West Coast Paper Mills Ltd.
|BSE: 500444||Sector: Industrials|
|NSE: WSTCSTPAPR||ISIN Code: INE976A01021|
|BSE 15:40 | 22 Mar||540.50||
|NSE 15:31 | 22 Mar||538.70||
|Mkt Cap.(Rs cr)||3,570|
|Mkt Cap.(Rs cr)||3,570|
|Mkt Cap.(Rs cr)||3,570|
|Mkt Cap.(Rs cr)||3570.00|
West Coast Paper Mills Ltd. (WSTCSTPAPR) - Auditors Report
Company auditors report
To the Members of West Coast Paper Mills Limited
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying standalone financial statements ofWest Coast Paper Mills Limited ("the Company") which comprise the Balance Sheetas at March 312022 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "the financial statements").
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("The Act" or "Act") inthe manner so required and give a true and fair view in conformity with the IndianAccounting Standards prescribed under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended ("Ind AS") and otheraccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2022 its profit including other comprehensive income its cash flows andthe changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the 'Auditor'sResponsibilities for the Audit of the standalone Financial Statements' section of ourreport. We are independent of the Company in accordance with the 'Code of Ethics' issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements.
Emphasis of Matter
We draw attention to Note 60 to the Standalone financial statementsregarding uncertainty around the impact of COVID 19 on the operations and recoverabilityof carrying value of current and non current assets of the Company which is presently notascertainable. Our opinion is not modified in respect of this matter.
Key Audit Matters
Information Other than the Financial Statements and Auditor's ReportThereon
The Company's management and Board of Directors is responsible for theother information. The other information comprises the information included in the Annualreport but does not include the standalone financial statements and our auditor's reportthereon. The Annual Report is expected to be made available to us after the date of thisauditor's report.
Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information; we are required to report that fact. We have nothing to report in thisregard. When we read the Annual Report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and take necessary actions as applicable under the applicable laws andregulations.
Responsibilities of Management for the standalone Financial Statements
The Company's management and Board of Directors is responsible for thematters stated in section 134(5) of the Act with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with [the Companies (Indian Accounting Standards) Rules 2015 as amended].This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the standalone financial statements management isresponsible 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 charged with governance are also responsible for overseeing theCompany's financial reporting process.
Auditor's Responsibilities for the Audit of the standalone FinancialStatements
Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)0) of the Act we are also responsible for expressing our opinion on whetherthe Company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists 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 the Companyto cease to continue as a going concern.
Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements for the financial year ended March 312022 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2020 issuedby the Central Government of India in terms of subsection (11) of section 143 of the Act(hereinafter referred to as the "Order") we give in the "Annexure A"statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act we report that:
(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;
(b) In our opinion proper books of account as required by law havebeen 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 theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;
(e) On the basis of the written representations received from thedirectors and taken on record by the Board of Directors none of the directors isdisqualified as on March 312022 from being appointed as a director in terms of Section164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these standalone financialstatements and the operating effectiveness of such controls refer to our separate Reportin "Annexure B" to this report;
(g) With respect to the matter to be included in the Auditors' Reportunder Section 197(16) of the Act in our opinion and according to the information andexplanations given to us the remuneration paid by the Company to its directors during thecurrent year is in accordance with the provisions of Section 197 of the Act.
(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:
i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements - Refer Note 38 to thestandalone financial statements;
ii. The Company has accounted for material foreseeable losses if anyfor long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
(iv) a) The management has represented that to the best of it'sknowledge and belief other than as disclosed in the notes to the accounts if any nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediaries shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that to the best of it's knowledgeand belief other than as disclosed in the notes to the accounts if any no funds havebeen received by the Company from any persons or entities including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures we have considered reasonable andappropriate in the circumstances nothing has come to their notice that has caused them tobelieve that the representations under subclause (i) and (ii) contain any materialmis-statement.
(v) Dividend declared or paid during the year by the Company are incompliance with Section 123 of the Act.
