To The Members of Vaidya Sane Ayurved Laboratories Ltd. Report on the Audit of the
Standalone financial statements Opinion
We have audited the accompanying standalone financial statements of March 31, 2023
("The Company") which comprise of the Balance Sheet as at March 31, 2023, the
statement of the Profit and Loss Account for the period from April 01, 2022 to March 31,
2023, Cash flow for the year ended and notes to the standalone financial statements
including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanation
given to us, the aforesaid standalone financial statements give the information required
by the companies Act, 2013 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 and the profit and its cash flows for the year
ended on that date.
Basis of Opinion
We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditors Responsibilities for the
Audit of the Standalone 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 audit opinion on the
standalone financial statements.
Information other than the Standalone financial statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information of board of directors report but does not include
the standalone 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.
Responsibility of Management for Standalone financial statements
The Companys Board of Directors are responsible for the matters stated in section
134(5) of the Companys Act 2013 ("The Act") with respect to the preparation of
these statements that give true and fair view of the financial position and financial
performance and cash flow of the company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under section
133 of the Act. Read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 judgements and estimates that are reasonable and prudent; and
design implementation and maintenance of adequate 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 true
and fair view and are free from material misstatement whether, due to fraud or error.
In preparing the standalone financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so. Those Board of Directors are also responsible for
overseeing the companys financial reporting process.
Auditors Responsibilities for the Audit of the 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 standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain Professional scepticism 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 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.
Report on Other Legal and Regulatory Requirements
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 Companies Act, 2013, does not applicable to the Company vide provisions of clause 2(v)
of the said order.
1. As required by Section 143 (3) of the Act, we report that:
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.
a) 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 and there are no branches
to the company to the best of our knowledge;
b) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow
dealt with by this Report are in agreement with the books of account.
c) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards referred to in section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
d) On the basis of the written representations received from the directors as on
31-Mar-2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31-03-2023 from being appointed as a director in terms of Section 164
(2) of the Act.
e) Reporting on the adequacy with respect to the internal financial controls over
financial reporting of the Company and the operating effectiveness of such controls
however reporting thereof is not applicable to the company.
f) 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; In our opinion
and to the best of our information and according to the explanation given to us, the
remuneration paid by the company to its directors during the year is in accordance with
the provisions of Section 197 of the Act.
g) 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:
i) The Company does not have any pending litigations which would impact its financial
position
ii) The Company does not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses; and
iii) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv) (a) Management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(is), including foreign
entities (""Intermediaries""), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Company (""Ultimate Beneficiaries"") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) Management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been received by the Company
from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries, and
(c) Based on the audit procedures adopted by us, nothing has come to our notice that
has caused us to believe that the representations made by the Management under sub clause
(a) and (b) above, contain any material misstatement. v) Proviso Rule 3(1) of the
Companies (Accounts) Rules, 2014 for the maintaining books of accounts 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
31st March 2023.
For A A Mohare and Co.
Chartered Accountants (FRN 114152W)
Amit Mohare
Partner
Membership No. 148601
Place: Thane
Date: 27/05/2023
UDIN: 23148601BGWJJX8059
Annexure A
(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements
section of our report to the Members of Vaidya Sane Ayurved Laboratories Ltd of even date)
Based on the audit procedures performed for the purpose of reporting a true and fair view
on the financial statements of the Company and taking into consideration the information
and explanations given to us and the books of account and other records examined by us in
the normal course of audit, and to the best of our knowledge and belief, 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.
(B) The Company has maintained proper records showing full particulars of intangibles
assets.
(b) Property, Plant and Equipment have been physically verified by the management
during the year and no material discrepancies were identified on such verification.
(c) According to the information and explanations given to us, the records examined by
us and based on the examination of the conveyance deeds/ registered sale deed provided to
us, we report that, the title deeds, comprising all the immovable properties of land and
buildings which are freehold, are held in the name of the Company as at the balance sheet
date.
Relevant line item in the Balance sheet |
Description of item of property |
Gross carrying value |
Title deeds held in the name of |
Property held since which date |
Reason for not being held in the name of the company ** |
| Land |
At Kondhali |
32.35 |
Company |
02-03-2011 |
NA |
| Building |
At Kondhali |
442.45 |
Company |
12-07-2011 |
NA |
| Building |
Flat at Pune |
57.96 |
Company |
03-07-2010 |
NA |
| Building |
At Khopoli |
472.31 |
Company |
18-05-2020 |
NA |
Total |
|
1,005.07 |
|
|
|
(d) The Company has not revalued its Property, Plant and Equipment or intangible assets
during the year ended March 31, 2023.
(e) There are no proceedings 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) (a) Physical verification of inventory has been conducted at reasonable intervals
by the management and in our opinion, the coverage and procedure of such verification by
the management is appropriate; We have not found any discrepancies of 10% or more in the
aggregate for each class of inventory.
