To,
The Members of ZEAL AQUA LIMITED
Report on the Financial Statements
We have audited the accompanying standalone financial statements of the
Zeal Aqua Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and
a summary of the significant accounting policies and other explanatory information (herein
after referred to as "the Standalone Financial Statements").
Opinion:
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 accounting principles
generally accepted in India, of the state of the affairs of the Company as at 31st
March, 2023, the profit and the other comprehensive income, 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 Standalone Financial Statements section of our report. We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Companies Act, 2013 and the Rules
there under, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on the
Standalone Financial Statement.
Key Audit Matters:
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone financial statements of the
current period. These matters were addressed in the context of our audit of the standalone
financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. We have determined the matters described below to be
the key audit matters to be communicated in our report.
| S. No. Key Audit Matter |
Auditors Response |
| 1 Revenue Recognition |
Principal Audit Procedures |
| To ensure accuracy of recognition, measurement, presentation
and disclosures of revenues and related accounts. |
• We have assessed the Companys internal controls
surrounding its revenue transactions; |
|
• We tested the key controls identified; |
|
• We performed substantive detail testing by selecting a
sample of revenue transactions that we considered appropriate to test the evidence of
effectiveness of the internal controls and adherence to accounting policies in recognising
the revenue, and the rebates and discounts there against. |
Information Other than the Financial Statements and Auditors
Report Thereon:
The Companys management and Board of Directors are responsible for the
other information. The other information comprises the information included in the
Companys annual report, but does not include the Standalone financial statements and our
auditors report thereon.
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 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. 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 and Board of Directors Responsibility for the
Standalone Financial Statements:
The Companys Management and Board of Directors are responsible for the
matters stated in the Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these standalone financial statements that give a true and
fair view of the state of affairs, profit, and other comprehensive income, cash flows and
changes in Equity of the company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as
amended.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting the 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 control, that were operating effectively 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 and Board of Directors 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 Responsibility for the Audit of the 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 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
standalone financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal 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 and
Board of Directors.
• Conclude on the appropriateness of managements use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the standalone financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
standalone financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the 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
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 in terms of Section 143(11) of
the Act, we give in "Annexure A" a statement on the matters on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, 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 purpose 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 the
Statement of Other Comprehensive Income, the Statement of Cash Flow and Statement of
Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone financial statements comply
with the Ind AS specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.
e) On the basis of written representations received from the directors
as on 31st March, 2023 and 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".
g) With respect to the other matters to be included in the Auditors
Report in accordance with the requirement 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/provided 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 explanation given to
us:
I. The Company has disclosed the impact of pending litigations on its
financial position in its standalone Ind AS financial statements - Refer Note 32 to the
standalone Ind AS financial statements;
II. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable losses; and
III. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
IV. a) The management has represented that, to the best of its
knowledge and belief, other than as disclosed in the notes to the accounts, no funds have
been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or in any other person or entity,
including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented, that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts, no funds have been
received by the company from any person or entity, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has been caused
us to believe that the representations under clause (a) and (b) above, contain any
material misstatement.
V. The Company has neither declared nor paid any dividend during the
year.
ZEAL AQUA LIMITED
"Annexure A" to Independent Auditors Report
Referred to in paragraph 1 under the heading ‘Report on Other
Legal & Regulatory Requirement of our report of even date to the standalone Ind AS
financial statements of the Company for the year ended March 31st, 2023:
We report that:
i) . Property, Plant and Equipment:
The company has maintained proper records showing full particulars,
including quantitative details and situation of its Property, Plant and Equipment;
The company has maintained proper records showing full particulars of
intangible Assets;
As explained to us, Property, Plant and Equipment have been physically
verified by the management at reasonable intervals; no material discrepancies were noticed
on such verification.
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 (other than immovable properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) disclosed in the financial
statements are held in the name of the Company.
According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the Company has not revalued its
Property, plant and equipment (including Right-of-use assets) or Intangible assets or both
during the year.
According to the information and explanations given to us and on the
basis of our examination of the records of the Company, there are no proceedings initiated
or pending against the Company for holding any benami property under the Prohibition of
Benami Property Transactions Act, 1988 and rules made thereunder.
ii) . Inventory:
As explained to us, inventories have been physically verified during
the year by the management at reasonable intervals. No material discrepancy of 10% or more
in the aggregate for each class of inventory were noticed on physical verification of
stocks by the management as compared to book records.
