To the Members of Dynamic CablesLimited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Dynamic Cables Limited ("the
Company"), which comprise the Balance Sheet as at 31 March 2023, and the statement of
profit and loss(including other comprehensive income), statement of changes in equity and
statement of cash flow for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information
(hereinafter referred to as "the Financial Statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid 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 31 March 2023, and profit and other comprehensive
income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Act. Our responsibilities under those SAs 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 Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion on Financial Statement.
Key Audit Matters
We have determined the matters described below to be the key audit matters to be
communicated in our report.
| S.No. Key Audit Matter |
Auditors Responsibility |
| 1 Revenue recognition: |
Our audit procedures over the recognition of revenue included the following: |
| Based on its business model in Cables & Conductor, the company has many different
types of terms of delivery arising from different types of performance obligations with
its customers. |
• We assessed the compliance of the companys revenue recognition accounting
policies against the requirements of Indian Accounting Standards ("Ind AS") to
identify any inappropriate policy; |
| Revenue from sale of goods is recognised when control is transferred to the customers
and when there are no other unfulfilled obligations. This requires detailed analysis of
each contract regarding timing of revenue recognition. Inappropriate assessment could lead
to risk of revenue getting recognised before control has been transferred. Accordingly,
timing of recognition of revenue is a key audit matter. |
• We tested the design, implementation and operating effectiveness of key
internal financial controls and processes for revenue recognition along with effectiveness
of information technology controls built in automated processes; |
|
• On a sample basis, we tested revenue transactions recorded during the year, by
verifying the underlying documents, including invoices and shipping documents for
assessment of fulfillment of performance obligations completed during the year; We
analysed the timing of recognition of revenue and any unusual contractual terms; |
|
• On a sample basis, we tested the invoice and shipping documents for revenue
transactions recorded during the period closer to the year end and subsequent to the year
end to verify recognition of revenue in the correct period. |
| 2 Valuation of Trade Receivable: |
Our audit procedure included, among others: |
| Trade receivables is a significant item in the Companys financial statements as at
March 31, 2023 and assumptions used for estimating the credit loss on certain receivables
is an area which is determined by managements judgment.The Company makes an assessment of
the estimated credit losses on certain trade receivables based on credit risk, project
status, past history, latest discussion/ correspondence with the customer.Given the
significance of these receivables in the financial statements as at 31st March, 2023, we
determined this to be a key audit matter. |
• Evaluated the accounting policy of the company. |
|
• Inquired with senior management regarding status of collectability of the
receivable. |
|
• Amount recovered subsequent to the Balance Sheet date. |
|
• Discussion of material outstanding balances with the audit committee. |
|
• Assessed the information/assumptions used by the Management to determine the
expected credit losses by considering credit risk of the customer, cash collection, and
the level of credit loss over time. |
|
Based on our work as stated above, no significant deviationswere observed in respect
of managements assessment of valuation of trade receivables. |
Other Information
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Companys annual report, but does
not include the Financial Statements and our auditors report thereon.The annual report is
expected to be made available to us after the date of this auditors report.
Our opinion on the 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 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 Act with respect to the preparation of these Financial Statements that give
a true and fair view of the financial position, financial performance, changes in equity
and cash flow of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards ("Ind AS") 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 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 accuracy
and completeness of the accounting records, relevant to the preparation and presentation
of the Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the 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 the Board
of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors 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 Financial
Statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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 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 with reference to financial statements 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 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 financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
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 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 of India in terms of Section 143(11) of the Act, we give
in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
(A) As required by Section 143(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 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 statement of changes in equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid 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 31
March 2023 taken on record by the Board of Directors, none of the directors are
disqualified as on 31 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 with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B".
(g) The Company has paid/ provided for managerial remuneration in accordance with the
requisite approvals mandated by the provisions of Section 197 read with Schedule V to 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 31 March 2023 on
its financial position in its financial statements - Refer Note 38to the financial
statements;
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts;
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company; and
iv. (a) The management has represented that, to the best of its knowledge and belief,
as disclosed in the notes to the Standalone Financial Statements, 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, 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 (Refer Note
51(n) to the Standalone Financial Statements);
(b) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the Standalone Financial Statements,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, 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 (Refer Note 51(n) to the Standalone
Financial Statements); and
(c) Based on such audit procedures that we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under subclause (a) and (b) contain any material misstatement.
