To the Members of
Siddha Ventures Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements
of Siddha Ventures Limited ("the Company"), which comprise the Balance Sheet as
at March 31 2023, the Statement of Profit and Loss (including other comprehensive income),
the Cash Flow Statement and the Statement of Changes in Equity for the year then ended,
and notes to the Ind AS financial statements, including a summary of significant
accounting policies and other explanatory information. In our opinion and to the best of
our information and according to the explanations given to us, the aforesaid standalone
Ind AS financial statements give the information required by the Companies Act, 2013, as
amended ("the Act") in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2023, its profit (including other comprehensive
income), its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS 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 for the Audit of the standalone Ind AS financial
statements section of our report. We are independent of the Company in accordance
with the ‘Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone Ind AS financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone Ind AS financial statements for
the financial year ended March 31, 2023. These matters were addressed in the context of
our audit of the standalone Ind AS financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that
context.
We have determined the matters described below to be the key audit
matters to be communicated in our report. We have fulfilled the responsibilities described
in the Auditors responsibilities for the audit of the standalone Ind AS 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 standalone the Ind AS financial statements. The results
of our audit procedures, including the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying standalone Ind AS financial
statements.
| Key audit matters |
How our audit addressed the key audit matter |
| Valuation and Existence of Inventories |
|
| We have focused on the valuation and existence of the
inventories in Equity because these represents a principal element on the net assets in
the Financial Statements |
We have assessed the Companys process to compute the
fair value of various investments and inventories. For quoted instruments we have
independently obtained the market value and recalculated the fair value. For unquoted
instruments we have obtained an understanding of various methods used by the management
and analyzed the reasonableness of the principal assumptions made for estimating the fair
value and other various data used while arriving at the fair value measurements |
Other Information
The Companys Board of Directors 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,
Corporate Governance and Shareholders Information , but does not include the
standalone Ind AS financial statements and our auditors report thereon.
Our opinion on the standalone Ind AS 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
such other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management for the Ind AS 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
Ind AS financial statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015, 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 the 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 Ind
AS 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 Ind AS 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.
Those Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditorfs Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
standalone Ind AS financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone Ind AS 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
standalone Ind AS financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls with reference to financial statements in
place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to
draw attention in our auditors report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditors report.
However, future events or conditions may cause the Company to cease to continue as a going
concern.
Evaluate the overall presentation, structure and content of the
standalone Ind AS financial statements, including the disclosures, and whether the
standalone Ind AS financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable that 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 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 Ind
AS financial statements for the financial year ended March 31, 2023 and are therefore the
key audit matters. We describe these matters in our auditors report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020
("the Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143
of the Act, we give in the "Annexure 1" a statement on the matters specified in
paragraphs 3 and 4 of the Order.
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, the Statement of Profit and Loss including the
Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes
in Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial
statements comply with the Accounting Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the
directors as on March 31, 2023 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2023 from being appointed as a director in terms
of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls
with reference to standalone Ind AS financial statements and the operating effectiveness
of such controls, refer to our separate Report in "Annexure 2" to this report;
(g) No managerial remuneration has been paid during the year
(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, as amended in our opinion and to the best of our information and according to
the explanations given to us:
i. The Company has no pending litigations on its financial position in
its standalone Ind AS financial statements
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company
iv. a) The management has represented that, to the best of its
knowledge and belief, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the company to
or in any other person(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 have been received by the company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries; and c) Based on such audit
procedures that were considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under
sub-clause (a) and (b) contain any material misstatement.
v. The Company has not declared any dividend during the year, so
reporting under this clause for the compliance with section 123 of the Companies Act,
2013, is not applicable.
Annexure 1 referred to in paragraph 1 of the section on gReport
on other legal and regulatory requirementsh of our report of even date on the Ind AS
financial statements of Siddha Ventures Limited
(i) (a) (A) The Company does not hold any Property, Plant and Equipment
or capitalized any intangible assets during the year ended March 31, 2023 and accordingly,
the requirement to report on clause 3(i)(a) (A) and (B) of the Order are not applicable to
the Company.
(b) The Company does not hold any Property, Plant and Equipment in the
books of the Company and accordingly, the requirement to report on clause 3(i)(b) of the
Order is not applicable to the Company
(c) There is no immovable property (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee).
held by the Company and accordingly, the requirement to report on clause 3(i)(c) of the
Order is not applicable to the Company
(d) The Company does not hold any Property, Plant and Equipment
(including Right of use assets) or intangible assets during the year ended March 31, 2023
and accordingly, the requirement to report on clause 3(i)(d) of the Order is not
applicable to the Company.
(e) There are no proceedings initiated or are pending against the
Company for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.
(ii) (a) The Company has maintained inventory in form of equity shares.
(b) The Company has not been sanctioned working capital limits in
excess of Rs. Five crores in aggregate from banks or financial institutions during any
point of time of the year on the basis of security of current assets. Accordingly, the
requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.