(vi) MCA Vide its notification dated 31.03.2022 has extended therequirement of implementation of audit trail software to financial year commencing on orafter 1st April 2023 accordingly reporting under Rule 11 (g) of Companies (Audit andAuditors) Amendment Rule 2021 is not applicable.
Annexure - A
to the Independent Auditor's Report
(Referred to in paragraph 1 of the Independent Auditors' Report of evendate to the members of WEST COAST PAPER
MILLS LIMITED on the Standalone financial Statements as of and for theyear ended March 312022)
We report that:
i. In respect of its Property Plant and Equipment and IntangibleAssets:
a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of its property plant and equipment andintangible assets.
b) As explained to us the property plant and equipment have beenphysically verified by management and no material discrepancies have been noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of company and nature of its assets.
c) According to the information and explanations given to us and on thebasis of our examination title deeds of the immovable property (other than cases wherethe Company is the lessee and the lease agreements are duly executed in favour of thelessee as stated below) as disclosed in schedule of Property Plant and Equipment to thefinancial statements are held in the name of the Company
d) The Company has not revalued its property plant and equipment(including right of use assets) and intangible assets during the year. Therefore theprovisions of clause 3(i)(d) of the Order are not applicable to the Company.
e) According to information and explanations given by the managementno proceedings have been initiated or are pending against the Company for holding anybenami property under the Prohibition of Benami Property Transactions Act 1988 and rulesmade thereunder. Therefore provisions of clause 3(1)(e) of the Order are not applicableto the Company
ii. In respect of its Inventories:
a) As per information and explanations provided to us physicalverification has been conducted by the management at reasonable intervals during the yearin respect of inventory of raw materials work in progress finished goods and by productsand no material discrepancies were noticed on such physical verification.
b) Based on our examination of the books of accounts of the Companywith respect to the sanctioned working capital limits availed from banks or financialinstitutions the Quarterly return / statements have been regularly submitted by thecompany and no material discrepancies were noticed.
iii. a) According to the information and explanations provided to usthe Company has made investments in provided guarantee or security or granted loans oradvances in the nature of loans secured or unsecured to companies firms limitedliability partnership or any other parties during the year as per details given below :
b) The investments made the securities granted and the terms andconditions of the grant of loans are in our opinion prima facie not prejudicial to thecompany's interest.
c) As per the information and explanation provided to us with respectto the Inter corporate deposits made with other parties the schedule of repayment ofprincipal and payment of interest thereon are stipulated and the repayments are regular.
d) As per the information and explanation provided to us there was nooverdue loan amount remaining outstanding as at the year-end.
e) According to the information and explanations given to us no amountof loan or advances has been renewed or extended or fresh loan granted to settle theoverdue of existing loan given to the same parties.
f) The Company has not granted any loans during the year which arerepayable on demand. Therefore the provisions of clause 3(iii)(f) of the Order are notapplicable to the Company
iv. In our opinion and according to the information and explanationsgiven to us and records examined by us Company has not given any loan made investmentsor given Guarantee and Securities and covered under Section 185 / 186 accordingly theclause is not applicable to the Company.
v. According to the information and explanations given to us theCompany has not accepted any deposits from the public or amount which are deemed to bedeposits within the meaning of sections 73 to 76 of the Act and the Companies (Acceptanceof Deposits) rules 2014 (as amended).
vi. We have broadly reviewed the books of account maintained by theCompany in respect of products for which maintenance of prescribed cost records ismandated by Government of India U/S 148 (1) of the Act and are of the opinion that primafacie the prescribed records have been made and maintained. We have however not made adetailed examination of these records with a view to determine whether they are accurateor complete.
vii. According to the information and explanations given to us and therecords of the Company examined by us:
a) According to the records of the Company examined by us the Companyhas been generally regular in depositing amounts deducted/accrued in the books of accountsin respect of undisputed statutory dues including Goods and Services Tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and any other material statutory dues as applicable. Therewas no material undisputed outstanding statutory dues as at the year end for a period ofmore than six months from the date they became payable.
