To the members of
Orbit Exports Limited
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the accompanying Standalone Financial Statements of
Orbit Exports Limited ("the Company"), which comprise the Standalone Balance
Sheet as at March 31, 2023, the Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone
Statement of Cash Flows for the year then ended, and notes to Standalone Financial
Statements including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as "the Standalone Financial Statements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Standalone 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
("Ind AS") prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended and other accounting principles
generally accepted in India, of the state of a_airs of the Company as at March 31, 2023
and its profit (including other comprehensive income), the changes in equity and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Financial Statement in
accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Act. 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 ("ICAI")
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 framed 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
su_cient and appropriate to provide a basis for our audit opinion on the Standalone
Financial Statements.
Key Audit Matters
Keyauditmattersarethosemattersthat,inourprofessional 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 that there are no key audit matters to communicate
in our report.
Information Other than the Standalone Financial Statements and
Auditors Report thereon
The Companys Management and Board of Directors are responsible
for the preparation of the other information. The other information comprises the
information included in Annual Report, but does not include the Standalone Financial
Statements, Consolidated Financial Statements and our Auditors report thereon. The
Annual Report is expected to be made available to us after the date of this report.
Our opinion on the Standalone 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 Financial Statements,
our responsibility is to read the other information identified above and, in doing so,
consider whether the other information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to Those Charged With
Governance and take necessary actions as applicable under the relevant laws and
regulations.
Managements and Those Charged with Governance Responsibilities
for the Standalone Financial Statements
The Companys Management and Board of Directors are responsible
for the matters stated in section 134(5) of the Act with respect to the preparation of the
Standalone Financial Statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, changes in equity, cash flows
of the Company in accordance with the accounting principles generally accepted in India,
including Ind AS and relevant provisions of the Act.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating e_ectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the Standalone 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 Financial Statements, Management and Board
of Directors are responsible for assessing the Companys ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the Audit of the 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 su_cient 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 Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls system with reference to
Standalone Financial Statements in place and the operating e_ectiveness 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 Management and Board of
Directors 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 give in the "Annexure A", a statement on the matters
specified in the paragraph 3 and 4 of the said Order.
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 Standalone Balance Sheet, the Standalone Statement of Profit and
Loss (Including Other Comprehensive Income), the Standalone Statement of Changes in Equity
and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with
the books of account;
d) In our opinion, the aforesaid the Standalone Financial Statements
comply with the Accounting Standards specified under section 133 of the Act, read with
relevant rules issued thereunder and relevant provisions of the Act;
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 with reference to Standalone Financial Statements of the Company and the
operating e_ectiveness of such controls, refer to our separate Report in "Annexure
B". Our report expresses an unmodified opinion on the adequacy and operating
e_ectiveness of the Companys internal financial controls with reference to
Standalone Financial Statements;
g) With respect to the other matters to be included in the
Auditors Report in accordance with the requirements of section 197(16) of the Act,
as amended:
In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during the
year is in accordance with the provisions of section 197 of the Act; and
h) With respect to the other matters to be included in the
Auditors Report in accordance with rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed details of pending litigations, however,
it does not have adverse impact on its financial position. Refer note 38.1 to Standalone
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 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, 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 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 performed that have been considered
reasonable and appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under subclause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.
v. The Company has neither declared nor paid any dividend during the
year.
vi. Proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of accounts using accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company with e_ect from April 1,
2023, and accordingly, reporting under rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31, 2023.
|
For G. M. Kapadia & Co. |
|
Chartered Accountants |
|
Firms Registration No: 104767W |
|
Rajen Ashar |
|
Partner |
| Place : Mumbai |
Membership No: 048243 |
| Dated : May 06, 2023 |
UDIN: 23048243BGXPRX9588 |
Annexure A
referred to in paragraph 1 under "Report on Other Legal and
Regulatory Requirements" of our Independent Auditors report of even date, to
the members of the Orbit Exports Limited on the Standalone Financial Statements for the
year ended March 31, 2023
In terms of the information and explanations sought by us and given by
the Company and the books of account and records examined by us in the normal course of
audit and to the best of our knowledge and belief, we state that:
(i) (a) (A) The Company has maintained proper records showing full
particulars including quantitative details and situation of its Property, plant and
equipment.
