To the Members of Maral Overseas Limited Report on the Audit of the
Financial Statements
Opinion
We have audited the accompanying financial statements of Maral
Overseas Limited (‘the Company?), which comprise the Balance Sheet as at 31
March, 2023, the Statement of Profitand Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended,
and notes to the financialstatements, including a summary of the significant accounting
policies and other explanatory information (herein after referred to as
"financialstatements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financialstatements 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 31 March, 2023, and its loss, total
comprehensive loss, 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
specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor?s Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India (ICAI) together with the ethical requirements that are relevant to our audit of
the financialstatements under the provisions of the Act and the Rules made thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI?s 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
financialstatement.
Key Audit Matters
Key Audit Matters (KAM) are those matters that, in our professional
judgement were of most significance in our audit of the financialstatements of the current
period. These matters were addressed in the context of our audit of the
financialstatements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
We have determined that there are no key audit matters to communicate
in our report.
Information Other than the Financial Statements and Auditor?s
Report thereon
The Company?s Board of Directors is responsible for the other
information. The other information comprises the information included in the Management
Discussion and analysis, Director?s Report including annexures to Director?s
Report, Report on corporate Governance and Shareholder information?s, but does not
include the financialstatements and our auditor?s report thereon.
Our opinion on the financialstatements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financialstatements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financialstatements, or our
knowledge obtained during the course of our 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.
Based on the records, information and explanation provided, we have nothing to report in
this regard.
Management?s Responsibility for the Financial Statements
The Company?s Board of Directors is responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these
financialstatements that give a true and fair view of the financialposition,
financialperformance 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 prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (Ind
AS").
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 accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financialcontrols, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financialstatements that give a true and fair view and are free from material
misstatements, whether due to fraud or error.
In preparing the financialstatements, the Board of Directors is
responsible for assessing the Company?s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the
Company?s financialreporting process.
Auditor?s Responsibility 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 auditor?s 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 financialstatements.
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
financialstatements, 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 financial 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 financialcontrols
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 management?s 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 Company?s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor?s
report to the related disclosures in the financialstatements 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 auditor?s 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
financialstatements, including the disclosures, and whether the financialstatements
represent the underlying transactions and events in a manner that achieves fair
presentation. Materiality is the magnitude of misstatements in the financialstatements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonable knowledgeable user of the financialstatements 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 financialstatements.
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 de_ciencies 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
financialstatements of the current period and are therefore the key audit matters. We
describe these matters in our auditor?s 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
As required by the Companies (Auditor?s Report) Order, 2020
(‘the Order?) issued by the Central Government of India in terms of section
143(11) of the Companies Act, 2013, we give in "Annexure–A" a
statement on the matters specified in paragraphs 3 and 4 of the Order.
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 purpose 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 Profitand Loss including other
comprehensive income, Statement of Cash Flow and Statement of Changes in Equity dealt with
by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid financialstatements comply with the
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, and 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; f. With respect to the adequacy of the internal
financialcontrols over financialreporting of the Company and the operating effectiveness
of such controls, refer to our separate report in "Annexure–B". Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the
company?s internal financialcontrols over financialreporting.
g. With respect to the other matters to be included in the
Auditor?s Report in accordance with the requirements of section 197(16) of the Act,
as amended:
As per the information and explanation given to us and on the basis of
our examination of the records, managerial remuneration has been paid or provided as
specified by the provisions of Section 197 read with Schedule V to the Act.
h. With respect to the other matters to be included in the
Auditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended, 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 the financial statements - Refer Note 37 to the financialstatements;
ii) The Company did not have long term contracts including derivative
contracts for which there were any material foreseeable losses;
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
iv) A) The Management has represented that, 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) The Management has represented, 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.
The equity dividend declared and paid during the year by the company is
in compliance with Section 123 of the Companies Act, 2013.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable for the Company only w.e.f. April 1, 2023, reporting under this clause is not
applicable.
"ANNEXURE – A" TO THE INDEPENDENT AUDITOR?S REPORT
TO THE MEMBERS OF MARAL OVERSEAS LIMITED
Report on the matters specified in paragraph 3 of the Companies
(Auditor?s Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of section 143(11) of the Companies Act, 2013 ("the
Act") as referred to in paragraph 1 of "Report on Other Legal and Regulatory
Requirement?s "section
(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) The Company has physically verified these Property, Plant and
Equipment as per its program of physical verification that covers every item of Property,
Plant and Equipment over a period of two years. According to information and explanation
given to us, no material discrepancies were noticed on such verification;
(c) According to information and explanation given to us and on the
basis of our examination of the records of the company, title deeds of all the immovable
properties (other than properties where the company is the lessee and the lease agreement
are duly executed in favour of the lessee) disclosed in the financialstatements are held
in the name of the company. However, the title document for properties which are pledged
as security with IFCI Limited for securing the facilities have been verified based on the
annual possession certificate received from IFCI.
