To the Members of Vipul Organics Limited
Report on the Audit of the Standalone financial statements
Opinion
We have audited the accompanying standalone financial statements of Vipul Organics
Limited (the Company), hich comprise the Balance Sheet as at 31st March
2023, the Statement of Profit and Loss (including other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred to asthe financial
statements).
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards prescribed under section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
(Ind AS) and other accounting principles generally accepted in India, of the state of
affairs(financial position ) of the Company as at 31st March, 2023, the profit
and total comprehensive income, changes in equity and its cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit of standalone financial statements in accordance with the
Standards on Auditing (SAs) 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 independence
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 ICAIs 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
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 period.
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 other key audit matters to be communicated in our
report.
Information Other than the Standalone financial statements and Auditors Report Thereon
The Companys management and Board of Directors are responsible for the preparation of
other information. The other information comprises the information included in the
Directors Report but does not include the financial statements and our auditors report
thereon.
Our opinion on the 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 financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
course of our 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 on the even date.
Managements Responsibility for the Standalone financial statements
The Companys management and 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 financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company
in accordance with the Ind AS and other accounting principles generally accepted in India.
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.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the companys financial
statements 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 judgment and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the 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 Companies Act 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system, in relation to the financial
statements, in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.
We communicate with the Management, 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.
Other Matter
The standalone financial statements of the Company for the year ended 31st
March ,2022, included in these standalone financial statements, have been audited by the
predecessor auditor who expressed an unmodified opinion on those statements on 30th
May,2023.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by
the Central
Government of India in terms of sub-section (11) of section 143 of the 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.
2. A. As required by Section 143(3) of the Act, based on our audit we report that:
(a) We have sought and obtained all the information and explanations, which to the best
of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of change in Equity and the Statement of Cash Flow dealt with by this
Report are in agreement with the relevant books of account.
(d) 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 .
(e) On the basis of the written representations received from the directors as on 31st
March,2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March,2023 from being appointed as a director in terms
of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report inAnnexure B.
B. With respect to the matter to be included in the Auditors Report under Section
197(16) of the Act:
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us.
C. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in
our opinion and to the best of our information and according to the explanations given to
us:
i. The Company has disclosed the impact of pending litigations, which will have an
impact on its financial position in its financial statements-refer note 36 to the
standalone financial statements.
ii. The Company did not have any longterm contracts including derivative contracts for
which there were material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
iv. a) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons
or entities, including foreign entities (Intermediaries), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever (Ultimate
Beneficiaries) by or on behalf of the Company or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
EYE ON THE FUTURE
b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including foreign
entities (Funding Parties), with the understanding, whether recorded in writing or
otherwise, that the Company shall directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever (Ultimate Beneficiaries) by or on behalf
of the Funding Parties or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
c) Based on the audit procedures performed that we considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any
material mis- statement.
v) The dividend declared and paid during the current year in respect of F. Y 2021-2022
is in compliance with section 123 of the Act. The Board of Directors have proposed
dividend for the year which is subject to approval of the members at the Annual General
Meeting. The dividend declared is in accordance with section 123 of the Act to the extent
it apples to declaration of dividend.
vi) As the proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
for the Company only with effect from 1st April 2023, reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 is not applicable.
For J. A. Rajani & Co.
Chartered Accountants Firm Reg. No. 108331W
|
P. J. Rajani |
|
Proprietor |
Place: Mumbai |
Membership No. 116740 |
Date: 30th May, 2023 |
UDIN: 23116740BGVCOK5412 |
Annexure A to the Independent Auditors Report of even date on the Standalone financial
statements of Vipul Organics Limited
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory
Requirement of our report of even date to the standalone financial statements of the
Company for the year ended 31st March, 2023:
1) The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant & equipment. The Company has
maintained proper records showing full particulars of intangible assets.
According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has a regular programme of physical
verification of its property, plant and equipment by which all property, plant and
equipment are verified in a phased manner. In accordance with this programme, certain
property, plant and equipment were verified during the 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. No material discrepancies were noticed on such
verification.
