To the Members of Manaksia Limited
REPORT ON THE AUDIT OF STANDALONE IND AS FINANCIAL STATEMENTS
Opinion
We have audited the standalone Ind AS financial statements of Manaksia Limited
("the Company"), which comprise the balance sheet as at 31st March
2023, and the statement of profit and loss including Other Comprehensive Income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other
explanatory information for the year ended on that date
(hereinafter referred to as "Ind AS financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Ind
AS financial statements give the information required by the
Companies Act, 2013("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at
March 31, 2023, and profit and total comprehensive income, changes in equity and its
cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on
Auditing (SAs) 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 (ICAI) together with the independence ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
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 for the financial year ended 31 st
March 2023. These matters were addressed in the context of our audit of the financial
statements, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
We have determined the matters described below to be the key audit matters to be
communicated in our report. For each matter below, our description of how our audit
addressed the matter is provided in that context.
Key audit matters |
How our audit addressed the key audit matter |
Accuracy and completeness of disclosure of related
party transactions (as described in note 34 of the standalone Ind AS financial |
| We idetified the accuracy and completeness of dissclosure of related
party transactions as set out in respective notes to the Ind AS financial statements as a
key audit matter due to: |
Our procedure in relation to the disclosue of related party transactions
included: |
| The significance of transactions with related parties during the year
ended March 31, 2023. |
Obtaining an understanding of the Companys policies and procedures in
respect of the capturing of related party transactions and how management ensures all
transactions and balances with related parties have been disclosed in the Ind AS financial
statements. |
| • Related party transactions are subject to the compliance
requirement under the Companies Act, 2013 and SEBI (LODR) 2015. |
• Obtaining an understanding of the Companys policies and
procedures in respect of evaluating arms-length pricing and approval process by the audit
committee and the board of directors. |
|
• Agreeing the amounts disclosed to underlying documentation and
reading relevant agreements, evaluation of arms-length, on a sample basis, as part of our
evaluation of the disclosure. |
|
• Assessing management evaluation of compliance with the provisions
of Section 177 and Section 188 of the Companies Act 2013 and SEBI (LODR) 2015. |
|
• Evaluating the disclosures through reading of statutory
information, books and records and other documents obtained during the course of our
audit. |
We have determined that there are no other key audit matters to communicate in our
report.
Information Other than the Standalone Ind AS statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in Other Section of Annual Report, but does
not include the financial statements and our auditors report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our
responsibility is to read the other information identified above and, in doing so,
consider whether the other information is materially inconsistent with the standalone Ind
AS 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 Standalone Ind AS 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 true and fair view of the IndAS cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Indian
Accounting Standards prescribed under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate 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 for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that gives 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 Standalone Ind AS financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
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 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 Ind AS financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act,2013 we are also responsible for expressing our opinion on whether
the company has adequate internal financial control system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of 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 ability of
the Company 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 Ind AS financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our 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 Ind
AS financial statements, including the disclosures, and whether the Standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
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 financial statements of the 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.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
I. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
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
paragraphs 3 and 4 of the Order.
II. 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 Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income, the Statement of Changes in Equity and the
Statements of Cash Flows dealt with by this report are in agreement with the books of
account;
d. In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Indian
Accounting Standards specified under section 133 of the Act read with rule 7 of the
Companies (Accounts) Rules,2014;
e. On the basis of the written representations received from the directors as on March
31, 2023 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;
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".
g. With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.
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 no. 31 of the standalone Ind AS 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 the amount, required to be transferred, to
the Investor Education and Protection Fund by the Company.
iv. a) As represented by the management, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries; b) As represented by the management that, to
the best of its knowledge and belief, no funds (which are material either individually or
in the aggregate) have been received by the Company from any person or entity, including
foreign entity ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding
Party ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.
v. The dividend 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 with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31, 2023.
For S K AGRAWAL AND CO CHARTERED ACCOUNTANTS LLP
Chartered Accountants Firm Registration No.- 306033E/E300272
Hemant Kumar Lakhotia
(Partner)
Membership No. 068851 UDIN : 23068851BGVKXY8409 Date: 26 May 2023 Place: Kolkata
Annexure A referred to in paragraph under the heading "Report on other legal and
regulatory requirements" of our report of even date
In terms of the information and explanations sought by us and given by Manaksia Limited
(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.
