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Bhageria Industries Ltd.

BSE: 530803 Sector: Industrials
NSE: BHAGERIA ISIN Code: INE354C01027
BSE 00:00 | 27 Sep 177.15 2.35
(1.34%)
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184.35

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184.75

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172.10

NSE 00:00 | 27 Sep 176.20 2.90
(1.67%)
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174.20

HIGH

181.00

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OPEN 184.35
PREVIOUS CLOSE 174.80
VOLUME 2268
52-Week high 328.55
52-Week low 156.55
P/E 12.86
Mkt Cap.(Rs cr) 773
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 184.35
CLOSE 174.80
VOLUME 2268
52-Week high 328.55
52-Week low 156.55
P/E 12.86
Mkt Cap.(Rs cr) 773
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bhageria Industries Ltd. (BHAGERIA) - Auditors Report

Company auditors report

To

The Members of

Bhageria Industries Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone Financial Statements of Bhageria Industries Limited("the Company") which comprise the Balance Sheet as at March 31 2022 and theStatement of Profit and Loss (including other comprehensive income) Statement of changesin equity and Statement of Cash Flows for the year then ended and notes to the standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information. (Herein after referred to as "standalone financialstatements")

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standard ("Ind AS")prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2022 and the profit totalComprehensive Income changes in equity & its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of thestandalone financial statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on thestandalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.This matter was addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on this matter.

We have determined the matters described below to be the key audit matters to becommunicated in our report.

Key Audit Matters Auditor's response to Key Audit Matters
1. We refer to Significant accounting policies on inventory and Note No. 9 on Inventory. To address the matter our audit procedure included amongst others
Inventories are considered as Key Audit Matter due to nature of business technical indicators governing inventory valuation size of balance sheet and because inventory valuation involves management judgment. According to accounting policy followed by the company inventories are valued at lower of cost or market value. Cost comprise in addition to other things overheads related to material labour and other overheads. The company has specific procedures to identify risk for obsolescence and valuation of inventories. (1) Assessing the compliance of accounting policies over inventory with applicable accounting standards.
(2) Assessing the inventory valuation process and practices.
(3) Assessing the analysis and assessment made by management with respect to slow moving or obsolete stock.
(4) Discussion with those charged with responsibility of overlooking inventory management process.
(5) Justification of management estimates and Judgments.
(6) Assessing the effectiveness of perpetual and physical inventory verification process.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Management and Board of Directors is responsible for the otherinformation. The other information comprises the Financial Performance highlights BoardReport including Annexures to the Boards Report Report on Corporate Governance and OtherInformation which is expected to be made available to us after that date but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information that we obtained priorto the date of this auditor's report we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

When we read the Financial Performance highlights Board Report including Annexures tothe Boards Report Report on Corporate Governance and Other Information if we concludethat there is a material misstatement therein we are required to communicate the matterto those charged with governance.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and those charged with Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read together with relevant rules issued thereunder and relevantprovisions of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign 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 whetherthe company has an adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management and Board of Directors.

• Conclude on the appropriateness of management and Board of Directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of the standalone financial statements that individuallyor in aggregate makes it possible that the economic decision of a reasonablyknowledgeable user of the standalone financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and evaluating the results of our work.; and (ii) to evaluate the effect of anyidentified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. a) According to the information and explanations given to us no funds have beenadvanced / loaned / invested by the Company to or in any other person(s) or entity(ies)including foreign entities with the understanding - that the intermediary shall whetherdirectly or indirectly lend or invest in other person or entities identified in any mannerwhatsoever by or on behalf of the Company (Ultimate Beneficiaries) and not provided anyguarantee security or the like on behalf of Ultimate Beneficiaries.

b) According to the information and explanations given to us no funds have beenreceived by the Company from person(s) or entity(ies) including foreign entities onbehalf of the Ultimate Beneficiaries. Further the Company has not provided any guaranteeor security to person(s) or entity(ies) including foreign entities on behalf of theUltimate Beneficiaries.

c) On the basis of our examination of the books of accounts and following appropriateaudit procedures considered reasonable and appropriate to the circumstances nothing hascome to the notice that has caused us to believe that the representations under sub-clause(i) and (ii) of clause contain any material mis-statement.

v. The dividend declared or paid during the year by the Company is in compliance withSection 123 of the Act.

In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) of the Act whichare required to be commented upon by us.

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Annexure referred to in Independent Auditor's Report of even date to the members of BhageriaIndustries Limited on the standalone financial statements for the year ended March 312022.

