To the Board of Directors of UDAY JEWELLERY INDUSTRIES LIMITED Report on the Audit of
the Standalone Ind AS Financial Statements Opinion
We have audited the standalone Ind AS financial statements of UDAY JEWELLERY
INDUSTRIES LIMITED ("the Company"), which comprises the balance sheet as at
31st March 2023, and the statement of Profit and Loss (including other comprehensive
income), statement of changes in equity and statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information (herein after referred to as "
Ind AS financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by 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), changes in equity and its
cash flows 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 the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Financial Statements for the financial year
ended March 31, 2023. 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.
Key Audit Matters |
Auditors response |
Revenue Recognition: |
In view of the significance of the matter, we applied the following audit procedures
in this area, among others, to obtain sufficient appropriate audit evidence: |
| The Company recognizes revenue when the control of goods being sold is
transferred to the customer. A substantial part of Companys revenue relates to jewelry
which involves large number of sales contracts having varied contractual terms. This
increases the risk of misstatement of the timing and amount of revenue recognized to
achieve specific performance targets or expectations. |
1. Assessed the appropriateness of the accounting policy for revenue recognition as
per relevant accounting standard. |
| The Company and its external stakeholders focus on revenue as a key
performance indicator. |
2. We evaluated the design and implementation of key internal financial controls and
their operating effectiveness with respect to revenue recognition transactions selected on
a sample basis. These included general IT controls and key application controls over the
IT systems which govern revenue recognition, including access controls, controls over
program changes and interfaces between different systems. |
| In view of the above we have identified revenue recognition as a key
audit matter. |
3. We perused selected samples of key contracts with customers to understand terms and
conditions particularly relating to acceptance of goods. |
"Inventory" |
4. We performed substantive testing of retail sales by selecting samples of sales
using statistical sampling and tested the underlying documentation including verification
of invoices and collections thereon. |
| The Companys inventories primarily comprises jewellery of gold,
diamonds, gemstones etc. ("inventory") We have considered existence of inventory
to be a key focus area for our audit due to the high value and nature of inventory
involved could lead to a significant risk of loss of inventory |
5. We tested, selected samples of sales transactions made immediately pre and post
year end, agreed the period of revenue recognition to the underlying documents. |
|
6. We scrutinized manual journals posted to revenue to identify unusual items. |
|
Our principal audit procedures performed, among other procedures, included the
following: |
|
• obtained an understanding of the management s process for safeguarding and
physical verification of inventories including the appropriateness of the Companys
procedures for conducting, reconciling and recording physical verification of inventories. |
|
• evaluated the design and implementation of relevant controls and carried out
the testing of operating effectiveness of controls over conducting, reconciling and
recording physical verification of inventories. |
|
• tested the operating effectiveness of controls around the IT systems for
recording of inward and outward movements of inventory |
Other information
The Companys management and Board of Directors are responsible for the other
information. The other information comprises the information included in Management
Discussion and Analysis, Boards Report including Annexure to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the financial statements and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
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 statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
In preparing the 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.
The Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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 judgement 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 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 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 use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone
financial statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditors report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
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 Companies Act, 2013, we give in the Annexure A, a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
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;
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 ;
3. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
4. In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended;
5. 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;
6. 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".
7. With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended. According to
the information and explanations given to us and based on our examination of the records
the Company, the Company has not paid any managerial remuneration to any director.
8. 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:
a. The company has disclosed the impact of pending litigations on its financial
position in its financial statements – Refer Note 34 to the financial statements;
b. The company did not have any long term contracts including derivative contracts for
which there were any material foreseeable losses;
c. There were no amounts, required to be transferred to the Investor Education and
Protection
Fund by the Company.
d. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts:
(i), 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;
(ii) 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
(iii) Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.
e. No dividend declared/paid during the year has been made/ provided by the Company,
accordingly compliance of Section 123 of the Act, is not
|
For ANANT RAO & MALLIK |
|
Chartered Accountants |
|
Firm Regn. No. 006266S |
|
Sd/- |
|
V. ANANT RAO |
|
Partner |
Place : Hyderabad |
Membership No.022644 |
Date : 29-05-2023 |
UDIN : 23022644BGUPKZ6864 |
Annexure - A to the Auditors Report
The Annexure A referred to in our Independent Auditors Report to the members of the
Company on the Standalone financial statements for the year ended 31 March 2023, we report
that:
i. (a) (A) The Company has maintained proper records showing full particulars,
including quantitative details and situation of property, plant and equipment, Capital
work-in-progress and relevant details of right-of-use of assets.
(B) The Company has maintained proper records showing full particulars of intangible
Assets
(b) The Company has a regular programme of physical verification of its fixed assets by
which fixed assets are verified during the year. In accordance with this programme, fixed
assets were verified during the year and no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company does not held any immovable
properties. Consequently, clauses 3(i)(c) of the Order is not applicable to the Company.
(d) 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 revalued its Property,
Plant and Equipment (including Right of Use assets) or intangible assets or both during
the year.
(e) According to the information and explanations given to us, there are 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 respect of Inventories :
(a) (A)The inventories have been physically verified by the management during the year.
In our opinion, the frequency of such verification is reasonable.
(B) The coverage and procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the Company and the
nature of its business.
(C) The Company has maintained proper records of the said stocks. As explained to us,
there were no material discrepancies noticed on physical verification of inventory as
compared to the book records.
