ON FINANCIAL STATEMENT
To The Members of
Pradhin Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Pradhin Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a
summary of the 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 prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2023, the Loss and total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for opinion
We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone 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 independence
requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIs Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the standalone 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 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.
Provisions and contingent liabilities relating to taxation and litigations
See note 34 and 36 to the standalone financial statements
The provisions and contingent liabilities relate to ongoing litigations and claims with
various authorities and third parties. These relate to direct tax and general legal
proceedings arising in the regular course of business.
As at the year ended 31 March 2023, the amounts involved are significant. The
computation of a provision or contingent liability requires significant judgement by the
Company because of the inherent complexity in estimating future costs. The amount
recognised as a provision is the best estimate of the expenditure. The provisions and
contingent liabilities are subject to changes in the outcomes of litigations and the
positions taken by the Company. It involves significant judgement and estimation to
determine the likelihood and timing of the cash outflows and interpretations of the legal
aspects, tax legislations and judgements previously made by authorities.
How the matter was addressed in our audit
Our audit procedures included:
Understanding the process followed by the Company for assessment and determination of
the amount of provisions and contingent liabilities relating to taxation and litigations.
Evaluating the design and implementation and testing operating effectiveness of key
internal controls around the recognition and measurement of provisions and reassessment of
contingent liabilities.
Involving our tax professionals with specialized skills and knowledge to assist in the
assessment of the value of significant provisions and contingent liabilities relating to
taxation matter, on sample basis, in light of the nature of the exposures, applicable
regulations and related correspondence with the authorities.
Inquiring the status in respect of significant provisions and contingent liabilities
with the Companys internal tax and legal team, including challenging the assumptions and
critical judgements made by the Company which impacted the computation of the provisions
and inspecting the computation.
Information Other than the Standalone Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the directors report but does not include
the standalone financial statements and our auditors report thereon. The Directors
report is expected to be made available to us after the date of this auditors report.
Our opinion on the standalone financial statements does not cover the other information
and we will 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 when it becomes available and, in doing
so, consider whether the other information is materially inconsistent with the standalone
financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.
When we read directors report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of the Company in accordance with
the Ind AS and other accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone 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 is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companys financial reporting
process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal financial controls relevant to the audit in order
to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
* Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
* Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the standalone 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 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 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 Statement of Cash Flow dealt with by this
Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e) On the basis of the written representations received from the directors as on March
31, 2023 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B". 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
Company has not paid any managerial remuneration to its directors during the year.
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 the impact of pending litigations on its financial
position in its standalone financial statements. Refer Note No.34 to the Financial
Statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to Investor Education
and Protection Fund.
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 (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to
or in any other person or entity, including foreign 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, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds (which are material either
individually or in the aggregate) 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, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that has been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.
v. The company has not declared or paid any dividend during the year and has not
proposed final dividend for the year.
Annexure A to Auditors Report
The Annexure referred to in our Independent Auditors Report to the members of the
Company on the standalone financial statements as of and for the year ended 31st March
2023, we report that:
Based on the audit procedures performed for the purpose of reporting a true and fair
view on the financial statements of the Company and taking into consideration the
information and explanation given to us and the books of accounts and other records
examined by us in the normal course of audit, and to the best of our knowledge and belief,
we report that:
(i) (a) (A) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment. (a) (B) The
Company does not own any intangible assets, accordingly the requirement to report under
clause 3 (i) (a) (B) is not applicable.
(b) According to the information and explanation given to us, all Property, Plant and
Equipments have been physically verified by the management during the year. No material
discrepancies were noticed on such verification.
(c) The Company does not own any immovable properties (other than properties where the
Company is the lessee, and the lease agreements are duly executed in favour of the
lessee). Accordingly, the requirement to report under clause 3 (i)(c) is not applicable.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year, accordingly the requirement to
report under clause 3 (i)(d) is not applicable.
