To The Members of
Prime Focus Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Prime Focus Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2023, and the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and 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 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, and its loss, total
comprehensive loss, its cash flows and the changes in equity 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
Responsibility for the Audit of the Standalone Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements
that are relevant to our audit of the standalone financial statements under the provisions
of the Act and the Rules 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 obtained by us 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 year. We
have determined that there are no key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included
in the Management Discussion and Analysis and Boards Report including Annexures to
Boards report, but does not include the consolidated financial statements, 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 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 to the Management and Those Charged with Governance 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 including
other comprehensive income, cash flows and changes in equity 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
statement 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 Companys Board of Directors are also responsible for overseeing the Companys
financial reporting process.
Auditors Responsibility 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 control relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system 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 the 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 standalone 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 standalone 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 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, the Cash Flow Statement and Statement of Changes in Equity 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.
e. On the basis of the written representations received from the directors as on March
31, 2023 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of section 164(2) of the
Act.
f. With respect to the adequacy of the internal financial controls with reference to
the standalone financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure A". Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Companys internal
financial controls with reference to the standalone financial statements.
g. With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
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.
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 the Investor
Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of
its 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, 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, 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, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under 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.
(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company w.e.f. April 1, 2013, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rule, 2014 is not applicable
for the financial year ended March 31, 2023.
2. 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 B" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
| For Deloitte Haskins & Sells Chartered Accountants LLP |
| Chartered Accountants |
| (Firms Registration No. 117364W / W100739) |
Varsha A. Fadte |
| Partner |
| (Membership No. 103999) |
| UDIN: 23103999BGXJER6763 |
| Panaji, Goa, May 30, 2023 |
Annexure "A" to the Independent Auditors Report
(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory
Requirements section of our report of even date)
Report on the Internal Financial Controls with reference to standalone financial
statements under Clause (i) of Sub-section 3 of section 143 of the Companies Act, 2013
("the Act")
We have audited the internal financial controls with reference to standalone financial
statements of Prime Focus Limited ("the Company") as of March 31, 2023 in
conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsiblefor establishingandmaintaining internal
financial controls with reference to standalone financial statements based on the internal
control with reference to standalone financial statements 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 with reference to standalone financial statements of the Company 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") issued by the
Institute of Chartered Accountants of India and the Standards on Auditing prescribed under
section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of
internal financial controls with reference to standalone financial statements. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls with reference to standalone financial statements 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 standalone financial statements and
their operating effectiveness. Our audit of internal financial controls with reference to
standalone financial statements included obtaining an understanding of internal financial
controls with reference to standalone financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating
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 with
reference to standalone financial statements.
Meaning of Internal Financial Controls with reference to standalone financial
statements
A companys internal financial control with reference to standalone financial
statements 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 standalone financial statements includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of 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 with reference to standalone
financial statements
Because of the inherent limitations of internal financial controls with reference to
standalone financial statements, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial
controls with reference to standalone financial statements to future periods are subject
to the risk that the internal financial control with reference to standalone financial
statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
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
with reference to standalone financial statements and such internal financial controls
with reference to standalone financial statements were operating effectively as at March
31, 2023, based on the criteria for internal financial control with reference to
