To the Members of
SHREE RAMA NEWSPRINT LIMITED
Report on the Audit of the Financial Statements Opinion
We have audited the accompanying financial statements of Shree Rama News Print Limited
("the Company"), which comprise of the Balance Sheet as at March 31 2023, and
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
financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as 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 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 Companies (Indian
Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March
31, 2023, and its loss 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 of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Companies Act, 2013
and the Rules 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 audit
opinion on the financial statements.
Emphasis of Matter Paragraph
1. We refer Note No. 34 to the Financial Statements of the Company, wherein company has
disclosed paper division as discontinued operation, therefore as per IND AS 105
Non-current assets held for sale, plant and machineries with other assets associated with
the paper division are considered and presented as held for sale/discontinued operations.
In accordance with Ind AS 105, such assets have been measured at a lower of carrying
amount or fair value less cost to sell. Accordingly, the Company has recognised an
impairment loss of Rs. 9,984/- Lakhs during the financial year ended March 31 2023.
2. We refer Note No. 13(E) to the Financial Statements of the Company, wherein the
company has issued non-convertible 3,50,00,000 number of 10% Cumulative Non-Participating
Redeemable Preference Shares (NCRPS) having Face Value of Rs 100 each to M/s Riddhi Siddhi
Gluco Biols Limited (Holding Company) for a cash consideration amounting to Rs 35,000
Lakhs.
Our opinion is not modified in respect of the above matters.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole and in
forming our opinion thereon and we do not provide a separate opinion on these matters.
| No. Key Audit Matter |
Auditors Response |
| 1. Classification of Paper Division as held for sale |
We have carried out the following procedures in respect of this matter: |
| (Refer to Note no 34 in the Financial Statements) |
• Obtained an understanding of Managements evaluation and judgments regarding
classification of paper division as discontinued operations. |
| During the financial year company has disclosed paper division as discontinued
operation, therefore as per IND AS 105 Non-current assets held for sale, plant and
machineries with other assets associated with the paper division are considered and
presented as held for sale/discontinued operations. In accordance with Ind AS 105, such
assets have been measured at a lower of carrying amount or Fair value less cost to sell.
Accordingly, the Company has recognised an impairment loss of Rs. 9,984/- Lakhs during the
financial year ended March 31 2023. |
• Assessed whether the companys accounting policies for classification and
measurement of assets held for sale corresponds to Ind AS. |
|
• Discussed with the management the possible impairment of assets held for sale
in accordance with Ind AS 36 |
|
• Considered the Fair Valuation of Property Plant and equipment conducted by the
independent valuer by the management of the company. |
|
• Reviewed the disclosure in the financial statements regarding paper division as
held for sale in accordance with Ind AS. |
Information other than the Financial Statements and Auditors Report thereon
The Companys management and Board of Directors is responsible for the other
information. The other information comprises the information included in the Boards
Report including Annexures to the Boards Report, Management Discussion and Analysis,
Business Responsibility Report, Corporate Governance and Shareholders Information. 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 communicate the matter to those
charged with governance as required under SA 720 ‘The Auditors responsibilities
relating to other information.
We have nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Financial Statements
The Companys Management and Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the
preparation of these financial statements that give a true and fair view of the financial
position, financial performance including total comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards specified under section 133
of the Act and rules thereunder, as amended. 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 the 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 misstatements, whether due to fraud or error.
In preparing the financial statements, management and Board of Directors are
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. Those Board of Directors are
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 misstatements, 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 scepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement in 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.
2. Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, 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.
3. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
4. 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.
5. 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.
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, make 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 financial statements for the financial year
ended March 31, 2023 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 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.
2. 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 as at March 31, 2023, the Statement of
Profit and Loss (Including other comprehensive Income), the statement of changes in equity
and the statement of Cash Flow for the year ended dealt with by this Report are in
agreement with the books of accounts. d. In our opinion, the aforesaid financial
statements comply with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014. e. On the basis of the written
representations received from the directors as on 31st March, 2023 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2023 from
being appointed as a director in terms of Section 164 (2) of the Act. f. With respect to
the adequacy of the internal financial controls over financial reporting of the Company
with reference to the financial statements and the operating effectiveness of such
controls, refer to our 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 the requirements of sub-section (16) of Section 197 of the Act, as amended, we report
that to the best of our information and according to the explanations given to us,
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of Section 197 of the Act. h. With respect to the other matters to be
included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
• The Company has disclosed the impact of pending litigations on its financial
position in its financial statements – Refer Note 28 to the financial statements
• The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
• There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
• The Management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, 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 persons or entities, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
• The Management has represented, that, to the best of its knowledge and belief,
as disclosed in the notes to accounts, 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, 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
• Based on the audit procedures that has 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 h (iv) (a) and (b) above, contain any material misstatement.