(B) The Company has maintained proper records showing full particulars
of its Intangible assets.
(b) The Company has a regular programme of physical verification of its
Property, plant and equipment by which all Property, plant and equipment of the Company
are being verified in a phased manner 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 Property, plant and equipment has been physically
verified by the Management during the year and no material discrepancies were noticed on
such verification as compared with the book records.
(c) Based on test check examination of the records and sale deeds /
transfer deeds / lease deeds / conveyance deeds / property tax receipts and such other
documents provided to us, the title deeds of immovable properties (other than immovable
properties where the Company is the lessee and the lease agreements are duly executed in
favour of the lessee) 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 ended March
31, 2023.
(e) There are no proceedings initiated during the year or pending
against the Company as at March 31, 2023 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder.
(ii) (a) The inventory (excluding stocks with third parties) has been
physically verified by the Management during the year. In our opinion, the frequency of
such verification is reasonable. Procedures and coverage, as followed by Management were
appropriate. No discrepancies were noticed on verification between the physical stocks and
the book records that were 10% or more in the aggregate for each class of inventory..
(b) During the year, the Company has been sanctioned working capital
limits in excess of C
5 crores, in aggregate, from banks on the basis of security of current
assets. The Company has filed quarterly returns or statements with such banks, which are
in agreement with the books of account.
(iii) During the year, the Company has made investments in, granted
unsecured loans or advances in the nature ofloanstocompaniesandotherparties.TheCompany has
not provided any guarantee or securities to other parties. In respect of such investments
and loans or advances in the nature of loans :
(a) (A) The Company has not granted any loans or provided advances in
the nature of loans to its subsidiary and associate during the year. Accordingly,
reporting under paragraph 3(iii) (a)(A) of the Order is not applicable.
(B) The Company has granted unsecured loans to the employees of the
Company and to a Corporate. The aggregate amount granted during the year and balance
outstanding as at the Balance Sheet date with respect of such loans are as per the table
given below:
|
|
Rs. in Lakhs |
| Particluars |
Loans to Corporate |
Loans to Employees |
| Aggregate amount granted during the year |
200.00 |
13.57 |
| Balance outstanding as on March 31, 2023 |
Nil |
7.86 |
(b) The terms and conditions of the investments made and loans granted
during the year are, prima facie, not prejudicial to the interest of the Company.
(c) In respect of the aforesaid loans, the schedule of repayment of
principal has been stipulated. The Corporate and employees are repaying the principal
amount, as stipulated in a regular manner. Payment of interest is not applicable in case
of the employee loans as these are interest free. Payment of interest by the Corporate to
the Company is regular.
(d) In respect of loans to Corporate or employees granted by the
Company, there is no overdue amount remaining outstanding as at the balance sheet date.
(e) The Company has not renewed or extended or granted fresh loans to
settle the overdues of existing loans given to the same parties.
(f) The Company has not given any loans either repayable on demand or
without specifying any terms or period of repayment.
(iv) The Company has complied with the provisions of the section 185
and 186 of the Act, as applicable.
(v) The Company has not accepted any deposits or amounts which are
deemed to be deposits from the public. In addition, no order has been passed by Company
Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any
other tribunal. Accordingly, paragraph 3(v) of the Order is not applicable.
(vi) The Central Government has prescribed maintenance of cost records
under section 148(1) of the Act, for the products manufactured by the Company. We have
broadly reviewed the books of account maintained and are of the opinion that prima facie,
the prescribed accounts and records have been made and maintained by the Company. We have
not, however, made a detailed examination of the records with a view to determine whether
they are accurate or complete.
