To,
The Members of
NEIL INDUSTRIES LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Ind AS Standalone Financial Statements of NEIL
INDUSTRIES LIMITED ("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 Ind AS
financial statements including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "Ind AS financial
statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid
Ind AS financial statements give the information required by the Companies Act,2013
("the Act") in the manner so required and give a true and fair view inconformity
with the accounting principles generally accepted in India including the Indian Accounting
Standards ("Ind AS") prescribed under section 133 of the
Act, of the state of affairs of the Company as at March 31, 2023, its Profit (including
other comprehensive income), changes in equity and its cashflows for the year ended on
that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing specified under
section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards
are further described in the auditors responsibilities for the audit of the Standalone
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
Standalone Financial Statements under the provisions of the Act and the rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the code of ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion on the Ind AS 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 Ind AS Standalone Financial Statements of the current
period. These matters were addressed in the thereon, and we do not provide a separate
opinion on these matters.
Other Information
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis,
Boards Report including Annexures to Boards Report, Report on Corporate Governance but
does not include the Ind AS financial statements and our auditors report thereon. The
above mentioned other information are expected to be made available to us after the date
of this auditors report.
Our opinion on the Ind AS financial statements does not cover the other information and
accordingly, we do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is
to read the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the Ind AS
financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
When we read the other information, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance.
Managements responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these Ind AS 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 Ind AS prescribed
under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules,
2015, as amended. 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 Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, management is responsible for assessing
the Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors responsibilities for the audit of the Ind AS Standalone Financial Statements:
Our objectives are to obtain reasonable assurance about whether the Standalone
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 Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
Standalone 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 Standalone Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
Standalone Financial Statements, including the disclosures, and whether the Standalone
Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Standalone 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 section 143(11) of the Act, we
report in "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 (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this report are in agreement with the books of account;
(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind
AS prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended;
(e) On the basis of the 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 the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".
(g) In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the year under report is in
accordance with the provisions of Section 197 of the Act read with Schedule V to the Act.
3.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 Standalone
Financial Statements;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses; and
iii. There has been no delay in transferring amounts, 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 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 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(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;
(c) Based on the audit procedures that are considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.
v. The Company has not declared nor paid any dividend during the year. Hence, reporting
the compliance with section 123 of the Act is not applicable
|
For RANJIT JAIN & CO. |
|
Chartered Accountants |
|
Firm Registration No. 322505E |
|
Sd/- |
|
CA. Alok Jain |
Place: Kolkata |
Partner |
Date : 26th May, 2023 |
Membership No. 062283 |
|
UDIN- 23062283BGXZI2645 |
Annexure -A to the Independent Auditors Report
Referred to in paragraph 1 under the heading ‘Report on Other Legal &
Regulatory Requirement of our report of even date to the Standalone Financial Statements
of the Company for the year ended March 31, 2023:
Based on the audit procedures performed for the purpose of reporting a true and fair
view on the Ind AS financial statements of the Company and taking into consideration the
information, explanations and written representation given to us by the management and the
books of account and other records examined by us in the normal course of audit, we report
that:
i. (a) (A) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the Property, Plant and Equipment
("PPE")
(B) The Company does not have any Intangible Assets as on 31st March 2023 nor at any
time during the financial year ended 31st March 2023. Accordingly, reporting under clause
3(i)(a)(B) of the Order is not applicable to the Company.
(b) The Property, Plant and Equipment ("PPE") have been physically verified
by the management in a phased manner, designed to cover all the 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 Property, Plant and
Equipment ("PPE") has been physically verified by the management during the year
and no material discrepancies between the books records and the physical Property, Plant
and Equipment ("PPE") have been noticed.
(c) According to the information and explanation received by us, as the company owns
immovable properties. Accordingly the title deeds of immovable properties is held in the
name of the company.
(d) In our opinion and according to the information and explanations given to us, the
Company has not revalued its PPE (including Right of Use assets) during the year. The
Company does not have any intangible assets.