(b) According to the information and explanations given by the management, the Company
has been sanctioned overdraft facility of Rs 6 crore, in aggregate from the Sararswat
Co-op Bank Ltd on the security of Land and building located at Kondhali and against the
personal property of Mr. Rohit Sane, Managing Director & Chief Executive Officer.
(iii) (a) During the year the Company has made investments in subsidiary and other
companies and has also provided advance to its subsidiary, details of the same are given
below:
(A) Investment in various companies
Sr. No. |
Particulars |
Nature of shares |
Amount Invested (Rs Lakhs) |
|
In Subsidiaries |
|
|
| 1 |
F-Health Accelerators Pvt. Ltd. |
Equity shares |
0.80 |
| 2 |
Joint Healing Services Private Limited |
Equity shares |
0.99 |
|
In Other entities |
|
|
| 3 |
Easy Ayurved Private Limited |
Equity shares |
0.15 |
| 4 |
Easy Ayurved Private Limited |
Preference Shares |
0.15 |
| 5 |
Cure and Care Primary Care Private Limited |
Equity shares |
1.03 |
| 6 |
Ducol Orgs & Colours Limited |
Equity shares |
102.24 |
|
Total |
|
105.36 |
(B) Advance given to subsidiary companies
(Rs In Lakhs)
Sr. No. |
Particulars |
Amount given |
Amount recovered |
Balance as on March 31, 2023 |
| 1 |
F-Health Accelerators Pvt. Ltd. |
50.00 |
- |
50.00 |
| 2 |
Joint Healing Services Private Limited |
48.02 |
0.60 |
47.42 |
(b) The Company has not granted any loan and advances in the nature of loans or
provided any guarantees. Accordingly, the requirement to report on clause 3(iii)(b) of the
Order is not applicable to the Company.
(c) The Company has not granted loans and advances in the nature of loans to companies,
firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement
to report on clause 3(iii)(c) of the Order is not applicable to the Company.
(d) There are no amounts of loans and advances in the nature of loans granted to
companies which are overdue for more than ninety days.
(e) There were no loans or advance in the nature of loan granted to companies, firms,
Limited Liability Partnerships or any other parties which was fallen due during the year,
that have been renewed or extended or fresh loans granted to settle the overdues of
existing loans given to the same parties.
(f) The Company has not granted any loans or advances in the nature of loans, either
repayable on demand or without specifying any terms or period of repayment to companies.
Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable
to the Company.
(iv) In our opinion and according to the information and explanations given to us,
there are no loans, investments, guarantees, and security in respect of which provisions
of sections 185 and 186 of the Companies Act, 2013 are applicable and accordingly, the
requirement to report on clause 3(iv) of the Order is not applicable to the Company.
(v) To the best of our knowledge, the Company has neither accepted any deposits from
the public nor accepted any amounts which are deemed to be deposits within the meaning of
sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent
applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not
applicable to the Company.
(vi) To the best of our knowledge and as explained, the Central Government has not
specified the maintenance of cost records under section 148(1) of the Act, for the
services of the Company. (vii) (a) The company is regular in depositing undisputed
statutory dues including goods and services tax, provident fund, income-tax, and any other
statutory dues, as applicable, with the appropriate authorities. Further, no undisputed
amounts payable in respect thereof were outstanding at the year-end for a period of more
than six months from the date they became payable.
(b) There are no dues in respect of income-tax, GST, that have not been deposited with
the appropriate authorities on account of any dispute. However, in case of Value added tax
below are the details of demand received under section 32 of Maharashtra Value Added Tax,
2002 for various years. The Company has filed separate appeals against the assessment
orders. The appellant authorities has granted stay on these demands and the matter is
sub-judice. The amount under dispute is given below:
Financial Year |
Amount under dispute |
ACT |
2011-12 |
15,70,026 |
Maharashtra Value Added Tax, 2002 MVAT |
| 2012-13 |
25,76,926 |
|
| 2013-14 |
14,22,371 |
|
| 2014-15 |
30,64,412 |
|
| 2015-16 |
28,45,931 |
|
| 2016-17 |
29,54,986 |
|
| 2015-16 |
1,812 |
The Central Sales Tax Act, 1956 |
(viii) The Company has not surrendered or disclosed any transaction, previously
unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961
as income during the year. Accordingly, the requirement to report on clause 3(viii) of the
Order is not applicable to the Company.
(ix) a. According to the information and explanations given to us, the Company has not
defaulted in repayment of its loans or borrowings or in the payment of interest thereon to
any lender. b. According to the information and explanations given to us including
representation received from the management of the Company, and on the basis of our audit
procedures, we report that the Company has not been declared a wilful defaulter by any
bank or financial institution or other lender. c. In our opinion and according to the
information and explanations given to us, Company did not have term loans. Accordingly the
provisions of clause 3(viii) (c) of the Order are not applicable.
d. In our opinion and according to the information and explanations given to us, and on
an overall examination of the financial statements of the Company, funds raised by the
Company on short term basis have not been utilised for long term purposes.
e. The Company has not taken any funds from entity or person on account of or to meet
the obligations of its subsidiaries. Therefore, the requirement to report under clause
3(ix)(e) of the Order is not applicable to the Company.
f. The Company has not raised loans during the year on the pledge of securities held in
its subsidiaries. Therefore, the requirement to report under clause 3(ix)(f) of the Order
is not applicable to the Company.