According to the information and explanation given to us and on the basis of our
examination of the records of the Company, the title deeds of the immovable properties are
held in the name of the Company except for a Land at Ankleshwar whose gross block is C25
Lakh ,which is held for more than 27 years and details for which are not available and
Leasehold land whose book value is C756.99 Lakh, which was acquired in current year and
held in name of Gujrat Industrial Development Corporation for which the Company is under
the process to execute lease deed .
According to the information and explanations given to us and based on 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.
According to the information and explanations given to us and based on our examination
of the records of the Company, there are no proceedings initiated or pending against the
Company for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.
2) The inventories has been physically verified by the management at reasonable
intervals during the year. In our opinion, the coverage and procedure of such verification
by the management is appropriate and no discrepancies of 10% or more in the aggregate for
each class of inventory were noticed.
The Company has a working capital limit in excess of C5 Crore sanctioned by banks based
on the security of current assets. The quarterly returns in respect of the working capital
limits for quarter ended 30th June, 2022 and 30th September,2022
have been filed by the Company with Axis Bank and Bank of Baroda and such returns are in
agreement with the books of account of the Company for the respective periods except for
quarter ended 30th June, 2022 wherein major difference was noted in inventory
amounting to C114.06 Lakh.(Amount reported C3029.52 Lakh vs amount as per books C3143.58
Lakh) and trade receivable amounting to C70.56 Lakh.(Amount reported C4084.37 Lakh vs
amount as per books C4154.93 Lakh) . In absence of the quarterly returns for the Quarter
ended 31st December,2022 and 31st March,2023 we are unable to
comment upon the variance if any for the respective periods..
3) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not made any investments,
provided guarantee or security or granted any advances in the nature of loans, secured or
unsecured, to companies, firms, limited liability partnerships or any other parties during
the year.
The Company has not granted any loans, secured or unsecured, to firms, limited
liability partnerships or any other parties during the year.
According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the terms and conditions of the
loans given to a subsidiary company are, prima facie, not prejudicial to the interest of
the Company.
According to the information and explanations given to us, there is no stipulation of
schedule of payment of principle and payment of interest granted to a subsidiary company,
we are unable to make specific comments on the regularity of repayment of interest,
principle and overdue amounts.
The Company has not granted any loan or advance in the nature of loan, which has fallen
due during the year. Further, no fresh loans were granted to any party to settle the
overdue loans/advances in nature of loan.
4) 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 loans, investments and guarantees made.
5) The Company has not accepted any deposits from the public and hence the directives
issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other
relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with
regard to the deposits accepted from the public are not applicable.
6) We have broadly reviewed the books of accounts maintained by the Company pursuant to
the rules made by the Central Government for the maintenance of cost records under section
148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and
records have been made and maintained. We have not, however, made a detailed examination
of the records with a view to determine whether they are accurate or complete.
7) According to information and explanations given to us and based on our examination
of the books of account, and records, the Company has been generally regular in depositing
undisputed statutory dues including Goods and service tax, Income-Tax and any other
statutory dues with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of the above were in
arrears as at 31st March, 2023 for a period of more than six months from the
date on when they become payable.
According to the information and explanation given to us, there are no dues of income
tax, Value added tax, service tax, custom duty, excise duty and any other statutory dues
outstanding on account of any dispute except for followings:-
Name of the statute/ dues |
Amount (in.Rs Lakh) |
Period |
Forum where the dispute is pending |
Income Tax Act,1961 |
0.55 |
A.Y 2002-03 |
Income Tax Appellant Tribunal, Mumbai |
Income Tax Act,1961 |
3.16 |
A.Y 2011-12 |
Commissioner of Income Tax-Appeals, Mumbai |
Income Tax Act,1961 |
217.14 |
A.Y. 2017-18 |
Commissioner of Income Tax-Appeals, Mumbai |
8) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year.
9) The Company has not defaulted in repayment of the loans or other borrowings or in
the payment of interest thereon to any lender during the year.
The Company has not been declared a wilful defaulter by any bank or financial
institution or government or government authority.
According to the information and explanations given to us and on the basis of our
opinion and examination of the records the Company has utilised the money obtained by way
of term loans during the year for the purposes for which they were obtained.
On an overall examination of the standalone financial statements of the Company, no
funds raised on shortterm basis have been applied for long term purpose.