(e)To the best of our knowledge and according to the information and explanations given
to us, neither any proceedings have been initiated nor are pending against the Company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder.
(ii) (a) The inventory has been physically verified by the management during the year.
In our opinion, the frequency of verification by the management is reasonable and the
coverage and procedure for such verification is appropriate. There were no discrepancies
of 10% or more in aggregate for each class of inventory. Moreover, the company does not
hold any inventory on the balance sheet date.
(b) The Company has not been sanctioned working capital limits in excess of five crore
rupees, in aggregate, from banks or financial institutions during any point of time of the
year on the basis of security of current assets. Accordingly, the requirement to report on
clause 3(ii) (b) of the Order is not applicable to the Company.
(iii) (a) During the year the Company has not provided loans, advances in the nature of
loans, stood guarantee or provided security to companies, firms, Limited Liability
Partnerships or any other parties. Accordingly, the requirement to report on clause
3(iii)(a) of the Order is not applicable to the Company.
(b) During the year the Company has not made investments, provided guarantees, provided
security and granted loans and advances in the nature of loans to companies, firms,
Limited Liability Partnerships or any other parties. Accordingly, the requirement to
report on clause 3(iii)(b) of the Order is not applicable to the Company.
(c) The Company has not granted loans and advances in the nature of loans to companies,
firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement
to report on clause 3(iii)(c), (d), (e) and (f) of the Order is not applicable to the
Company.
(iv) There are no loans, investments, guarantees, and security in respect of which
provisions of Sections 185 and 186 of the Companies Act, 2013 are applicable and
accordingly, the requirement to report on clause 3(iv) of the Order is not applicable to
the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any
amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the
Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the
requirement to report on clause 3(v) of the Order is not applicable to the Company.
According to the information and explanation given to us, 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 against the Company in this regard.
(vi) The Company is not required to maintain cost records under sub -section (1) of
section 148 of the Companies Act. Accordingly, the requirement to report under clause
3(vi) of the Order is not applicable to the company.
(vii) (a) The Company does not have liability in respect of sales-tax, service tax,
duty of excise and value added tax during the year since effective 1 July 2017, these
statutory dues have been subsumed into Goods and Service Tax (GST). According to the
information and explanations given to us and on the basis of our examination of the
records of the company, amount deducted/accrued in the books of accounts in respect of
undisputed statutory dues including goods and services tax, provident fund, income tax ,
cess and other statutory dues have been regularly deposited by the Company with the
appropriate authorities though there has been a slight delay in few cases. As explained to
us the company did not have any dues on account of employees state insurance and duty of
customs. According to the information and explanation given to us no undisputed amounts
payable in respect of Goods and Service Tax, Provident Fund, Income Tax and other
statutory dues were in arrear at the year end, for a period of more than six months from
the date they became payable.
(b) According to the information and explanation provided to us, no undisputed
statutory dues referred to in sub clause (a) are payable to authorities on account of any
dispute except mentioned hereunder:
| Name of Statute |
Nature of Dues |
Amount (Rs in Lacs) |
Period to which amount relates |
Forum where dispute is pending |
Remarks if any |
| Income Tax |
Addition to income & Disallowance of expenditure |
5.38 |
A.Y 2018-19 |
Commissioner of Income Tax (Appeals) |
Provision of tax not made in the books of accounts |
(viii) According to the information and explanation provided to us and on the basis of
examination of books of accounts and records of the company, there are no transactions
that are not recorded in the books of account have been surrendered or disclosed as income
during the year in the tax assessment sunder the Income Tax Act, 1961 (43 of 1961).
(ix) Loans amounting to Rs. 4.36 Lacs from directors of the Company are repayable on
demand and terms and conditions for payment of interest thereon have not been stipulated.
According to the information and explanation given to us, such loans and interest thereon
have not been demanded for repayment during the year under audit. Considering the above,
in our opinion, the Company has not defaulted in repayment of loans or other borrowings,
or in the payment of interest thereon.
