UDIN: 23415037BGYBTQ8776 |
M. No. 415037 |
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT OF MAAN ALUMINIUM LIMITED
FOR THE YEAR ENDED 31ST MARCH, 2023.
(Refer to in our report of even date)
In terms of the information and explanations sought by us and given by the Company and
the books of account and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state that
i. 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 does not have any intangible assets accordingly, this sub clause is not
applicable to company.
b) Property, Plant and Equipment were physically verified during the year by the
Management in accordance with a regular programme of verification which, in our opinion,
provides for physical verification of all the Property, Plant and Equipment at reasonable
intervals. According to the information and explanation given to us, no material
discrepancies were noticed on such verification.
c) According to the information and explanations given to us and the records examined
by us including registered title deeds, we report that, the title deeds, comprising all
the immovable properties of land and buildings which are freehold, are held in the name of
the Company as at the Balance Sheet date. In respect of immovable properties of land that
have been taken on lease and disclosed as Right of Use Assets in the financial statements,
the lease agreements are in the name of the Company, where the Company is the lessee in
the agreement.
d) The Company has not revalued its Property, Plant and Equipment (including
Right-of-Use assets) and intangible assets during the year.
e) according to information and explanations given to us, no proceedings have been
initiated or are pending against the Company as at 31st March, 2023 for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and
rules made thereunder.
ii. a) The inventories, except goods-in-transit and stocks lying with third parties,
have been physically verified by the management during the year. In our opinion and based
on information and explanations given to us, frequency, coverage and procedure of such
verification by the management is appropriate having regard to the size of the Company and
the nature of its operations. For stocks held with third parties at the year-end, written
confirmations have been obtained. No discrepancies of 10% or more in the aggregate for
each class of inventories were noticed on such physical verification of inventories.
b) According to the information and explanations given to us, the Company has been
sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at points of
time during the year, from bank on the basis of security of current assets as mentioned in
note no. 20 to the financial statement. In our opinion and according to the information
and explanations given to us, the quarterly statements has been filed by the Company with
the bank.
There was difference between the amount as per books of account for respective quarter
and amount as reported in the quarterly statement with HDFC bank: In respect of quarter
ended March 31, 2023 where differences were in case of Debtors amounting to Rs. 217.89
Lakhs (amount reported Rs. 11881.85 Lakhs vs amount as per books of account Rs. 11663.96
Lakhs), Creditors had a difference of Rs. 2563.29 Lakhs (amount reported Rs. 634.42 Lakhs
vs amount as per books of account Rs. 3197.71 Lakhs) and Inventory had a difference of
165.06 Lakhs (amount reported Rs. 3660.38 Lakhs vs amount as per books of account Rs.
3495.32 Lakhs).
In respect of quarter ended September 30, 2022 where differences were in case of
Debtors amounting to Rs. 136.70 Lakhs (amount reported Rs. 12386.2 Lakhs vs amount per
books of account Rs. 12522.90 Lakhs), Creditors had a difference of Rs. 1623.14 Lakhs
(amount reported Rs. 766.9 Lakhs vs amount as per books of account Rs. 2390.04 Lakhs) and
Inventory had a difference of 339.94 Lakhs (amount reported Rs. 3055.41 Lakhs vs amount as
per books of account Rs. 2715.47 Lakhs). iii. The Company has not made investment in,
provided any guarantee or security or granted any loans or advances in the nature of
loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any
other parties during the year, and hence subclauses iii (a) to (f) under clause (iii) of
the Order are not applicable.
iv. In our opinion and according to the information and explanation gives to us, the
company has not given any loans or guarantee or has not made investments covered under
section 185 and 186 of the Act.
v. In our opinion and according to the information and explanations given to us, the
company has not accepted any deposits from the public in accordance with the provisions of
sections 73 to 76 of the Act and the rules framed there under. Accordingly, clause (v) of
the Order is not applicable to the Company.
vi. We have broadly reviewed the cost records maintained by the Company pursuant to the
rules prescribed by the Central Government for maintenance of cost records under
subsection 1 of Section 148 of the Act and are of the opinion that prima facie the
prescribed cost records have been maintained. However, we have not made a detailed
examination of the cost records with a view to determine whether they are accurate or
complete.
vii. a) According to the information and explanations given to us, the Company is
generally regular in depositing undisputed statutory dues applicable to it including Goods
and Service Tax, Provident Fund, Employees State Insurance, Income Tax, Sales tax,
Service tax Customs Duty, , cess and other material statutory dues applicable to it to the
appropriate authorities.
