The Board of Directors
Shricon Industries Limited
Opinion
1. We have audited the accompanying the standalone financial statements of Shricon
Industries Limited
( the Com pan/)- which compnsp the standalone balance sheet as at March 31,2024, and the
standalone
statement ot Profit and Loss (including Other Comprehensive Income), the standalone
statement of
changes in equity and the standalone 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 for the year ended on that date, (here in after referred to as
"the standalone
financial statements").
2 ln our opink>n antl
to the best of our information and according to the explanations given to us, theBasis for Opinion
3 We conducted our audit of the standalone financial Statements 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 tor the Audit ot the
standalone financial
Statements" section of our report. We a.e independent of the Company in accordance
with the Code of
Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
Independence
requirements that are relevant to our audit of the standalone Financial Statements under
the provisions
of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in
accordance with these requirements and the ICAIs Code of Ethics. We believe that the
audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the standalone
Financial Statements.
Emphasis of Matter
4. We dont find any matter required Attention under Emphasis of Matter.
Key audit matters
5. Key audit matters (KAM) 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 fulfilled the responsibilities described in the Auditors responsibilities for
the audit of the
financial statements section of our report, including in relation to these matters.
Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks
of material
misstatement of the financial statements. On the basis of the results of our audit
procedures including
the procedures performed to address these matters, we do not provide a separate opinion
on these
matters.
Other Information
c. The Companys Board of Directors is responsible for the other information. The other
information
comprises the information included in the annual report, but does not include the
Standalone Financial
Statements and our auditors report thereon.
Auditors Report
7. Our opinion on the standalone financial statements does not cover the other
information and we do not
express any form of assurance conclusion thereon.
? In connection with our audit of the standalone financial statements, our
responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the
standalone financial statements or our knowledge obtained in the audit or otherwise
appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a
material
misstatement of this other Information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the standalone
financial
statements
9 I he Companys Board of Director is responsible for the mailers stated in section
134(b) 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, total comprehensive income,
changes in
equity and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance
of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of
the accounting records, relevant to the preparation and presentation of the standalone
Financial
Statements that give a true and fair view and are free from material misstatement, whether
due
to fraud or error.
to. In preparing the standalone 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.
u. The Hoard of Directors are responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
12. 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
m accordance with Standards ot Auditing (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.
13. As part of an audit in accordance with SAs, we exercise professional judgment and
maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone
financial statements,
whether due to 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 tor 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, Toi-Bcry, 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 Acl,
we are
also responsible for expressing our opinion on whether the Company has adequate
internal
financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related
to events
or conditions that may cast significant doubt on the Companys ability to continue as a
going
concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our
auditors report to the related disclosures in the standalone Financial Statements or, if
such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence
obtained up to the date of our auditors report. However, future events or conditions may
cause
the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone
Financial Statements
including the disclosures, and whether the standalone Financial Statements represent the
underlying transactions and events in a manner that achieves fair presentation.
• Materiality is the magnitude of misstatements in the standalone Financial
Statements that
individually or in aggregate, makes it probable that the economic decisions of a
reasonably
knowledgeable user of the 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.
14. 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.
is 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.
16. From the matters communicated with those charged with governance, we determine
those
.".mers mat were or 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
17. With respect to the matter to be included in the Auditors Report under
sectionl97(16) of the Act
as amended:
In our opinion and according to the information and explanations given to us, the
remuneration
paid by the Company to its directors during the current year is in accordance with the
provisions
of Section 197 of the Act. The remuneration paid to any director is not in excess of the
limit laid
down under Section 197 read with Schedule V to the Act.
is. As required by the Companies {Auditors Report) Order, 2020 ("CARO
2020"), issued by the Central
Gove, rirnent of India in terms of sub-section (11) of Section 143 of the Act, we give in
"Annexure
A a statement on the matters specified in paragraphs 3 and 4 of the Order to the
extent
applicable.
19. With respect to the adequacy of the internal financial controls over financial
reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B". Our report expresses an unmodified opinion on the adequacy and
operating
effectiveness of the Companys internal financial controls over financial reporting.
