To the Members of PASUPATI ACRYLON LIMITED Report on the Audit of the
Financial Statements Opinion
We have audited the accompanying financial statements of PASUPATI
ACRYLON LIMITED ("the Company"), which comprise the balance sheet as at 31st
March 2023, and the statement of Profit and Loss, (including other comprehensive Income)
statement of changes in equity and statement of cash flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies
and other explanatory information. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid financial statements give the
information required by the Companies Act 2013 ( e "Act") in the manner so
required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2023,
and profit/loss, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditors Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAIs Code of Ethics. We believe that the audit evidence
we have obtained by us is sufficient and appropriate to provide a basis for our opinion on
the 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 financial statements of the current period.
ese matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. We have determined the matters described below to be the key audit matters
to be communicated in our report.
1. Major portion of the companys business i.e. both export and
import, is transacted in foreign currency and consequently the company is exposed to
foreign exchange risk. Foreign currency exchange rate exposure due to its imports is
partly balanced by export of goods. e balance foreign currency exchange rate exposure is
hedged through derivative like foreign exchange forward contracts. (Refer Note No. 37 to
the financial statements).We assessed the foreign exchange risk management policies
adopted by the company. e company manages risk through formulating risk management
objectives and policies which are reviewed by the senior management, Audit Committee and
Board of Directors. Our audit approach was a combination of test of internal controls and
substantive procedures to evaluate chances of minimizing the risk involved.
2. The company has certain matters under dispute which involves
significant judgement to determine the possible outcome of these disputes (Refer Note No.
22(a) to the financial statements).We obtained the details of the disputes with their
present status and documents. We made an in-depth analysis of the dispute. We also
considered legal procedures and other rulings in evaluating managements position on
these disputes to evaluate whether any change was required to managements position
on these disputes.
Based on above work preformed the assessment in respect of litigation
and related disclosures relating to contingent liabilities in the financial statements is
considered to be reasonable
3. Companys major Raw Material is imported which is subject to
variation due to volatility in crude oil prices and demand & supply ratio. ese are
monitored on regular basis using pricing trends and forecast from internationally reputed
news agencies. To manage the price risk associated of these transactions, the Company
formulates risk management objectives & policies which are reviewed by the senior
management, Audit Committee and Board of Directors. Our Audit Approach was a combination
of test of material controls & substantive procedures to evaluate chances of
minimising the risk involved.
Information Other than the Financial Statements and Auditors
Report ereon
The Companys Board of Directors are responsible for the
preparation of the other information. e other information comprises the information
included in the Management Discussion and Analysis, Boards Report including
Annexures to Boards Report, Business Responsibility Report, Corporate Governance and
Shareholders Information, but does not include the financial statements and our
auditors report thereon. Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance conclusion thereon. In
connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and ose Charged With Governance of the
Financial Statements
The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair view of the
financial position, financial performance, including other 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. is responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error. In preparing the
financial statements, management is responsible for assessing the Companys ability
to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do
so. e Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these financial statements. As part of an audit in
accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. e 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 control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls system in place
and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the 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 de_ciencies 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 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
As required by the Companies (Auditors Report) Order, 2020
("the Order"), issued by the Central Government of India in terms of subsection
(11) of section 143 of the Companies Act, 2013, we give in the "Annexure A"
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable. 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, Statement of Changes in Equity and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 (as amended).
e) On the basis of the written representations received from the
directors as on 31st March, 2023 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2023 from being appointed as a director in
terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls 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) 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.
h) With respect to the other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:
a) The Company has disclosed the impact of pending litigations on its
financial position in its Financial Statements - Refer note no. 22 (a) & 22 (c) to the
financial statements.
b) The Company has made provision as required under the applicable law
or accounting standards, for material foreseeable losses, if any, in respect of long term
contracts including derivative contracts - Refer note no. 37 to the financial statements.
The company did not have any long term derivative contracts
c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
d) Omitted.
e) (i) The management has represented that, to the best of their
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.
(ii) The management has represented, that, to the best of their
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.
