TO THE MEMBERS OF MITSU CHEM PLAST LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion
We have audited the accompanying financial statements of Mitsu Chem
Plast Limited (“the Company”), which comprise the Balance Sheet as at 31 March
2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date, statements under the other and explanatory summary of the significant
information (hereinafter referred to as “the financial statements”).
In our opinion and to the best of our information and according to the
explanations and given to us, the aforesaid financial statements give the information
required 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 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 of the financial statements in section Auditing(“SAs)specified
143(10) of the Act. Our responsibilities under those standards are further described in
the Auditors Responsibilities for the audit of the financial statements section of
our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI) together with the independence
requirements that are relevant to our of the audit of the financial Act and the Rules made
there under, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAIs Code of Ethics. We believe that the audit evidence
we sufficient appropriate to provide a basis for our audit opinion on have obtained is the
financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. We have determined the matters described below to be the key audit matters
to be communicated in our report.
Key Audit Matters |
Auditors Response |
Accuracy, Completeness, and
disclosure with reference to IND AS-16 of Property, Plant and Equipment (including Capital
Work in Progress): |
Our audit procedures, amongst others, include
the following |
a) Obtaining an
understanding of operating effectiveness of managements internal control over
capital expenditure. |
The carrying value
of property, plant and equipment (including capital work in progress) as on 31 March 2023
of Rs. 8161.62 lakhs (as on 31 March 2022 of Rs 6208.19 Lakhs) includes Rs.1538.55 lakhs
capitalised under the respective class of assets under Property Plant and Equipment during
FY 2023 (Rs 682.34 lakhs of FY 2022). |
b) We assessed
Companys process regarding maintenance of records, valuation and accounting of
transactions pertaining to Property, Plant and Equipment including Capital Work in
Progress with reference to Indian Accounting Standard 16: Property, Plant and Equipment. |
Capital
expenditure involves management technical estimates and judgement about capitalisation,
estimated useful life, impairment which has material impact on balance sheet and operating
results of the Company. Refer Note No 3 of the financial statements |
c) We have reviewed management
judgment pertaining to estimation of useful life and depreciation of the Property, Plant
and Equipment. |
d) We have verified the
capitalization of borrowing cost incurred on qualifying assets in accordance with the
Indian Accounting Standard 23 - Borrowing Costs. |
| e) Ensuring adequacy of disclosures in the
financial statements. |
Information Other than the Financial Statements and Auditors
Report thereon
The Companys Board of Directors is responsible for the
preparation of the other information. The other information comprises the information
included in the Management Discussion Analysis, Board Report including Annexures to Board
Report, Corporate Governance and other Shareholder Information but does not include the
financial statements and our auditors report thereon. Our opinion on the 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 financial statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the 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.
Responsibilities of Management and Those Charged with Governance for
the Financial Statements
The Companys Management and Board of Directors are responsible
for the matters stated in section 134(5) of the Act with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the Ind AS and other accounting principles generally accepted
in India, including Indian Accounting Standards as 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 the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements 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 give true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Companys Management
and Board of Directors 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 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
on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to performance those risks, and obtain audit evidence that is sufficientand 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 order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls 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 in preparation of Financial Statements and, based on the audit
evidence obtained, whether a material uncertainty exists related to events the
Companys ability to continue or conditions that may cast significant 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 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
financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation. Materiality is the magnitude of misstatements in the financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the 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 financial statements.
We communicate with those charged with governance regarding, among
other matters, audit findings, including any the planned scope and timing of the audit and
significant deficiencies in internal control 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 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 out weight he 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 in terms of Section 143(11) of
the Act, we give in “Annexure A” a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit 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 Comprehensive Income, Statement of Changes in Equity and the Statement
of Cash Flow dealt with by this Report are in agreement with the books of account. d) In
our opinion, the a fore said financial statements comply with the Ind AS 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 taken on record by
the Board of Directors, none of the directors is disqualified as on that we identify
during our audit. 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 financial
controls over reporting 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 Companys internal
financial controls over financial reporting. g) 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 read with Schedule V 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, 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 (Refer note no 33 of the financial statements:
Contingent liabilities and Commitments). ii. The Company did not have any long-term
contracts including derivative contracts for which there are 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 v. As stated in Note 13.6 to
the financial statements (a) The final dividend proposed in the previous year, declared
and paid by the Company during the year is in accordance with Section 123 of the Act, as
applicable.