20. 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 rt appears from our examination of those books.
c The standalone Balance Sheet, the Statement of standalone Profit and Loss including
Other
Comprehens.ve Income, standalone Statement of Changes in Equity and the standalone
Statement
of Cash Flow dealt with by this Report are in agreement with the relevant books of
account.
j In our opinion, the aforesaid standalone financial statements comply with the hid AS
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
31,2024 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31,
2024 from
being appointed as a director in terms of Section 154 (2) of the Act.
f With respect to the other matters to be included in the Auditors Report in
accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the
best
of our information and according to the explanations given to us:
1 The Company has disclosed that there are no pending litigations impacting its
financial position
in Its standalone Financial Statements.
n The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative
contracts.
Hi The company is not required to be transferred any amount, to the Investor Education
and
Protection Fund.
iw (a) The management has represented that, to the best ot 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 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, as
disclosed in the notes to the accounts, no funds have been received by the Company from
any
person or entity, including foreign entities ("Funding Parties"), with the
understanding, whether
recorded in willing or otherwise, that the Company shall, whether, directly or indirectly,
lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf
of
the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on
behalf of the Ultimate Beneficiaries. (Refer Note 51 to the standalone financial
statements);
and
(c) Based on such audit procedures that we considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material misstatement.
21. The company has not declared and paid any dividend during the year by the Company
therefore
reporting of compliance with Section 123 of the Act. Is not applicable.
22. Based on our examination which included test checks, the company has used an
accounting
software for maintaining its books of account which has a feature of recording audit trail
(edit log)
facility and the same has operated throughout the year for all relevant transactions
recorded in the
software. Further; during the course of our audit we did not come across any instance of
audit trail
feature being tampered with.
| For R. 5. DANI & CO. |
| Chartered Accountants |
| (Firm Reg. No. 000243C) |
| Ashok Mangal |
| Partner |
| M. No.071714 |
| Place : Kota |
| Date : 29th May, 2024 |
| UDIN : 24071714BKHGUG3795 |
"Annexure A" to Independent Auditors Report
Annexure referred to in paragraph 18 of the Independent Auditors Report of even date to the members of Shricon Industries Limited on the standalone financial statements as of and for the year ended March 31, 2024
(a) (A) The
Company is maintaining proper records showing full particulars, including(B) The Company is maintaining proper records showing full particulars of intangible Assets.
(b) The Property, Plant and Equipment are physically verified by the Management
according to a
phased program designed to cover all the items over a period of three years which, in our
opinion is
reasonable having regard to the size of the Company and the nature of its assets. Pursuant
to the
program, a portion of the Property, Plant and Equipment has been physically verified by
the
Management during the year and no material discrepancies have been noticed on such
verification.
(c) The title deeds of all the immovable properties, (other than properties where the
company is the
lessee and the lease agreements arc duly executed in favour of the lessee) disclosed in
the financial
statements are held in the name of the company;
(d) The Company has not revalued its Property, Plant and Equipment or intangible assets
or both during
the year. Consequently, the question of our commenting on whether the revaluation is based
on the
valuation by a Registered Valuer, or specifying the amount of change, if the change is 10%
or more in
the aggregate of the net carrying value of each class of Property, Plant and Equipment
or intangible
assets does not arise.
(e) Based on the information and explanations furnished to us, no proceedings have been initiated on
(or) are pending against the Company for holding benami property under the Prohibition of Benami
1988 (as amended in (formerly the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988)) and Rules made thereunder.
ii. (a) The physical verification of inventory has been conducted at reasonable
intervals by the
Management during the year and, in our opinion, the coverage and procedure of such
verification by
Management is appropriate. The discrepancies noticed on physical verification of inventory
as
compared to book records were not 10% or more in aggregate for each class of inventory.
(b) During the year, the Company has not been sanctioned working capital limits in
excess of Rs. 5
crores, in aggregate, from banks on the basis of security of current assets, accordingly
the
requirements under clause 3 (ii) (a) of the Order are not applicable to the Company and
hence not
commented upon.
iii- (a) During the year, the company has not made investments, provided security and
granted loans or
advances in the nature of secured and unsecured loans, to companies, firms. Limited
Liability
Partnerships or any other parties
(b) According to the information and explanations given by the management and audit
piocedure
performed by us, the Company has not granted loans or advances in the nature of loans
either
repayable on demand or without specifying any terms or period of repayment.
iv. In In our opinion and according to the information and explanations given to us,
the Company has
not granted any loans, made investments or provided guarantees in contravention of the
provisions
of sections 185 and 186(1) of the Act, the other provision of the section 186 of the Act
are not
applicable to the Company.
v. In our opinion and according to the information and explanations given to us, the
Company has not
accepted any deposits or amounts which are deemed to be deposits from the public during
the year
in terms Of directives issued by the Reserve Bank of India or the provisions of Sections
73 to 7G or
any other relevant provisions of the Act and the rules framed there under. Accordingly,
provisions of
clause 3{v) of the Order is not applicable to the Company.
vi. The Central Government has not prescribed the maintenance of cost records under the
sub section
(1) of Section 148 of the Act for any of the services rendered by the Company.
