To the Members of
SHRI BAJRANG ALLIANCE LIMITED
(FORMERLY SHRI BAJRANG ALLOYS LIMITED)
Report on the Audit of the Standalone Indian Accounting Standard
(Ind-AS) Financial Statements Opinion
We have audited the accompanying Standalone Financial Statements of
SHRI BAJRANG ALLIANCE LIMITED (formerly Shri Bajrang Alloys Limited) ("the
Company"), which comprise the Balance Sheet as at March 31, 2022, the Statement of
Profit and Loss (including Other Comprehensive Income), Statement of changes in equity and
the Statement of Cash Flows for the year ended on that date, and notes to the Standalone
Financial Statements including a summary of the 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 Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, ("Ind AS") and others the accounting
principles generally accepted in India, of the state of affairs of the Company as at March
31, 2022 and its profit, total 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 Standalone Financial Statements in
accordance with the Standards on Auditing specified under section 143(10) of the Act
(SAs). Our responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India(ICAI) together with the independence requirements that
are relevant to our audit of the Standalone Financial Statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
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, 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 Response |
| 1. |
The Company has given a Corporate Guarantee to
its associate companies amounting to Rs. 1,37,784 lakhs ,which it quite higher then
companys available net worth. The management is of the opinion that it is a corporate
guarantee as per the general business practice. |
We have taken a management representation on the
same and shown as contingent liability. The ultimate outcome of the liability towards
corporate guarantee is remote but involve risk of liquidly as well. |
Information Other than the Financial Statements and Auditors Report
thereon
The Companys Board of Director is responsible for the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility report, Corporate Governance and Shareholders information, but does not
include the standalone financial statements and or auditors report thereon.
Our opinion on the standalone financial statement does not cover the
other information and we do not express any form if assurance conclusion thereon. In
Connection with our audit of the standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Managements Responsibility for the Standalone 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, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial Statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is
responsible for assessing the Companys ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companys
financial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the
Standalone Financial Statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors report that includes our opinion.
Reasonable 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 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 financial controls relevant
to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls system in
place and the operating effectiveness of such controls.
• • Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related disclosures made by management.
• • Conclude on the appropriateness of managements use of
the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Financial Statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• • Evaluate the overall presentation, structure and content
of the 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 standalone
financial statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledge user of the standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i)
planning in the scope of our audit work in evaluating the results of or 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
1. As required by the Companies (Auditors Report) Order, 2020
("the Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we
report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, 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 Standalone Financial Statements comply
with the mandatory Accounting Standards referred to in section 133 of Companies Act, 2013.
e) On the basis of the written representations received from the
directors as on March 31,2022 taken on
record by the Board of Directors, none of the directors is disqualified
as on March 31, 2022 from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the adequacy of the internal financial controls over
financial reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in "Annexure B".
g) With respect to the other matters to be included in the Auditors
Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during the
year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditors
Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 its
financial position in its Standalone Financial Statements - Refer Note 36 to the Financial
Statement
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 amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.
iv. (a) Whether the management has represented that, to the best of
its knowledge and belief, other than 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 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;
(b) The Management has represented, that, to the best of its knowledge
and belief, no funds (which are material either individually or in the aggregate) have
been received by the Company from any person or entity, including foreign entity
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material misstatement.
|
For S S S D & CO |
| Place : Raipur |
Chartered Accountants, |
| Dated : May 31th, 2022 |
Firm Reg. No. 020203C |
| UDIN : 22164479AJYOZV9395 |
Gaurav Ashok Baradia, |
|
Partner |
|
Membership No.: 164479 |
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Para-1 "Report on Other Legal and Regulatory
Requirements" in our Independent Auditors Report to the members of the Company on
the Standalone Financial Statements for the year ended March 31, 2022).Statement on
Matters specified in paragraphs 3 & 4 of the Companies (Auditors Report) Order, 2016
i. (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 Company has a regular programme of physical
verification of its Property, Plant and Equipment by which Property, Plant and Equipment
are verified in a phased manner over a period of one year. In accordance with this
programme, certain Property, Plant and Equipment were verified during the year and no
material discrepancies were noticed on such verification. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the Company and the
nature of its assets.