standalone financial statements 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 Deloitte Haskins & Sells Chartered Accountants LLP |
| Chartered Accountants |
| (Firms Registration No.117364W / W100739) |
Varsha A. Fadte |
| Partner |
| (Membership No. 103999) |
| UDIN: 23103999BGXJER6763 |
| Panaji, Goa, May 30, 2023 |
(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements
section of our report of even date)
In terms of the information and explanations sought by us and given by the Company and
the books of account and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state that:
| (i)(a)(A) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Property, Plant and Equipment
(plant and equipment, capital work in progress and relevant details of right to use
assets). |
| (i)(a)(B) The Company has maintained proper records showing full
particulars of intangible assets. |
| (i)(b) Some of the Property, Plant and Equipment, (plant and equipment,
capital work in progress and right to use assets) were physically verified during the year
by the Management in accordance with a programme of verification, which in our opinion
provides for physical verification of all the Property, Plant and Equipment, (plant and
equipment, capital work in progress and right to use assets) at reasonable intervals
having regard to the size of the Company and the nature of its activities. According
to the information and explanations given to us, no material discrepancies were noticed on
such verification. |
| (i)(c) Based on our examination of the registered sale deed / transfer
deed / conveyance deed provided to us, we report that, the title deeds of all the
immovable properties, (other than immovable properties where the Company is the lessee and
the lease agreements are duly executed in favour of the Company) disclosed in the
financial statements included in (property, plant and equipment and capital work-in
progress) are held in the name of the Company as at the balance sheet date. |
| (i)(d) The Company has not revalued any of its property, plant and
equipment (including Right of Use assets) and intangible assets during the year. |
| (i)(e) No proceedings have been initiated during the year or are pending
against the Company as at March 31, 2023 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder. |
| (ii)(a) The Company does not have any inventory and hence reporting under
clause (ii)(a) of the Order is not applicable. |
| (ii)(b) According to the information and explanations given to us, the
Company has been sanctioned working capital limits in excess of Rs. 5 crores, in
aggregate, at points of time during the year, from banks on the basis of security of
current assets. As informed to us by the management, the quarterly returns or statements
are not required to be submitted to the banks for the aforesaid facilities availed. |
| (iii)(a) The Company has made investment in, provided guarantee or
security and granted unsecured loans to companies during the year, in respect of which: |
in crore |
Particulars |
Loans |
Guarantees |
Security* |
A. Aggregate amount granted/ provided during the year: |
|
|
|
- Subsidiaries |
122.67 |
- |
- |
|
|
|
|
B. Balance outstanding (including interest accrued thereon) as at
balance sheet date in respect of above cases: |
|
|
|
- Subsidiaries |
355.65 |
99.00 |
106.74 |
| * Restricted to borrowings of subsidiaries remained outstanding as at
March 31, 2023. The Company has not provided any advances in the nature of
loans to any other entity during the year. |
| (iii)(b) The investments made, guarantees provided, security given and
the terms and conditions of the grant of all the above-mentioned loans, during the year
are, in our opinion, prima facie, not prejudicial to the Companys interest. |
| (iii)(c) The Company has granted loans which are payable on demand.
During the year the Company has not demanded such loan or advances in the nature of loan.
Having regard to the fact that the repayment of principal or payment of interest has not
been demanded by the Company, in our opinion the repayments of principal amounts and
receipts of interest are regular. (Refer reporting under clause (iii)(f) below) |
| (iii)(d) According to information and explanations given to us and based
on the audit procedures performed, in respect of loans granted by the Company, there is no
overdue amount remaining outstanding as at the balance sheet date. |
| (iii)(e) None of the loans granted by the Company have fallen due during
the year. |
(iii)(f) The Company has granted Loans which are repayable on demand details of which
are given below:
in crore
Particulars |
Related parties |
Aggregate of loans |
|
- Repayable on demand (A) |
122.67 |
- Agreement does not specify any terms or period of repayments (B) |
- |
Total (A+B) |
122.67 |
Percentage of loans to total loans |
34.49 |
| (iv) The Company has complied with the provisions of sections 185 and 186
of the Companies Act, 2013 in respect of loans granted, investments made and guarantees
and securities provided, as applicable. |
| (v) The Company has not accepted any deposit or amounts which are deemed
to be deposits. Hence, reporting under clause (v) of the Order is not applicable. |
| (vi) The maintenance of cost records has not been specified for the
activities of the Company by the Central Government under section 148(1) of the Companies
Act, 2013. |
| (vii)(a) In respect of statutory dues: Undisputed statutory dues,
including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-tax,
Sales Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material
statutory dues applicable to the Company have generally been regularly deposited by it
with the appropriate authorities though the delays in deposit have not been serious. There
were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund,
Income-tax, Sales Tax, Service Tax, duty of Custom, Duty of Excise, Value Added Tax, cess
and other material statutory dues applicable to Company in arrears as at March 31, 2023
for a period of more than six months from the date they became payable. |
| (vii)(b) Details of statutory dues referred to in sub-clause (a) above
which have not been deposited as on March 31, 2023 on account of disputes are given below: |
Name of the statue |
Nature of dues |
Forum where dispute is pending |
Period to which the amount relates |
Amount ( in crore) |
The Mumbai Municipal Corporation Act, 1888 |
Octroi Duty |
Metropolitan Magistrate 42nd Court |
FY 16-17 |
1.74* |
* excluding interest and penalty.
