To the Members of
RMC SWITCHGEARS LIMITED,
Report on the Standalone Financial Statements
OpInIOn
that We have audited the financial statements of RMC SWITCHGEARS
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2023, the Statement of Profit and Loss, and statement of Cash Flows for the year
the ended, and notes to the financial statements, including a summary of significant
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 Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the State of
Affairs of the Company as at March 31, 2023 Profit and its Cash Flows
for the year ended on that date.
BASIS FOR OpInIOn
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditors Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules 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 evidencesufficient and we
have obtained is appropriate to provide a basis for our opinion. We believe that the audit
evidencewehaveobtainedissufficient and appropriate to provide a basis for our opinion.
EMpHASIS OF MATTER
Emphasis of Matters is 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 there are no matters
to be communicated in our report.
InFORMATIOn OTHER THAn THE STAnDALOnE FInAnCIAL STATEMEnTS AnD
AuDITORS REpORT THEREOn
The Companys management and Board of Directors are responsible
for the other information. The other information comprises the information included in the
Management Discussion and Analysis, Directors Report, Corporate Governance Report,
Companys annual report and other information, but does not include the 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 policies
and other assurance conclusion thereon. In connection with our audit of the financial
statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or
our knowledge obtained 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.
RESpOnSIBILITIES OF MAnAGEMEnT AnD THOSE CHARGED WITH GOvERnAnCE FOR
THE FInAnCIAL STATEMEnTS
The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair view of the
financial position, financial performance, and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the accounting
Standards specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate implementation and
maintenance of 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 ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. The Board of Directors is also
responsible for overseeing the Companys financial reporting process.
AuDITORS RESpOnSIBILITIES FOR THE AuDIT OF THE FInAnCIAL
STATEMEnTS
Our objectives are to obtain reasonable assurance about whether the
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 assurances a high level of assurance, but are 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 skepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement of the
standalone annual financial results, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that insufficient
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.
2. Obtain an understanding of internal control relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under Section
143(3)(i) of the Act, we are also responsible for expressing our opinion through a
separate report on the complete set of financial statements on whether the company has
adequate internal financial controls with reference to financial statements in place and
the operating effectiveness of such controls.
3. Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures in the standalone financial
results made by the Management and Board of Directors.
4. Conclude on the appropriateness of the Management and Board of
Directors use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may
cast significant on the appropriateness of this assumption. 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 annual financial results 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.
5. Evaluate the overall presentation, structure and content of the
standalone annual financial results, including the disclosures, and whether the standalone
annual financial results represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatement 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 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 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
suchcommunication.
REpORT On OTHER LEGAL AnD REGuLATORy REquIREMEnTS
As required by the Companies (Auditors Report) Order, 2020
("the Order"), issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Companies Act, 2013, we give in the Annexure A a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
As required by Section143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the purpose so 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 and proper
returns adequate for the purposes of our audit have been received from the branches not
visited by us.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement (including other comprehensive income) 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 Accounting Standards 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 31st March, 2023 taken on record by the Board of Directors,
none of the directors is disqualified as on 31 st 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 Reporting "Annexure B". Our report expresses a modified opinion
on the adequacy and operating effectiveness of the Companys internal financial controls
with reference to financial statements.
g) With respect to the matter 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 according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of Section 197 of the Act.
h) With respect to the other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31st
March 2023 on its financial position in its standalone financial statements - Refer Note
28 to the 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 during the year ended 31st
March, 2023;
iv. (a) The Management has represented that, to the best of its
knowledge and belief, 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 entity ("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, no funds (which are material either individually or in the aggregate) have
been received by the Company from any person or entity, including foreign entity
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures 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 FY
2022-23. Hence, the provisions of section 123 of Companies Act, 2013 does not apply.
For RAKESH ASHOK AnD COMpAny Chartered Accountants FRn: 011273C
| place:-JAIpuR |
vIJAy KuMAR GupTA |
| Date: 04/05/2023 |
(pARTnER) |
| uDIn: 23407189BGRZRT3280 |
Membership no.407189 |
Annexure–A
to the Auditors Report
The Annexure referred to in the Independent Auditors Report to
the members of the company on the Financial Statements for the year ended 31st
March, 2023, we report that:
i. (a) (i) The company is maintaining proper records showing full
particulars, including quantitative details & situation of situation of Property,
Plant and Equipment and relevant details of right-of-use assets
(ii) The company has maintained proper records showing full particulars
of intangible assets.