(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, no proceedings have been initiated or are
pending against the Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
ii. (a) The company has no inventory. Accordingly, reporting under clause 3(ii)(a) of
the Order is not applicable to the Company.
(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 any working
capital limits from banks or financial institution on the basis of security of current
assets during the financial year. Accordingly, reporting under clause 3(ii)(b) of the
Order is not applicable to the Company.
iii. (a) The Company is a Non-Banking Finance Company and its principal business is to
give loans. Accordingly, the provision of clause 3(iii)(a) of the Order is not applicable
to it.
(b) The investments made, security given and the terms and conditions of the grant of
all loans and advances in the nature of loans provided by the Company during the year are
not prejudicial to the interest of the Company. Further, the Company has not provided any
guarantee during the year.
(c)The Company is a Non-Banking Financial Company (‘NBFC), registered under
provisions of the Reserve Bank of India Act, 1934 and rules made thereunder and is
regulated by various regulations, circulars and norms issued by the Reserve Bank of India
including Master Circular Prudential norms on Income Recognition, Asset Classification and
Provisioning pertaining to Advances. In respect of loans and advances in the nature of
loans granted by the Company, we report that the schedule of repayment of principal and
payment of interest has been stipulated and the repayments/receipts of principal and
interest are regular except for two cases for an amount of Rs 656.11 lacs overdue for more
90 days.
(d) The Company, being a NBFC, registered under provisions of RBI Act, 1934 and rules
made thereunder, in pursuance of its compliance with provisions of the said Act/Rules,
particularly, the Income Recognition, Asset Classification and Provisioning Norms,
monitors and report total amount overdue including principal and/or payment of interest by
its customers for more than 90 days. In cases where repayment of principal and payment of
interest is not received as stipulated, the cognizance thereof is taken by the Company in
course of its periodic regulatory reporting. According to the information and explanation
made available to us, reasonable steps are taken by the Company for recovery thereof.
(e) The Company is a Non-Banking Finance Company and its principal business is to give
loans. Accordingly, the provision of clause 3(iii)(e) of the Order is not applicable to
it.
(f) In our opinion and according to the information and explanations given to us, the
Company has not granted any loan or advances in the nature of loans to Promoters/Related
Parties (as defined in section 2(76) of the Act) iv. According to the information and
explanation given to us, the company has complied with requirements of section 185 and 186
in respect of loans, investments, guarantees or security made by it wherever applicable.
v. The Company is a Non-Banking Finance Company registered with the Reserve Bank of
India to which the provisions of Sections 73 to 76 of the Act and the relevant rules made
thereunder are not applicable and also applicable are not applicable and also the Company
has not accepted any deposits from public or there is no amount which has been considered
as deemed deposit within the meaning of Section 73 to 76 of the Act. Accordingly,
reporting under clause (v) of paragraph 3 the order is not applicable.
vi. To the best of our knowledge and belief, the Central Government has not specified
maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of
Companys products/ services. Accordingly, the provisions of clause 3(vi) of the Order are
not applicable.
vii. (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 generally 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, as applicable with the
appropriate authorities. Further, no un disputed amounts payable in respect thereof were
outstanding at the year -end for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and the records of the
company examined by us, there are no dues in respect of 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 that have not been
deposited with the appropriate authorities on account of any dispute.
viii. According to the information and explanation given to us, company has no
transactions, not recorded in the books of account 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) The Company has not taken any loans or other borrowings from any lender during
the year. Accordingly, reporting under clause 3(ix)(a) of the Order is not applicable to
the Company. (b) According to the information and explanation provided to us, Company is
not declared wilful defaulter by any bank or financial institution or other lender.
(c) According to the records of the company, the company has not obtained any term loan
hence, reporting under clause 3(ix)(c) of the Order is not applicable to the Company.
(d) According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the financial statements of the company,
we report that no funds has been raised on short-term basis by the company during the
year. Accordingly, reporting under clause 3(ix)(d) of the Order is not applicable to the
Company.
