To
The Members of
Taneja Aerospace and Aviation Limited
Report on the audit of the Standalone Financial Statements Opinion
1. We have audited the accompanying standalone Ind AS financial statements of Taneja
Aerospace and Aviation Limited (‘the Company), which comprise the standalone balance
sheet as at 31 March 2023, and the standalone statement of profit and loss (including
other comprehensive income), standalone statement of changes in equity and 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 (‘the Standalone Financial Statements).
2. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Standalone Financial Statements give the information required
by the Companies Act, 2013 (‘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 31 March 2023, and its profits and other
comprehensive income, changes in equity and its cash flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on
Auditing (‘SAs) specified under section 143(10) of the Act.
Our responsibilities under those SAs are further described in the Auditors
Responsibilities for the Audit of the 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 (‘ICAI) together with the ethical
requirements that are relevant to our audit of the Standalone 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 opinion on the Standalone Financial Statements.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the
Standalone Financial Statements of the current year. These matters were addressed in
the context of our audit of the Standalone Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Other Information
5. The Companys Board of Directors are responsible for the other information. The
other information comprises the information included in the Companys annual report , but
does not include the Standalone Financial Statements and our auditors report thereon. The
Other Information is expected to be made available to us after the date of this auditors
report.
6. Our opinion on the Standalone Financial Statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
7. 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.
Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements
8. The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act, with respect to the preparation of these Standalone Financial
Statements that give a true and fair view of the state of affairs, profit and other
comprehensive income, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the Indian accounting
standards (‘Ind AS) specified under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 Standalone Financial Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
9. In preparing the Standalone Financial Statements, the Board of Directors 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 the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
10. The Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditors responsibilities for the audit of the Standalone Financial Statements
11. 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 Standalone Financial Statements.
12. As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also: 12.1. 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.
12.2. Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to Standalone Financial Statements in
place and the operating effectiveness of such controls.
12.3. Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the Management.
12.4. Conclude on the appropriateness of the 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. 12.5. 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.
13. We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including
deficiencies any significant in internal control that we identify during our audit.
14. 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.
15. From the matters communicated with those charged with governance, we determine
those matters that were of most
in the audit of the Standalone Financial Statements of the current year 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
16. As required by the Companies (Auditors Report) Order, 2016 (‘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 a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable. 17. As required by Section
143(3) of the Act, we report that:
17.1. 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.
17.2. 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.
17.3. The standalone balance sheet, the standalone statement of profit and loss
including other comprehensive income, the statement of changes in equity and the
standalone cash flow statement dealt with by this Report are in agreement with the books
of account.
17.4. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind
AS specified under Section 133 of the
Act.
17.5. On the basis of the written representations received from the directors as on 31
March 2023 taken on record by the Board of
Directors, none of the directors disqualified as on 31 March
2023 from being appointed as a director in terms of Section
164(2) of the Act.
17.6. With respect to the adequacy of the internal financial controls with reference to
Standalone Financial Statements of the
Company and the operating effectiveness of such controls, refer to our separate Report
in ‘Annexure B.
17.7. 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.
18. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us: 18.1.
The Company has disclosed the impact of pending litigations as at 31 March 2023 on its
financial position in its Standalone Financial Statements Refer Note 44 to the Standalone
Financial Statements;
18.2. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
18.3. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
18.4. The Management has represented, to best of their knowledge and belief, that 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.
18.5. The Management has represented, to best of their knowledge and belief, that 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.
18.6. Based on such audit procedures, that has been considered reasonable and
appropriate in the circumstances, performed by us, nothing has come to our notice that has
caused us to believe that the representation under para 16, 17 and 18 above, contain any
material misstatement.
18.7. In our opinion and according to the information and explanations given to us, (a)
The board of directors of the company has not proposed and paid any final dividend during
the year
(b) The interim dividend declared and paid by the Company during the year and until the
date of this report is in compliance with Section 123 of the Act.
(c) The Board of Directors of the Company has not proposed final dividend for the year
which is subject to the approval of the members at the ensuing Annual General Meeting.
18.8. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording audit trail
(edit log) facility is applicable to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is
not applicable for the financial year ended March 31, 2023.