(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) As per information and explanation given to us, 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 physical verification of inventory has been conducted at
reasonable intervals by the management. In our opinion, the coverage and procedure of such
verification by the management is appropriate. No discrepancies were noticed on
verification between the physical stocks and the book records that were 10% or more in
aggregate for each class of inventory.
(b) The company has been sanctioned working capital limits in excess of
5 crore rupees during the year, in aggregate, from banks or financialinstitutions on the
basis of security of current assets; quarterly returns or statements filed by the company
with such banks or financialinstitutions are in agreement with the books of account of the
Company.
(iii) The Company has not made any investments 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.
(iv) According to the information and explanation given to us and based
on our examination, Company has complied with the provisions of section 185 and 186 of The
Companies Act, 2013 in respect of loans, investments, guarantees, and security made;
(v) According to the information and explanation given to us and based
on our examination, the Company has not accepted any deposit or amounts which are deemed
to be deposits during the year. Further, we have not came across any such deposits nor the
management has reported any such deposits, therefore the directives issued by the Reserve
Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of
the Companies Act and the rules framed thereunder are not applicable.
(vi) We have broadly reviewed the books and records required to be
maintained as specified by the Central Government under sub-section (1) of section 148 of
Companied Act, 2013 and we are of the opinion that prima facie, the prescribed accounts
and records are being maintained. We have not, however, made a detailed examination of the
same.
(vii) (a) The Company has generally been regular in depositing
undisputed statutory dues including Goods and Services Tax, provident fund,
employees? state insurance, income tax, service tax, duty of customs, duty of excise,
Value added tax, cess and other material statutory dues to the appropriate authorities.
There are no arrears of outstanding statutory dues as at the last day of the financial
years concerned for a period of more than six months from the date, they became payable.
(b) The particulars of statutory dues referred to in sub-clause (a)
above which have not been deposited on account of any dispute are as under:
| Name of the Statute |
Nature of Dues |
Related Year |
*Amount H In Lakh |
Forum where the dispute is pending |
| Income Tax Act |
Disallowance of deduction u/s 10B, |
AY 2002-03 |
45.01 |
CIT (Appeals) & Dy CIT (For
rectification) |
|
35D & 80HHC u/s 115JB |
|
|
|
|
|
AY 2003-04 |
27.64 |
CIT (Appeals) |
|
Duty on Coal Import |
FY 2012 |
5.56 |
Comm (Appeals) |
|
Duty on Coal Import |
FY 2012 |
28.48 |
CESTAT |
| Custom Act |
|
|
|
|
|
Non/Part Realization of Exports |
|
|
|
|
|
FY 2014 to 2019 |
386.36 |
Comm. of Customs, Mumbai |
|
Proceeds for Draw Back |
|
|
|
|
Entry Tax |
FY 2007-08 |
53.61 |
MP CT Appellate Board, Bhopal |
| State Sales Tax Act |
|
|
|
|
|
Entry Tax |
FY 2008-09 |
9.34 |
MP CT Appellate Board, Bhopal |
|
Wrong ITC availment on ISD |
FY 2017 to 2019 |
627.02 |
Comm. Appeal |
| GST ACT |
|
|
|
|
|
Penalty on ITC reversal |
FY 2017 to 2019 |
15.49 |
Comm. Appeal |
*This includes interest & penalty.
Based on information and explanation given to us, GST Show Cause Notice
amounting to INR 127.16 Lakhs disclosed in contingent liability not considered above on
account of not deposited for any dispute.
(viii) According to the information and explanation given to us and
based on our examination, 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).
(ix) (a) According to the information and explanation given to us and
based on our examination, the company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanation given to us and based
on our examination, the Company has not been declared wilful defaulter by any bank or
financialinstitution or government or any government authority.
(c) According to the information and explanation given to us and based
on our examination, the term loans were applied for the purpose for which loans were
obtained.
(d) On an overall examination of the financialstatements of the
Company, funds raised on short-term basis have not been used during the year for long-term
purposes by the Company.
(e) The company has no subsidiaries, associate or joint venture and
therefore reporting under this sub clause (e) and (f ) of Clause (six) are 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 therefore
reporting under this clause 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 therefore reporting under this clause is not applicable.
(xi) (a) According to the information and explanations given to us and
based on our examination, no fraud by the Company or on the Company by its officers or
employees 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 upto the date of
this report.
(c) According to the information and explanation given to us and based
on our examination, there is no whistle-blower complaints received during the year by the
company.