(b) According to the information and explanations given to us, the Company has been
sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at points of
time during the year, from banks or financial institutions on the basis of security of
current assets. In our opinion and according to the information and explanations given to
us, the quarterly returns or statements comprising stock statements, book debt statements
and statements on ageing analysis of the debtors/other receivables filed by the Company
with such banks or financial institutions are in agreement with the unaudited books of
account of the Company of the respective quarters.
iii. During the year, the Company has not granted any loans secured or unsecured to
parties covered in the register maintained under section 189 of the Act. Hence, paragraph
3(iii) of the Order is not applicable.
iv. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, with respect
to the loans, investments, guarantees and securities.
v. The Company has not accepted any deposits, within the meaning of provisions of
sections 73 to
76 or any other relevant provisions of the Companies Act, 2013 and the rules framed
there under.
vi. In our opinion and according to the information and explanations given to us, the
Company is not required to maintain Cost records under Central Government under
sub-section (1) of the section 148 of the Act.
vii. In respect of statutory dues :
a) According to the information and explanations given to us and on the basis of
examination of the records of the Company, amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including provident fund, employees state
insurance, income-tax, Goods and service tax, duty of customs, cess and other material
statutory dues have been regularly deposited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no undisputed amounts are
payable in respect of 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) According to the information and explanations given to us, the dues of Sales tax,
Service tax, Duty of Custom and Duty of Excise which have not been deposited on March 31,
2023 on account of any dispute, are as follows :
Name of the statute |
Nature of the Disputed statutory dues |
Amount disputed (In Rs.) |
Period |
Forum where dispute is pending |
| Income Tax Act, 1961 |
Income Tax |
2,99,18,329 |
AY 2017-18 |
CIT (A), Hyderabad- 5 |
viii. According to the information and explanations given to us and on the basis of
examination of the records, there were no transactions which are not recorded in the books
of account have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43 of 1961).
ix. (a)According to the information and explanations given to us and on the basis of
examination of the records, the company has not defaulted in the repayment of loans along
with interest to the Banks.
(b) The company has not been declared wilful defaulter by any bank or financial
institution or other lender;
(c) To the best of our knowledge and belief, in our opinion, term loans availed by the
Company were, applied by the Company during the year for the purposes for which the loans
were obtained.
(d) On an overall examination of the financial statements of the Company, funds raised
on short-term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company
has not taken funds from any entity or person on account of or to meet the obligations of
its subsidiaries or Associates.
(f) The Company has not raised loans during the year on the pledge of securities held
in its subsidiaries or associates.
x. (a) The Company did not raise any money by way of initial public offer or further
public offer
(including debt instruments) and term loans during the year. Accordingly, paragraph 3
(x) of the Order is not applicable.
(b) During the year the Company has not made any preferential allotment or private
placement of shares or convertible debentures (full or partly or optionally) and hence
reporting under clause (x)(b) of Order is not applicable
xi. (a) According to the information and explanations given to us, no material fraud by
the company or on the Company by its officers or employees has been noticed or reported
during the course of our audit.
(b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Companies Act has been filed in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government, during the year and up to the date of this report.
(c) According to the information and explanations given to us, there were no whistle
blower complaints received by the Company during the year and upto the date of this
report.
xii. 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.
xiii. According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the financial statements as required by the applicable
accounting standards;
xiv. (a) In our opinion the Company has an adequate internal audit system commensurate
with the size and the nature of its business.
(b) We have considered the internal audit reports issued to the Company during the
year.
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 any non-cash
transactions with its directors or persons connected with its directors and hence
provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a)According to the information and explanations given to us, The Company is not
required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Hence, reporting under clause 3(xvi)(a),(b) and (c) of the Order is not applicable
(b) According to the information and explanations given to us, The Company does not
have any Core Investment Company as part of the group and accordingly reporting under
clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xviii. As we are the continuing auditor for this branch office of the Company, clause
3(xviii) is not applicable.
xix. On the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and our knowledge of the Board of Directors and Management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to
the future viability of the Company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due.
xx. (a) The Company has fully spent the required amount towards Corporate Social
Responsibility
(CSR) and there is no unspent CSR amount for the year requiring a transfer to a Fund
specified in Schedule VII to the Companies Act or special account in compliance with the
provision of subsection (6) of section 135 of the said Act. Accordingly, reporting under
clause 3(xx)(a) of the Order is not applicable.
(b) In respect of ongoing projects, the Company does not have any unspent Corporate
Social Responsibility (CSR) amount as at the end of the financial year. Hence, reporting
under clause 3(xx)(b) of the Order is not applicable.
xxi. The company does not have any investment in any entity. Hence, Company is not
required to prepare consolidated financial statements and reporting under clause 3(xxi) of
the Order is not applicable.
|
For ANANT RAO & MALLIK |
|
Chartered Accountants |
|
Firm Regn. No. 006266S |
|
Sd/- |
|
V. ANANT RAO |
|
Partner |
Place : Hyderabad |
Membership No.022644 |
Date : 29-05-2023 |
UDIN : 23022644BGUPKZ6864 |
Annexure - B to the Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s. UDAY
JEWELLERY INDUSTRIES LIMITED ("the Company") as of 31 March 2023 in conjunction
with our audit of Ind AS financial statements of the Company for the year ended on that
date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
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 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 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 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 ANANT RAO & MALLIK |
|
Chartered Accountants |
|
Firm Regn. No. 006266S |
|
Sd/- |
|
V. ANANT RAO |
|
Partner |
Place : Hyderabad |
Membership No.022644 |
Date : 29-05-2023 |
UDIN : 23022644BGUPKZ6864 |
+91-9892691696