(iii) Based on such audit procedures that we have 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) contain any material
mis-statement.
f) In our opinion and based on the information and explanation provided
to us, no dividend has been declared or paid during the year by the company.
g) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting so_ware which has a feature of recording
audit trail (edit log) facility is applicable to the Company with effect from April 1,
2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended March 31, 2023,
| Chartered Accountants |
| Firm Registration No.: 302166E |
| (OM PRAKASH SHROFF) |
| Partner |
| Membership No.: 006329 |
| Place: New Delhi |
| Date: May 09, 2023 |
| Udin 23006329BGYYUG7621 |
Annexure A referred to in Paragraph (I) under the heading of
"Report on Other Legal and Regulatory Requirements" of our report of even date
to the members of PASUPATI ACRYLON LIMITED on the Financial Statements for the year ended
31st March 2023
(i) (a) e company has maintained proper records showing full
particulars including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management
during the year as per the phased program designed to cover all the fixed assets over a
period, which in our opinion is reasonable having regard to the size of the company and
nature of its assets. Discrepancies noticed on such verification, which are not material,
have been properly dealt with in the books of accounts.
(c) The title deeds of immovable properties are held in the name of the
company.
(d) During the year, the company has not revalued its property, plant
and equipments (including right to use assets) or intangible assets or both and hence
provisions of clause (i) (d) are not applicable to the company
(e) According to the information and explanation given to us and the
records maintaining by 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 there under
(ii) (a) Physical verification of inventory (except material in transit
or lying with third party) has been conducted by the management at reasonable intervals.
In our opinion, the frequency of verification is reasonable. Discrepancies of 10% or more
in the aggregate for each class of inventory with respect to book records were not noticed
on such verification. Discrepancies noticed have been properly dealt with in the books of
account.
(b) In our opinion and according to the information and explanation
given to us and records maintained by the company, the quarterly returns or statements
filed by the company with banks or financial institutions are generally in agreement with
the books of account of the company.
(iii) The company has not granted any loans or advances in the nature
of loans either repayable on demand or specifying any terms or period of repayment and
hence provisions of clause (iii) (a) to (f) of the order are not applicable to the
company.
(iv) In our opinion and according to the information and explanations
given to us, no loans, investments, guarantees and security covered under section 185 and
186 of the Companies Act, 2013 has been given by the company, and as such clause (iv) of
the order are not applicable to the company.
(v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the meaning of sections
73,74,75 and 76 of the Act and the rules framed thereunder and hence reporting under
clause (v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the maintenance of cost
records under section 148(1) of the Act, and we are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. However, we are neither
required to carry out nor have carried out detailed examination of such cost accounting
records with a view to determine whether they are accurate or complete.
(vii) According to the records of the company, examined by us and
information and explanations given to us:
(a) The company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund, employees state
insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value
added tax, cess and others as applicable. ere are no undisputed amounts payable in respect
of aforesaid dues outstanding as at 31st March 2023 for a period of more than
six months from the date they became payable
(b) There are 2023 no disputed dues of income tax or sales tax or
service tax or duty of customs or duty of excise or value added tax or goods and service
tax outstanding as at 31st March 2023 except:
| Sl. No Name of the statute |
Nature of the dues |
Amount (Rs in lac) |
Period to which the amount relates |
Forum where dispute is pending |
| 1. Service Tax and Customs Act |
Cenvat Credit availed on ser- vice tax paid |
11.39 |
2007-2008 |
Allahabad high court |
| 2. Custom Duty Act |
Custom Duty |
16.42 34.41 |
2010-2011 2011-2012 |
CESTAT(MUMBAI) Delhi High Court |
| 3. Service Tax Act |
Service Tax on Ocean Freight |
76.59 |
2017-2018 |
Allahabad High Court |
| 4. Service Tax Act |
Cenvat Credit |
122.27 |
Feb. 2005 - Feb. 2008 |
Allahabad High Court |
| 5. Goods & Service Tax Act |
Dernce in ITC claimed |
24.42 |
2017-18 |
Commissioner Appeal Moradabad |
(viii) According to the information and explanations provided to us,
there were no transactions which were not recorded in the books of account and have been
surrendered or disclosed as income, during the year, in the tax assessments under the
Income Tax Act, 1961. (ix) (a) In our opinion and according to the information and
explanations given to us, the Company has not defaulted in repayment of loans or
borrowings to financial institution, banks and Government and dues to debenture holders
(b) According to the records of the company and information or explanation given to us,
the company is/ is not a declared willful defaulter by any bank or financial institution
or other lender.
(c) According to the records of the company and information and
explanation given to us, no term loans received during the year, however term loan of Rs.
108 crore sanctioned on 24.03.2023 which is unavailed, accordingly clause ix(c) of the
order not applicable to the company.
(d) According to the records of the company and information and
explanation given to us, no funds raised during the year & accordingly clause ix(d) of
the order not applicable to the company.