• The company has not declared any dividend during the financial year ended March
31, 2023.
| For Batliboi & Purohit |
| Chartered Accountants |
| FRN:101048W |
| Parag Hangekar |
| Partner |
| Membership No: 110096 |
| UDIN: 23110096BGXDZY6528 |
| Place: Mumbai |
| Date: May 29, 2023 |
Annexure - A
to the Independent auditors report
The Annexure A referred to in Independent Auditors Report to the members of the
Company on the financial statements for the year ended March 31, 2023:
Referred to in paragraph 1 under ‘Report on other legal and regulatory
requirements section of our report of even date to the directors of Shree Rama Newsprint
Limited) To the best of our information and according to the explanations provided to us
by the Company and the books of accounts and the records examined by us in the normal
course of audit, we state that: (i) In respect of the Companys Property, Plant and
Equipment and Intangible Assets: (a) (A) The Company has maintained proper records showing
full particulars, including quantitative details and situation of Property, Plant and
Equipment.
(B) The Company has maintained proper records showing full particulars of intangible
assets.
(b) As explained to us, the Property, Plant and Equipment have been physically verified
by management at reasonable intervals under a phased programme of verification. Pursuant
to the program, certain Property, Plant and Equipment were due for verification during the
year and were physically verified by the management during the year. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification. In our opinion this periodicity of physical verification is reasonable
having regard to the size of company and nature of its assets.
(c) Based on our examination of the registered sale deed/ transfer deed/ conveyance
deed provided to us, we report that, the title in respect of self-constructed buildings
and title deeds of all other immovable properties, disclosed in the financial statements
included under Property, Plant and Equipment are held in the name of the Company as at the
balance sheet date.
(d) The Company has not revalued its Property, Plant and Equipment during the year.
Thus, the sub clause (d) of (i) of para 3 is not applicable to the Company.
(e) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder. Thus, the sub
clause (e) of (i) of para 3 is not applicable to the Company.
(ii) a) The physical verification of inventory has been conducted at reasonable
intervals by the management during the year. In our opinion, the frequency of verification
is reasonable. No material discrepancies of 10% or more in the aggregate for each class of
inventory were noticed on such verification. b) According to the information and
explanations given to us, the Company has been sanctioned working capital limits in excess
of Rs.5 crores, in aggregate, at points of time during the year, from bank on the basis of
security of current assets. In our opinion and according to the information and
explanations given to us, the quarterly statements filed by the Company with the bank are
in agreement with the audited books of account of the Company of the respective quarters.
(iii) a) In our opinion and according to the information and explanation given to us,
the Company has not granted any loans, secured or unsecured, to companies, firms, Limited
Liability Partnership or other parties covered in the register maintained under Section
189 of the Act. Hence, sub-clauses iii (a), (c), (d), (e), (f) under clause (iii) of the
Order are not applicable. b) There are no investments made during the year. Hence the said
clause of the order is not applicable. (iv) In our opinion and according to the
information and explanations given to us, the Company has not granted any loans or
provided any guarantees or security in respect of any loans to any party covered under
Section 185 of the Act.
(v) The Company has not accepted any deposits from the public within the meaning of
Section 73 to 76 of the Act and Rules framed there under to extent notified.
(vi) We have broadly reviewed the cost records maintained by the company pursuant to
the order made by the Central Government for maintenance of cost records prescribed under
sub-section 1 of section 148 of the Act and are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained.
We have, however not made a detailed examination of the said records with a view to
determine whether they are accurate or complete.
(vii) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, a) the Company is generally regular in depositing
the undisputed statutory dues, including provident fund, employee state insurance, income
tax, sales tax, service tax, GST, duty of customs, duty of excise, value added tax, cess
and any other material statutory dues as applicable, with the appropriate authorities.
Further no undisputed amounts payable in respect of provident fund, employee state
insurance, income tax, sales tax, Goods and Service tax, duty of customs, duty of excise,
value added tax, cess and any other material statutory dues were in arrears as at March 31
2023 for a period of more than six months from the date they became payable. b) According
to the information and explanations given to us, and the records of the company examined
by us, the dues in respect of sales tax, income-tax, duty of customs, Goods and Service
tax, entry tax, value added tax, central sales tax, duty of excise, which have not been
deposited with the appropriate authority on account of any disputes are as under:
| Name of the Statute |
Nature of the dues |
Amount (Rs. In Lakhs) |
Period |
Forum where dispute is pending |
| Central Excise Act |
Excise Duty |
470.72 |
Various Years |
Commissioner of Excise and Customs |
| Bombay Stamp Act |
Stamp Duty and registration fees including penalty |
130.75 |
2000-2001 |
High Court of Gujarat |
| Sales Tax |
Gujarat Value Added Tax |
151.25 |
Various Years |
Joint Commissioner of Commercial Taxes (Appeal) Gujarat |
(viii) There were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961
(43 of 1961) during the current financial year.