(c) According to the information and explanation given to us and on the
basis of our examination of the records of the company, the title deeds of immovable
properties, as disclosed in Note 3 on the Property, Plant and Equipment to the financial
statements are held in the name of the company. In respect of immovable properties of land
that have been taken on lease and disclosed as Property, Plant and Equipment in the
financial statements, the lease agreements are in the name of the Company, where the
Company is the lessee in the agreement.
(d) The Company has not revalued any of its Property, Plant and
Equipment (including right-of-use assets) and intangible assets during the year.
(e) No proceedings have been initiated during the year or are pending
against the Company as at March 31, 2022 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. (a) The Physical Verification of the inventory has been conducted
at reasonable intervals by the management.
The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the company and the
nature of the business. The discrepancies noticed on verification between physical
inventories and book records were not material in relation to the operations of the
Company and the same have been properly dealt with in the books of account.
(b) The Company has been sanctioned working capital limits in excess of
five crore rupees, in aggregate, from banks or financial institutions based on security of
current assets. 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.
iii. The company has made investments in, provided any guarantee or
security or granted any loans or advances in the nature of loans, secured or unsecured, to
companies, firms, Limited Liability Partnerships or any other parties, during the year, in
respect of which
(a) The company has provided loans or provided advances in the nature
of loans, or stood guarantee or provided security to other entity, indicate :
(A) The Company has provided Corporate guarantees amounting to Rs.
22,757 lakhs to its associates during the financial year and total amount towards
Corporate Guarantees to various Banks as on the Balance Sheet date is Rs.1,37,784 lakhs.
(B) The company has not provided loans or provided advances in the
nature of loans, or guarantee or provided security to other than subsidiary, joint venture
and associates.
(b) In our opinion, the Investment adn Corporate guarantee made in a
favour of its Associates, prima facie, not prejudicial to the Companys interest.
(c) The company has not provided any loan and advance in the nature of
loan year and hence reporting on clause 3 (iii) (c) of the Order is not applicable
(d) The company has not provided any loan and advance in the nature of
loan year and hence reporting on clause 3 (iii) (d) of the Order is not applicable.
(e) The company has not provided any loan and advance in the nature of
loan year and hence reporting on clause 3(iii)(e) of the Order is not applicable.
The company has not provided any loan and advance in the nature of loan
year and hence reporting on clause 3(iii)(f) of the Order is not applicable.
iv. In our opinion and according to the information and explanations
given to us and the records examined by us, in respect loans, investments and guarantees,
provisions of the section 185 and 186 of the Companies Act, 2013 have been complied with.
v. In our opinion and according to the information and explanations
given to us, the Company has not accepted any Deposits or amount which are deemed to be
deposit from the public and hence the directives issued by the Reserve Bank of India and
the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the
Rules framed there under are not applicable.
vi. We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government of India, for maintenance of
cost records under sub section (1) of section 148 of the Act, and are of the opinion that,
prima facie the prescribed accounts and records have generally been made and maintained.
We have not, however, made a detailed examination of the records with a view to examine
whether they are accurate and complete.
vii. (a) According to the information and explanations given to us and
the records examined by us, the Company is generally regular in depositing undisputed
statutory dues including Goods and Services tax, Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value
Added Tax, Cess and any other statutory dues with the appropriate authorities, wherever
applicable and there are no such outstanding dues as at March 31, 2022, for a period of
more than six months from the date they became payable.
(b) According to the information and explanation given to us and the
records examined by us, there are no dues of Income Tax, Sales Tax, Service Tax, Duty of
Customs, Duty of Excise and Value added tax outstanding on account of any dispute.
viii. There were no transactions relating to previously unrecorded
income that have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43 of 1961).
ix. According to the information and explanations given by the
management and as per record examined by us, we are of the opinion that the Company
(a) Has not defaulted in repayment of loan or borrowings to bank and
financial institution. Further, there is no borrowing from government or debenture holders
during the year.
