TO THE MEMBERS OF SBC EXPORTS LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of SBC
Exports Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2023 the Statement of Profit and Loss, 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2023,
the profit and loss, 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.
| Key audit matters |
How our audit addressed the key audit matter |
| Recognition of Comprehensive Income arising out of
valuation of Investment as per Ind-AS |
|
| Comprehensive Standards on Financial Instruments issued under
the Companies (Indian Accounting Standards) Rules 2015, All equity Investment in the scope
of Ind-AS are to be measured at fair value in the statement of financial Position, with
value changes recognized in Profit & Loss, except for those investment for which the
entity has irrevocably elected to present value changes in other comprehensive income . |
Our audit approach was a combination of test of internal
controls and substantive procedures which included the followings : Obtaining an
understanding of Internal control designed by the management for investment accounting and
tested the operating effectiveness of those controls. |
|
Audit involved substantive audit procedures like inspection
and re calculation to identify encumbrances on those investments and verification of
sufficiency and appropriateness of disclosures regarding the recognition of other
comprehensive Income arising out of valuation of investment as per Ind-As |
| Valuation of Trade Receivables |
|
| Trade Receivables comprises a significant portion of the
liquid assets of the company Accordingly, the estimation of the allowance for trade
receivable is a significant judgement area and is therefore considered a key audit matter |
Our audit approach was a combination of test of internal
controls and substantive procedures which included the followings : |
|
• Evaluate and test the controls for managing
segment-wise trade receivable and subsequent recovery |
|
• Assess the recoverability and provision of long
outstanding / disputed receivable where considered doubtful for recovery |
|
• Assess the appropriateness and completeness of the
related disclosure |
| Existence & valuation of inventory |
|
| Inventory Comprises a significant portion of the liquid
assets of the company . various procedures are involved in validating inventory quantities
across locations |
Our audit approach was a combination of test of internal
controls and substantive procedures which included the followings : |
|
• Identify and assess segment-wise slow moving material
for valuation and process of providing provision to capture obsolescence. |
|
• Overall inventory reconciliation including opening
stock, purchases consumption and closing stock |
|
• Review the policy of physical
verification of inventory and its operational implementation |
|
• Assess the appropriates and completeness of the
related disclosure |
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 information included in the
Management Discussion and Analysis, Boards Report including Annexures to Boards Report,
Business Responsibility Report, Corporate Governance and Shareholders Information, but
does not include the 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.
Managements Responsibility for the Standalone FinancialStatements
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, changes in equity and cash flows of the Company in accordance with 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 doso.
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 fraudor 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.
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
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 Indian Accounting Standard 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 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, if any,
on its financial position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable
law or Indian Accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.
iv. (a) The management has represented that other than those disclosed
in the notes to accounts,
I. 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;
II. 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;
(b) 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 (I) and (II) above, contain any material misstatement.
v. As per Managements representation received that to the best of its
knowledge and belief, the company has not declared or paid dividend either final or
interim in nature during the year.
ANNEXURE - A
Reports under the Companies (Auditors Report) Order, 2020 (CARO 2020)
for the year ended on 31st March 2023
To,
The Members of SBC EXPORTS LIMITED
The Annexure referred to in our Independent Auditors Report to the
members of the Company on the standalone financial statements for the year ended 31 March
2023.
On the basis of such checks as we considered appropriate and taking
into consideration the information and explanations given to us and the books of account
and other records examined byus in the normal course of audit, we report that:
1. a) (A) As per information and Explanations given to us, the company
is maintaining proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipment; .
(B) As per information and explanations given to us, the company is
maintaining proper records showing full particulars, including quantitative details and
situation of intangible assets.
b) As explained to us, all the Property, Plant and Equipment have been
physically verified by the management at reasonable internals, which in our opinion is
reasonable, having regard to the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification.
c) As per information and explanations given to us, the title deeds of
all the immovable properties (other than properties where the company is the lessee and
the lease agreements are duly executed in favour of the lessee) disclosed in financial
statement are held in the name of the company.
d) As per information and explanations given to us, the Company has not
revalued its Property, Plant and Equipment or intangible assets or both during the year.
