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KMG Milk Food Ltd.

BSE: 519415 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE873N01015
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VOLUME 1200
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KMG Milk Food Ltd. (KMGMILKFOOD) - Auditors Report

Company auditors report

TO THE MEMBERS OF KMG MILK FOOD LIMITED

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying Ind AS financial statements of KMG MILK FOOD LIMITED("the Company") which comprise the Balance Sheet as at March 31st2022 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement the Statement of Changes in Equity for the year ended on that date and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "the Ind AS financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31st 2022 the loss and othercomprehensive expenses Cash Flow Statement and statement of changes in equity for theyear ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor’s Responsibilities for the Auditof the Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI’s Code of Ethics. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined that there are no Key Audit Matters to communicate in our audit report.

Emphasis of Matter

We draw attention to the following matter:

- The Internal Auditor has not been appointed by the Company during the financial yearto which this report related.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

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.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Ind AS financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income Cash flows of the company changes in equity of the Company inaccordance with the accounting principles generally accepted in India. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company’s ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Ind AS 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 financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

- Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

- Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management’s use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

- Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure A" astatement on the matters specified in paragraph 3 & 4 of the order.

2. 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 bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss Cash Flow Statement Statementof Changes in Equity dealt with by this Report are in agreement with the relevant books ofaccount.

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 st 2022 taken on record by the Board of Directors none of the directors isdisqualified as on March 31st 2022 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" and

30 ANNUAL REPORT 2021-2022

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 as amended in our opinion and to the bestof our information and according to the explanations given to us:

i. The Company have the following pending litigations which would impact its financialposition:

a) In the matter of Semen Bank Officer/Haryana Live Stock Development Board PehowaHarayana (Milk Cess) vs. Company of Rs 713164397/- including interest of697907522/-.

b) In the matter of Company vs Hitkari Industries Ltd in the Karkadoma Court forRs.185000 + 123671/- Delhi.

c) In the matter of Company v/s Shree Ganesh Trading Co. Kurukshetra Kurukshetra Courtfor Rs. 128693/- plus Interest

d) In the matter of Company vs. Baldev Bhui in the Karkadoma Court for Rs.130000/-Delhi.

e) In the matter of Company vs. Prem Prakash in the Karkadoma Court for Rs.90000+67000/- Delhi.

f) Company vs. J Rai Milk Food Industry Jalandhar in the Kurukshetra Court Haryanafor Rs. 20400000/-.

g) In the matter of Company vs. Rana Milk Food Pvt. Ltd. in the council Micro andSmall Enterprises Facilitation Council (MSEFC)for recovery of due amount Rs. 2110000/-.

h) In matter of Company vs. Creamy Dairy Industries Pvt. Ltd. in the council Micro andSmall Enterprises Facilitation Council (MSEFC) for recovery of due amount Rs. 1588920/-.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

"Annexure A" to the Independent Auditors’ Report

Referred to Independent Auditors’ Report to the members of the Company on the IndAS financial statements of the Company for the year ended March 31st 2022 wereport that:

1. Property Plant & Equipments under Clause 3(i) of the Order-:

(a) The Company has maintaining proper records showing full particulars includingquantitative details and situation of Property Plant and Equipments and intangible assetsduring the year;

Company has no intangible assets during the year;

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has a regular programme of physicalverification of its property plant and equipment at reasonable intervals;

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 records of the Company the title deeds ofimmovable disclosed in the financial statements are held in the name of the Company.

(d) 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 revalued its propertyplant and equipment (including Right-of-use assets) or Intangible assets or both duringthe year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no proceedings initiated or pendingagainst the Company for holding any benami property under the Prohibition of BenamiProperty Transactions Act 1988 and rules made there under.

2. Inventories under clause 3(ii) of the order-:

(a) The inventory has been physically verified by the management during the year. Inour opinion the frequency of such verification is reasonable and procedures and coverageas followed by management were appropriate. No discrepancies were noticed on verificationbetween the physical stocks and the book records that were 10%or more in the aggregate foreach class of inventory for each class of inventory.

(b) 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 sanctioned working capitallimits in excess of five crore rupees in aggregate from banks on the basis of securityof current assets.

3. Investments Guarantee / Security Loans or Advances under clause 3(iii) of theorder-:

(a) the company has not made investments in provided any guarantee or security orgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms Limited Liability Partnerships or any other parties therefore clause 3(iii)(a) ofthe order is not applicable to the company;

(b) According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that the terms and conditions of theinvestments made and the terms and conditions of the grant of all loans and advances inthe nature of loans and guarantees provided are not prejudicial to the company’sinterest;

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in the case of loans given the repayment ofprincipal and payment of interest has been stipulated and there payments or receipts havebeen regular.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there is no overdue amount for more than ninetydays in respect of loans given.

(e) The company has not any loan or advance in the nature of loan granted which hasfallen due during the year has been renewed or extended or fresh loans granted to settlethe over dues of existing loans; therefore no disclosures required under clause 3(iii)(e)of the order;

(f) 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 given any loans eitherrepayable on demand or without specifying any terms or period of repayment.

4. Compliance of provisions of Secs. 185 & 186 under clause 3(iv) of the order: -

(a) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not given any loans or provided any guaranteeor security as specified under Section 185 of the Companies Act 2013 and the Company hasnot provided any guarantee or security as specified under Section 186 of the CompaniesAct 2013.Further the Company has complied with the provisions of Section 186 of theCompanies Act 2013 in relation to loans given and investments made.