(xii) The Company is not a Nidhi Company, therefore reporting under
this clause is not applicable.
(xiii) According to the information and explanation given to us and
based on our examination, transactions with the related parties are in compliance with
section 177 & 188 of Companies Act, 2013 where applicable and the details of such
transactions have been disclosed in the financialstatements as required by the applicable
Accounting Standards;
(xiv) (a) According to the information and explanation given to us and
based on our examination, 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 for the year under
audit, issued to the Company during the year.
(xv) According to the information and explanation given to us and based
on our examination, the Company has not entered into any non-cash transactions with its
Directors or persons connected with its directors. therefore provisions of section 192 of
the Companies Act, 2013 are not applicable to the Company.
(xvi) (a) As per the information and explanation given to us and based
on our examination, the Company is not required to be registered under section 45-IA of
the Reserve Bank of India Act, 1934 therefore, reporting under clause 3(xvi)(a) of the
Order is not applicable.
(b) As per the information and explanation given to us and based on our
examination, in continuation of sub clause (a) of above clause (xvi) as there is no
requirement to be registered under section 45- IA of the Reserve Bank of India Act, 1934
and the Company has not conducted any Non- Banking Financial or Housing Finance activities
therefore, reporting under clause 3(xvi)(b) of the Order is not applicable.
(c) As per the information and explanation given to us and based on our
examination, the company is not a Core Investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India, therefore reporting under clause 3 (xvi)
(c) of the order is not applicable.
(d) As per the information and explanation given to us, there is no
core investment company within the Group (as defined in the Core Investment Companies
(Reserve Bank) Directions, 2016) and therefore reporting under clause 3(xvi)(d) of the
Order is not applicable.
(xvii) The Company has not incurred cash losses during the financial
years covered by our audit and the immediately preceding financial years.
(xviii) There has been no resignation of the statutory auditors of the
Company during the year, therefore reporting under clause (xviii) is not applicable.
(xix) According to the information and explanations given to us and on
the basis of the financialratios, ageing and expected dates of realisation of
financialassets and payment of financialliabilities, other information accompanying the
financialstatements 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) (a) According to the information and explanation given to us,
based on our examination, there are no unspent amount towards Corporate Social
Responsibility (CSR) on other than ongoing projects requiring a transfer to a Fund
specified in Schedule VII to the Companies Act, within a period of six months of the
expiry of the financial years in compliance with second proviso to sub-section (5) of
section 135 of the said Act.
(b) There are no ongoing CSR projects with the Company. therefore,
reporting under this clause is not applicable.
"ANNEXURE – B" TO THE INDEPENDENT AUDITOR?S REPORT
TO THE MEMBERS OF MARAL OVERSEAS LIMITED
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act") as referred
to in paragraph 2(f) of "Report on Other Legal and Regulatory Requirements"
section
We have audited the internal financialcontrols over financialreporting
of Maral Overseas Limited ("the Company") as of 31st March 2023 in
conjunction with our audit of the financialstatements of the Company for the year ended on
that date.
Management?s Responsibility for Internal Financial Controls
The Company?s Management is responsible for establishing and
maintaining internal financialcontrols 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". These
responsibilities include the design, implementation and maintenance of adequate internal
financialcontrols that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company?s 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
financialinformation, as required under the Companies Act, 2013.
Auditor?s Responsibility
Our responsibility is to express an opinion on the Companys internal
financialcontrols over financialreporting 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 Institute of Chartered Accountants of India (ICAI) and the Standards on Auditing
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financialcontrols. 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 financialcontrols over financialreporting 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 financialcontrols system over financialreporting and their
operating effectiveness.
Our audit of internal financialcontrols over financialreporting
included obtaining an understanding of internal financial controls over
financialreporting, 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 auditor?s judgment, including
the assessment of the risks of material misstatement of the financialstatements, 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 Company?s internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financialcontrol over financialreporting is a
process designed to provide reasonable assurance regarding the reliability of
financialreporting and the preparation of financialstatements for external purposes in
accordance with generally accepted accounting principles. A companys internal
financialcontrol over financial reporting includes those policies and procedures that:
a) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company;
b) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financialstatements 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
c) 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 financialstatements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
Because of the inherent limitations of internal financialcontrols over
financialreporting, 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 financialcontrols over
financialreporting to future periods are subject to the risk that the internal
financialcontrol over financialreporting 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, to the best of our information and according to the
explanations given to us, the Company has, in all material respects, an adequate internal
financialcontrols over financialreporting and such internal financial controls over
financial reporting were operating effectively as at 31 March, 2023, based on "the
internal control over financialreporting 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".
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