(b) As explained to us, the company has a phased program for physical
verification of Property, Plant and Equipment and right-of-use assets. In our opinion, the
frequency of verification is reasonable, considering the size of the company and nature of
its Property, Plant and Equipment and right-of-use assets. Pursuant to the program,
physical verification has been carried out during the year and no material discrepancies
have been noticed on such verification.
(c) 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 are held in the name of the company.
(d) The Company has not revalued any of its Property, Plant and
Equipment (including right-of-use assets) and intangible assets during the year.
Accordingly, the reporting under Clause 3(i)(d) of the Order is not applicable to the
Company. .
(e) 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 have
been initiated or are pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
ii. (a) The inventories lying at its location has been physically
verified by the management at reasonable intervals during the year, except for goods in
transit and those lying with third parties. In our opinion and according to the
information and explanation given to us, the coverage and procedure of such verification
by the management is appropriate having regard to the size of the company and the nature
of its operation. Management has not found discrepancies of 10% or more in the aggregate
for each class of inventories on such physical verification of inventories when compared
with books of account.
(b) 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 crore rupees, in aggregate, from banks
or financial institutions on the basis of security of current assets during any point of
time of the year. The Company has filed quarterly returns or statements with such banks or
financial institutions are in agreement with the unaudited books of account and no
material discrepancies have been observed.p>
iii. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the company, during the year the company
has provided loans or provided advances in the nature of loans, or stood guarantee, or
provided security to other entities:
(A) the aggregate amount during the year with respect to such loans or
advances and guarantees or security to subsidiaries, joint ventures and associates is
NIL and balance outstanding at the balance sheet date is NIL;
(B) the aggregate amount during the year with respect to such loans or
advances and guarantees or security to parties other than subsidiaries, joint ventures and
associates is 0.55 Crore and out of these, balance outstanding at the balance sheet date
is 0.55 Crore .
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the company, the investments made,
guarantees provided, security given and the terms and conditions of the grant of all loans
and advances in the nature of loans and guarantees provided are not prima facie
prejudicial to the companys interest.
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, there is no stipulation of
schedule of repayment of principal and payment of interest or repayable on demand basis.
Annexure–A
to the Auditors Report
(d) 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 overdue amounts
in respect of the loans granted to the parties as the company has not demanded the loans.
(e) The amount is not overdue, on the above loan and advances; hence
this clause is not applicable.
(f) 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 granted loans
or advances in the nature of loans repayable on demand or without specifying any terms or
period of repayment:
| particulars |
All parties |
promoters |
Related parties |
Others |
| Aggregate amount of loans/ advances in nature
of loans |
|
|
|
|
| - Repayable on Demand (A) |
0.55 Crores |
0.00 |
0.00 |
0.55 Crores |
| - Agreement does not specify any terms or
period of repayment (B) |
0.00 |
0.00 |
0.00 |
0.00 |
| Total (A+B) |
0.55 Crores |
0.00 |
0.00 |
0.55 Crores |
| Percentage of Loans/ advances in nature of
loans to the total advances |
100% |
0.00 |
0.00 |
0.00 |
iv. According to the information and explanations given to us and on
the basis of our examination of the records, in respect of loans, investments, guarantees,
and security, provisions of section 185 and 186 of the Companies Act, 2013 have been
complied with.
v. The company has not accepted any deposits or amounts which are
deemed to be deposits covered under sections 73 to 76 of the Companies Act, 2013.
Accordingly, clause 3(v) of the Order is not applicable.
vi. As per information & explanation given by the management,
maintenance of cost records has been specified by the Central Government under sub-section
(1) of section 148 of the Companies Act and such accounts and records have been so made
and maintained.
vii. (a) According to the records of the company produced for our
verification the company is generally regular in depositing undisputed statutory dues
including provident fund, employees state insurance, income tax, sales-tax, service tax,
duty of customs, duty of excise, value added tax, cess, Goods and Services Tax(GST) and
any other statutory dues to the appropriate authorities wherever applicable According to
the information and explanation given to us, no undisputed arrears of statutory dues were
outstanding as on 31/03/2023 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the company, there is no statutory dues
referred to in sub-clause (a) that have not been deposited on account of any dispute
except following:
| name of the Statute |
nature of the Dues |
Amount ( In lacs) |
period to which the amount relates |
Forum where Dispute is pending |
Remarks, if Any |
| Central Excise Deptt. |
Excise Duty |
18.23 |
Jan., 2016 to Dec., 2016 |
CESTAT |
The company has deposited 1,41,210/-
against demand. |
viii. As per information and explanations given to us and based on the
records of the company, there were no transactions relating to previously unrecorded
income that have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43 of 1961).