Based on audit procedure performed for the purpose of reporting the true and fair viewof the standalone financial statements of the company and taking into consideration theinformation and explanations given to us and the books of accounts and other recordsexamined by us in the normal course of our audit in our opinion and to the best of ourknowledge and belief we report that:

We report that:

i. In respect of Company's fixed assets

a) The company is maintaining proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment;

b) The fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification;

c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds / registered sale deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate.

d) The Company has not revalued its Property Plant and Equipment (including Right ofuse assets) or intangible assets during the year. Hence reporting under clause 3(i)(d) isnot applicable.

e) According to the information and explanations given to us no proceedings have beeninitiated or are pending against the company for holding any benami property under theBenami Transactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder. Hencereporting under clause 3(i)(e) is not applicable.

ii. In respect of Inventory

a) The Company has a program of verification of inventory at reasonable intervals. Inour opinion the coverage and procedures of physical verification of inventory followed bythe company are adequate having regard to the size of the Company and the nature of itsbusiness. The company has maintained proper records of inventory. Pursuant to the programinventory was physically verified by the management during the year end. According to theinformation and explanations given to us no material discrepancies 10% or more in theaggregate for each class of inventory were noticed on such verification between physicalstock and book records.

b) As stated in Note no. 23 to the Notes to accounts the company has beensanctioned working capital limits in excess of five crore rupees in aggregate from bankson the basis of security of current assets and the quarterly returns or statements filedby the company with such banks or financial institutions are in agreement with the booksof account of the Company.

iii. In respect of investments in provided any guarantee or security or granted anyloans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties

a) During the year the Company has not provided loans advances in the nature of loansstood guarantee or provided security to companies firms Limited Liability Partnershipsor any other parties. Accordingly the requirement to report on clause 3(iii)(a) of theOrder is not applicable to the Company.

b) In our opinion the investments made guarantees provided security given and theterms and conditions of the grant of all loans and advances in the nature of loans andguarantees provided are not prejudicial to the company's interest.

c) The Company has not granted loans and advances in the nature of loans to companiesfirms Limited Liability Partnerships or any other parties. Accordingly the requirementto report on clause 3(iii)(c) of the Order is not applicable to the Company.

d) The Company has not granted loans or advances in the nature of loans to companiesfirms Limited Liability Partnerships or any other parties. Accordingly the requirementto report on clause 3(iii)(d) of the Order is not applicable to the Company.

e) There were no loans or advance in the nature of loan granted to companies firmsLimited Liability Partnerships or any other parties. Accordingly the requirement toreport on clause 3(iii)(e) of the Order is not applicable to the Company.

f) The Company has not granted any loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment to companiesfirms Limited Liability Partnerships or any other parties. Accordingly the requirementto report on clause 3(iii)(f) of the Order is not applicable to the Company.

iv. In respect of compliance with section 185 and 186 of the Act-

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto loans investments and guarantees made.

v. In respect of acceptance of deposits

The Company has not accepted deposits or amounts which are deemed to be deposits frompublic in terms of provisions of section 73 to 76 of the Act read with the Companies(Acceptance of Deposits) Rules 2014 as amended and other relevant provisions of the Actduring the year and does not have any unclaimed deposits as at March 31 2022 andtherefore the provisions of the clause 3 (v) of the Order are not applicable to theCompany.

vi. Maintenance of Cost Records

We have reviewed the books of account maintained by the Company pursuant to the rulesmade by the Central Government for the maintenance of cost records under section 148(1) ofthe Companies Act 2013 related to the manufacturing activities and are of the opinionthat prima facie the specified accounts and records have been made and maintained.

vii. According to the information and explanations given to us in respect of statutorydues

a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insuranceincome-tax duty of custom goods and service tax cess and other statutory duesapplicable to it. The provisions related to sales tax service tax duty of excise andvalue added taxes are not applicable to the Company.

b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax duty ofcustom goods and service tax cess and other material statutory dues were outstanding atthe year end for a period of more than six months from the date they became payable. Theprovisions related to sales tax service tax duty of excise and value added taxes are notapplicable to the Company.

c) According to the records of the company the dues outstanding of employees' stateinsurance income tax sales-tax duty of custom duty of excise goods and service taxcess and other statutory dues on account of any dispute are as follows:

