To the Members of
Shivansh Finserve Limited
Report On the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Shivansh
Finserve Limited (the ‘Company) which comprise the Balance Sheet as at
March 31,2023, the Statement of Profit and Loss (including other comprehensive income)
Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and
notes to the standalone financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as
"standalone financial statements"). In our opinion and to the best of our
information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act,2013 (‘the
Act) in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015 as amended (‘Ind AS), and
other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31,2023, its profit, total comprehensive income, changes in equity and
its cash flows for the year then ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) as specified under section 143(10) of the Act. 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 Institute of Chartered
Accountants of India (ICAI) 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 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 that there is no key audit matter to communicate in
our report.
Information other than Financial Statements and Auditors Report thereon
The Companys Board of Directors is responsible for the Other
Information. The Other Information comprises the information included in the Boards
Report including Annexures to Boards Report and Management Discussion & Analysis
(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 will not express any form of assurance conclusion thereon. In
connection with our audit of the standalone financial statements, our responsibility is to
read the other information identified above and, in doing so, consider whether the other
information is materially inconsistent with the standalone 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 the Management and those charged with Governance
for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation of these Standalone
financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the Ind AS and accounting principles generally accepted in
India. The 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 judgement and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively or ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error. In preparing the standalone financial
statements, management is responsible for assessing the Companys ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also 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 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 scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal financial control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls system in place and the
operating effectiveness of such controls.
Evaluate the appropriateness of accounting polices used and the
reasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of managements use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the standalone financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the
standalone financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation. Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative materiality and qualitative factors
in (i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the standalone financial
statements.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit. We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards. From the matters communicated
with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and
are therefore the key audit matters.
We describe these matters in our auditors report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
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 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 are necessary for the purpose 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 Standalone Balance Sheet, the Standalone Statement of Profit
and Loss including other comprehensive income, the Standalone Statement of Cash Flow and
Standalone Statement of changes in Equity 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 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 internal financial
controls over financial reporting of the Company and the operating effectiveness of such
controls, refer to or separate report in "Annexure B" to this Report.
(g) With respect to the other matters to be included in the Auditors
Report in accordance with 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/provided by the Company to its Directors during the year is in
accordance with the provisions of Section 197.
(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) Rule, 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 on the
financial position of its Standalone financial statements Refer Note 30 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 has been no delay in transferring the amounts, required to
be transferred to the Investor Education and Protection Fund by the Company.
iv. a) The management has represented that, to the best of its
knowledge and belief, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to
or in any other person or entity, 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;
b) The management has represented that, to the best of its knowledge
and belief, no funds have been received by the Company from any persons or entities,
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; and
c) Based on such 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 (a) and (b) contain any material
misstatement. v.
(a) The company had not proposed any final dividend in the previous
year, which was declared and paid by the Company during the year.
(b) The Company has not declared and paid any interim dividend during
the year and until the date of this report.
(c) The Board of Directors of the Company have not proposed any final
dividend for the year which is subject to approval of the members in the ensuing Annual
General Meeting.
ANNEXURE ‘A
To the Independent Auditors Report of even date on the Standalone
Financial Statements of Shivansh Finserve Limited
Referred to in paragraph 1 under the heading ‘Report on Other
Legal & Regulatory Requirements of our report of even date to the Standalone
financial statements of the Company for the year ended March 31, 2023:
I. a) (i) (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Property, Plant &
Equipment. (ii) As the Company does not hold any intangible assets, reporting under clause
3(i)(b) of the Order is not applicable.
b) The Company has regular programme of physical verification of fixed
assets by which all fixed assets are verified in phased manner over period of three years.
In our opinion, this periodicity of physical verification is reasonable having regard to
the size of the company and nature of its business. According to information and
explanations given to us, no material discrepancies were noticed on such verification.
c) The company does not have any immovable properties, so reporting
under clause 3(i)(c) is not applicable to the company.
d) 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 not revalued its
Property, plant and equipment 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, there are no proceedings initiated
or pending against the Company for holding any benami property under the Prohibition of
Benami Property Transactions Act, 1988 and rules made thereunder.
II. a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of such verification is reasonable and
procedures and coverage as followed by management were appropriate. No discrepancies were
noticed on verification between the physical stocks and the book records that were 10% or
more in the aggregate for each class of inventory.
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 not been
sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks
on the basis of security of current assets. Accordingly, reporting under clause 3(ii)(b)
of the Order is not applicable.