(B) The Company has maintained proper records showing full particulars of intangible
assets.
(b) All Property, Plant and Equipment have not been physically verified year but there
is a regular programme of verification of all the Property, Plant and Equipment over a
period of three years which, in our opinion, is reasonable having regard to the size of
the Company and the nature of its assets. No material discrepancies were noticed on such
verification.
(c) The title deeds of the immovable properties (other than the properties where the
Company is the lessee and the lease agreement are duly executed in favour of lessee), as
disclosed in Note 3 on Property, plant and equipment to the standalone financial
statements, 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 rules made thereunder.
ii. (a) The inventories have been physically verified during the year by the management
at regular intervals. In our opinion and according to the information and explanations
given to us, the coverage and procedure of such verification is commensurate with the size
of the Company and no discrepancies of 10% or more in aggregate for each class of
inventory were noticed by the Company
(b) The Company has not been sanctioned working capital limits in excess of H5 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. (a) During the year the Company has not provided fresh loans, advances in the
nature of loans, stood guarantee and provided security to Companies, firms,
Limited Liability Partnerships or any other parties.
(b) The terms and conditions in respect of the investment made and loans given wherever
applicable are not prima facie prejudicial to the interest of the Company.
(c) Loans granted by Company are repayable on demand. The parties are repaying the
principal and interest as and when demanded except for one party as highlighted in note 40
of the standalone financial statements where the payment has not been regular by
themanagementduringthe and the outstanding amount has been recalled by the Company.
(d) In respect of loans granted, the management has recalled total outstanding
receivable of H1848.98 lakhs (principal plus interest) from one party.
(e) According to information and explanation given to us, the Company has not renewed
or extended or granted fresh loans, which were loan or advance in nature of loan granted
had fallen due during the year, to settle the overdue of existing loans given to the same
parties.
(f) Loans granted by Company are repayable on demand. The aggregate amount of total
loan granted to promoters and related parties as defined in clause
(76) of section 2 of the Companies Act, 2013: Amount (H in Lacs)
Particulars |
All Parties |
Promoters |
Related Parties |
| Outstanding Loan |
2283.02 |
Nil |
2204.35 |
| including interest |
|
|
|
| Percentage to the total |
100% |
Nil |
96.55% |
| Loans |
|
|
|
iv. In our opinion, and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of the loans and investments made, and guarantees and security provided by
it, as applicable.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits
under the provisions of Sections 73 to Section 76 of the Companies Act, 2013 during the
year. Hence, the provisions of Clause (v) of the Order are not applicable to the Company.
vi. Based on the information provided, the Company is not required to maintain cost
records pursuant to the rules prescribed by the Central Government for maintenance of cost
records under sec 148(1) of the Act.
vii. According to the information and explanations given to us in respect of statutory
dues:
(a) The Company has been regular in depositing undisputed statutory dues, including
Provident Fund, Employees State Insurance, Income Tax, Service Tax,
Sales Tax, Value Added Tax, duty of Custom, duty of Excise, Cess, GST and other
statutory dues with the appropriate authorities during the year. According to the
information and explanations given to us, no undisputed amounts payable in respect of the
aforesaid dues were outstanding as at 31st March, 2023 for a period of more
than six months from the date they became payable.
(b) There are no dues of service tax, sales tax, duty of excise and value added tax
which have not been deposited with the appropriate authorities on account of any dispute.
However, according to information and explanations given to us, the following dues of
service tax and income tax have not been deposited by the Company on account of disputes:
Name of Statue |
Nature of Dues |
Amount under dispute not yet deposited |
Financial year to which the amount relates |
Forum where the dispute is pending |
|
|
(Rs in Lakhs) |
|
|
| The Finance Act, 1994 |
Service tax |
52.4 |
2006-2010 |
CESTAT, Kolkata |
| Income Tax Act, 1961 |
Income tax |
30.91 |
2013-2014 |
C.I.T.(NFAC), Kolkata |
viii. The Company has not surrendered or disclosed any transaction, previously
unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961
as income during the year. Hence, the requirement to report on clause 3(viii) of the Order
is not applicable to the Company.
ix. (a) The Company has not defaulted in repayment of loans or other borrowings or in
the payment of interest thereon to any lender.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or other lender.