Accordingly, the provision of clause 3(i) (d) of order is not applicable.
e) As per information and explanations given to us, No proceedings have
been initiated or are pending against the company for holding any benami property under
the benami Transaction (prohibition Act, 1988 (45 of 1988) and rules made thereunder.
Accordingly, the provision of clause 3(i) (e) of the order is not applicable.
2. (a) As per information and explanations given to us, Physical
verification of inventory has been conducted by the management at reasonable intervals
during the year, which in our opinion is reasonable. No material discrepancies were
noticed on such verification
(b) As per information and explanations given to us, the company has
been sanctioned working capital limit in excess of five crore rupee, in aggregate from
banks or financial institution on the basis of security of current assets. The quarterly
returns or statements filed by the company with such banks or financial institution are in
agreement with book of account of the company. No material discrepancies were noticed.
3. As per information and explanations given to us, the Company has not
granted loan or advance in the nature of loans, secured or unsecured, provided any
guarantee or given security but made investment to companies, firms, limited liability
partnerships or other parties.
(a) As per information and explanations given to us, Company has not
provided loans or advances in nature of loans or stood guarantee, or provided security to
any other entity during the year.
(b) As per information and explanations given to us, the company has
not provided Loans & advances, guarantees, given security but has made investment and
the terms and conditions are not prejudicial to the companys interest.
(c) As per information and explanations given to us, The company has
not provided loans & advances in nature of loans Accordingly the provision of clause
3(iii) (c) of order is not applicable
(d) As per information and explanations given to us, there is no
Overdue Amount for more than ninety days during the reporting period, Accordingly, the
provision of clause 3 (iii) (d) of order is not applicable.
(e) As per information and explanations given to us, the company has
not granted loans & advances in nature of loan which has fallen due during the year
Accordingly, the provision of clause 3 (iii) (e) of order is not applicable.
(f) As per information and explanations given to us, the company has
not granted loans or advances in nature of loans either repayable on demand or without
specifying any terms or period of repayment. Accordingly, the provision of clause
3(iii)(f) of order is not applicable.
4. As per information and explanations given to us, the company has
complied with the provisions of Section 185 and 186 of the companies Act, wherever
applicable, in respect of loans, investments, guarantees and security given by the company
during the year.
5. According to the information and explanations given to us, the
company has not accepted any deposits or amounts which are deemed to be deposits in terms
of the directives issued by the Reserve Bank of India and the provisions of sections 73 to
76 or any other relevant provisions of the Companies Act 2013 and the rules framed there
under. Accordingly, the provision of clause 3 (v) of the order is not applicable.
6. To the best of our knowledge and belief, the Central Government has
not specified maintenance of cost records under sub-section (1) of Section 148 of the Act,
in respect of Companys products/ services. Accordingly, the provisions of clause 3 (vi)
of the Order is not applicable
7. (a) As per information and explanations given to us, the company is
generally regular in depositing undisputed statutory dues including Goods and Services Tax
, provident fund, employees ‘state insurance, income-tax, sales-tax, service tax,
duty of customs, duty of excise, value added tax, cess and any other statutory dues with
the appropriate authorities. There are no outstanding statutory dues as at the last day of
the financial year under audit for a period of more than six months from the date they
became payable except to total of Rs. 2,14,252/- on account of TDS demand.
b) We According to information and explanations given to us, there are
no statutory dues referred to in sub clause(a) which have not been deposited on account of
any dispute except to total of Rs. 37,72,049/- on account of income tax for various years.
8. As per information and explanations given to us, there is no
transaction which is not recorded in the books of accounts and have been Surrendered or
disclosed as income during the year in tax assessments under income tax Act 1961 (43 of
1961). Accordingly, the provisions of clause 3 (viii) of the Order is not applicable.
9. (a) In our opinion, and as per information and explanations given to
us, the Company has not defaulted in repayment of Loans or other borrowings or interest
thereon to any lender during the year. Accordingly, the provision of clause 3(ix)(a) of
the order is not applicable
(b) As per information and explanations given to us the company is not
a declared willful defaulter by any Bank or financial institution or other lender.