Accordingly, the
provision of clause 3(vi) of the Order is not applicable to the Company.
vii. (a) In our opinion and according to the information and explanations given to us,
amounts deducted/
accrued in the books of account In respect of 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 have generally been
regularly
deposited by the Company with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts
payable in respect
of provident fund, employees state insurance, income-tax. Goods and Services Tax, duty of
customs,
cess and other material statutory dues were in arrears as at 31 March 2024 for a period of
more than
six months from the date they became payable.
(b) There are no dues of 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
nnv nther
statutory dues, which have not been deposited to/with the appropriate authority as on 31
March
2024, on account of any dispute.
viii. In our opinion and according to Lhe information and explanations given to us and
on the basis of our
examination of the records of the Company, we have not come across any transactions not
recorded
in the books of account which have been surrendered or disclosed as income during the
year in the
tax assessments under the Income Tax Act, 1961.
ix. (a) According to In our opinion, the Company has not defaulted in repayment uf
loans or
other borrowings to financial institutions, banks, government and dues to debenture
holders or in
the payment of interest thereon to any lender.
(b) According to the information and explanations given to us and on the basis of our
audit
procedures, we report that the Company has not been declared wilful defaulter by any bank
or
financial institution or government or any government authority or any other lender.
(c) In our opinion and according to the information and explanations given to us, the
Company has
utilized the money obtained by way of term loans during the year for the purposes for
which they
were obtained.
(d) According to the information and explanations given to us, and the procedures
performed by us,
and on an overall examination of the financial statements of the Company, we report that
no funds
raised on short-term basis have been used for long-term purposes by the Company.
(e) According to the information and explanations given to us and on an overall
examination of the
standalone Financial Statements of the Company, we report that the Company has not taken
any
funds from any entity or person on account of or to meet the obligations of its
Subsidiaries, Associates
Companies or Joint Ventures.
(f) According to the information and explanations given to us and procedures performed
by us, we
report that the Company has not raised loans during the year on the pledge of securities
held in its
subsidiaries.
x. (a) The Company did not raise money by way of initial public offer or further public
offer (including
debt instruments) during the year.
(b) According to the information and explanations given to us, the Company has not made
any
preferential allotment / private placement of shares / fully / partly / optionally
convertible
debentures during the year
xi. (a) During the course of our examination of the honks and records of the Company,
carried out in
accordance with the generally accepted auditing practices in India, and according to the
information
and explanations given to us, we have neither come across any instance of material fraud
by the
Company or on the Company, noticed or reported during the year, nor have we been informed
of any
such case by the Management.
(b) 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 explanations given to us, a report under Section 143(12) of the Act, in Form ADT-4, as
prescribed
under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not filed with the Central
Government during the year and therefore, the reporting under clause 3(xi)(b) of the Order
is not
applicable to the Company.
(c) 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 explanations given to us, and as represented to us by the management, no
whistle-blower
complaints have been received during the year by the Company. Accordingly, the reporting
under
clause 3(xi)(c) of the Order is not applicable to the Company.
xii In our opinion and according to the information and explanations given to us, the
Company is not a
Nidhi company. Accordingly, provisions of clause 3(xii) of the Order is not applicable to
the Company.
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 by the applicable accounting standard.
xiv. (a) In our opinion and according to the information and explanation given to us,
the Company has an
internal audit system commensurate with the size and nature of its business.
(b) The reports of the Internal Auditor for the period under audit have been considered by us.
xv The Company has not entered into any non cash transactions with its directors or
persons connected
with him. Accordingly, the reporting on compliance with the provisions of Section 192 of
the Act
under clause 3(xv) of the Order is not applicable to the Company.
xvi. (a) The Company is required to be registered under Section 45-IA of the Reserve
Bank of India Act,
1934 and the Company has obtained the required registration.