III. According to information and explanation given to us,the Company
has not provided any guarantee or security to companies, firms, Limited Liability
Partnerships or any other parties during the year. The Company has made investments in and
has granted loans or advances in the nature of loans to companies, firms and other
parties, in respect of which :
(a) The Company has provided unsecured loans or advances in the nature
of loans during the year and details of which are given below: .
| Particulars |
Aggregate Amount during the year |
Balance outstanding at the balance sheet
date |
|
(Rs. In Lakhs) |
(Rs. In Lakhs) |
| - Subsidiaries |
Nil |
Nil |
| - Joint Ventures |
Nil |
Nil |
| - Associates |
Nil |
Nil |
| - Others [includes employees (including KMP)] |
643.33 |
598.14 |
The Company has not given guarantee or provided security to any other
entity during the year. (b) The investments and grant of all the above-mentioned loans or
advances in the nature of loans to companies, firms and other parties are, in our opinion,
prima facie, not prejudicial to the interest of the Company.
(c) In respect of loans granted or advances in the nature of loans
provided by the Company, the schedule of repayment of principal and payment of interest
has not been stipulated and in the absence of such schedule, we are unable to comment on
the regularity of the repayments of principal amounts and payment of interest. (Refer
reporting under clause (iii)(f) below).
(d) According to information and explanations given to us and based on
the audit procedures performed in respect of loans granted and advances in the nature of
loans provided by the Company, there is no overdue amount remaining outstanding as at the
balance sheet date.
(e) No loan or advance in the nature of loan granted by the Company
which has fallen due during the year, has been renewed or extended or fresh loans granted
to settle the over dues of existing loans given to the same parties.
(f) The Company has granted Loans or advances in the nature of loans
which are repayable on demand or without specifying any terms or period of repayment,
details of which are given below: .
| Particulars |
All parties |
Promoters |
Related Parties |
| Aggregate amount of loans or advances in the nature of loans
which are repayable on demand or without specifying any terms or period of repayment |
Rs. 643.33 Lakhs |
Nil |
Rs. 202.41 Lakhs |
| Percentage thereof to the total loans granted |
100% |
Nil |
31.46% |
IV. In our opinion and according to the information and explanations
given to us, the company has complied with provisions of section 185 and 186 of the
Companies Act, 2013 in respect of investments and Loans made. The company has not given
guarantee or provided security as provided in section 185 and 186 of the Companies Act,
2013.
V. According to information and explanation given to us, the Company
has not accepted any deposits from the public in accordance with the provisions of
Sections 73 to 76 or any other relevant provisions of the Act and the rules framed
thereunder. Accordingly, the provisions of clause 3(v) of the Order are not applicable to
the Company and hence not commented upon.
VI. According to information and explanation given to us, the Central
Government has not prescribed the maintenance of Cost Records under section 148(1) of the
Companies Act, 2013. VII. According to information and explanations given to us in respect
of statutory dues and on the basis of our examination of the books of account, and records
:
a) The Company has been generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance, Income Tax, Goods
& Service Tax, Duty of Customs, Cess and any other material statutory dues with the
appropriate authorities. According to the information and explanations given to us, no
undisputed amounts payable in respect of the above statutory dues were in arrears as at
March 31, 2023 for a period of more than six months from the date on when they become
payable.
b) According to the information and explanations given to us, there are
no material dues of Sales Tax, Service Tax, Goods & Service Tax and Customs Duty which
have not been deposited with the appropriate authorities on account of any dispute.
VIII. The Company has not surrendered or disclosed any transaction,
previously unrecorded in the books of account, in the tax assessments under the Income Tax
Act, 1961 as income during the year. Accordingly, the requirement to report on clause
3(viii) of the Order is not applicable to the Company.
IX. a) The Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender.
b) The Company has not been declared wilful defaulter by any bank or
financial institution or government or any government authority.
c) The Company has not taken any term loan during the year and there
are no unutilised term loans at the beginning of the year and hence, reporting under
clause (ix)(c) of the Order is not applicable.
d) On an overall examination of the financial statements of the
Company, no funds raised on short-term basis have been used 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 any money during the year by way of
initial public offer / further public offer (including debt instruments) hence, the
requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
b) The Company has not made any preferential allotment or private
placement of shares /fully or partially or optionally convertible debentures during the
year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is
not applicable to the Company.