Annexure–A
to the Auditors Report
ix. (a) According to the records of the Company and information given
to us, the Company has not defaulted in the repayment of loans or other borrowings or in
the payment of interest thereon to any lender during the year.
(b) According to the information and explanations given to us and based
on the records of the company, the company has not been declared willful defaulter by any
bank or financial institution or government or government authority.
(c) In our opinion and according to the information and explanations
given to us by the management, term loans were applied for the purpose for which the loans
were obtained.
(d) On an overall examination of the financial statements of the
Company, funds raised on short-term basis have, prima facie, not been used during the year
for long-term purposes by the Company.
(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, associates or joint ventures.
(f) The Company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies. Hence, the
requirement to report on clause 3(ix)(f ) of the Order is not applicable to the Company.
x. (a) The Company has not raised moneys by way of initial public offer
or further public offer (including debt instruments) during the year and hence reporting
under clause 3(x)(a) of the Order is not applicable.
(b) 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 utilized funds
raised by way of preferential allotment of shares for the purposes for which they were
raised.
xi. (a) According to the information and explanations given to us, no
fraud by the Company or on the Company has been noticed or reported during the course of
our audit. Hence clause (xi)(a) of the order is not applicable.
(b) No Report under sub-section (12) of section 143 of the Companies
Act has been filed ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government.
(c) No whistle-blower complaints were received by the company during
the year.
xii. In our opinion and according to the information and explanations
given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the
Order is not applicable.
xiii. According to the information and explanations given to us and
based on our examination of the records of the Company, transactions with the related
parties are in compliance with sections 177 and 188 of the Act where applicable and
details of such transactions have been disclosed in the financial statements 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.
(b) We have considered the internal audit reports issued to the Company
during the year and covering the period up to 31st March, 2023 for the period
under audit.
xv. According to the information and explanation given to us and based
on our examination of records of the company, the company has not entered into any
non-cash transaction with the directors or person connected with them. Accordingly,
paragraph 3(xv) of the Order is not applicable.
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) and
(b) of the Order is not applicable.
(b) The Company is not a Core Investment Company (CIC) as defined in
the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi) (c) of the
Order is not applicable.
(c) According to the information and explanations provided to us during
the course of audit, the Group does not have any CICs.
xvii. The company has not incurred any cash loss during the current
financial year and in the immediately preceding financial year.
xviii. There has been resignation of the statutory auditors during the
year and we have taken into consideration the issues, objections or concerns raised by the
in Form outgoing auditors.
xix. On the basis of the financial ratios, expected dates of
realisation 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. and (a) According to the information and explanation provided to
us, the company is not required to comply with section 135 of the Act. Hence the clause
(xx)(a) of the order is not applicable.
(b) As per the records of the company, the company does not have any
on-going projects pursuant to section 135 sub-section (5). Hence the clause (xx) (b) of
the order is not applicable.
For RAKESH ASHOK AnD COMpAny Chartered Accountants FRn: 011273C
| place:-JAIpuR |
vIJAy KuMAR GupTA |
| Date: 04/05/2023 |
(pARTnER) |
| uDIn: 23407189BGRZRT3280 |
Membership no.407189 |
Annexure–B
to the Independent Auditors Report
REpORT On THE InTERnAL FInAnCIAL COnTROL unDER CLAuSE (I) OF SuBSECTIOn
3 OF SECTIOn 143 OF THE COMpAnIES ACT, 2013 ("THE ACT")
We have audited the Internal Financial Control over Financial Reporting
of RMC SWITCHGEARS LTD. ("the Company") as on 31st March, 2023 in
conjunction with our audit of the financial statements of the company for the year ended
on that date.
MAnAGEMEnTS RESpOnSIBILITy FOR InTERnAL FInAnCIAL COnTROLS
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 sufficient and appropriate to
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
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, both applicable to an audit
of Internal Financial Controls and, both issued by the Institute of Chartered Accountants
of India. 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 operate defectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial control 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 a basis for our
audit opinion on the Companys internal financial controls system over financial
reporting.
MEAnInG OF InTERnAL FInAnCIAL COnTROL OvER FInAnCIAL REpORTInG
A companys internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding their liability 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 authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material 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 st March, 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 RAKESH ASHOK AnD COMpAny Chartered Accountants FRn: 011273C
| place:-JAIpuR |
vIJAy KuMAR GupTA |
| Date: 04/05/2023 |
(pARTnER) |
| uDIn: 23407189BGRZRT3280 |
Membership no.407189 |
+91-9892691696