(b) The Board of Directors of the Company have proposed final dividend
for the year which is subject to the approval of the members at the ensuing Annual General
Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as
applicable. vi. In respect of Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014, since 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 for the company only w.e.f. 1 April 2023, reporting
under this clause is not applicable.
For Gokhale & Sathe
Chartered Accountants Firm Reg. No.: 103264W
Tejas Parikh
Partner Place: Mumbai Membership No: 123215 Date: 15 May 2023 UDIN:
23123215BGQLCQ5624
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under ‘Report on Other Legal and
Regulatory Requirements of inventory has been section of our report to the Members
of Mitsu Chem Plast Limited of even date) i. In respect of the Companys Property
Plant and Equipment and Intangible Assets: by the management is appropriate; a) (A) The
Company has maintained proper records showing full particulars including quantitative
details and situation of its Property Plant and Equipment and Capital Work in Progress.
(B) The Company has maintained proper records showing full particulars
of intangible assets. of Property, Plant and b) the company has a regular program of
verification Equipment so to cover all the items in a phased manner which, in our opinion,
is reasonable having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, certain Property, Plant and Equipment and were physically
verified by were due for verification the Management during the year. No material
discrepancies were noticed on such verification which were not properly dealt with in the
books of accounts in the current year. c) According to the information and explanations
given to us, the records examined by us and based on the examination of the conveyance
deeds / registered sale deed provided to us, we report that, the title deeds of
self-constructed buildings and title deeds of all immovable properties (other than
properties where the Company is lessee and lease agreements are duly executed in favour of
the Company), disclosed in the financial included under Property Plant and Equipment 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 separately in Property
Plant & Equipment in the financial statements, the lease agreements are in the name of
the Company. d) The Company has not revalued any of its Property, Plant and Equipment and
intangible assets during the year. e) According to information and explanations given to
us, no proceedings have been initiated during the year or are pending against the Company
as at 31 March 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. at reasonable intervals (a) Physical verification by the management
and in our opinion, the coverage and procedure of such Discrepancies noticed were
verification less than 10% for each class of inventory.
(b) The Company has sanctioned working capital limits in excess of five
crore rupees, from banks on the basis of security of current assets; the difference
between the quarterly returns or statements filed by the company with the banks and books
of account of the Company are on account of explainable items (Refer note no 37 to the
financial statements) iii. During the year, the Company has neither made investments in,
nor granted any loans (including advances in nature of loan) nor provided any guarantee or
security and hence reporting under clause 3(iii)(a) (b) (c), (d), (e) and (f) are not
applicable. iv. The Company has not granted any loans, provided guarantees and securities
or made any investments and hence compliance with provisions of section 185 and 186 of the
Act is not applicable. v. The Company has not accepted deposits or amounts which are
deemed to be deposits from the public during the year and hence the directives issued by
the Reserve Bank of India and the provision of section 73 to 76 any other relevant
provisions of the at and the Companies (Acceptance of Deposit) Rules, 2015 with regards to
the deposits accepted from the public are not applicable. vi. The Company has maintained
cost records as required under sub section (1) of Section 148 of the statements Companies
Act, 2013. However, we have not carried out a detailed examination of such records. vii.
In respect of statutory dues: a) According to the information and explanation given to us
and on the basis of our examination of the records of the Company, amounts deducted /
accrued in the books of account in respect of undisputed statutory dues including the
provident fund, employees state insurance, income tax, goods and services tax, sales
tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues
applicable have been regularly deposited during the year with appropriate authorities.
There were no undisputed amounts payable in respect thereof were outstanding at the
year-end for a period of more than six months from the date they become payable.
b) There were no arrears in respect of provident fund, employees
state insurance, income tax, goods and services tax, sales tax, duty of customs, duty of
excise, value added tax, cess and any other statutory dues on account of dispute except as
stated below.
Name of Statue |
Nature of dues |
Forum where Dispute is
Pending |
Period to which the
Amount Relates |
Amount in Lakhs |
Maharashtra Value Added Tax
Act, 2002 |
Sales Tax and Interest |
Maharashtra Sales Tax
Tribunal |
FY 2010-11 |
21.75 |
viii. 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) In our opinion and
according to the information and explanations given to us, the Company has not defaulted
in the repayment of loans or other borrowings or in the payment of interest thereon to any
lender.