(e) According to the records of the company and information and
explanation given to us, the company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiaries, associates or joint venture.
(f) According to the records of the company and information and explanation given to us
the company has not raised loans during the year on the pledge of securities held in its
subsidiaries, joint ventures or associate companies.
(x) (a) In our opinion and according to the information and
explanations given to us, during the year the Company has not raised any moneys by way of
initial public offer or further public offer (including debt instruments). (b) According
to the records of the company and information and explanation given to us, during the year
the company has not made any preferential allotment or private placement of shares or
fully, partially or optionally convertible debentures. (xi) (a) Based on the audit
procedures performed and according to the information and explanations given to us, no
fraud by the Company or on the Company by its officers or employees has been noticed or
reported during the year (b) No report under sub-section (12) of section 143 of the
Companies Act in form ADT-4 as prescribed under rule 13 of the Companies (Audit and
Auditors) Rules, 2014 with the Central Government during the year and upto the date of the
audit. (c) According to the records of the company and information and explanation given
to us, no whistle blower complaints have been received by the company during the year.
(xii) e company is not a nidhi company and hence provisions of clause
(xii) of the order are not applicable to the company
(xiii) In our opinion and according to the information and explanations
given to us, the Companys transactions with its related parties are in compliance
with sections 177 and 188 of the Act where applicable and details of related party
transactions have been disclosed in the financial statements etc as required by the
accounting standards in notes to the Financial Statements (xiv) (a) According to the
information and explanations given to us, in our opinion the company has an internal audit
system commensurate with the size and nature of its business.
(b) We have considered the reports of internal auditors for the period
under audit, in determining the nature, timing and extent of our audit procedures.
(xv) In our opinion and according to the information and explanation
given to us, during the year, the company has not entered into any non-cash transactions
with directors or persons connected with him.
(xvi) In our opinion and according to the information and explanations
given to us, the Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934,Hence reporting under clause 3(xvi) (a) to (c) of the
order are not applicable to the company (xvi) (a) According to the records of the company
and information and explanations given to us, the group has no CIC & accordingly
reporting under clause 3 (xvi) d of the order is not applicable (xvii) e company has not
incurred cash losses in the financial year under audit or in the immediately preceding
financial year. (xviii) ere has been no resignation of the statutory auditors of the
company during the year and hence provisions of clause (xviii) of the order are not
applicable to the company.
(xix) On the basis of the financial ratio, (refer note no 34 to
financial statement) ageing and expected date 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 audit report
indicating that the 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 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 in a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.
(xx) According to the records of the company and information and
explanations given to us, in our opinion, there are no amount remaining unspent towards
Corporate Social Responsibility (CSR) as specified under sub section (5) of section 135 of
the Companies Act, (refer note no. 32 to the financial statements).
(xxi) ere are no subsidiaries accordingly provisions of clause (xxi) of
the Companies (Auditors Report) order (CARO) are not applicable to the company.
| For B. K. Shro_ & Co. |
| Chartered Accountants |
| Firm Registration No.: 302166E |
| (OM PRAKASH SHROFF) |
| Partner |
| Membership No.: 006329 |
| Place: New Delhi |
| Date: May 09, 2023 |
| UDIN 23006329BGYYUG7621 |
Annexure B referred to in Paragraph (II) (f) under the heading of
"Report on Other Legal and Regulatory Requirements" of our report of even date
to the members of PASUPATI ACRYLON LIMITED on the Financial Statements for the year ended
31st March 2023 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 PASUPATI ACRYLON LIMITED ("the Company") as of March 31, 2023, in
conjunction with our audit of the Financial Statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
e 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)". ese 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 Act.
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 and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to
an audit of internal financial controls, with reference to financial statement. ose
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 with reference to the financial statement
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. e procedures selected depend on the auditors judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls system with reference to financial statements.
Meaning of Internal Financial Controls with Reference to Financial
Statements.
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
with reference to the financial statement includes those policies and procedures that:
a) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
Company;
b) 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
c) 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 with reference to the financial statement were operating effectively as at 31
March 2023, based on criteria for internal financial control with reference to financial
statements established by company considering the essential components of internal control
as stated in the Guidance Note issued by the ICAI".
| For B. K. Shro_ & Co. |
| Chartered Accountants |
| Firm Reg. No.: 302166E |
| (OM PRAKASH SHROFF) |
| Partner |
| Membership No.: 006329 |
| Place: New Delhi |
| Date: May 09, 2023 |
| UDIN: 23006329BGYYUG7621 |
+91-9892691696