(iii) (a) The Company has provided loans in the nature of loans and
advances to the subsidiary and to the other entities, the details is furnished below:
| Particulars |
Guarantees |
Security |
Loans |
Advances in nature of loans |
| Aggregate amount granted/ provided during the year |
NIL |
NIL |
NIL |
440.30 |
| -Subsidiary |
|
|
|
0.40 |
| -Others |
NIL |
NIL |
NIL |
439.90 |
| Balance outstanding as at balance sheet date |
NIL |
NIL |
NIL |
|
| -Subsidiary |
|
|
|
9.07 |
| -Others |
|
|
|
411.08 |
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the grant of all loans and advances in the nature
of loans and guarantees provided to the extent applicable to it are not prejudicial to the
interest of the Companys interest.
(c) The Company has granted any loan (s) and or/advances in the nature
of loans during the year. The schedule of the repayment of principal and payment of
interest has been stipulated as "repayable on demand". As per the information
and explanation given to us and the books examined by us in respect of the loan and
advances in the nature of loans, no written schedule of repayment of principal and payment
of interest has been stipulated and in the absence of such schedule, we are unable to
comment on the regularity of the repayment of principal amounts and payment of interest.
(d) As per the information and explanations given to us by the
management, since all the loans given by the company are repayable on demand during the
year, the company has not demanded the repayment of full amount of such loans and
interest, we are unable to comment on the amount of overdue for more than ninety days as
at balance sheet date
.
(e) As per the information and explanation given to us by the
management and books examined by us there has not been any loan or advances in the nature
of loan granted which has been fallen due during the year, has been not been renewed or
extended or fresh loans granted to settle the over dues of existing loan given to the same
parties.
(f) As per the information and explanation given to us, the Company has
granted loans or advances in the nature of loans repayable on demand or without specifying
the terms or period of repayment. The details of the same are:
| Particulars |
All Parties including related Party |
Promoters (In lacs) |
Related Parties (In lacs) |
|
(In lacs) |
|
|
| Aggregate amounts of loans/advances in nature of loans where: |
|
|
|
| - Loan is repayable on demand (A) |
420.15 |
None |
9.07 |
| - Loan Agreement does not specify any terms or period of
repayment(B) |
|
|
|
| Total (A+B) |
420.15 |
- |
9.07 |
| Percentage of Loans/advances in nature of loans to the total
loans. |
100.00 |
None |
2.16 |
(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 given
security or made investments to which provisions of section 185 and 186 of the Companies
Act, 2013. Accordingly, the requirement to report on clause 3(iv) of the Order is not
applicable to the company.
(v) The Company has neither accepted any deposits from the public nor
accepted any amounts which are deemed to be deposits within the meaning of sections 73 to
76 of the Companies Act and the rules made thereunder, to the extent applicable.
Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to
the Company.
(vi) The Central Government of India has not prescribed the maintenance
of cost records under sub-section (1) of Section 148 of the Act for any services rendered
by the Company. Accordingly, the requirement to report on clause 3(vi) of the Order is not
applicable to the Company.
(vii) (a) The Company in generally is regular in depositing with
appropriate authorities 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 other statutory dues as applicable
to it. According to the information and explanations given to us and based on audit
procedures performed by us, no undisputed amounts payable in respect of these statutory
dues were outstanding, at the year end, for a period of more than six months from the date
they became payable.
(b) According to the records of the Company, there are no dues of goods
and service taxes, provident fund, employees state insurance, income tax, sales-
tax, service tax, duty of customs, duty of excise, value added tax, cess and other
statutory dues which have not been deposited on account of any dispute as on 31st
March,2023.
(viii) The Company has not surrendered or disclosed any transaction,
previously unrecorded in the books of account, in the tax assessments under the Income Tax
Act, 1961 as income during the year. Accordingly, the requirement to report on clause
3(viii) of the Order is not applicable to the Company.
(ix) (a) According to the information and explanations given by the
management and basis of our examination of the records of the Company, the Company did not
have any outstanding loans or borrowings from any lender during the year. Accordingly, the
requirement to report on clause 3(ix)(a) of the Order is not applicable to the company
(b) According to the information and explanations given by the
management and basis of our examination of the records of the Company, the Company has not
been declared a willful defaulter by any bank or financial institution or government or
government authority.
(c) The Company has not obtained any term loans. Accordingly, the
requirement to report on clause 3(ix)(c) of the Order is not applicable to the Company.
(d) According to the information and explanations given to us and
overall examination of the balance sheet of the Company, we report that no funds raised on
short term basis have been used for long term purposes during the year by the Company.
(e) In our opinion and explanations given to us and on overall
examination of the financial statements of the company, we report that company has not
taken any funds from any entity or person on account of or to meet the obligations of its
subsidiary. Accordingly, the requirement to report on clause 3(ix)(e) of the Order is not
applicable to the Company.
(f) According to the information and explanations given to us , we
report that company has not raised loans during the year on the pledge of securities held
in its subsidiary. Accordingly, the requirement to report on clause 3(ix)(f) of the Order
is not applicable to the Company.