(vii) (a) The Company has generally been regular in depositing
undisputed statutory dues including provident fund, employees state insurance,
income tax, sales tax, service tax, duty of customs, duty of excise, value added tax,
goods and services tax, cess and other statutory dues with the appropriate authorities. No
undisputed statutory dues payable were in arrears as at March 31, 2023, for a period of
more than six months from the date they became payable.
(b) The details of statutory dues referred to in subclause (a) which
have not been deposited with the concerned authorities on account of dispute are given
below:
| Name of statute |
Nature of dues |
Amount |
Period to which the amount
relates |
Forum where dispute is
pending |
| Income-tax Act, 1961 |
Income tax |
4.94 |
AY 2016-17 |
High Court |
| Income-tax Act, 1961 |
Income tax |
27.91 |
AY 2017-18 |
CIT(A) |
| Income-tax Act, 1961 |
Income tax |
161.80 |
AY 2018-19 |
CIT(A) |
| Income-tax Act, 1961 |
Income tax |
10.26 |
AY 2018-19 |
CIT(A) |
| Income-tax Act, 1961 |
Income tax |
27.28 |
AY 2019-20 |
CIT(A) |
| Goods and Services Tax Act, 2017 |
GST |
17.42 |
FY 2018-19 |
Deputy Commissioner of State
Tax |
| Goods and Services Tax Act, 2017 |
GST |
33.69 |
FY 2019-20 |
Deputy Commissioner of State
Tax |
(viii) During the year, there were no transactions relating to
previously unrecorded income that were surrendered or disclosed as income in the tax
assessments under the Income Tax Act, 1961.
(ix) (a) The Company has not defaulted in the repayment of loans or
other borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared willful defaulter by any bank or
financial institution or other lender.
(c) Term loans availed by the Company during the year were applied for
the purposes for which such loans were obtained.
(d) On an overall examination of the Standalone Financial Statements of
the Company, funds are raised on short term basis have, prima facie, not been used during
the year for long term purposes by the Company.
(e) The Company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiary and associate. The Company does
not have any joint venture.
(f) The Company has not raised loans during the year on the pledge of
securities held in its subsidiary or associate. Accordingly, the requirement to report on
paragraph 3(ix)(f) of the Order is not applicable to the Company
(x) (a) The Company has not raised any moneys by way of initial public
o_er of further public o_er (including debt instrument). Accordingly, paragraph 3(x)(a) of
the Order is not applicable.
(b) During the year, the Company has not made preferential allotment or
private placement of shares or convertible debentures (fully or partly or optionally).
Accordingly, paragraph 3(x)(b) of the Order is not applicable.
(xi) (a) No fraud by the Company and no material fraud on the Company
has been noticed or reported during the year.
(b) During the year and up to the date of this report, no report under
section 143(12) of the Act has been filled by the auditors in Form ADT-4 as prescribed
under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) There were no whistle blower complaints received by the Company
during the year.
(xii) The Company is not a Nidhi Company. Accordingly, paragraph 3(xii)
of the Order is not applicable.
(xiii) Transactions with the related parties are in compliance with
section 177 and 188 of the Act where applicable and details of such transactions have been
disclosed in the Standalone Financial Statements as required by the applicable accounting
standards.
(xiv) (a) The Company has an internal audit system commensurate with
the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued
till date for the period under audit.
(xv) The Company has not entered into any non-cash transactions with
directors. We have been informed that no such transactions have been entered into with
person connected with directors. Accordingly, reporting under paragraph 3(xv) of the Order
is not applicable to the Company.
(xvi) (a) The Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under paragraph
3(xvi)(a) of the Order are not applicable to the Company.
(b) The Company has not conducted any Non-Banking Finance or Housing
Finance activities which would require the Company to hold valid certificate of
Registration from the Reserve Bank of India ("RBI") as per the RBI Act.
(c) The Company is not a Core Investment Company ("CIC") as
defined in the regulations made by the RBI. Accordingly, paragraph 3(xvi) (c) of the Order
is not applicable.
