To,
The Members of,
VINTAGE COFFEE AND BEVERAGES LIMITED
(formerly known as Spaceage Products Limited)
Report on the Audit of Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial statements of VINTAGE
COFFEE AND BEVERAGES LIMITED (formerly known as Spaceage Products Limited)("The
Company"), which comprise the Standalone Balance Sheet as at 31st March, 2023and
the Standalone Statement of Profit &Loss (including the statement of Other
Comprehensive Income), the Standalone Cash Flow Statement and the Standalone Statement of
Changes in Equity for the year then ended and notes to the standalone financial
statements, including a summary of the significant accounting policies and other
explanatory information, (hereinafter referred to as "the 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 for the year ended
31st March, 2023 give the information required by the Companies Act 2013("the
Act") in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company
as at 31st March 2023, and total comprehensive income (comprising of profit and other
comprehensive income) its cash flows and changes in equity for the year ended on that
date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the "Auditors responsibilities for
the Audit of Standalone 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 standalone financial statements under the provisions of the Companies
Act,2013 and the Rules thereunder, and we have fulfilled our ethical responsibilities in
accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone financial statements.
Other Information
The Companys Board of Directors is responsible for the preparation of
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. The Companys annual report is expected to be made available to us after the date
of this auditors report.
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 communicate the matter to
those charged with governance and take necessary actions, as applicable under the relevant
laws and regulations.
Responsibilities of management and those charged with the governance
for the standalone financial statement
The Companys Board of Directors are responsible for the matters stated
in section 134 (5)of the Act with respect to the preparation and presentation of these
standalone 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 specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014 and the companies (Indian
Accounting Standards) Rule, 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 design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the
companys financial reporting process.
Auditors Responsibilities for the Audit of Standalone Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
standalone financial statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional 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 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 with
reference to standalone 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 and Board of
Directors 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
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 Standalone Financial
Statements that, individually or in aggregate, makes it probable that the economic
decisions of reasonably knowledgeable user of Standalone Financials Results 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 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 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 Requirement
(i) 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 A" statement on the
matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.
(ii) A) As required by section 143(3) of the Act, we further 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 purpose of our audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those books;
c. The Standalone Balance Sheet, the Standalone Statement of Profit and
Loss (including other comprehensive income), the Standalone Statement of Changes in Equity
and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with
the books of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 Companies (Indian Accounting Standards) Rules, 2015, as
amended;
e. On the basis of written representations received from the directors
as on March 31, 2023, and 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 over
financial reporting of the Company and the operating effectiveness of such controls, refer
to our separate report in "Annexure B"; our report express an unmodified opinion
on the adequacy and operating effectiveness of the companys internal financial controls
over financial reporting.
(iii) With respect to 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:
a. The Company does not have any pending litigations which would impact
its financial position.
b. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any material foreseeable
losses thereon does not arise.
c. There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and Protection Fund. The
question of delay in transferring such sums does not arise.
d. (i) 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 persons or entities, including foreign entities
("Intermediaries"),with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall:
• Directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on
behalf of the Company or
• Provide any guarantee, security or the like to or on behalf of
the Ultimate Beneficiaries.
(ii) The management has represented, that, to the best of its knowledge
and belief, no funds have been received by the Company from any persons or entities,
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall:
• Directly or indirectly, lender invest in other persons or
entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on
behalf of the Funding Party or
• Provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries; and
(iv) Based on such audit procedures as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under subclause (d)(i) and (d)(ii) contain any material
miss- statement.
(v) With respect to the matter to be included in the Auditors Report
under Section 197(16) of the Act:
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 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.
Annexure A to the Independent Auditors report on the standalone
financial statements of VINTAGE COFFEE AND BEVERAGES LIMITED (formerly known as Spaceage
Products Limited) for the year ended 31st March 2023
(Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements section of our report of even date)
(i) (a)
(A) The company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant & Equipment;
(B) The company does not own any intangible asset and hence the
reporting requirement of this sub-clause does not apply to the company.