v. The dividend declared and paid during the year by the Company is in compliance with
Section 123 of the Act
|
For Madhukar Garg & Company |
|
Chartered Accountants |
|
lCAl Firm Registration No. 000866C |
|
Amit Gattani |
|
Partner |
| Place: JAIPUR |
M.No.076101 |
| Date: 23.05.2023 |
UDIN:- 23076101BGXULN7404 |
Annexure-A
to the Independent Auditors Report
With reference to the Annexure A referred to in the Independent Auditors Report to the
members of the Company on the financial statements for the year ended 31 March 2023, we
report the following:
1. In respect of Companys Property, Plant and Equipment and Intangible assets:
a. (A) According to the information and explanation given to us, the company is
maintaining proper records showing full particulars, including quantities details and
situation of Property, Plant and Equipment;
(B) According to the information and explanation given to us, the company is
maintaining proper records showing full particulars of Intangible assets;
b. The management, during the year, has physically verified the Property, Plant and
Equipment of the company and no material discrepancies were noticed on such physical
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 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 the financial statements are held in the
name of the company, except Land purchased by the company through Sale deed executed in
the name of the company on 10-03-2016 situated at H-1-601 B Rd. no. 6 VKI Area, Jaipur
value Rs. 48,22,450.00 for which lease deed has not been prepared till now.
d. As informed and explained to us, the management has not revalued its Property, Plant
and Equipment (including Right of Use assets) or intangible assets or both during the
year.
e. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, no proceedings have been initiated or are
pending against the company for holding any benami property under the Prohibition of
Benami Property Transactions Act, 1988 (previously known as Benami Transactions
(Prohibition) Act, 1988) and rules made thereunder.
2. In respect of Companys Inventory:
a. As explained to us, the inventories were physically verified during the year by
management at reasonable intervals. In our opinion, the coverage and procedure of such
verification by the management is appropriate. No discrepancies of 10% or more in the
aggregate for each class of inventory were noticed during such physical verification by
the management.
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.
In our opinion, the quarterly returns or statements filed by the Company with such
banks or financial institutions are in agreement with the books of account of the Company.
3. According to the information and explanations given to us and on the basis of
examination of books and records by us,
a. A. The Company has not granted any loans or provided advances in the nature of loans
or stood guarantee or provided security to its subsidiaries, associates and joint ventures
during the year. Accordingly, reporting under clause 3(iii)(a)(A) of the Order is not
applicable.
B. The Company has not granted any loans or provided advances in the nature of loans or
stood guarantee or provided security to parties other than subsidiaries, joint ventures
and associates during the year. Accordingly, reporting under clause 3(iii)(a)(B) of the
Order is not applicable.
b. During the year, the investments made and guarantees provided to companies are not
prejudicial to the Companys interest.
c. The Company has not granted loans and advances in the nature of loans to companies,
firms, Limited Liability Partnerships or any other parties.
Accordingly, the requirement to report on clause 3(iii)(c), (d), (e) and (f) of the
Order are not applicable to the Company.
4. In our opinion and according to information and explanations given to us the Company
has complied with the provisions of section 185 and 186 of the Act
5. The company has not accepted any deposits under the provisions of section 73 to 76
or any other relevant provisions of the Companies Act and the rules framed there under,
and as such the question of compliance under the Companies Act or any other directives or
orders does not arise.
6. We have broadly reviewed the books of account maintained by the Company pursuant to
the rules made by the Central Government for the maintenance of cost records under section
148(1) of the Companies Act related to the manufacturing activities, and are of the
opinion that prima facie, the specified accounts and records have been made and
maintained. We have not, however, made a detailed examination of the same.
7. (a) According to information and explanations given to us and on the basis of our
examination of books of accounts, records, the Company has been generally regular in
depositing undisputed statutory dues including Goods and Service Tax, provident fund,
employees state insurance, income-tax, sales-tax, service tax, value added Tax, duty of
customs, duty of excise and any other statutory dues with the appropriate authority.
According to the information and explanation given to us, no undisputed amounts payable in
respect of the above were in arrears as at March 31st, 2023 for a period of more than six
months from the date on when they become payable.
(b) According to the information and explanation given to us the dues referred to in
sub-clause (a) which have not been deposited on March 31, 2023 on account of any dispute,
are as follows:
| Name of the Statute |
Nature of Dues |
Amount (in lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
| Income Tax Act,1961 |
Income Tax |
4.07 |
Various Years from A.Y. 2009-10 and 2013-14. |
Rectification filed u/s 154 |
| Service Tax |
Service Tax |
3.92 |
Year 2017-18. |
CESTAT New Delhi |
| Service Tax |
Service Tax |
16.98 |
Year 2019-20 |
Pending at Commissioner Level |
| GST Act |
RCM |
3.08 |
Year 2017-18 |
Appeal pending with Joint/ Additional Commissioner |
| GST Act Court |
ITC |
156.58 |
Year 2017-18 |
Writ petition filed in Rajasthan High |
| Total |
|
184.63 |
|
|
8. According to the explanations and information given to us by the management and as
verified by us, there are no transactions which were not recorded in the books of account
and have been surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961.