(b) has not been declared willful defaulter by any bank or financial
institution or government or any government authority
(c) Has not taken any term loan during the year and the company .
(d) On an overall examination of the financial statements of the
Company, the Company has prima facie, not used funds raised on short-term basis during the
year for long-term purposes.
(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.
(f) The Company has not raised any loans during the year and hence
reporting on clause 3(ix)(f) of the Order is not applicable.
x. (a) The company has not raised any money by way of initial public
offer or further public offer (including debt instruments) during the year and hence
reporting on clause 3(x)(a) of the order not applicable
(b) According to the information and explanation given to us and based
on our examination of the records, the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures during the year and
hence reporting on clause 3(x)(b) of the order not applicable.
xi. (a) During the course of our examination of the books of account
and records of the Company, and according to the information and explanation given to us
and representations made by the Management, no material fraud by or on the Company, has
been noticed or reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies
Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government, during the year and up to the date of
this report.
(c) We have taken into consideration the whistle blower complaints
received by the Company during the year (and up to the date of this report), while
determining the nature, timing and extent of our audit procedures.
xii. In our opinion and according to the information and explanation
given to us, the Company is not a Nidhi Company.
xiii. According to the information and explanation given to us and
based on our examination of the records of the Company, transactions with related parties
are in compliance with Section 177 and 188 of the Act, where applicable, and details of
such transactions have been disclosed in the Standalone Financial Statements as required
by the applicable accounting standards.
xiv. (a) In our opinion the Company has an adequate internal audit
system commensurate with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under
audit, issued to the Company during the year and till date, in determining the nature,
timing and extent of our audit procedures.
xv. According to the information and explanation given to us and based
on our examination of the records, the Company has not entered into non-cash transactions
with the directors or persons connected with him. Hence the provisions of Section 192 of
the Act are not applicable.
xvi. (a) In our opinion, the Company is not required to be registered
under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause
3(xvi)(a), (b) and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company within the
Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and
accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the
Company during the year.
xix. 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 and our knowledge of the Board of Directors and
Management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report indicating that Company is not
capable of meeting its liabilities existing at the date of balance sheet as and when they
fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that
our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall
due.
xx. The company is not fall in the criteria missioned in section
135(5), hence reporting under clause 3(xx) of the Order is not applicable.
xxi. There is no any qualifications or adverse remarks by the
respective auditors in the Companies (Auditors Report) Order (CARO) reports of the
companies included in the consolidated financial statements,
|
For S S S D & CO |
| Place : Raipur |
Chartered Accountants, |
| Dated : May 31st, 2022 |
Firm Reg. No. 020203C |
| UDIN : 22164479AJYOZV9395 |
Gaurav Ashok Baradia, |
|
Partner |
|
Membership No.: 164479 |
ANNEXURE"B" TO THE INDEPENDENT AUDITORS REPORT
Referred to in Para 2 (f) "Report on Other Legal and Regulatory
Requirements" in our Independent Auditors Report to the members of the Company on
the standalone Financial Statements for the year ended March 31, 2022.
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 SHRI BAJRANG ALLIANCE LIMITED (formerly Shri Bajrang Alloys Limited)
("the Company") as of March 31, 2022 in conjunction with our audit of the
standalone Financial Statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting (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
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, issued by ICAI and 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.
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.
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 Standalone 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 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 Standalone
Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2022, 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 S S S D & CO |
|
Chartered Accountants, |
| Place : Raipur |
Firm Reg. No. 020203C |
| Dated : May 31st, 2022 |
Gaurav Ashok Baradia, |
| UDIN : 22164479AJYOZV9395 |
Partner |
|
Membership No.: 164479 |
+91-9892691696