(x) a. The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments), during the year. Accordingly, reporting under
clause 3(x)(a) of the Order is not applicable to the Company.
b. According to the information and explanations given to us, the Company has not made
any preferential allotment or private placement of shares or (fully, partially or
optionally) convertible debentures during the year. Accordingly, reporting under clause
3(x)(b) of the Order is not applicable to the Company.
(xi) a. To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or on the Company has been noticed or reported during
the period covered by our audit. b. No report under section 143(12) of the Act has been
filed with the Central Government for the period covered by our audit. c. According to the
information and explanations given to us including the representation made to us by the
management of the Company, there are no whistle-blower complaints received by the Company
during the year.
(xii) a. In our opinion, The Company is not a Nidhi Company. Therefore, the provisions
of the clause 3(xii)(a) of the Order is not applicable to the Company.
b. The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013.
Therefore, the requirement to report on clause 3(xii)(b) of the Order is not applicable to
the Company. c. The Company is not a Nidhi Company as per the provisions of the Companies
Act, 2013. Therefore, the requirement to report on clause 3(xii)(c) of the Order is not
applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us,
all transactions entered into by the Company with the related parties are in compliance
with sections 177 and 188 of the Act, where applicable. Further, the details of such
related party transactions have been disclosed in the standalone financial statements, as
required under Related Party Disclosures specified in Companies (Indian Accounting
Standards) Rules 2015 as prescribed under section 133 of the Act.
(xiv) a. The Company has an internal audit system commensurate with the nature and size
of the business. Company has appointed internal auditor for the period covered under audit
as required under the provisions of section 138 of the Companies Act, 2013. b. The reports
of the Internal Auditors for the period under audit were considered by the Statutory
Auditor.
(xv) According to the information and explanations given by the management, the Company
has not entered into any non-cash transactions with its directors or persons connected
with its directors and hence requirement to report on clause 3(xv) of the Order is not
applicable to the Company.
(xvi) (a) According to the information and explanations given to us, the provisions of
section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the
Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not
applicable to the Company.
(b) The Company is not engaged in any Non-Banking Financial or Housing Finance
activities. Accordingly, the requirement to report on clause 3(xvi) (b) of the Order is
not applicable to the Company.
(c) The Company is not a Core Investment Company as defined in the regulations made by
Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the
Order is not applicable to the Company.
(d) There is no Core Investment Company as a part of the Group, hence, the requirement
to report on clause 3(xvi)(d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current period and in the
immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and
accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the
Company.
(xix) On the basis of the financial ratios disclosed in note 33 to the financial
statements, ageing and expected dates of realization of financial assets and payment of
financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes
us to believe that any material uncertainty exists as on the date of the audit report that
Company is not capable of meeting its liabilities existing at the date of balance sheet as
and when they fall due within a period of one year from the balance sheet date. 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) On the basis of note 42 to the financial statements, the Company is not
required to constitute a Corporate Social Responsibility Committee of the Board and is not
required to spend in pursuance of its Corporate Social Responsibility Policy under the
provisions of section 135 of the Companies Act, 2013 for the financial year 2022-23.
Therefore, the requirement to report under clause 3(xx)(a) of the Order is not applicable
to the Company.
(b) The requirement to report under clause 3(xx)(b) of the Order is not applicable to
the Company as stated in the note 42 of the financial statements.
(xxi) There are no qualification or remarks by the respective auditors in the Companies
(Auditors Report) Order (CARO) reports of the companies included in the consolidated
financial statements.
For A A Mohare and Co.
Chartered Accountants (FRN 114152W)
Amit Mohare
Partner
Membership No. 148601
Place: Thane
Date: 27/05/2023
UDIN: 23148601BGWJJX8059
Annexure ‘B to the Independent Auditors Report
(Referred to in paragraph 3 (f) under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Vaidya Sane Ayurved Laboratories
Ltd. of even date).
Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section
143 of the Companies Act, 2013 ("the Act").
We have audited the internal financial controls over financial reporting of Vaidya
Sane Ayurved Laboratories Ltd. ("the Company") as of March 31, 2023 in
conjunction with our audit of the Financial Statements of the Company for the financial
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. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to the Companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
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 as specified 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 judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Companys internal financial controls 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) pertains 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
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 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, to the best of our information and according to the explanations given
to us 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 March 31, 2023, based on the internal control
over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India.
For A A Mohare and Co.
Chartered Accountants (FRN 114152W)
Amit Mohare
Partner
Membership No. 148601
Place: Thane
Date: 27/05/2023
UDIN: 23148601BGWJJX8059
+91-9892691696