According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the Company has been sanctioned
working capital limits in excess of five crores in aggregate from banks during the year on
the basis of security of current assets of the Company. The quarterly statements filed by
the Company with such banks and financial institutions are not in agreement with the books
of accounts of the Company and the details are as follows
| Quarter |
Particulars |
Amount as per books of account |
Amount reported in the quarterly return/
statement |
Amount of difference |
Resaon for discrepancy |
|
|
|
|
|
Please refer note below |
| Jun-22 |
Inventory |
13178.691 |
12748.109 |
430.582 |
|
| Jun-22 |
Trade Receivables |
9286.319 |
4744.488 |
4541.831 |
|
| Jun-22 |
Trade Payables |
8609.95 |
2148.297 |
6461.653 |
|
|
Net Difference |
13855.06 |
15344.3 |
-1489.24 |
|
| Sep-22 |
Inventory |
13769.858 |
13438.165 |
331.693 |
|
| Sep-22 |
Trade Receivables |
18653.901 |
7221.464 |
11432.437 |
|
| Sep-22 |
Trade Payables |
16834.314 |
3329.08 |
13505.234 |
|
|
Net Difference |
15589.445 |
17330.549 |
-1741.104 |
|
| Dec-22 |
Inventory |
14266.123 |
11955.251 |
2310.872 |
|
| Dec-22 |
Trade Receivables |
12404.091 |
16468.264 |
-4064.173 |
|
| Dec-22 |
Trade Payables |
12727.741 |
10091.32 |
2636.421 |
|
|
Net Difference |
13942.473 |
18332.195 |
-4389.722 |
|
| Mar-23 |
Inventory |
14943.408 |
12557.031 |
2386.377 |
|
| Mar-23 |
Trade Receivables |
6588.722 |
10184.766 |
-3596.044 |
|
| Mar-23 |
Trade Payables |
6168.529 |
8654.797 |
-2486.268 |
|
|
Net Difference |
15363.601 |
14087.000 |
1276.601 |
|
Note -Reason for differences:
The differences in inventories and trade receivables are majorly on
account of goods in transit where the goods have been physically dispatched from the
Company location however, the same has not been considered as revenue from the purpose of
revenue recognition principles and hence reversed from books of accounts for respective
quarter ends.
Similarly, goods in transit for goods which have not reached respective
Company locations are not considered however, considered as purchases as per accounting
principles. This has lead to offsetting differences between Inventory, trade receivables
and trade payable balances.
The management, basis their understanding with banks, submits stock
statement of physical stock as available at respective locations at the period end.
Accordingly adjustment for goods in transit (inward and outward) is not considered for the
purpose of filing returns with banks.
There are other differences on account of regrouping and
reclassification of trade receivable and trade payable balances including adjustment of
advances received / given from / to customers / vendors being carried out in the books of
accounts post submission of returns with the banks.
iii) . Loans, Guarantee and Advances given:
According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the Company has not made any
investments, provided guarantee or security or granted any advances in the nature of
loans, secured or unsecured, to companies, firms, limited liability partnerships or any
other parties during the year.
The Company has not granted any loans, secured or unsecured, to firms,
limited liability partnerships or any other parties during the year.
A. Based on the audit procedures carried on by us and as per the
information and explanations given to us, the Company has not granted any loans to
subsidiaries, joint ventures and associates during the year.
B. Based on the audit procedures carried on by us and as per the
information and explanations given to us, the Company has not granted loans to any other
party during the year.
iv) . Loans, Guarantee and Advances to Director of Company:
During the year the company has not provided any loans, guarantees,
advances and securities to the director of the company and the company is compliant
provisions of section 185 and 186 of the Companies Act, 2013.
v) . Deposits:
The Company has not accepted any deposits or amounts which are deemed
to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.
vi) . Maintenance of costing records:
As per information & explanation given by the management,
maintenance of cost records has not been specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013.
vii). Deposit of statutory liabilities:
According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income-tax, Goods and Service Tax, Sales-tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax, Cess and any other Statutory Dues to the extent applicable, have
generally been regularly deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding statutory dues as on
31st March,2023 for a period of more than six months from the date they became payable.