(e) The Company did not have any subsidiary or joint venture during the year. According
to the information and explanations give to us and on an overall examination of the
financial statements of the company, we report that the company has not taken any funds
from any entity or person on account of or to meet the obligations of its
subsidiary/subsidiaries or associates.
(f) The Company did not have any subsidiary or joint venture during the year. According
to the information and explanations given to us and procedures applied by us, we report
that the company has not raised loans during the year on the pledge of securities held in
its subsidiary or associate company/companies.
x. (a) According to the records of the company, The Company has not raised any money by
way of initial public offer or further public offer including debt instruments) during the
year. Accordingly, paragraph 3 (x) (a) of the order is not applicable.
(b) According to the records of the company, The Company has not raised any money by
way of preferential allotment or private placement of shares or convertible debentures
(fully, partially or optionally convertible) during the year. Accordingly, paragraph 3
(x)(b) of the order is not applicable.
xi. (a) During the course of our examination of the books and records of the company,
carried out in accordance with the generally accepted auditing practices in India and
according to the information and explanations given to us, we have neither come across any
instance of fraud on or by the company, noticed or reported during the year, nor we have
been informed of such case by the management.
(b) According to the information and explanation 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 explanation given to us, no whistle-blower
complaints, received during the year by the Company.
xii. In our opinion and to the best of our information & explanations provided by
the management, Company is not a Nidhi company, accordingly provisions of the Clause
3(xii) of the Order is not applicable to the company.
xiii. According to the information and explanations given to us and based on our
examination of the records of the company, transactions with the related parties are in
compliance with section 177 and 188 of the Act. Where applicable, the details of such
transactions have been disclosed in the IND AS Financial Statements as required by the
applicable accounting standards.
xiv. (a) In our opinion, the Company have an internal audit system commensurate with
the size and nature of its business. Reports of the Internal Auditors for the period under
audit were considered by the statutory auditor.
xv. According to the information and explanations given to us, we are of the opinion
that the company has not entered into any non-cash transactions with directors or persons
connected with him and accordingly, the provisions of clause 3(xv) of the Order is not
applicable.
xvi. (a) The Company is required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934 and the registration has been obtained by the Company.
(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities without having a valid Certificate of Registration (CoR) from the Reserve Bank
of India as per the Reserve Bank of India Act, 1934.
(c) the company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, the reporting under Clause 3(xvi)(c) of
the Order is not applicable to the Company.
(d) As informed by the Company, the Group to which the Company belongs has no CIC as
part of the Group.
xvii. The Company has not incurred cash losses during the financial year and the
immediately preceding financial year.
xviii. On the basis of the financial ratios, 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 indicating that company is incapable 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. The provisions of section 135 towards corporate social responsibility are not
applicable on the company. Accordingly, the provisions of clause 3(xx) of the Order is not
applicable.
xx. Reporting under clause xxi of the Order is not applicable at the standalone level.
|
For RANJIT JAIN & CO. |
|
Chartered Accountants |
|
Firm Registration No. 322505E |
|
Sd/- |
|
CA. Alok Jain |
Place: Kolkata |
Partner |
Date : 26th May, 2023 |
Membership No. 062283 |
|
UDIN- 23062283BGXZEI2645 |
"Annexure B" to the Independent Auditors Report of even date on the Ind AS
Standalone
Financial Statements of NEIL INDUSTRIES LIMITED
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 NEIL
INDUSTRIES LIMITED ("the Company") as of March 31, 2023 in conjunction with
our audit of the Ind AS Standalone 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 Standalone 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 Standalone 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 Standalone
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 Standalone
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, 2022, 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 RANJIT JAIN & CO. |
|
Chartered Accountants |
|
Firm Registration No. 322505E |
|
Sd/- |
|
CA. Alok Jain |
Place: Kolkata |
Partner |
Date : 26th May, 2023 |
Membership No. 062283 |
|
UDIN- 23062283BGXZEI2645 |
+91-9892691696