9. (a) In our opinion and according to the information and explanations 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.
(b) According to the information provided to us by the management, the company has not
been declared as a willful defaulter by any bank or financial institution or any other
lender.
(c) The term loans were applied for the purpose for which the loans were obtained.
(d) The short-term loans were applied for the purpose for which the loans were
obtained.
(e) The Company has no subsidiaries, associates or joint ventures. Accordingly,
reporting under clause 3(ix)(e) of the Order is not applicable.
(f) The company has no subsidiaries, associates or joint ventures. Accordingly,
reporting under clause 3(ix)(f) of the Order is not applicable.
10. (a) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) during the year.
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year.
11. (a) During the conduct of our examination of the books and records of the company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanation given to us, we have neither come across any
instances of fraud by the company noticed or reported during the year, nor have we been
informed of any such cases by the management.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by us in Form ADT 4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules,
2014 with the Central Government;
(c) As per our information and according to the explanations given to us, no whistle
blower complaints were received by the company during the year.
12. As the company is not Nidhi Company, hence reporting under clause 3(xii)(a),
(xii)(b) and (xii)(c) 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 where applicable and details of such
transactions have been disclosed in the Ind AS financial statements as required by the
applicable accounting standards.
14. (a) In our opinion and according to the information and explanations given by
management, the company has an internal audit system commensurate with the size and nature
of its business.
(b) The reports of the Internal Auditors for the period under audit were considered by
us.
15. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into any non-cash
transactions with directors or persons connected with him as referred to in section 192 of
the Act.
16. (a) According to the information and explanations given to us by the management,
the Company is not required to be registered under section 45-IA of the Reserve Bank of
India Act 1934.
(b) According to the information and explanations given to us by the management, the
company has not conducted any Non-Banking Financial or Housing Finance activities without
a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the
Reserve Bank of India Act, 1934.
(c) According to the information and explanations given to us by the management, the
company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India.
(d) According to the information and explanations given to us by the management, the
Company is not a part of any group, hence clause (xvi)(d) of paragraph 3 of the said order
is not applicable to the company.
17. The company has not incurred any cash losses in the current financial year and the
immediately preceding financial year.
18. There has been no resignation of the statutory auditors during the year.
19. On the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
financial statements, in our knowledge of the Board of Directors and management plans, we
are of the opinion that 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 one year from the balance sheet date.
20. According to the information and explanations given to us by the management, and on
the basis of our examination of the records of the company, the company has spent the
entire amount as per the requirement of section 135 of the Companies Act, 2013, and
therefore sub-clauses (a) and (b) of clause (xx) of para 3 are not applicable.
21. According to the information and explanations given to us by the management, the
Company is not a part of any group. Since this report is being issued in respect of
financial statements of the company, hence clause (xxi) of paragraph 3 of the said Order
is not applicable.
|
For Madhukar Garg & Company |
|
Chartered Accountants |
|
lCAl Firrn Registration No. 000866C |
|
Amit Gattani |
|
Partner |
| Place: JAIPUR |
M.No.076101 |
| Date: 23.05.2023 |
UDIN:- 23076101BGXULN7404 |
Annexure-B
TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1(A)(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 Financial Statements under
Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls with reference to Financial
Statements of Dynamic Cables Limited ("the Company") as at 31stMarch
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
2. 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
("the Guidance Note") issued by the Institute of Chartered Accountants of India
(‘ICAI). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to Companys policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
Auditors Responsibility
3. 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 and the Standards on Auditing deemed to be prescribed under section
143(10) of the Act,to the extent applicable to an audit of internal financial controls,
both applicable to an audit of internal financial controls and both issued by the ICAI.
Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls Over Financial Reporting was established and maintained and if such
controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system Over Financial Reporting and their operating
effectiveness. Our audit of internal financial controls Over Financial Reporting included
obtaining an understanding of internal financial controls Over Financial Reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the Standalone Financial statements, whether due to fraud or
error.
5. 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
with reference to Standalone Financial Statements.
Meaning of Internal Financial Controls Over Financial Reporting
6. A companys internal financial controls 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 controls Over
Financial Reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of Financial
Statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of 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
7. 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 controls
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
8. 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 31 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 issued by the
ICAI.
|
For Madhukar Garg & Company |
|
Chartered Accountants |
|
lCAl Firrn Registration No. 000866C |
|
Amit Gattani |
|
Partner |
| Place: JAIPUR |
M.No.076101 |
| Date: 23.05.2023 |
UDIN:- 23076101BGXULN7404 |
+91-9892691696