(d) There is no CIC as a part of the Group, hence, the requirement to
report on paragraph 3(xvi)(d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current and in
the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during
the year. Accordingly, paragraph 3(xviii) of the Order is not applicable.
(xix) 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 and our knowledge of the Board of Directors and
Management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report indicating that Company is not
capable of meeting its liabilities existing at the date of balance sheet as and when they
fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that
our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall
due.
(xx) There is no amount remaining unspent by the Company under section
135 of the Act. Accordingly, reporting under paragraph 3(xx)(a) and (xx)(b) of the Order
is not applicable to the Company.
|
For G. M. Kapadia & Co. |
|
Chartered Accountants |
|
Firms Registration No: 104767W |
|
Rajen Ashar |
|
Partner |
| Place : Mumbai |
Membership No: 048243 |
| Dated : May 06, 2023 |
UDIN: 23048243BGXPRX9588 |
Annexure B
referred to in paragraph 2(f) under "Report on Other Legal and
Regulatory Requirements" of our Independent Auditors report of even date, to
the members of Orbit Exports Limited on the Standalone Financial Statements for the year
ended March 31, 2023
Report on the Internal Financial Controls with reference to Standalone
Financial Statements under section 143(3)(i) of the Act Opinion
We have audited the internal financial controls with reference to
Standalone Financial Statements of Orbit Exports Limited ("the Company") as of
March 31, 2023 in conjunction with our audit of the Standalone Financial Statements of the
Company for the year ended on that date.
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system with reference to Standalone Financial Statements and
such internal financial controls with reference to Standalone Financial Statements were
operating e_ectively as at March 31, 2023 based on the internal controls with reference to
Standalone Financial Statements criteria established by the Company considering the
essential components of internal controls stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting ("Guidance Note") issued by the
Institute of Chartered Accountants of India ("ICAI").
Managements Responsibility for Internal Financial Controls with
reference to Standalone Financial Statements
The Companys Management and Board of Directors are responsible
for establishing and maintaining internal financial controls based on the internal
controls with reference to Standalone Financial Statements criteria established by the
Company considering the essential components of internal control stated in the Guidance
Note. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating e_ectively for ensuring the
orderly and e_cient 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 Act.
Auditors Responsibility for Internal Financial Controls with
reference to Standalone Financial Statements
Our responsibility is to express an opinion on the Companys
internal financial controls with reference to Standalone Financial Statements based on our
audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, issued by the ICAI and deemed to be prescribed under section 143(10) of the Act,
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 ICAI. 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
with reference to Standalone Financial Statements were established and maintained and if
such controls operated e_ectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system with reference to financial
statements and their operating e_ectiveness.
Our audit of internal financial controls with reference to Standalone
Financial Statements included obtaining an understanding of internal financial controls
with reference to Standalone Financial Statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating e_ectiveness of
internal control based on the assessed risk, both applicable to an audit of Internal
Financial Controls and, both issued by the ICAI.
The procedures selected depend on the auditors judgment,
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 su_cient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls system with reference to Standalone Financial Statements.
Meaning of Internal Financial Controls with reference to Standalone
Financial Statements
A companys internal financial controls with reference to
Standalone Financial Statements 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 controls with reference to
Standalone Financial Statements 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 accordancewithgenerallyacceptedaccountingprinciples 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 e_ect on the
Standalone Financial Statements.
Inherent Limitations of Internal Financial Controls with reference to
Standalone Financial Statements
Because of the inherent limitations of internal financial controls with
reference to Standalone Financial Statements, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial
controls with reference to Standalone Financial Statements to future periods are subject
to the risk that the internal financial controls with reference to Standalone Financial
Statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
|
For G. M. Kapadia & Co. |
|
Chartered Accountants |
|
Firms Registration No: 104767W |
|
Rajen Ashar |
|
Partner |
| Place : Mumbai |
Membership No: 048243 |
| Dated : May 06, 2023 |
UDIN: 23048243BGXPRX9588 |
+91-9892691696