(x) (a) According to the information and explanations given by the
management, the Company has not raised any money way of initial public offer / further
public offer / debt instruments and term loans hence, reporting under clause (x)(a) of the
Order is not applicable to the Company.
(b) According to the information and explanations given by the
management, the Company has not made any preferential allotment or private placement of
shares /fully or partially or optionally convertible debentures during the year under
audit and hence, the requirement to report on clause 3(x)(b) of the Order is not
applicable to the Company.
(xi) (a) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the Ind AS financial statements and according to the
information and explanations given by the management, we report that no fraud by the
Company or on the Company by the officers and employees of the Company has been noticed or
reported during the year.
(b) During the year, no report under sub-section (12) of section 143 of
the Companies Act, 2013 has been filed by cost auditor/ secretarial auditor or by us in
Form ADT
4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules,
2014 with the Central Government
(c) As represented to us by the management, there are no whistle blower
complaints received by the Company during the year.
(xii) In our opinion, the Company is not a nidhi company. Therefore,
the provisions of clause 3(xii)(a) to(c) of the Order are not applicable to the Company.
(xiii) According to the information and explanations given by the
management, transactions with the related parties are in compliance with section 177 and
188 of Companies Act, 2013 where applicable and the details have been disclosed in the
notes to the Ind AS financial statements, as required by the applicable accounting
standards.
(xiv) In our opinion and according to the explanations given to us, the
Company does not have an internal audit system as it is not required to have an internal
audit system as per the Section 138 of Companies Act 2013. Accordingly, the reporting
under clause 3 (xiv) (a to b) of the Order is not applicable to the Company.
(xv) The Company has not entered into any non-cash transactions with
directors or persons connected with them and hence provisions of section 192 of Companies
Act, 2013 are not applicable.
(xvi) (a) The Company has registered as required, under Section 45-IA
of the Reserve Bank of India Act, 1934.
(b) According to the information and explanations given by the
management, the Company has not conducted any Non-Banking Financial or Housing Finance
activities without obtained a valid Certificate of Registration (CoR) from the Reserve
Bank of India as per the Reserve Bank of India Act, 1934.
(c) According to the information and explanations given by the
management, the Company is not a Core Investment Company as defined in the regulations
made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) (c)
of the Order is not applicable to the Company.
(d) According to the information and explanations given by the
management, there is no Core Investment Company as a part of the Group, hence, the
requirement to report on clause 3(xvi) (d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current year as
well as in the immediately preceding financial year respectively.
(xviii) There is no resignation of the statutory auditor during the
year.
(xix) On the basis of the financial ratios disclosed in the financial
statements, 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
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.
(xx) With respect to obligations under Corporate social responsibility
(CSR), the company is not required to spend towards CSR based on criteria as specified
under section 134(5) of the Act during the year and there are no such ongoing projects and
unspent amount related to it, hence no reporting is required to be reported under the
clause (xx)(a) to (b) of the Order.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable
in respect of audit of standalone financial statements. Accordingly, no comment in respect
of the said clause has been included in this report.
Annexure 2 to the Independent Auditorfs report of even date on
the standalone Ind AS financial statements of Siddha Ventures Limited
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (gthe Acth)
We have audited the internal financial controls with reference to
standalone Ind AS financial statements of Siddha Ventures Limited ("the
Company") as of March 31, 2023 in conjunction with our audit of the standalone Ind AS
financial statements of the Company for the year ended on that date.
Managementfs 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 the
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.
Auditorfs Responsibility
Our responsibility is to express an opinion on the Companys internal
financial controls with reference to these standalone Ind AS financial statements based on
our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the "Guidance Note") and
the Standards on Auditing, as specified under section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls, both issued by 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 these standalone Ind AS financial statements was
established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls with reference to these standalone Ind AS
financial statements and their operating effectiveness. Our audit of internal financial
controls with reference to standalone Ind AS financial statements included obtaining an
understanding of internal financial controls with reference to these standalone Ind AS
financial statements, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditors judgement, including
the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls with reference to these standalone Ind AS financial statements.
Meaning of Internal Financial Controls with Reference to these
standalone Ind AS Financial Statements
A companys internal financial controls with reference to standalone
Ind AS financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles. A companys internal financial controls with reference to standalone Ind AS
financial statements includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with Reference to
standalone Ind AS Financial Statements
Because of the inherent limitations of internal financial controls with
reference to standalone Ind AS 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 standalone Ind AS financial statements to
future periods are subject to the risk that the internal financial control with reference
to standalone Ind AS financial statements 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, adequate
internal financial controls with reference to standalone Ind AS financial statements and
such internal financial controls with reference to standalone Ind AS financial statements
were operating effectively as at March 31, 2023, based on the internal control over
financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note issued by the ICAI.
| For K.K.CHANANI & ASSOCIATES |
| Chartered Accountants |
| ICAI Firm Registration Number: 0322232E |
| SD/- |
| Krishna Kumar Chanani |
| Partner |
| Membership Number: 056045 |
| Place: Kolkata |
| Date: May 30, 2023 |
| UDIN: 23056045BGXHUP1397 |
+91-9892691696