(c) The Company has not obtained any term loans. Hence, the requirement to report on
clause 3(ix)(c) of the Order is not applicable to the Company.
(d) On an overall examination of the financial statements of the Company, no funds have
been raised on short-term basis by the Company. Hence, the requirement to report on clause
3(ix)(d) of the Order is not applicable to the Company.
(e) On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries or associates. Hence, the requirement to report on clause (ix)(e) of
the Order is not applicable to the Company.
(f) The Company has not raised loans during the year on the pledge of securities held
in its subsidiaries or associate companies. Hence, the requirement to report on clause
(ix)(f) of the Order is not applicable to the Company.
x. (a) The Company has not raised any money during the year by way of initial public
offer / further public offer (including debt instruments) hence, the requirement to report
on clause 3(x)(a) of the Order is not applicable to the Company.
(b) The Company has not made any preferential allotment or private placement of shares
/fully or partially or optionally convertible debentures during the year under audit and
hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the
Company.
xi. (a) No fraud by the Company or no material fraud on the Company has been noticed or
reported during the year.
(b) According to the information and explanations given by the management, during the
year, no report under sub-section (12) of section 143 of the Companies
Act, 2013 has been filed by cost auditor/ secretarial auditor or by us in Form ADT
– 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with
the Central Government.
(c) As represented to us by the management, there are no whistle blower complaints
received by the Company during the year.
xii. The Company is not a Nidhi Company as per the provisions of the Companies Act,
2013. Therefore, the requirement to report on clause 3(xii) of the Order is not applicable
to the Company
xiii. According to the information and explanations given by the management,
transactions with the related parties are in compliance with section 177 and 188 of
Companies Act, 2013 where applicable and the details have been disclosed in the notes to
the standalone financial statements, as required by the applicable accounting standards.
xiv. (a) In our opinion and according to the information and explanation given to us,
the internal audit system of the Company is commensurate with the size and nature of its
business.
(b) The internal audit reports of the Company issued till the date of the audit report,
for the period under audit have been considered by us.
xv. According to information and explanations given by the management, the Company has
not entered into any non-cash transactions with directors or persons connected with him as
referred to in section 192 of Companies Act, 2013.
xvi. (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of
1934) are not applicable to the Company. Accordingly, the requirement to report on clause
(xvi)(a) of the Order is not applicable to the Company.
(b) The Company is not engaged in any Non-Banking Financial or Housing Finance
activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not
applicable to the Company.
(c) The Company is not a Core Investment Company as defined in the regulations made by
Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the
Order is not applicable to the Company.
(d) Based on the information and explanations provided by the management of the
Company, the Group does not have any CICs as part of the Group. Accordingly, the reporting
under Clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses in the current year as well as in the
immediately preceding financial year respectively.
xviii. There has been no resignation of the statutory auditors during the year and
accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the
Company.
xix. On the basis of the the standalone financial statements, ageing and expected dates
of realisation of financial assets and payment of financial liabilities, other information
accompanying the financial 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. There are no unspent amount which is required to be transferred in compliance with
Section 135(5) and 135(6) of the Companies Act, 2013.
For S K AGRAWAL AND CO CHARTERED ACCOUNTANTS LLP
Chartered Accountants Firm
Registration No.- 306033E/E300272
Hemant Kumar Lakhotia
(Partner)
Membership No. 068851
UDIN : 23068851BGVKXY8409
Date: 26 May 2023
Place: Kolkata
Annexure -B to the Independent 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")
We have audited the internal financial controls over financial reporting of Manaksia
Limited ("the Company") as of March31, 2023 in conjunction with our audit of the
standalone Ind AS financial statements of the Company for the year ended that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls 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.
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") and the Standards on Auditing, issued by 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 applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the 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 controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of 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 control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For S K AGRAWAL AND CO CHARTERED ACCOUNTANTS LLP
Chartered Accountants Firm Registration No.- 306033E/E300272
Hemant Kumar Lakhotia
(Partner)
Membership No. 068851
UDIN : 23068851BGVKXY8409
Date: 26 May 2023
Place: Kolkata
+91-9892691696