We report that the Company has not taken any funds from any entity or person on account
of or to meet the obligations of its subsidiaries as defined under the Companies Act,
2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.
We report that The Company has not raised loans during the year on the pledge of
securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly,
clause 3(ix)(f) of the Order is not applicable.
10) Based upon the audit procedures performed and the information and explanations
given by the management, the company has not raised moneys by way of initial public offer
or further public offer including debt instruments. Accordingly, the provisions of clause
3 (x)(a) of the Order are not applicable to the Company and hence not commented upon.
The Company has not made any preferential allotment or private placement of shares
during the year. Accordingly, the provisions of clause 3 (x)(b) of the Order are not
applicable to the Company and hence not commented upon.
11) Based upon the audit procedures performed and the information and explanations
given by the management, considering the principles of materiality outlined in the
Standards on Auditing, we report that no fraud by the Company or on the Company has been
noticed or reported during the course of the audit.
According to the information and explanations given to us, no report under sub-section
(12) of Section 143 of the Act has been filed in Form ADT-4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government. In view of the
above reporting under clause 3 (xi) (b) of the order is not applicable.
To the best of our knowledge and according to the information and explanations given to
us, the company has not received whistle-blower complaints, during the year.
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of
clause 3 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with
section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the
Standalone financial statements as required by the applicable accounting standards.
14) In our opinion and based on our examination, the company has an internal audit
system commensurate with the size and nature of its business.
We have considered the reports issued by the Internal Auditors of the Company till date
for the period under audit.
15) Based upon the audit procedures performed and the information and explanations
given by the management, the company has not entered into any non-cash transactions with
directors or persons connected with him. Accordingly, the provisions of Section 192 of the
Act are not applicable to the Company.
16) The Company is not required to be registered under Section 45-1A of the Reserve
Bank of India Act,1934. Accordingly, clauses 3(xvi)(a) and 3(xvi)(b) of the Order are not
applicable.
VIPULORGANICS
Interconnected Chemistry
The Company is not a Core Investment Company (CIC) as defined in the regulations made
by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not
applicable.
According to the information and explanations provided to us during the course of
audit, the Group does not have any CICs.
17) The Company has not incurred cash losses in the current and in the immediately
preceding financial year.
18) There has been no resignation of the statutory auditors during the year.
Accordingly, clause 3(xviii) of the Order is not applicable.
19) According to the information and explanations given to us and 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 standalone 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 give neither 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.
20) In our opinion and according to the information and explanations given to us, there
is no unspent amount under sub-section (5) of section 135 of the Act pursuant to any
project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the order are not applicable.(CSR)
For J. A. Rajani & Co.
Chartered Accountants Firm Reg. No. 108331W
|
P. J. Rajani |
|
Proprietor |
Place: Mumbai |
Membership No. 116740 |
Date: 30th May, 2023 |
UDIN: 23116740BGVCOK5412 |
Annexure B to the Independent Auditors Report of even date on the Standalone Financial
Statements of Vipul Organics Limited
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 with reference to Standalone Financial
Statements of Vipul Organics Limited (the Company) as of 31st March, 2023 in
conjunction with our audit of the Standalone Financial Statements of the Company for the
year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys Management and Board of Directors are 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 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
(theGuidance Note) and the Standards on Auditing deemed to be prescribed under section
143(10) of the Act, to the extent applicable to an audit of internal financial controls,
both applicable to an audit of Internal Financial Controls over financial reporting 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 over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting includes
obtaining an understanding of such internal financial controls, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control over financial reporting 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 over
financial reporting with reference to Standalone Financial Statements.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial controls over financial reporting with reference to
standalone financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial statements 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 ;
(i) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(ii) 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
(iii) 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 with reference to Standalone Financial
Statement and such internal financial controls over financial reporting were operating
effectively as at 31st March,2023, based the internal control over financial
statements 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 J. A. Rajani & Co.
Chartered Accountants Firm Reg. No. 108331W
|
P. J. Rajani |
|
Proprietor |
Place: Mumbai |
Membership No. 116740 |
Date: 30th May, 2023 |
UDIN: 23116740BGVCOK5412 |
+91-9892691696
