To the Members of
My Money Securities Ltd.
Report on the Audit of Financial Statements Opinion
We have audited the accompanying Ind AS financial statements of My Money Securities
Ltd. ("the Company"), which comprise the Balance Sheet as at March 31, 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 then ended, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013, as amended ("the Act") in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in
India , of the state of affairs of the Company as at March 31, 2023, its Profit and its
cash flows for the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the standards on auditing specified under
Section 143(10) of the Companies Act, 2013. 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 together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and rules thereunder, and we have fulfilled our 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 judgement, 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 |
| Revenue Recognition |
In view of the significance of the matter we applied the following audit
procedures in this area, among others to obtain sufficient appropriate audit evidence: |
| The principal services offered by the Company include broking for
equities and depository participant services and syndication. Brokerage revenue is
recognised on trade date upon exchange confirmations and income from Syndication is
recognized based on agreements with clients and when the right to receive income is
established. |
1. We assessed the appropriateness of the revenue recognition accounting
policies, by comparing with applicable accounting standards. |
| We identified revenue recognition as a key audit matter because there is
a risk of revenue considering the judgments involved in the revenue recognition for
services. |
2. We evaluated the design of controls and operating effectiveness of the
relevant controls with respect to revenue recognition and accounting for Brokerage and
syndication incomes on selected transactions. |
|
3. We performed substantive testing by selecting samples of revenue
transactions recorded during the year by verifying the underlying documents. |
|
4. We carried out analytical procedures on revenue recognized during the
year to identify unusual variances. |
|
5. We performed confirmation procedures on trade receivable balances at
the balance sheet date on a sample basis. |
|
6. We tested, on a sample basis, specific revenue transactions recorded
before and after the financial year end date to determine whether the revenue had been
recognised in the appropriate financial period. |
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 Boards
Report including Annexures to Boards Report, Business Responsibility Report 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 and form of assurance conclusion thereon.
In connection with our audit of 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 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. We have nothing to report in this regard.
Managements Responsibility for the financial statements
The Companys 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 performance, including other
comprehensive income, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act, read with the Companies
(Accounts) rules, 2014. 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 judgements and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the financial 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. Those Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditors responsibility for the audit of 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 and 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
the 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 aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatements of the 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 from one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of the internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our Auditors report to the related disclosures in
the 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 disclosures, and whether the 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 the 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 be 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 outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure A, a statement on the matters specified
in paragraph 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the 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, Statement of
Profit and Loss including Other 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 aforesaid financial statements comply with the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act.
(e) On the basis of written representations received from the directors as on March 31,
2023 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 internal financial controls with reference to
these financial statements and the operating effectiveness of such controls, refer our
separate report in "Annexure 2" to this report. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Companys internal
financial controls over financial reporting.
(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
Section 197 of the Act.
(h) With respect to 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 does
not have any pending litigations which would impact its financial position ii. The Company
did not have any 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 have
been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kinds of funds) by the Company to or in any other person or entity,
including foreign entities ("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 have been received
by the Company from any person or entity, including foreign entities ("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; and c) Based on such audit procedures performed 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 (a) and (b)
contain any material misstatement. v. No dividend has been declared or paid during the
year by the Company.
For Sharma Goel & Co LLP Chartered Accountants Firm Regn. No. 000643N/N500012
Sd/-
(Rachit Mittal) Partner Mem. No. 524105
Date: 30-May-2023 Place: New Delhi
UDIN: 23524105BGQSOT2183
"Annexure A" to the Independent Auditors Report to the members of My Money
Securities Ltd dated May 30, 2023
Report on the matters specified in paragraph 3 of the Companies (Auditors Report)
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 under the heading
‘Report on Other Legal & Regulatory Requirements Section of our report of even
date to the financial statements of the Company for the year ended March 31, 2023:
In terms of the information and explanations sought by us and given by the company and
the books of accounts 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) The Company has maintained proper
records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment.
(B) The Company has not capitalized any intangible assets in the books of the Company
and accordingly, the requirement to report on clause 3(i)(a)(B) of the Order is not
applicable to the Company.
(b) The Fixed assets have been physically verified by the management in a phased
manner, designed to cover all items over a period of three years, which in our opinion, is
reasonable having regard to the size of the Company and nature of its business. Pursuant
to the program, a portion of the fixed assets has been physically verified by the
management during the year and no material discrepancies between the records and the
physical fixed assets have been noticed. (c) There is no immovable property (other than
properties where the Company is the lessee and the lease agreements are duly executed in
favour of the lessee), held by the Company and accordingly, the requirement to report on
clause 3(i)(c) of the Order is not applicable to the Company.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of
use assets) or Intangible Assets during the year ended March 31, 2023.
(e) There are no proceedings initiated or are pending against the Company for holding
any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.
ii) (a) The Company is in the business of trading in shares and other securities traded
on registered stock exchanges, all of which are maintained in dematerialized form.
Therefore the requirements of Clause 3(ii)(a) are not applicable to the Company.
(b) The Company has not been sanctioned working capital limits in excess of Rs. five
crores in aggregate from banks or financial institutions during any point of time of the
year on the basis of security of current assets. Accordingly, the requirement to report on
clause 3(ii)(b) of the Order is not applicable to the Company.
iii) (a) During the year the Company has not provided loans, advances in the nature of
loans, stood guarantee or provided security to Companies, Firms, Limited Liability
Partnerships or any other parties. Accordingly, the requirement to report on clause
3(iii)(a) of the Order is not applicable to the Company.
(b) During the year the Company has not made investments, provided guarantees, provided
security and granted loans and advances in the nature of loans to companies, firms,
Limited Liability Partnerships or any other parties. Accordingly, the requirement to
report on clause 3(iii)(b) of the Order is not applicable to the Company.