5. Public Deposits under clause 3(v) of the order: -

(a) According to the information and explanation given to us the Company has notaccepted any deposit during the year and accordingly the provisions of sections 73 to 76or any other relevant provisions of the Companies Act and the rules made thereunder arenot applicable to the company;

6. Cost Records under clause 3(vi) of the order: -

(a) According to the information and explanation given to us the maintenance of CostRecords has not been specified by the Central Government under sub-section (1) of Section148 of the Act in respect of the activities carried on by the company. Accordinglyclause3(vi) of the Order is not applicable

7. Statutory Dues under clause 3(vii) of the order: -

(a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Goods & Service Tax Duty of CustomsDuty of Excise Value added Tax Cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 31 2022 for a periodof more than six months from the date on when they become payable.

(b) According to the information and explanations given to us no amounts payable inrespect of income tax sales tax wealth tax service tax duty of customs duty of exciseor value added tax or cess which have not been deposited on account of any disputes.

8. Unrecorded Income under clause 3(viii) of the order: -

(a) There are no any transactions which are not recorded in the books of account havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome-tax Act 1961;

9. Repayment of Dues under clause 3(ix) of the Order: -

(a) In our opinion and according to the information and explanations given to us theCompany has not taken any loan form Bank financial institutions from the government orfrom any other lender and has not issued any debentures. Therefore the provisions ofclause 3 (ix)(a) of the Order is not applicable to the Company;

(b) 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 been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

(c) The company has not applied for any term loan therefore the clause 3(ix)(c) of theorder is not applicable to the company;

(d) Company has not raised any fund on short term basis which have been utilized forlong term purposes;

(e) The company is not a Holding company of any other entity therefore clause 3(ix)(e)is not applicable to the company;

10. Use of money raised through issue of own shares under clause 3(x) of the order:

(a) In our opinion and according to the information and explanations given to us theCompany had not raised money by way of further public offer (including debt instruments)during the year. Therefore the provisions of clause 3 (x)(a) of the Order are notapplicable to the Company.

(b) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (x)(b) of the Order are not applicable tothe Company and hence not commented upon.

11. Fraud under clause 3(xi) of the order: -

(a) Based on examination of the books and records of the Company and according to theinformation and explanations given to us considering the principles of materialityoutlined in Standards on Auditing we report that no fraud by the Company or on theCompany has been noticed or reported during the course of the audit.

(b) According to the information and explanations given to us no report undersub-section (12) of Section 143 of the Companies Act 2013 has been filed by the auditorsin Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government.

12. Nidhi Company under clause 3(xii) of the order: -

(a) According to the information and explanations given to us the Company is not aNidhi Company. Therefore the provisions of clause 3 (xii) of the Order are not applicableto the Company.

13. Related Party Transaction under clause 3(xiii) of the order: -

(a) According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of Companies Act 2013 andthe details have been disclosed in the Financial Statements as required by the applicableaccounting standards and the details of the related party transactions have been disclosedin the financial statements as required by the applicable Indian AccountingStandards.(Refer note No. 26 to the Financial Statements)

14. Internal Audit under clause 3(xiv) of the order: -

(a) Based on information and explanation provided to us and our audit procedures inour opinion the Company has an internal audit system commensurate with the size andnature of its business but have not appointed any Internal Auditor yet to report theinternal audit during the year.

15. Non-cash transactions with Directors under clause 3(xv) of the order:

a. Based upon the audit procedures performed and the information and explanations givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16. Registration u/s 45-IA of RBI Act under clause 3(xvi) of the order:

(a) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

(b) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is notapplicable.

(d) According to the information and explanations provided to us during the course ofaudit the Group does not have any CIC. Accordingly the requirements of clause 3(xvi)(d)are not applicable.

17. Cash Losses under clause 3(xvii) of the Order:

(a) The company has not any cash losses during the year and in the immediatelypreceding financial year; therefore the clause is not applicable;

18. Auditor’s resignation under clause 3(xviii) of the order:

(a) No any resignation of Statutory auditors during the year therefore clause is notapplicable.

19. Financial Position under clause 3(xix) of the order:

(a) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year fro m the balancesheet date will get discharged by the Company as and when they fall due.

20. CSR Compliance under clause 3(xx) of the order:

(a) According to the information and explanations provided to us during the course ofaudit Section 135 of the Companies Act 2013 is not applicable to the Company.Accordingly Clause is not applicable to the company.

"Annexure B" to the Independent Auditor’s Report of even date on theFinancial Statements of KMG Milk Food Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of KMG MilkFood Limited ("the Company") as of March 31st 2022 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

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 theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 financial statements whether due to fraud or error.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls 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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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 financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(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 financial statements.

Inherent 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 31st 2022based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India. Further as per the Section 138 of the Companies Act 2013read with Rule 13 of Companies (Accounts) Rules 2014 the Internal Auditor required to beappointed by the Company therefore it is advisable to the company to do the internal auditthrough the Internal Auditor or a firm of internal auditors.

For Manoj & Associates
Chartered Accountants
FRN: 012867N
Manoj Kumar Jain
Proprietor
M. No. 091989
Place: Delhi
Date: 30.05.2022

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