(a) The Company has not conducted any Non- Banking Financial or Housing Finance
activities
without obtaining a valid CoR from the Reserve Bank of India as per the Reserve Bank of
India Act,
1934
(b) The Company is not a CIC as defined in the regulations made by Reserve Bank of India.
(c) As per information provided in course of our audit, the Group to which Company
belongs,
does not have CIC.
xvii. The Company has not incurred any cash losses in the current financial year and in
the immediately
preceding financial year.
xviii. There has been resignation of the statutory auditors during the year and we have
taken into
consideration the issues, objections or concerns raised by the outgoing auditors.
xix. According to the information and explanations given to us and on the basis of the
financial ratios,
ageing and expected dates of realization of financial assets and payment of financial
liabilities, other
information accompanying the financial statements, 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
npither 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 hy the Company as and when they fall due
xx. (a) The According to the information and explanations given to us and based on our examination
of the records of the Company, it is not required to transfer any unspent amount
pertaining to the
year under report to a Fund specified in Schedule VII to the Companies Act, 2013 in
compliance with
second proviso to sub-section (5) of section 135 of the said Act.
(h) According to the information and explanations given to us and based on our
examination of
the records of the Company, there is no amount which is remaining unspent under
sub-section (5) of
Section 135 of the Act pursuant to any ongoing projects.
| For R. S. DANI & CO. |
| Chartered Accountants |
| (Firm Reg. No. 000243C) |
| Ashok Mangal |
| Partner |
| M. No. 071714 |
| Place : Kota |
| Date : 29* May, 2024 |
| UDIN : 24071714BKHGUG3795 |
Annexure 13 to the Independent Auditors Report
Referred to in paragraph 19 of the Independent Auditors Report of even date to the
members of Shricon Industries Limited on the standalone financial statements as of and
for the year ended March 31, 2024. Report on the Internal Financial Controls with
reference to the standalone Financial Statements under clause (i) of sub-section 3 of
Section 143 of the Act
1. We have audited the internal financial controls with reference to the standalone
Financial
Statements of Shricon Industries Limited ("the Company") as of March 31, 2024 in
conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date
Managements Responsibility for Internal Financial Controls
2. The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established
by the Company considering the essential components of internal control stated in the
Guidance Note on Audit ot 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 effwrtively for ensuring the orderly and
efficient conduct of its business, including adherence to companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy
and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Act.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls
With reference to the standalone Financial Statements based on our audit. We conducted
our audit in accordance with the Guidance Note and the Standards on Auditing deemed
to be prescribed under Section 143(10) of the Act to the extent applicable to an audit of
internal financial controls, both applicable to an audit of internal financial controls
and
both issued by the ICAI. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls with reference to the standalone
Financial Statements was established and maintained and if such controls operated
effectively in all material respects.
4 Our audit involves performing procedures to oblain audit evidence about the adequacy
of the internal financial controls system 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 standalone Financial Statements, whether due to fraud or
error.
5. Wp believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
with reference to the standalone Financial Statements.
Meaning of Internal Financial Controls with reference to the standalone Financial
Statements
6. A companys internal financial controls 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 the standalone Financial Statements for
external purposes in accordance with generally accepted accounting principles. A
companys internal financial controls with reference to the standalone Financial
Statements includes those polities arid 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 the 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 unauthorised acquisition, use, or disposition
or the companys assets that could have a material effect on the standalone Financial
Statements
Inherent Limitations of Internal Financial Controls with reference to the standalone
Fi nan dal Statements
7. Because of the inherent limitations of internal financial controls with reference to
the
standalone Financial Statements, 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 with reference to the standalone Financial Statements to future periods are
subject to the risk that the internal financial controls with reference to the standalone
Financial Statements may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal
financial
controls system with reference to the standalone Financial Statements and such internal
financial controls with reference to the standalone Financial Statements were operating
effectively as at March 31, 2024, based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal
control stated in the Guidance Note issued by ICAI.
| ForR. S. DANIS CO. |
| Chartered Accountants |
| (Firm Reg. No. G00243C) |
| Ashok Mangal |
| Partner |
| M. No.071714 |
| Place : Kota |
| Date : 29,h May, 2024 |
| UDIN : 24071714BKHGUG3795 |
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