For KKC & Associates LLP
(formerly Khimji Kunverji and Co LLP)
Chartered Accountants
Firm Registration Number: 105146W/W100621
|
Praveen Kumar Daga |
|
Partner |
| Place: Bengaluru |
ICAI Membership No: 143762 |
| Date: 13 May 2023 |
UDIN: 23143762BGWAHV2573 |
ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT ON THE STANDALONE FINANCIAL
STATEMENTS OF TANEJA AEROSPACE AND AVIATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date) i. (a) The Company has maintained proper
records showing full particulars including quantitative details and situation of Property,
Plant and Equipment (‘PPE).
The Company is maintaining proper records showing full particulars of intangible
assets.
(b) The Company has a regular programme of physical verification of its PPE by which
all PPE are verified in a phased manner over a period of 1 year. In our opinion, this
periodicity of physical verification is reasonable having regard to the size of the
Company and the nature of its assets. Pursuant to the programme, certain PPE were
physically verified by the Management during the year. In our opinion, and according to
the information and explanations given to us, no material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations given to us and on
the basis of our examination of the records of the Company, the title deeds of all the
immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) disclosed in the financial
statements are held in the name of the Company except for the following which are not held
in the name of the Company.
Description of property |
Gross carrying value |
Held in name of |
Whether promoter, director or their relative or employee |
Period held |
Reason for not being held in name of company |
Freehold Land |
198.08 lakhs |
HRCE, Arulmigu Shree Basaveshwara Swamy, Arulmigu Bettadamma Temple,
Arulmigu Shree Palagai Karagam Temple, Arul Migy Uttamma Karagam Temple |
No |
Since FY 2016- 17 |
Pending with Tamil Nadu Government Authorities to transfer title deeds |
(d) In our opinion and according to the information and explanations given to us, the
Company has not revalued its PPE (including Right of Use assets) or intangible assets or
both during the year.
(e) In our opinion and according to the information and explanations given to us and on
the basis of our examination of the records of the Company, no proceedings have been
initiated or are pending against the Company for holding any benami property under the
Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. ii. In our opinion and
according to the information and explanations given to us, the company didnt hold any
inventory during the year and accordingly the requirement of para 3(ii)(a) of the order is
not applicable to the company. iii. (a) In our opinion and according to the information
and explanations given to us, The Company has not made investments in, or provided any
guarantee or security or granted any loans or advances in the nature of loans, secured or
unsecured, to companies, firms, Limited
Liability Partnerships or any other parties during the year. (b) In our opinion and
according to the information and explanations given to us, the company has not made any
investments in, or provided any guarantee or security or granted any loans or advances in
the nature of loans, secured or unsecured, to companies, firms, Limited
Liability Partnerships or any other parties during the year. Accordingly paragraph
3(iii)(b) to 3(iiii) (e) of the Order is not applicable to the Company.
(c) In our opinion and according to the information and explanations given to us, the
Company has not granted any loans or advances in the nature of loans to Promoters/ Related
Parties (as defined in section 2(76) of the Act which are 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 sections 185 and 186 of the Act with respect to the loans given, investments made,
guarantees given and security provided. 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 76 or any other relevant
provisions of the Act and the rules framed there under. Accordingly, paragraph 3(v) of the
Order is not applicable to the Company. vi. (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 to/with the appropriate authorities though there has been a
slight delay in a few cases.
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 2023 for a period of more than six months from the date they became payable.
(b) In our opinion and according to the information and explanations given to us, we
confirm that the following 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 any other
statutory dues, have not been deposited to/with the appropriate authority on account of
any dispute.
Name of the Statute |
Nature of the Dues |
Amount |
Period to which the amount relates |
Forum where dispute is pending |
Remarks, if any |
| Finance Act, 1994 |
Service Tax |
124.37 |
2008-09 to 2012-13 |
Customs Excise and Service |
NA |
|
|
|
|
Tax Appellate Tribunal |
|
| Central Excise Act, 1944 |
Excise Duty |
80.24 |
2008-09 to 2011-12 |
Customs Excise and Service |
NA |
|
|
|
|
Tax Appellate Tribunal |
|
| Central Excise Act, 1944 |
Excise Duty |
23.73 |
2012-13 |
Customs Excise and Service |
NA |
|
|
|
|
Tax Appellate Tribunal |
|
| Central Excise Act, 1944 |
Excise Duty |
57.50 |
2013-14 to 2014-15 |
Customs Excise and Service |
NA |
|
|
|
|
Tax Appellate Tribunal |
|
| Central Excise Act, 1944 |
Excise Duty |
6.93 |
2013-14 |
Customs Excise and Service |
NA |
|
|
|
|
Tax Appellate Tribunal |
|
vii. In our opinion and according to the information and explanations given to us and
on the basis of our examination of the records of the Company, we confirm that 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. viii. (a) In our opinion, the Company has not defaulted in repayment of
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 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 subsidiary.