Name of the Statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount (J in Lakhs)
The Gujarat Value Added Tax Act 2006 Sales Tax Gujarat Value Added Tax Tribunal Ahmedabad 2008-09 8.81
The Customs Act 1962 Custom Duty Additional Commissioner of Customs (Preventive) Mumbai 2011-12 16.33
The Customs Act 1962 Custom Duty Additional Commissioner of Customs (Preventive) Mumbai 2012-13 16.96
The Maharashtra Value Added Tax Act 2002 MVAT Joint Commissioner of Sales Tax Mumbai 2015-16 45.39
The Central Sales Tax Act 1956 Sales Tax Joint Commissioner of Sales Tax Mumbai 2015-16 16.53
The Maharashtra Value Added Tax Act 2002 MVAT Joint Commissioner of Sales Tax Mumbai 2016-17 19.28
The Central Sales Tax Act 1956 Sales Tax Joint Commissioner of Sales Tax Mumbai 2016-17 20.11
The Maharashtra Value Added Tax Act 2002 MVAT Joint Commissioner of Sales Tax Mumbai 2017-18 1.89
The Central Sales Tax Act 1956 Sales Tax Joint Commissioner of Sales Tax Mumbai 2017-18 2.09

viii. Previously unrecorded Income

According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income Tax Act 1961 as income during the year.

ix. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company and audit procedure performed:

a) The Company has not defaulted in repayment of the loans or other borrowings or inthe payment of interest thereon to any lender during the year.

b) the Company has not been declared a wilful defaulter by any bank or financialinstitution or government or government authority.

c) The Company has not taken any term loan during the year and there are no outstandingterm loans at the beginning of the year and hence reporting under clause 3(ix)(c) of theOrder is not applicable.

d) On an overall examination of the standalone financial statements of the Company nofunds raised on short-term basis have been applied for long term purpose.

e) We report that the Company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries as defined under the CompaniesAct 2013. Accordingly clause 3(ix)(e) of the Order is not applicable.

f) We report that The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries as defined under the Companies Act 2013. Accordinglyclause 3(ix)(f) of the Order is not applicable.

x. In respect of moneys raised

a) During the year the company has not raised money through initial public offer orfurther public offer (including debt instruments).

b) The company has not made any preferential allotment or private placement of sharesor fully partially or optionally convertible debentures during the year.

In view of the above reporting under clause 3 (x) (a) and (b) of the order is notapplicable.

xi. In respect of fraud noticed or reported

a) To the best of our knowledge and according to the information and explanations givento us no material fraud by the company or any material fraud on the Company by itsofficers or employees has been noticed or reported during the year.

b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year.

In view of the above reporting under clause 3 (xi) (b) of the order is not applicable.

c) To the best of our knowledge and according to the information and explanations givento us the company has not received whistle-blower complaints during the year.

xii. Nidhi Company

The Company is not a Nidhi Company/ Mutual Benefit Fund/ Society and hence reportingunder clause 3 (xii) of the Order is not applicable to the Company

xiii. In respect of transaction with related parties

In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements etc. as requiredby the applicable Indian accounting standards.

xiv. Internal Audit

a) In our opinion and according to the information and explanations given to us thecompany has an internal audit system commensurate with the size and nature of itsbusiness.

b) On the basis of the report provided by the management we have considered the reportof the Internal Auditors for the period of the audit.

xv. In respect of non-cash transactions

In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its directors ordirectors of its holding subsidiary or associate company or persons connected with themand hence provisions of Section 192 of the Companies Act 2013 and reporting under clause(xv) is not applicable.

xvi. In our opinion and according to the information and explanations given to us:

a) Company is not required to register under Section 45 - IA of the Reserve Bank ofIndia Act 1934.

b) the company has not conducted any Non-Banking Financial or Housing Financeactivities as per the Reserve Bank of India Act 1934;

c) the company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India.

d) the group does not have a Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India.

In view of the above Clause (xvi) (a) (b) (c) and (d) of the Order is not applicableto the Company

xvii. Cash Losses

In our opinion company has not incurred cash losses in the financial year and in theimmediately preceding financial year.

xviii. Resignation of statutory auditors

During the year there has been no resignation of the statutory auditors andaccordingly this clause is not applicable.

xix. Going Concern

In our opinion and according to the information and explanations given to us on thebasis of the financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the standalonefinancial statements that there is no material uncertainty exists as on the date of theaudit report that company is capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate.

xx. In respect of Corporate Social Responsibility

a) In our opinion and according to the information and explanations given to us thereis no unspent amount under sub-section (5) of section 135 of the Act pursuant to anyproject. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Annexure Referred to in Independent Auditor's Report on the Standalone FinancialStatements of Even date to the members of Bhageria Industries Limited for the yearended March 31 2022

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BhageriaIndustries Limited ("the Company") as of March 31 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting

Meaning of Internal Financial Control over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2)Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company;

(3)Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the standalone financial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India

For MRB & Associates
Chartered Accountants
Firm Registration Number.: 136306W
Manish R Bohra
Partner
Place: Mumbai Membership No.: 058431
Date: May 07 2022 UDIN: 22138741AIOED07796

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