(ix) a) According to the records of the company examined by us and the information and
explanation given to us, the company has not defaulted in repayment of loans or borrowings
to any financial institution, bank or Government as at the Balance sheet date.
b) The company is not declared as a wilful defaulter by any bank or financial
institution or other lenders.
c) As per the examination of records of the Company, the term loans were applied for
the purpose for which they were obtained.
d) According to the records of the company examined by us and the information and
explanation given to us, the funds raised on short term basis have not been utilised for
long term purposes.
e) As per the explanation and information given to us and based on our audit
procedures, the company has not taken any funds from any entity or person on account of or
to meet the obligations of its subsidiaries or associates.
f) As per the explanation and information given to us and based on our audit
procedures, the company has not raised loans during the year on the pledge of securities
held in its subsidiaries or associate companies.
(x) a) The Company did not raise any moneys by way of initial public offer or further
public offer including debt instruments nor has obtained any term loans during the year,
hence paragraph 3 (x) of the order is not applicable to the Company.
b) The Company has issued non-convertible 3,50,00,000 number of 10% Cumulative
Non-Participating Redeemable Preference Shares (NCRPS) having Face Value of Rs 100 each,
to M/s Riddhi Siddhi Gluco Biols Limited (Holding Company) for a cash consideration
amounting to Rs 35,000 Lakhs. In our opinion and according to the information and
explanation given the company has utilized funds raised by way of preferential allotment
or private placement of above NCRPS for the purposes for which they were raised.
(xi) a) During the course 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 material fraud by the Company or on the Company by its officers or employees
noticed or reported during the year nor have we been informed of any such case by the
management.
b) As there are no frauds, hence sub para (b) of clause (xi) of the order is not
applicable to the company.
c) As represented to us by the management, no Whistle blower complaints received by the
company during the year.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not
applicable. (xiii) According to the information and explanations given to us and based on
our examination of the records of the Company, transactions with the related parties are
in compliance with sections 177 and 188 of the Act, where applicable and details of such
transactions have been disclosed in the financial statements as required under Ind AS and
Companies Act, 2013.
(xiv) a) In our opinion, the Company has an adequate internal audit system commensurate
with the size and the nature of its business.
b) We have considered, the internal audit reports issued to the Company during the year
and covering the period up to 31st March, 2023.
(xv) 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. Accordingly, paragraph 3(xv) of
the Order is not applicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act 1934. Accordingly, the provisions of Clause 3(xvi) of the order are not
applicable to the Company.
(xvii) The Company has not incurred cash loss during the current financial year,
however the company has incurred a cash loss amounting to Rs 4121.11 lakhs in the
immediately preceding financial year.
(xviii) There is no resignation of Statutory Auditor during the year, hence the said
clause (xviii) of the order is not applicable.
(xix) According to the information and explanation given to us including the financial
ratios, ageing and expected dates of realisation of financial assets and payment of
financial liabilities, other information accompanying the financial statements, and on the
basis of Board of Directors and management plans, nothing has come to our attention which
causes us to believe that material uncertainty exists as on the date of the audit report
indicating 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) According to the explanation given to us and based on our scrutiny of the books of
accounts, section 135 of the companies Act 2013 is not applicable for the financial year
ended March 31, 2023 and hence the said clause of the order is not applicable.
| For Batliboi & Purohit |
| Chartered Accountants |
| FRN:101048W |
| Parag Hangekar |
| Partner |
| Membership No: 110096 |
| UDIN: 23110096BGXDZY6528 |
| Place: Mumbai |
| Date: May 29, 2023 |
Annexure - B
to the Independent auditors report
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 Shree
Rama News Print Limited ("the Company") as of 31st March 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI).These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
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 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 and to the best of our information & according to the explanations
give to us, 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 31st March 2023, based on
the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
| For Batliboi & Purohit |
| Chartered Accountants |
| FRN:101048W |
| Parag Hangekar |
| Partner |
| Membership No: 110096 |
| UDIN: 23110096BGXDZY6528 |
| Place: Mumbai |
| Date: May 29, 2023 |
+91-9892691696