(c) The Company has not granted loans and advances in the nature of loans to companies,
firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement
to report on clause 3(iii)(c) of the Order is not applicable to the Company (d) The
Company has not granted loans or advances in the nature of loans to companies, firms,
Limited Liability Partnerships or any other parties. Accordingly, the requirement to
report on clause 3(iii)(d) of the Order is not applicable to the Company.
(e) There were no loans or advance in the nature of loan granted to Companies, Firms,
Limited Liability Partnerships or any other partie. Accordingly, the requirement to report
on clause 3(iii)(e) of the Order is not applicable to the Company (f) The Company has not
granted any loans or advances in the nature of loans, either repayable on demand or
without specifying any terms or period of repayment to companies, firms, Limited Liability
Partnerships or any other parties.
Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not
applicable to the Company.
iv) There are no loans, investments, guarantees, and security in respect of which
provisions of sections 185 and 186 of the Companies Act, 2013 are applicable and
accordingly, the requirement to report on clause 3(iv) of the Order is not applicable to
the Company.
Further, according to the information and explanations given to us, provisions of
sections 186 of the Companies Act, 2013 in respect of loans, investments and, guarantees,
and security have been complied with by the Company.
v) The Company has neither accepted any deposits from the public nor accepted any
amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the
Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the
requirement to report on clause 3(v) of the Order is not applicable to the Company.
vi) The Company is not in the business of sale of any goods or provision of such
services as prescribed. Accordingly, the requirement to report on clause 3(vi) of the
Order is not applicable to the Company.
vii) (a) The Company is regular in depositing with appropriate authorities undisputed
statutory dues including goods and services tax, provident fund, employees state
insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value
added tax, cess and other statutory dues applicable to it.
According to the information and explanations given to us and based on audit procedures
performed by us, no undisputed amounts payable in respect of these statutory dues were
outstanding, at the year end, for a period of more than six months from the date they
became payable.
(b) There are no dues of goods and services tax, provident fund, employees state
insurance, income tax, sales-tax, service tax, customs duty, excise duty, value added tax,
cess, and other statutory dues which have not been deposited on account of any dispute.
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. Accordingly, 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 a willful defaulter by any bank or financial
institution or government or government authority.
(c) Term loans were applied for the purpose for which the loans were obtained.
(d) On an overall examination of the financial statements of the Company, no funds
raised on short-term basis have been used for long-term purposes by the Company.
(e) The Company does not have any subsidiary, associate or joint venture. Accordingly,
the requirement to report on clause 3(ix)(e) of the Order is not applicable to the
Company.
(f) The Company does not have any subsidiary, associate or joint venture. Accordingly,
the requirement to report on Clause 3(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 made preferential allotment or private placement of shares during
the year and the requirements of Section 42 and Section 62 of the Companies Act, 2013 have
been complied with and the funds raised have been used for the purposes for which the
funds were obtained.
xi) (a) No fraud by the Company or no fraud on the Company has been noticed or reported
during the year.
(b) 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) (a) 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)(a) of the Order is not
applicable to the Company.
(b) 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)(b) of the Order is not
applicable to the Company.
(c) 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)(c) of the Order is not
applicable to the Company.
xiii) Transactions with the related parties are in compliance with sections 177 and 188
of Companies Act, 2013 where applicable and the details have been disclosed in the notes
to the financial statements, as required by the applicable accounting standards.
xiv) (a) The Company has an internal audit system 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) The Company has not entered into any non-cash transactions with its directors or
persons connected with its directors and hence requirement to report on clause 3(xv) of
the Order is not applicable to the Company.
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) of the Order is not applicable
to the Company.
(d) There are no other Companies part of the Group, hence, the requirement to report on
clause 3(xvi)(d) of the Order is not applicable to the Company.
xvii) The Company has not incurred cash losses in the current financial year or in the
immediately preceding financial year xviii) There has been no resignation of statutory
auditors of the company during the year.
xix) On the basis of the financial ratios disclosed in Note 28 to the financial
statements, ageing and expected dates of realization of financial assets and payment of
financial liabilities, other information accompanying the financial statements, 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 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) The provisions of Section 135 to the Companies Act, 2013 in relation to
Corporate Social Responsibility is not applicable to the Company. Accordingly, the
requirement to report on clause 3(xx)(a) of the Order is not applicable to the Company.
(b) The provisions of Section 135 to the Companies Act, 2013 in relation to Corporate
Social Responsibility is not applicable to the Company. Accordingly, the requirement to
report on clause 3(xx)(b) of the Order is not applicable to the Company.
For Sharma Goel & Co LLP Chartered Accountants Firm Regn. No. 000643N/N500012
Sd/-
(Rachit Mittal) Partner Mem. No. 524105
Date: 30-May-2023 Place: New Delhi
UDIN: 23524105BGQSOT2183
"Annexure B" to the Independent Auditors Report of even date to the members
of My Money Securities Ltd.
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 financial control over financial reporting of My Money
Securities Limited ("the Company") as of March 31, 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 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 financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to the Companys policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the 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 as specified under section
143(10) of the Companies Act,
2013, to the extent 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 judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the internal financial controls system over
financial reporting.
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 authorisations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the companys assets that could have a material effect
on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
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 controls stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For Sharma Goel & Co LLP Chartered Accountants Firm Regn. No. 000643N/N500012
Sd/-
(Rachit Mittal) Partner Mem. No. 524105
Date: 30-May-2023 Place: New Delhi
UDIN: 23524105BGQSOT2183
+91-9892691696