(b) As per the information and explanation given to us, the Property,
Plant and Equipment have been physically verified by the management at regular intervals,
which in our opinion, is reasonable. According to the information and explanations given
to us, based on the records examined by us, no material discrepancies were noticed on such
verification
(c) According to the information and explanations given to us, the
records examined by us, the company does not own any immovable properties of land and
buildings and hence the reporting requirement of this sub-clause does not apply to the
company.
(d) According to the information and explanations given to us, based on
the records examined by us, the company has not revalued any of its Property, Plant and
Equipment (including Right to Use asset). As the company does not own any intangible
asset, the reporting requirement of this sub-clause does not apply to intangible asset.
(e) According to the information and explanations given to us, based on
the records examined by us, no proceedings have been initiated or are pending against the
company under Benami Transactions (Prohibition) Act, 1988 and rules made thereunder as the
company does not hold any benami property.
(ii) (a) The inventories have been physically verified during the year
by the management. In our opinion, the frequency of verification is reasonable.
(b) The company has maintained proper records of inventory as explained
to us. There was no material discrepancies noticed on physical verification of inventory
as compared to the book records.
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company has not been
sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks
on the basis of security of current assets and hence the reporting requirements of this
subclause does not apply to the company.
(iii) (a) According to the information and explanations given to us,
the Company has granted unsecured loan to its Indian wholly owned subsidiary (WOS). Refer
Note No 2.3 (v)(a) in the Notes to financial statements for detailed transactions made
during the year.
(b) The company has made investment, but no guarantees or security were
provided during the year and these investments were made to acquire 100% ownership of the
following: -
| Name of the Company Invested |
Invested amount (Rs in Lakhs) |
| Delecto Foods Private Limited |
3,143.26 |
| Vintage Coffee Private Limited |
8,732.26 |
| Total |
11,875.51 |
(c) According to the information and explanations given to us, in
respect of loans, and, advances in the nature of loans, the schedule of repayment of
principal and payment of interest has been stipulated while granting such loans and
advances in the nature of loans and the repayment and/ or receipts are regular.
(d) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, No amounts are overdue for
more than ninety days.
(e) As per the information and explanation given to us, no loan or
advance in the nature of loan granted which has fallen due during the year, has been
granted or extended or fresh loans granted to settle the overdue of existing loans given
to those parties.
(f)According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the Company has not given any
loans either repayable on demand or without specifying any terms or period of repayment.
(iv) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section 186 with respect to
the loans and investments made and provisions of section 185with respect to loans to
directors.
(v) In our opinion and according to the information and explanations
given to us, based on the examination of records, the company has not accepted deposits
from public and there are no amounts which are deemed to be deposits and hence the
provisions of sections 73 to 76 or any other provisions of the Companies Act and the rules
made there under are not applicable to the company.
(vi) According to information and explanation given by the management,
the maintenance of cost records have not been prescribed by the Central Government under
section 148(1) of the Act, for any of the activities carried on by the company and hence
para3(vi) of the Order is not applicable to the company.
(vii) (a) According to the information and explanations given to us,
the Company has generally been regular in depositing undisputed statutory dues including
Income- tax, Service Tax, and other material statutory dues applicable to it, with the
appropriate authorities and based on information and explanation given to us, and
examination of records, there are no outstanding of statutory dues as at 31st March 2023
for a period of more than six months from the date they became payable though there has
been a slight delay in a few cases.
(b) According to the information and explanations given to us, there
are no dues of statutory dues referred to in (a) above which have not been deposited by
the Company on account of any dispute at the year end, for a period of more than six
months from the date they became payable.
(viii) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company has not
surrendered or disclosed any transactions, previously unrecorded as income in the books of
account, in the tax assessments under the Income-tax Act, 1961 as income during the year.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, the Company has not
defaulted in repayment of loans or other borrowings 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 examination of the records of the Company, the Company has not been
declared a willful defaulter by any ban or financial institution or government o
government authority.