(b)According to the information and explanation given to us and on the basis of our
audit procedures, we report that the Company has not taken any loan from Bank or Financial
Institution or other lender, hence clause 3(ix) (b), (c) and (d) are not applicable to the
Company.
(e) The Company does not have any subsidiaries, joint ventures or associate companies,
hence clause 3(ix) (e ) and (f) is not applicable to it.
(x) (a) In our opinion and according to the explanations and information given to us,
the Company did not raise money by way of initial public offer or further public offer
including debt instrument during the year. Hence, the requirement to report on clause
3(x)(a) of the Order is not applicable.
(b) In our opinion and according to the explanations and information given to us, the
Company has not made any preferential allotment or private placement of shares or
convertible debentures (fully, partially or optionally convertible) during the year.
Accordingly, the reporting under clause 3(x)(b) of the Order is not applicable.
(xi) (a) To the best of our knowledge and according to the information and explanation
given to us , no fraud by the Company and no fraud on the Company has been noticed or
reported during the year.
(b) No report under sub -section (12) of section 143 of the Companies Act has been
filed by the auditors in Form ADT -4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government;
(c) As represented to us by the Management, there are no whistle-blower complaints
received by the Company during the year.
(xii) The Company is not a Nidhi Company, hence reporting under clause 3 (xii) of the
Order is not applicable.
(xiii) According to the explanations and information given to us by the management in
our opinion, the Company is in compliance with sections 177 and 188 of Companies Act where
applicable for all transactions with the related parties and the details of related party
transactions have been disclosed in the financial statements, as required by the
applicable accounting standards.
(xiv) (a) In our opinion and based on our examination, the Company has an internal
audit system commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report,
for the period under audit have been considered by us.
(xv) According to the information and explanations given to us, during the year the
Company has not entered into any non-cash transactions with its directors or persons
connected with them as referred to in section 192 of the Companies Act, 2013, Hence
requirement to report under clause 3(xv) of the Order is not applicable.
(xvi) (a) The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of
1934) are not applicable to the Company. Accordingly, the requirement to report on clause
(xvi)(a) of the Order is not applicable.
(b) The Company is not engaged in any Non-Banking Financial or Housing Finance
activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not
applicable.
(c) The Company is not a Core Investment Company as defined in the regulations made by
Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the
Order is not applicable.
(d) According to the information and explanation given by the management, there is no
Core Investment Company as a part of the Group, hence, the requirement to report on clause
3(xvi)(d) of the Order is not applicable.
(xvii) The Company has incurred cash losses amounting to Rs.10.09 Lacs in the current
financial year but had not incurred cash losses in the immediately preceding financial
year.
(xviii) There has been no resignation of the statutory auditors during the year, and
accordingly the requirement to report under clause 3 (xviii) of the Order is not
applicable.
(xix) According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and 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 that Company is
not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state
that this is not an assurance as to the future viability of the Company. We further state
that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of
one year from the balance sheet date, will get discharged by the Company as and when they
fall due.
(xx) The Company does not fall in the criteria provided under section 135 of the
Companies Act 2013, accordingly requirement to report under clause (xx) is not applicable.
Annexure B to Auditors Report
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 Pradhin
Limited 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.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls over financial reporting and the Guidance Note issued by 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 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 system over financial reporting included obtaining an
understanding of internal financial controls system over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the 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, to the best of our information and according to the explanations given
to us, 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.
| Place : Ahmedabad |
For, RMJ & Associates LLP |
| Date : 30th May 2023 |
Chartered Accountants |
|
Firms Reg. No. W100281 |
|
Sd/- |
|
Malav J Ajmera |
|
Partner |
|
Mem. No. 114351 |
|
UDIN:- 23114351BGWUMJ3139 |
|
UDIN Date:- 30th May 2023 |
+91-9892691696