Accordingly, the provision of clause 3(ix)(b) of the order is not applicable.
(c) As per information and explanations given to us, the company has
obtained the term loans and the same is applied for the purpose for which it was obtained.
(d) As per information and explanations given to us the company has not
utilized funds, raised on short term basis for long term purpose. Accordingly, the
provision of clause 3(ix)(d) of order is not applicable.
(e) As per information and explanations given to us, the company has
not taken any funds from any entity or person on account of or to meet obligation of its
subsidiaries, associate companies or joint ventures. Accordingly, the provision of clause
3(ix)(e) of the order is not applicable.
(f) As per information and explanations given to us, the company has
not raised loans during the year on the pledge of securities held in its subsidiaries,
joint ventures or associate companies. Accordingly, the provision of clause 3(ix) (f) of
the order is not applicable.
10. (a) As per information and explanations given to us, the company
did not raise any money by way of initial public offer or further public offer (including
debt instruments) during the year. Accordingly, the provision of clause 3 (x) (a) of the
Order is not applicable.
(b) As per information and explanations given to us and based on our
examination of the records, the Company has not made any preferential allotment or private
placement of shares or fully or partially or optionally convertible debentures during the
year under review. Accordingly, the provisions of clause 3(x) (b) of the Order is not
applicable.
11. (a) Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud by the Company or on the
company has been noticed or reported during the period covered by our audit. Accordingly,
the provision of clause 3(xi)(a) of the order is not applicable.
(b) Based upon the audit procedures performed, in the absence of any
observation relating to suspected offence involving fraud, the provision of clause 3
(xi)(b) of the order is not applicable.
c) As per information and explanations given to us, the company has not
received any whistle blower complaints during the year, Accordingly, the provisions of
clause 3(xi) (c) of the Order is not applicable to the Company.
12. The Company is not a Nidhi Company Accordingly, the provisions of
clause (xii) of the order is not applicable.
13. 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. Wherever applicable and details of
such transactions have been disclosed in the financial statements as required by the
applicable Indian Accounting standards.
14. (a) According to the information and explanations given to us, the
company has an internal audit system commensurate with the size and nature of its
business.
(b) We have considered the report of the internal auditors for the
period under audit
15. As per information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with them. Accordingly, the provisions of
clause 3 (xv) of the Order is not applicable.
16. The company is not required to be registered under section 45 IA of
the Reserve Bank of India Act, 1934.Accordingly the provision of clause 3(xvi)(a),(b),(c)
& (d) of order is not applicable.
17. As per information and explanations given to us, the Company has
not incurred any cash losses in the financial year and in the immediately preceding
financial year. Accordingly, the provisions of clause 3(xvii) of the Order is not
applicable to the Company.
18. As per information and explanations given to us, there has been no
instance of resignation by the statutory auditors during the year. Accordingly, the
provisions of clause 3(xviii) of the Order is not applicable to the Company.
19. As per information and explanations given to us, 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,
No material uncertainty exists as on the date of the audit report that company is capable
of meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of 1 year from the balance sheet date.
20. As per information and explanations given to us, the provision of
section 135 of Companies act 2013 are not applicable to the company during the financial
year. Accordingly, the provision of clause 3(xx) of order is not applicable.
21. As per information and explanations given to us, There are no
qualifications or adverse reveals in the CARO report of the company(ies) included in the
consolidated financial statement
"Annexure B"
To the Independent Auditors Report of even date on the Standalone
Financial Statements of SBC EXPORTS LIMITED.
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013.
We have audited the internal financial controls over financial
reporting of SBC EXPORTS 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, 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 operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence
amount the adequacy of the internal financial control system over financial reporting and
their operating effectiveness. Our audit of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend upon on the
auditors judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal financial
controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control over
financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with 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 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 issues by the Institute of
Chartered Accountants of India.
| For STRG & Associates |
| Chartered Accountants |
| FRN : 014826N |
| CA Rakesh Gupta |
| M No. 094040 |
| UDIN:- 23094040BGTZRF8561 |
| Place :- New Delhi |
| Date:- 18/05/2023 |
+91-9892691696
