Report on the Audit of the Standalone Ind AS Financial Statements Opinion
We have audited the accompanying Standalone Ind AS Financial Statements ofNimbus
Projects Limited (“the Company”), which comprise the Balance Sheet as at 31st
March, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date, and a summary of the significant accounting policies and other explanatory
information (hereinafter referred to as “the Standalone Ind AS Financial
Statements”).
In our opinion and to the best of our information and according to the explanations
given to us,the aforesaid Standalone 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 in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, (“Ind AS”) and other accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st March, 2023, the
profitand total comprehensive income, changes in equity and its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Ind AS Financial Statements in accordance with
the Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Ind AS Financial Statementssection of
our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI) together with the independence
requirements that are relevant to our audit of the Standalone Ind AS Financial Statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAIs Code
of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Standalone Ind AS Financial
Statements.
Emphasis of Matter
In respect of a Partnership Firm “ IITL Nimbus - The Hyde Park” in which
the Companys share of profit/ loss is 50% and whose financial statements have been
audited, the Auditors have given unqualified opinion with Emphasis of Matters as under: The
Firm does not have significant amount of inventory as at reporting date. Accordingly,
these financial statements have been prepared on the basis that the Firm does not continue
to be a going concern and therefore, all assets have been valued at their realizable
value, where lower than cost and all known liabilities have been fully provided for and
recorded in the financial statements on the basis of best estimates ofthe management.
Our opinion is not modified in respect of the above matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Ind AS Financial Statements of the current
period. These matters were addressed in the context of our audit of the Standalone Ind AS
Financial Statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. We have not determined any matter as the key audit
matter to be communicated in our report.
Information Other than the Standalone Ind AS Financial Statements and Auditors Report
Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate
Governance and Shareholders Information, but does not include the Standalone Ind AS
Financial Statements and our auditors report thereon.
Our opinion on the Standalone Ind AS 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 Standalone Ind AS Financial Statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the Standalone Ind AS 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 Standalone Ind AS 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 Standalone Ind AS Financial
Statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company
in accordance with the Ind AS and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making 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 Standalone 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 Standalone 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.
The Board of Directors are responsible for overseeing the Companys financial reporting
process.
Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
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 Ind AS 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 Ind AS
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 financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting 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 Ind AS 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 Ind
AS Financial Statements, including the disclosures, and whether the Standalone Ind AS
Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Ind AS Financial
Statements that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, 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 Ind AS Financial
Statements of the current period and are therefore the key audit matte? 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.
Other Matters
We did not audit the financial statements of two partnership firms, whose share of net
loss after tax of ?227.62 lacs is included in the Standalone Ind AS Financial Statements
for the year ended 31st March, 2023. The financial statements of two
partnership firms have been audited by other auditors whose reports have been furnished to
us by the Management and our opinion on the Standalone Ind AS Financial Statements, in so
far as it relates to the amount and disclosure included in respect of the partnership
firms, is based solely on the report of the other auditors.
Our opinion is not modified in respect of the above matter.
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.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination ofthose books.
c) The Balance Sheet, the 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 relevant books of account.
d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the
Ind AS specified under Section 133 ofthe Act, read with Rule 7 ofthe 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) ofthe 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. 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) ofthe 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 the provisions of section 197 ofthe Act.
h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules, 2014, as amended in
our opinion and to the best of our information and according to the explanations given to
us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its Standalone Ind AS Financial Statements.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
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 andbelief, no
funds (which are material either individually or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf ofthe
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf ofthe Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year and has not
proposed any dividend for the year.
For OSWAL SUNIL & COMPANY
Chartered Accountants Firm Registration No. 016520N
|
(CA Sunil Bhansali) |
|
Partner |
|
Membership No. 054645 |
Place: New Delhi |
UDIN: 23054645BGYNGW3894 |
Date: 29thMay, 2023 |
|
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
Annexure referred to in paragraph lunder Report on Other Legal and Regulatory
Requirements section of the Independent Auditors Report of even date to the Members of Nimbus
Projects Limited on the Standalone Ind AS Financial Statements for the year ended 31st
March, 2023, we report that:
(i) (a) (A) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment.
(B) The Company does not have any intangible assets.
(b) The Property, Plant and Equipment have been physically verified by the management
at reasonable intervals. As per information and explanations given to us, in our opinion,
no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are
held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year.
(e) As per information and explanations given to us, 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) Companys inventory comprises completed flats and trading stock of
Commercial & Residential Units. As explained to us, inventory has been physically
verified by management during the year, which in our opinion is reasonable. No
discrepancies of 10% or more in the aggregate for each class of inventory were noticed
requiring any adjustment in books of account.
(b) During any point of time of the year, the Company was not sanctioned working
capital limits in excess of five crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets.
(iii) The company has made investments in, provided guarantees, provided security,
granted loans and advances in the nature of loans, secured or unsecured, to companies and
other parties, as under -
(a) (A)The aggregate amount during the year was Rs. Nil, and balance outstanding at the
balance sheet date with respect to such loans and guarantees, etc. to subsidiaries, joint
ventures and associates was ? Nil.
(B) The aggregate amount during the year was Rs. 9.0 crore, and balance outstanding at
the balance sheet date with respect to such loans and guarantees, etc. to other than
subsidiaries, joint ventures and associates was Rs. 9.0 crore.