According to the information and explanations given to us, there were no undisputed
amount payable in respect of Goods and Service Tax, Provident Fund, Employees State
Insurance, Income Tax, Sales tax, Service tax Customs Duty, cess and other material
statutory dues were outstanding at the end of the year for a period of more than six
months from the date they become payable.
b) According to information and explanations given to us, the following dues have not
been deposited by the company on the account of disputes:-
S.No. |
Name of Statute |
Nature of Dues |
Period to which the amount relates |
Amount (Rs in Lakhs) |
Forum where dispute is pending |
| 1. |
Central Sales Tax Act 1956 |
CST |
2001-02 |
3.11 |
M P. High Court |
| 2. |
Central Sales Tax Act 1956 |
CST |
2002-03 |
2.83 |
M P. High Court |
| 3. |
Central Sales Tax Act 1956. |
CST |
2010-11 |
3.61 |
Sales Tax Appellate Tribunal, Indore |
| 4. |
Central Sales Tax Act 1956. |
CST |
2011-12 |
13.77 |
Sales Tax Appellate Tribunal, Indore |
| 5. |
Central Sales Tax Act 1956. |
CST |
2012-13 |
16.34 |
Sales Tax Appellate Tribunal, Indore |
6 |
Central Sales Tax Act 1956. |
CST |
2017-18 |
14.50 |
Additional Commissioner of Commer- cial Tax (Appeal) , Indore |
7 |
Central CST Act, 2017 and Rajsthan GST Act, 2017 |
GST |
2017-18 |
17.96 |
Rajasthan High Court |
8 |
Income Tax Act, 1961 |
Income Tax |
2010-11 |
41.70 |
Commissioner of Income Tax (Appeals) VI, New Delhi |
| 9 |
Income Tax Act, 1961 |
Income Tax |
2014-15 |
52.14 |
ITAT, Indore |
| 10 |
Income Tax Act, 1961 |
Income Tax |
2016-17 |
5.15 |
ITO, Delhi |
viii. According to the information and explanations given to us, there were no
transactions relating to previously unrecorded income that were surrendered or disclosed
as income in the tax assessments under the Income Tax Act, 1961 during the year.
ix. a) In our opinion, the Company has not defaulted in the repayment of loans or other
borrowings or in the payment of interest thereon to any lender during the year.
b) According to information and explanations given to us, the Company has not been
declared 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 unutilised
term loans at the beginning of the year and hence, reporting under clause (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 utilised during the year for long-term
purposes by the Company.
e) The Company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries or associates during the year and hence,
reporting under clause (ix)(e) of the Order is not applicable
f) The Company has not raised loans during the year on the pledge of securities held in
its subsidiaries, associate, Joint ventures companies.
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
(x)(a) of the Order is not applicable. b) The Company has not made any preferential
allotment or private placement of shares or convertible debenture (fully or partly or
optionally) during the year and hence reporting under clause (x)(b) of the Order is not
applicable to Company.
xi. a) To the best of our knowledge, no fraud by the Company and no material fraud on
the Company has been noticed or reported during the year.
b) To the best of our knowledge, no report under subsection (12) of section 143 of the
Companies Act, 2013 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) We have taken into consideration, the whistle blower complaints received by the
Company during the year (and up to the date of this report) and provided to us, when
performing our audit. 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, where applicable, for all
transactions with the related parties and the details of related party transactions have
been disclosed in the Financial Statements as required by the applicable accounting
standards.
xiv. a) In our opinion, the Company has an adequate internal audit system commensurate
with the size and the nature of its business.
b) We have considered, the internal audit reports issued to the Company during the year
and covering the period up to 31st March, 2023. xv. According to the information and
explanations given to us, in our opinion, during the year, the Company has not entered
into any non-cash transactions with any of its directors or persons connected with such
directors and hence provisions of section 192 of the Companies Act, 2013 are not
applicable to the Company. xvi. The Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934.
Hence, reporting under clause (xvi) (a), (b), (c) and (d) of the Order are not
applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during
the year.
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 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 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 fully spent the required amount towards Corporate Social
Responsibility (CSR) and there are no unspent CSR amount for the year requiring a transfer
to a Fund specified in Schedule VII to the Companies Act or special account in compliance
with the provision of sub-section (6) of section 135 of the said Act. Accordingly,
reporting under clause (xx) of the Order is not applicable for the year.
For M A K & Associates Chartered Accountants Firm Registration No. 003060C
Place: Indore |
CA. Kunji Lal Kushwaha |
Date : 30.05.2023 |
Partner |
| UDIN:23415037BGYBTQ8776 |
M. No. 415037 |
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT OF MAAN ALUMINIUM LIMITED
FOR THE YEAR ENDED 31ST MARCH, 2023.
(Refer to in our report of even date)
Report on the internal financial controls under clause
(i) of sub-section 3 of section 143 of the Act.
We have audited the internal financial controls over financial reporting of Maan
Aluminium Limited ("the Company") as of 31 March, 2023 in conjunction with our
audit of the standalone Ind AS 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 based on the internal controls over financial reporting criteria
established by the Company considering the essential components of internal controls
stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India ("ICAI").
These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to 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 ("the
Act").
Auditors responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") issued by the Institute of Chartered Accountants of India
and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013,
to the extent applicable to an audit of internal financial controls. Those Standards and
the Guidance Note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal controls 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 Companys internal financial control system
over financial reporting.
Meaning of internal financial controls over financial reporting
A companys internal financial controls 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 controls over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the 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 controls
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial control system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2023, based on the
internal controls over financial reporting criteria established by the Company considering
the essential components of internal controls stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by Institute of Chartered
Accountants of India.
For M A K & Associates Chartered Accountants Firm Registration No. 003060C
Place: Indore |
Kunji Lal Kushwaha |
Date : 30.05.2023 |
Partner |
| UDIN: 23415037BGYBTQ8776 |
M. No. 415037 |
+91-9892691696
