To the Members of
M/S N2N TECHNOLOGIES LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the financial statements of M/S N2N TECHNOLOGIES LIMITED (CIN:
L72900PN1985PLC145004) ("the Company"), which comprise the balance sheet as at
31st March 2023, and the statement of Profit and Loss and statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.
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 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 31st
March, 2023, its profit/loss and its cash flows for the year ended on that date.
Basis for Qualified Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) 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 Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical 1 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.
• The company being listed company, as per Section 138 of the Companies Act read
with Rule 13 of the Companies (Accounts) Rule, 2014, the company is required to appoint
internal auditors. However, the company is not complied with the same requirements.
• Refer to Note No. 2 of the Notes to the Financial Statement, The Company has not
established its Internal Financial Controls over financial reporting on criteria based on
or considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls.
• Refer to Note No. 3, 4, 5, 6 & 7 of the Notes to the Financial Statement,
where accounting irregularities reported which, the company is not complied with or to be
complied with.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone 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.
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 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 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.
Emphasis of Matter
We draw attention to the accompanying annual financial results, which describe
managements assessment of uncertainty on the Companys operations.
We draw attention to the outstanding demand of income tax for
a. A. Y. 2014-15, Demand of Rs. 73,19,360/-
b. A Y. 2017-18, Demand of Rs.28,37,040/-
c. A.Y. 2017-18, Demand of Rs.45,01,606/-
with respect to Income Tax is showing outstanding. As per Management, Procedures for
reply are under process for the A.Y 2014-15 & A.Y 2017-18 & Other Assessment years
and accordingly contingent liability is also booked based on the management Assessment of
the Our opinion is not modified in respect of this matter.
Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the accounting Standards specified under
section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that 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 Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the 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 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 standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
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
paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st 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 with reference to
financial statements of the Company. Please refer Note No. 2 of the Notes to the Financial
Statement, The Company has not established its Internal Financial Controls over financial
reporting on criteria based on or considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls. Refer Annexure
"A".
g) With respect to the matter to be included in the Auditors Report under section
197(16), In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under section 197(16) which are
required to be commented upon by us.
h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company 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,
other than as disclosed in the notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the company to or in any other person(s) or entity(ies), 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 Bepefigiaries;
(b) The management has represented, that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received by the
company from any person(s) or entity(ies), 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 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 mis-statement.
v. No dividend have been declared or paid during the year by the company.
|
For D M K H & CO. |
|
Chartered Accountants |
|
FRN: 0116886W |
| Place:-Pune |
Dinesh Gopal Mundada |
| Date: 30/05/2023 |
(Partner) |
| UDIN: 23122962BGXOUM6642 |
Membership No. 122962 |
discrepancy of 10% or more in the aggregate for each class of inventory were noticed on
physical verification of stocks by the management as compared to book records.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the company has not been sanctioned during any
point of time of the year, working capital limits in excess of five crore rupees, in
aggregate, from banks or financial institutions on the basis of security of current assets
and hence reporting under clause 3(ii)(b) of the Order is not applicable.
(a) According to the information and explanations given to us and on the basis of our
examination of the records of the company, subject to outstanding loans disclosed in the
Notes to Financial Statements during the year the company has provided loans or
provided advances in the nature of loans, or stood guarantee, or provided security to
other entities.
(b) According to the information and explanations given to us us and on the basis of
our examination of the records of the company, the investments made, guarantees provided,
security given and the terms and conditions of the grant of all loans and advances in the
nature of loans and guarantees provided are not prima facie prejudicial to the companys
interest.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no stipulation of
schedule of repayment of principal and payment of interest and therefore we are unable to
comment on the regularity of repayment of principal & payment of interest.
(d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts are overdue in respect of loans.
The total amount overdue for more than ninety days is Rs. 616,84,491/-. The company needs
to take reasonable steps for recovery of the principal and interest.
(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, no loan or advance in the nature of loan
granted which has fallen due during the year, has been renewed or extended or fresh loans
granted to settle the overdues of existing loans given to the same parties
(f) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, 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.
(iii) According to the information and explanations given to us and on the basis of our
examination of the records, in respect of loans, investments, guarantees, and security,
provisions of section 185 and 186 of the Companies Act, 2013 have been complied with
except non charging of interest on the loan.
(iv) The company has not accepted any deposits or amounts which are deemed to be
deposits covered under sections 73 to 76 of the Companies Act, 2013. Accordingly, clause
3(v) of the Order is not applicable.
(v) As per information & explanation given by the management, maintenance of cost
records has not been specified by the Central Government under subsection (1) of section
148 of the Companies Act.
(vi) (a) According to the information and explanations given to us and on the basis of
our examination of the records of the company, the company is regular in depositing
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 any other statutory dues to the appropriate authorities.