According to the information and explanations given to us, there is no
amount payable in respect of Income-tax, Goods and Service Tax, Sales-tax, Service Tax,
Custom Duty, Excise Duty, Value Added Tax, Cess whichever applicable, which have not been
deposited on account of any disputes.
| Sr. No. Name of the Statute |
Nature of dues |
Amount involved |
Period to which amount relates |
Forum where the dispute is pending |
| 1 Income Tax Act, 1961 |
Income Tax Demand |
6025450 |
2021-22 |
Commissioner Appeals, Income Tax |
| 2 Income Tax Act, 1961 |
Income Tax Demand |
14556220 |
2019-20 |
154 rectification application filed |
| 3 Income Tax Act, 1961 |
Income Tax Demand |
176040 |
2014-15 |
Reflecting on Income Tax Website |
b) The company is not a declared wilful defaulter by any bank or
financial institution or other lender.
c) The Company has applied all the term loans for the purpose for which
they were obtained.
d) The Company has not utilised funds raised on short term basis for
long term purpose.
e) 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 ventures.
f) The company has not raised loans on the pledge of securities held in
its subsidiaries, joint ventures or associate companies.
x) . Funds raised and utilisation:
Based on our audit procedures and according to the information given by
the management, the company has not raised any money by way of initial public offer or
further public offer (including debt instruments) during the year. In our opinion and
according to the information and explanation given to us, money raised by way of Term
Loans have been applied by the Company during the year for the purpose for which they were
raised, other than temporary deployment pending application of proceeds.
The company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year under
review.
xi) . Fraud and whistle-blower complaints:
According to the information and explanations given to us, we report
that no fraud by the company or any fraud on the Company by its officers or employees has
been noticed or reported during the year.
We have not filed any report under sub-section (12) of section 143 of
the Companies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
Company has not received any whistle-blower complaints during the year.
xii) . Nidhi Company:
The company is not a Nidhi Company. Therefore, clause (xii) of the
order is not applicable to the company.
xiii) . Related Party Transactions:
According to the information and explanations given to us, all
transactions with the related parties are in compliance with sections 177 and 188 of
Companies Act, 2013 wherever applicable and the details have been disclosed in the
Financial Statements etc. as required by the applicable accounting standards.
xiv) . Internal Audit:
The company have an internal audit system commensurate with the size
and nature of its business. Reports of the Internal Auditors for the period under audit
were considered by the statutory auditor.
xv) . Non Cash Transactions:
The company has not entered into non-cash transactions with directors
or persons connected with him.
xvi) . Registration under RBI act:
a) The company is not required to be registered under section 45-IA of
the Reserve Bank of India Act, 1934.
b) The company has not conducted any Non-Banking Financial or Housing
Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank
of India as per the Reserve Bank of India Act, 1934.
c) The company is not a Core Investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India.
d) The Group is not CIC and has no CIC as part of the Group.
xvii) . Cash Losses:
The company has not incurred cash losses in the financial year and in
the immediately preceding financial year.
xviii) . Resignation of Statutory Auditors:
There has been no instance of any resignation of the statutory auditors
occurred during the year.
xix) . Material uncertainty on meeting liabilities:
No material uncertainty exists as on the date of the audit report that
company is capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of 1 year from the balance sheet date
xx) . Transfer to fund specified under Schedule VII of Companies Act,
2013
In respect of other than ongoing projects, the company has not
transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within
a period of six months of the expiry of the financial year in compliance with second
proviso to subsection (5) of section 135 of the said Act;
xxi) . This clause is not applicable to the company.
ZEAL AQUA LIMITED
"ANNEXURE B" TO INDEPENDENT AUDITORS REPORT
(referred to in paragraph f) under ‘report on other Legal and
regulatory requirements section of our report of even date)
Report on the Internal Financial Controls under Clause (i) of
Sub-section3 of Section 143 of the Companies Act (2013) ("the Act")
We have audited the internal financial controls over financial
reporting of the Zeal Aqua Limited ("the Company") as of March 31, 2022 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India (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 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 on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") and the Standards on Auditing 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 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 authorisations of management and directors of the
company; and
(3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the companys assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 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 Pary and Co Chartered Accountants |
|
[FRN :- 007288C] |
|
Sd/- |
| Place :- Surat, |
Akash Rajnikant Gaglani Partner |
| Date :- 30th May, 2023 |
[Membership No 114255] |
+91-9892691696