XI. a) No fraud by the Company or no material fraud on the Company has
been noticed or reported during the year.
b) During the year, no report under sub-section (12) of section 143 of
the Companies Act, 2013 has been filed by secretarial auditor or by us in Form ADT 4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.
c) We have taken into consideration the whistle blower complaints
received by the Company during the year while determining the nature, timing and extent of
audit procedures.
XII. The Company is not a Nidhi Company. Therefore, the provisions of
clause 3(xii) of the Order are not applicable to the Company and hence not commented upon.
XIII. In our opinion, all transactions with the related parties are in
compliance with section 177 and 188 of Companies Act, 2013 and the details have been
disclosed in the Financial Statements as required by the applicable Indian accounting
standards. XIV.
(a) The Company has an internal audit system commensurate with the size
and nature of its business.
(b) The internal audit reports of the Company issued till the date of
the audit report, for the period under audit have been considered by us.
XV. In our opinion and according to the information and explanations
given to us, the Company has not entered into any non-cash transactions with its directors
or persons connected to its directors and hence, provisions of Section 192 of the
Companies Act, 2013 are not applicable to the Company. XVI.
(a) In our opinion and according to information and explanations given
to us, the Company is not required to be registered under section 45IA of the Reserve Bank
of India Act, 1934.
(b) In our opinion, the Company has not conducted any Non-Banking
Financial or Housing Finance activities without any valid Certificate of Registration from
Reserve Bank of India. Hence, the reporting under paragraph clause 3 (xvi)(b) of the Order
are not applicable to the Company
(c) The Company is not a Core investment Company (CIC) as defined in
the regulations made by Reserve Bank of India. Hence, the reporting under paragraph clause
3 (xvi)(c) of the Order are not applicable to the Company.
(d) The Company does not have any CIC as part of its group. Hence the
provisions stated in paragraph clause 3 xvi (d) of the order are not applicable to the
company
XVII. The Company has not incurred cash losses in the current and
immediately preceding financial year.
XVIII. There has been no resignation of the statutory auditors during
the year and accordingly requirement to report on Clause 3(xviii) of the Order is not
applicable to the Company.
XIX. According to the information and explanations given to us and 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, 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 that the Company is not capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to
the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.
XX. The Company was not having net worth of rupees five hundred crore
or more, or turnover of rupees one thousand crore or more or a net profit of rupees five
crore or more during the immediately preceding financial year and hence, provisions of
Section 135 of the Act are not applicable to the Company during the year. Accordingly,
reporting under clause 3(xx) of the Order is not applicable for the year.
| For, H S K & CO LLP |
| Chartered Accountants |
| ICAI Firm Registration Number: 117014W\W100685 |
| SD/- |
| CA Sudhir S. Shah |
| Partner |
| M. No. 115947 |
| UDIN: 23115947BGWQBR1495 |
| Place: Ahmedabad |
| Date: May 30, 2023 |
ANNEXURE ‘B
To the Independent Auditors Report of even dated on the Financial
Statement of Shivansh Finserve Limited.
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013("the Act")
We have audited the internal financial controls over financial
reporting of Shivansh Finserve Limited ("the Company") as of March 31,
2023 in conjunction with our audit of the standalone financial statements of the Company
for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal financial control with
reference to the standalone financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India. These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to
companys policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial controls with reference to the standalone financial statements 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
with reference to the standalone financial statements was established and maintained and
if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls with reference to the standalone financial
statements and their operating effectiveness. Our audit of internal financial controls
with reference to the standalone financial statements included obtaining an understanding
of internal financial controls with reference to the standalone financial statements,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors Judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls over financial reporting.
Meaning of Internal Financial Controls with Reference to the
Standalone Financial Statements
A companys internal financial control with reference to the
standalone financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of standalone
financial statements for external purpose 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 standalone 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 with Reference to
the Standalone Financial Statements
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 of procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to
explanations given to us, the Company has, in all material respects, an adequate internal
financial control with reference to the standalone financial statements and such internal
financial controls were operating effectively as on March 31, 2023, based on the internal
control with reference to the standalone financial statements criteria established by the
Company considering the essential components of internal controls stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reports issued by the
Institute of Chartered Accountants of India.
| For, H S K & CO LLP |
| Chartered Accountants |
| ICAI Firm Registration Number: 117014W\W100685 |
| SD/- |
| CA Sudhir S. Shah |
| Partner |
| M. No. 115947 |
| UDIN: 23115947BGWQBR1495 |
| Place: Ahmedabad |
| Date: May 30, 2023 |
+91-9892691696