According to the information and explanation given to us there were no outstanding
statutory dues as on 31st of March, 2023 for a period of more than six months from the
date they became payable.
| Nature of Statute |
Nature of Dues |
Amount |
Period for which Amount related |
Remark |
| Income Tax Act, 1961 |
TDS 194J |
42591 |
FY 2016-17 To FY 2018-19 |
|
| Professional Tax |
PTEC |
5000 |
FY 2016-17 FY 2017-18 |
|
| Professional Tax |
PTRC |
13200 |
FY 2022-23 |
|
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the company, there is no statutory dues referred to in
sub-clause (a) that have not been deposited on account of any dispute.
| Nature of Statute |
Nature of Due |
Amount |
Period |
Forum where dispute pending |
| Income Tax Act, 1961 |
Income Tax and Interest Thereon |
97,702,258/- |
AY 2010-11 |
Commissioner of Income Tax |
| Income Tax Act, 1961 |
Income Tax and Interest Thereon |
53,21,748/- |
AY 2008-09 |
Commissioner of Income Tax |
| Income Tax Act, 1961 |
Income Tax and Interest Thereon |
47,60,610/- |
AY 2012-13 |
Commissioner of Income Tax |
| Income Tax Act, 1961 |
Income Tax and Interest Thereon |
73,19,360/- |
AY 2014-15 |
Asst.Commissioner of Income Tax |
(vii) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year.
(viii) (a) According to the information and explanations given to us and on the
basis of our examination of the records of the company, the company has not defaulted
in repayment of loans or other borrowings or in the payment of interest thereon to any
lender except following lenders
| Nature of borrowing, including debt securities |
Name of lender* |
Amount not paid on due date |
Whether principal or interest |
No. of days delay or unpaid |
Remarks, if any |
| Unsecured Loan |
Tapas Pharmachem Ltd |
250,000 |
Principle |
700 |
|
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company has not been declared a willful
defaulter by any bank or financial institution or other lender;
(c) According to the information and explanations given to us by the management, the
Company has not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of
the Order is not applicable.
(d) According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we report that no funds raised on short
term basis have been used for long term purposes by the company.
(e) The Company does not hold any investment in any subsidiary, associate or joint
venture (as defined under the Act) during the year ended 31 March 2023. Accordingly,
clause 3(ix)(e) is not applicable.
(f) The Company does not hold any investment in any subsidiary, associate or joint
venture (as defined under the Act) during the year ended 31 March 2023. Accordingly,
clause 3(ix)(f) is not applicable.
(ix) (a) The company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year. Accordingly, clause 3(x)(a) of
the Order is not applicable.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the company has not made any preferential
allotment or private placement of shares or convertible debentures (fully, partially or
optionally convertible) during the year. Accordingly, clause 3(x)(b) of the Order is not
applicable.
(x) (a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, no fraud by the company or any fraud on the
company has been noticed or reported during the course of audit.
(b) According to the information and explanations given to us, no report under
sub-section (12) of section 143 of the Companies Act has been filed by the auditors in
Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with
the Central Government;
(c) According to the information and explanations given to us by the management, no
whistle-blower complaints had been received by the company.
(xi) The company is not a Nidhi Company. Accordingly, clause 3(xii)(a), 3(xii)(b) and
3(xii)(c) of the Order is not applicable.
(xii) In our opinion and according to the information and explanations given to us, all
transactions with the related parties are in compliance with sections 177 and 188 of
Companies Act, where applicable and the details have been disclosed in the financial
statements, as required by the applicable accounting standards;
(xiii) (a) In our opinion and based on our examination, the company does not require to
have an internal audit system. Accordingly, clause 3(xiv)(a), of the Order is not
applicable
(b) Based on information and explanations provided to us, no internal audit had been
conducted of the company. Accordingly, clause 3(xiv)(a), of the Order is not applicable
(xiv) In our opinion and according to the information and explanations given to us, the
company has not entered into any non-cash transactions with directors or persons connected
with him and hence, provisions of Section 192 of the Companies Act, 2013 are not
applicable to the Company
(xv) (a) In our Opinion 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 (2 of 1934).
Accordingly, clause 3(xvi)(a) of the Order is not applicable.
(b) In our Opinion and based on our examination, the Company has not conducted any
Non-Banking Financial or Housing Finance activities without a valid Certificate of
Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable. ,
(c) In our Opinion 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.
Accordingly, clause 3(xvi)(c) of the Order is not applicable.
(d) According to the information and explanations given by the management, the Group
does not have any CIC as part of the Group.
(xvi) Based on our examination, the company has not incurred cash losses in the
financial year and in the immediately preceding financial year.
(xvii) There has been no resignation of the statutory auditors during the year.
Accordingly, clause 3(xviii) of the Order is not applicable.
(xviii) According to the information and explanations given to us and on the basis of
the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, 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.
(xix) Based on our examination, the provision of section 135 are not applicable on the
company.
|
For D M K H & CO. |
|
Chartered Accountants |
|
FRN: 0116886W |
|
Sd/- |
| Place:-PUNE |
DINESH GOPAL MUNDADA |
| Date: 30/05/2023 |
(PARTNER) |
| UBIN: 23122962BGXOUM6642 |
Membership No. 122962 |
AnnexureB
Report on Internal Financial Controls with reference to financial statements
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/S N2N
TECHNOLOGIES LIMITED 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 companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors 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 Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
1. pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
2. provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
3. provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company does not have, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based
on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
|
For D M K H & CO. |
|
Chartered Accountants |
|
FRN: 0116886W |
| Place:-PUNE |
DINESH GOPAL MUNDADA |
| Date: 30/05/2023 |
(PARTNER) |
| UDIN: |
Membership No. 122962 |
| 23I22962BGXOUM6642 |
|
+91-9892691696