(b) The Company has not been declared willful defaulter by any bank or
financial institution or government or any government authority.
(c) In our opinion and according to information and explanations given
to us, the Company has utilized the money obtained by way of term loans during the year
for the purposes for which they were obtained. (d) On an overall examination of the
financial statements of the Company, funds raised on short-term basis have, prima facie,
not been used during the year for long-term purposes by the Company.
(e) On an overall examination of 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 subsidiary.
(f) According to the information and explanations given to us and
procedures performed by us, we report that the company has not raised loans during the
year on the pledge of securities held in its subsidiary.
x. (a) The Company has not raised moneys by way of initial public offer
or further public offer (including debt instruments) during the year and hence reporting
under clause 3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential
allotment or private placement of shares or convertible debentures (fully or partly or
optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable. xi.
(a) No fraud by the Company and no material fraud on the Company has been noticed or
reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies
Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government, during the year and upto the date of
this report.
(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 and hence reporting under clause 3(xii) of the Order is not applicable. xiii. In
our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act,
2013 with respect to applicable transactions with the related parties and the details of
related party transactions have been disclosed in the 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 for the year under
audit, issued to the Company during the year and till date, in determining the nature,
timing and extent of our audit procedures. xv. In our opinion during the year the Company
has not entered into any non-cash transactions with its directors or persons connected
with its directors. and hence provisions of section 192 of the Companies Act, 2013 are not
applicable to the Company. xvi. a) In our opinion, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting
under clause 3(xvi) (a) and (b) of the Order is not applicable.
b) The Company is not a Core Investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order
is not applicable to the Company. c) In our opinion, there is no core investment company
within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions,
2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year. 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 realisation of financial assets and payment
of financial liabilities, other information accompanying the financial statements and our
knowledge of the Board of Directors and Management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes
us to believe that any material uncertainty exists as on the date of the audit report
indicating that Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due. xx. The Company has fully spent the required
amount towards Corporate Social Responsibility (CSR) and there is 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. xxi. The Company has only one wholly owned subsidiary, which is section 8
company and provisions of the Companies (Auditors Report) Order is not applicable to
the said entity and hence reporting under clause 3(xxi) of the Order is not applicable to
the Company.
For Gokhale & Sathe
Chartered Accountants Firm Reg. No.: 103264W
Tejas Parikh
Partner Place: Mumbai Membership No: 123215 Date: 15 May 2023 UDIN:
23123215BGQLCQ5624
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2(f) under ‘Report on Other Legal and
Regulatory Requirements section of our report to the Members of Mitsu Chem Plast
Limited of even date)
Report on the Internal Financial Controls with reference to financial
statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
We have
auditedtheinternalfinancialcontrolswithreferencetofinancialstatements of Mitsu Chem Plast
Limited (“the Company”) as of 31 March 2023 in conjunction with our audit of the
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 with reference to financial statements based on
the internal control considering the essential over financial 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 (the
“ICAI”). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were for ensuring the orderly and
efficient 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 Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial with reference to financial statements in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance
Note”) issued by the ICAI and the Standards on Auditing prescribed under Section
143(10) of the Act, to the extent applicable to an audit of internal . Those financial
statements controls with reference to 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 with reference to financial
statements 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 financial statements of the internal financial and their operating
effectiveness. Our audit of internal financial financial statements included obtaining an
understanding of with reference to financial statements, 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 judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. We sufficient
appropriate to provide a basis for our audit opinion we have obtained, is on the
Companys internal financial controls with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial
statements
A companys internal financial control with reference to a process
designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial in accordance with generally accepted accounting
principles. A companys internal financial control over financial 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 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 with reference to
financial statements effectively conduct of its business, including adherence to
Because of the inherent limitations of internal financial 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 with reference to financial statements to future periods are
subject to the risk that the internal financial with reference to financial statements may
become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may controls based on our audit. We conducted our audit
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
financial with reference to financial statements and such internal financial controls with
reference to financial statements were operating effectively as at 31 March 2023, based on
the criteria for internal financial control with reference to financial 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 ICAI. with
reference to For Gokhale & Sathe financial controls Chartered Accountants Firm
Reg. No.: 103264W
Tejas Parikh believe that the audit evidence Partner Place: Mumbai
Membership No: 123215 Date: 15 May 2023 UDIN: 23123215BGQLCQ5624
+91-9892691696