(viii) There were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961
(43 of 1961) during the year.
(ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or
other borrowings or in the payment of interest thereon to any
lender during the year, except as under:
Nature of borrowing |
Name of lenders |
Amount not paid on due date ( in crore) |
Whether principle or interest |
No. of days delay or unpaid |
Remarks, if any |
Term loans |
Others- (one party) |
20.00 |
Interest |
669 |
Remained unpaid till audit report date |
| 20.00 |
Interest |
304 |
| (ix)(b) The Company has not been declared wilful defaulter by any bank or
financial institution or government or any government authority. |
| (ix)(c) The Company has not taken any term loan during the year and there
are no unutilised term loans at the beginning of the year and hence, reporting under
clause (ix)(c) of the Order is not applicable. |
| (ix)(d) The Company did not raise any funds during the year hence, the
requirement to report on clause (ix)(d) of the Order is not applicable to the Company. |
| (ix)(e) On an overall examination of the financial statements of the
Company, the Company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries. |
| (ix)(f) The Company has not raised any loans during the year and hence
reporting on clause (ix))(f) of the Order is not applicable. |
| (x)(a) The Company has not raised money by way of initial public offer or
further public offer (including debt instruments) during the year and hence reporting
under clause (x)(a) of the Order is not applicable. |
| (x)(b) During the year the Company has not made any preferential
allotment or private placement of shares or convertible debentures (fully or partly or
optionally) and hence reporting under clause (x)(b) of the Order is not applicable to the
Company. |
| (xi)(a) To the best of our knowledge, no fraud by the Company and no
material fraud on the Company has been noticed or reported during the year. |
| (xi)(b) To the best of our knowledge, no report under sub-section (12) of
section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13
of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year
and upto the date of this report. |
| (xi)(c) As represented to us by the Management, there were no whistle
blower complaints received by the Company during the year. |
| (xii) The Company is not a Nidhi Company and hence reporting under clause
(xii) of the Order is not applicable. |
| (xiii) In our opinion, the Company is in compliance with section 177 and
188 of the 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 etc. as required by the applicable accounting standards. |
| (xiv)(a) In our opinion the Company has an adequate internal audit system
commensurate with the size and the nature of its business. |
| (xiv)(b) We have considered, the internal audit reports issued to the
Company during the year and till the date of the audit report covering period upto March
31, 2023. |
| (xv) In our opinion during the year the Company has not entered into any
non-cash transactions with its directors or persons connected with its directors and hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. |
| (xvi)(a) The Company is not required to be registered under section 45-IA
of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi) (a), (b) and
(c) of the Order is not applicable. |
| (xvi)(b) The Company does not have any core investment company as part of
the group and accordingly reporting under clause (xvi)(d) of the Order is not applicable. |
| (xvii) The Company has not incurred cash losses during the financial year
covered by our audit and the immediately preceding financial year. |
| (xviii) There has been no resignation of the statutory auditors of the
Company during the year. |
| (xix) On the basis of the financial ratios, ageing and expected dates of
realization of financial assets and payment of financial liabilities, other information
accompanying the financial statements and our knowledge of the Board of Directors and
Management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report indicating that Company is not
capable of meeting its liabilities existing at the date of balance sheet as and when they
fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that
our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall
due. |
| (xx) The Company was not having net worth of rupees five hundred crore or
more, or turnover of rupees one thousand crore or more or a net profit of rupees five
crore or more during the immediately preceding financial year and hence, provisions of
Section 135 of the Act are not applicable to the Company during the year. Accordingly,
reporting under clause 3(xx) of the Order is not applicable for the year. |
|
For Deloitte Haskins & Sells Chartered Accountants LLP |
|
Chartered Accountants |
|
(Firms Registration No.117364W / W100739) |
|
Varsha A. Fadte |
|
Partner |
|
(Membership No. 103999) |
Panaji, Goa |
UDIN: 23103999BGXJER6763 |
, May 30, 2023 |
|
+91-9892691696