(b) According to the information and explanations given to us and based on the audit
procedures conducted by us, in our opinion the investments madeare, prima facie, not
prejudicial to the interest of the Company. There was Nil amount of guarantees provided
during the year. In our opinion, the terms and conditions of the loans aggregating Rs. 9.0
crore provided during the year were, prima facie, not prejudicial to the interest of the
Company.
(c) The Company has given loans and advances in the nature of loans aggregating Rs. 9.0
crore, in respect of which, the schedule of repayment of principal or of payment of
interestare stipulated. As per information and explanations given to us, during the
period, repayment of principal and payment of interest were not due.
(d) As stated above and as per information and explanations given to us, no amount was
overdue for more than ninety days.
(e) As per information and explanations given to us, there were noinstances of loans
having fallen due during the year and hence no comment is required on renewal thereof or
extension of loans 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, in our opinion the Company has not granted any
loans either repayable on demand or without specifying any terms or period of repayment
during the year to its Promoters and related parties as defined in Clause (76) of Section
2 of the Companies Act, 2013 (“the Act”).
(iv) In our opinion and according to the information and explanations given to us, in
respect of loans, investments, guarantees, and securities given, provisions of Section 185
and 186 ofthe Act have been complied with.
(v) The Company has not accepted any deposits from the public and hence the directives
issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other
relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with
regard to the deposits accepted from the public are not applicable.
(vi) According to information and explanations given to us, the Central Government has
not prescribed maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, 2013. Therefore, provisions of Clause 3 (vi) of the order are not
applicable to the company.
(vii) (a) 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 to the appropriate authorities. There were no arrears of outstanding
statutory dues as on the last day of the financial year for a period ofmore than six
months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues in
respect of, Income Tax, Goods and Service Tax, Custom Duty and Cess as at 31st March,
2023, which have not been deposited with the appropriate authorities on account of any
dispute.
(viii) According to the information and explanation given to us, there was no
transaction which was not recorded in the books of account and which has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (43 of 1961).
(ix) (a) According to the information and explanations given by the management, 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 is not declared a willful defaulter by any bank or financial
institution or other lender.
(c) As per information and explanations given to us, no term loans were raised for any
specific purpose.
(d) Funds raised on short term basis have not been utilised for long term purposes.
(e) The Company has not taken any funds from any entity or person on account of or to
meet the obligations of its associates or joint ventures.
(f) The Company has not raised loans during the year on the pledge of securities held
as investment in itsjoint ventures or associate companies.
(x) (a) Based on our examinations of the records and information given to us, no money
was raised by way of initial public offer or further public offer (including debt
instruments) during the year by the Company.
(b) According to the information and explanations give to us and based on our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or debentures (fully, partially or optionally
convertible) during the year.
(xi) (a) According to the information and explanations given to us and based on our
examination, we report that no fraud by the Company or on the Company has been noticed or
reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4 as prescribed under rule 13 ofthe Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c) According to the information and explanations given to us and based on our
examination, there were no whistle-blower complaints received during the year by the
Company.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of
clause 3(xii) of the order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management,
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 Standalone Ind AS Financial Statements, as required by the applicable accounting
standards.
(xiv) (a) In our opinion, the Company has an internal audit system commensurate with
the size and nature of its business.
(b) We have considered the internal audit reports issued for the year under audit,
issued to the Company during the year and till date.
(xv) According to the information and explanations given by the management, the Company
has not entered into any non-cash transactions with directors or persons connected with
directors.
(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 has not conducted any Non-Banking Financial or Housing Finance
activities without obtaining 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 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. According to the information and explanations
given to us, there is no Core Investment Company (CIC) in the group.
(xvii) The Company has not incurred cash losses in the financial year ended 31st
March, 2023 and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and
accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the
Company.
(xix) On the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
Standalone Ind AS Financial Statements, our knowledge of the Board of Directors and
management plans, we are of the opinion that no 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) The Company was not having net worth of rupees five hundred crore or more, or
turnover of rupees one thousand crore or more or a net profit of rupees five crore or more
during the immediately preceding financial year and hence, provisions of Section 135 of
the Act are not applicable to the Company during the year. Accordingly, reporting under
clause 3(xx) of the Order is not applicable for the year.
For OSWAL SUNIL & COMPANY
Chartered Accountants Firm Registration No. 016520N
|
(CA Sunil Bhansali) |
|
Partner |
|
Membership No. 054645 |
Place: New Delhi |
UDIN: 23054645BGYNGW3894 |
Date: 29thMay, 2023 |
|
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORTOF EVEN DATE ON THESTANDALONE IND AS
FINANCIAL STATEMENTS OF NIMBUS PROJECTS 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 Nimbus
Projects Limited (“the Company”) as of 31st March, 2023 in
conjunction with our audit of the Standalone Ind AS 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 (ICAI). 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 judgment, 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 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 on 31st March, 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 OSWAL SUNIL & COMPANY
Chartered Accountants Firm Registration No. 016520N
|
(CA Sunil Bhansali) |
|
Partner |
|
Membership No. 054645 |
Place: New Delhi |
UDIN: 23054645BGYNGW3894 |
Date: 29thMay, 2023 |
|
+91-9892691696