(c) According to the information and explanations given to us by the
management and on the basis of our examination of the records of the Company, the Company
does not have any term loans sanctioned. Accordingly, clause 3(ix)(c) of the Order is not
applicable.
(d) According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that no funds have been
raised on short-term basis by the Company. Accordingly, clause 3(ix)(d) of the Order is
not applicable.
(e) According to the information and explanations given to us and on an
overall examination of the 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 as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(e)
of the Order is not applicable..
(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 as defined under the Companies
Act, 2013. Accordingly, 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). Accordingly, clause 3(x)(a) of
the Order is not applicable.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company has not made any
preferential allotment or private placement of shares or fully or partly convertible
debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
(xi) (a) Based on examination of the books and records of the Company
and according to the information and explanations given to us, considering the principles
of materiality outlined in Standards on Auditing, we report that no fraud by the Company
or on the Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no
report under subsection (12) of Section 143 of the Companies Act, 2013 has been filed the
auditors 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) The company is not a Nidhi company and hence the provisions para
3(xii) (a) to (c) of the Order referred to in Companies (Auditors Report) Order, 2020
issued by the Central Government of India in terms of sub-section (11) of Section 143 of
the Act does not apply to the company.
(xiii) In our opinion and according to the information and explanations
given to us, the transactions with related parties are in compliance with Sections 177 and
188 of the Companies Act, 2013, where applicable, and the details of the related party
transactions have been disclosed in the standalone financial statements as required by the
applicable Indian Accounting Standards.
(xiv) (a) Based on information and explanations provided to us and our
audit procedures, in our opinion, the Company has an internal audit system commensurate
with the size and 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 explanations given to us and
based on our examination of the records of the Company, the Company has not entered into
noncash transactions with directors or persons connected with him. Accordingly, paragraph
3(xv) of the Order is not applicable.
(xvi) (a) The Company is not required to be registered under Section
45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order
is not applicable.
(b) The Company has not conducted any Non-Banking Financial or Housing
Finance activities during the period under audit without a valid Certificate of
Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act
1934Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in
the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the
Order is not applicable.
(d) According to the information and explanations provided to us during
the course of audit, the Group does not have any CIC. Accordingly, the requirements of
clause 3(xvi)(d) are not applicable.
(xvii) The company has not incurred any cash losses in the financial
year and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during
the year. Accordingly, clause 3(xviii) of the Order is not applicable.
(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. 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) Considering the profit status in the previous years, the company
is not required to spent under CSR activities during the year hence the clause 3(xx)(a)
& (b) is not applicable.
Annexure B to the Independent Auditors report on the standalone
financial statements of VINTAGE COFFEE AND BEVERAGES LIMITED (formerly known as Spaceage
Products Limited) for the year ended 31st March 2023
Report on the internal financial controls with reference to the
aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143
of the Companies Act, 2013
(Referred to in paragraph 2(f) under Report on Other Legal and
Regulatory Requirements section of our report of even date)
We have audited the internal financial controls with reference to
Standalone Financial Statement of M/s. VINTAGE COFFEE AND BEVERAGES LIMITED
(formerly known as Spaceage Products Limited)("The Company") as of 31 March,
2023 in conjunction with our audit of the standalone financial statements of the Company
for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing
and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).
These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal
financial controls over financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the
"Guidance Note") and the Standards on Auditing, issued by
ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit
of Internal Financial Controls and, both issued by the Institute of Chartered Accountants
of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the 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 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 31 March 2023, based on
the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
|
For S. Bhalotia& Associates (Chartered Accountants)
Firms Registration no.: 325040E CA Binod Kumar Sahoo |
| Place: Hyderabad |
(Partner) |
| Date: The 15th day of May, 2023 |
Membership No: 305406 UDIN:23305406BGXYQN6960 |
+91-9892691696