(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 subsidiary.
ix. (a) The Company did not raise money by way of initial public offer or further
public offer (including debt instruments) during the year.
(b) In our opinion and 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. x. (a) In our opinion and according to
the information and explanations given to us, there has been no fraud by the Company or
any fraud on the Company that has been noticed or reported during the year.
(b) No report under sub-section (12) of section 143 of the Act has been filed by 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. xi. (a) In our opinion and according to the
information and explanations given to us, the Company is not a Nidhi company. Accordingly,
paragraph 3(xii) of the Order is not applicable to the Company. xii. 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 standards. xiii. (a) In
our opinion and based on our examination, the Company has an internal audit system
commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date, for
the period under audit. xiv. According to the information and explanations given to us,
the Company has not entered into non-cash transactions with the directors/ person
connected with the director during the year, by the acquisition of assets and/or by
assuming directly related liabilities, which in our opinion is covered under the
provisions of section 192 of the Act, and Accordingly, paragraph 3(xv) of the Order is not
applicable to the Company. xv. (a) In our opinion, the Company is not required to be
registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
paragraph 3(xvi) of the Order is not applicable to the Company.
(b) The Company has not conducted Non-Banking Financial or Housing Finance activities
Accordingly, paragraph 3(xvi) (b) of the Order is not applicable to the Company.
(c) The Company is not a CIC as defined in the regulations made by Reserve Bank of
India.
(d) The Company does not have any CIC as part of the Group. xvi. The Company has not
incurred cash losses in the financial year and in the immediately preceding financial
year. xvii. There has been no resignation of the statutory auditors during the year and
accordingly this clause is not applicable / paragraph
3(xviii) of the Order is not applicable.
xviii. 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 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. xix. There are no amount remaining unspent on
activities relating to Corporate Social Responsibilities and hence reporting under clause
3(xx)(a) and (b) of the order is not applicable.
For KKC & Associates LLP
(formerly Khimji Kunverji and Co LLP)
Chartered Accountants
Firm Registration Number: 105146W/W100621
|
Praveen Kumar Daga |
|
Partner |
| Place: Bengaluru |
ICAI Membership No: 143762 |
| Date: 13 May 2023 |
UDIN: 23143762BGWAHV2573 |
ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT ON THE STANDALONE FINANCIAL
STATEMENTS OF TANEJA AEROSPACE AND AVIATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023
(Referred to in paragraph ‘17.6 under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date)
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 (‘the Act). Opinion
1. We have audited the internal financial controls with reference to the Standalone
Financial Statements of Taneja Aerospace and Aviation Limited (‘the Company ‘)
as at 31 March 2023 in conjunction with our audit of the Standalone Financial Statements
of the Company for the year ended on that date.
2. In our opinion, the Company has, in all material respects, an adequate internal
financial controls with reference to the Standalone Financial Statements and such internal
financial controls were operating effectively as at 31 March 2023, based on the internal
controls 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 (‘the Guidance Note).
Managements responsibility for Internal Financial Controls
3. The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal controls over financial reporting criteria
established by the
Company considering the essential components of internal control stated in the Guidance
Note. 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 Act.
Auditors responsibility
4. 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
(‘SA‘), prescribed under section 143(10) of the Act, to the extent applicable to
an audit of internal financial controls with reference to the Standalone Financial
Statements. Those SAs and the Guidance Note require that we comply with the 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
were established and maintained and whether such controls operated effectively in all
material respects.
5. Our audit involves performing procedures to obtain 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.
6. 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 the
Standalone Financial Statements.
Meaning of Internal Financial Controls with reference to the Standalone Financial
Statements
7. 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 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 include 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 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
Standalone Financial Statements.
Inherent Limitations of Internal Financial Controls with reference to the Standalone
Financial Statements
8. 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.
For KKC & Associates LLP
(formerly Khimji Kunverji and Co LLP)
Chartered Accountants
Firm Registration Number: 105146W/W100621
|
Praveen Kumar Daga |
|
Partner |
| Place: Bengaluru |
ICAI Membership No: 143762 |
| Date: 13 May 2023 |
UDIN: 23143762BGWAHV2573 |
+91-9892691696