b) There are no dues of Goods and Services Tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and any other material statutory dues which have not beendeposited with the appropriate authorities on account of any dispute except as statedbelow
viii. According to the information and explanation given to us therewere no transactions which have not been recorded in the books of account which have beensurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year. Therefore provisions of clause 3(viii) of the Order are notapplicable to the
ix. a) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not defaulted inrepayment of loans or borrowings to any financial institution bank Government ordebenture holders.
b) Basis the information and explanation provided to us the Companyhas not been declared a wilful defaulter by any bank or financial institution or otherlender.
c) According to the information and explanations given to us and basedon our examination of the records of the Company the Company has availed loans from banksand financial institutions. The amount of loan was applied for the purpose for which theloan was obtained. Further the Company has not availed any loans from Government or hasnot issued any debenture during the year.
d) Based on the information and explanation given to us and the booksof account examined by us short term funds raised during the year have not been utilizedfor long term purposes.
e) Based on the information and explanation given to us and the booksof account examined by us during the year the company has not taken any funds from anyentity or person on account of or to meet the obligations of its subsidiaries associatesor joint ventures.
f) The Company has not raised any loan during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies.
x. a) According to the information and explanations given to us andbased on our examination of the records of the Company the Company did not raise anymoney by way of initial public offer or further public offer (including debt instruments)during the year. Thus the provisions of clause 3(x)(a) of the order are not applicable tothe Company.
b) According to the information and explanations give to us and basedon our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fullypartially or optionally convertible) during the year. Therefore the provisions of clause3(x)(b) of the Order are not applicable to the Company.
xi. a) Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the financial statements and according to theinformation and explanations given to us we have neither come across any instance offraud by the Company or on the Company noticed or reported during the year nor have webeen informed of any such case by the management.
b) We have not come across any instance of fraud therefore reportunder sub-section 12 of section 143 of the Companies Act2013 is not required to be filedby us in Form ADT-4 as prescribed under rule 13 of the Companies (Audit and Auditors)Rules 2014 with the Central Government.
c) As reported to us by the management there are no whistle-blowercomplaints received by the Company during the year.
xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Accordingly paragraph 3(xii) of theOrder is not applicable to the Company.
xiii. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has entered intotransactions with related parties in compliance with the provisions of sections 177 and188 of the Act. The details of such related party transactions have been disclosed in thefinancial statements as required under the Indian Accounting Standards (Ind AS) 24Related Party Disclosures specified under section 133 of the Act read with Rule 4 of theCompanies (Indian Accounting Standards) Rules 2015 (as amended).
xiv. In our opinion and based on our examination the Company has aninternal audit system commensurate with the size and nature of its business; We haveconsidered internal audit reports of the Company issued till date for the period underaudit.
xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.
a) The Company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934. Accordingly paragraph 3 (xvi)(a) of the Order is notapplicable to the Company.
b) In our opinion the Company has not conducted any Non-BankingFinancial or Housing Finance activities during the year. Therefore the provisions ofclause 3(xvi)(b) of the Order are not applicable to the Company;
c) In our opinion the Company is not a Core Investment Company (CIC)as defined in the regulations made by the Reserve Bank of India. Therefore the provisionsof clause 3(xvi)(c) of the Order are not applicable to the Company;
d) According to the representations given by the management the Groupdoes not have any CIC. Therefore the provisions of clause 3(xvi)(d) of the Order are notapplicable to the Company;
xvii. The Company has not incurred cash losses in the financial yearand in the immediately preceding financial year. Therefore the provisions of clause3(xvii) of the Order are not applicable to the Company.
xviii. There has been no resignation of statutory auditors during theyear. Therefore the provisions of clause 3(xviii) of the Order are not applicable to theCompany.
xix. According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that the Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.
xx. In respect of Corporate Social Responsibility Expenditure:
a) According to the information and explanations given to us and basedon our examination of the records of the Company in respect of CSR Expenditure other thanongoing CSR projects there were no amount remaining unspent u/s 135 (5) of the CompaniesAct Hence no amount was required to be transferred to a Fund specified in Schedule VII tothe Companies Act.
b) According to the information and explanations given to us and basedon our examination of the records of the Company there were certain amount remainingunspent u/s 135 (5) of the Companies Act pursuant to an ongoing CSR project which hasbeen transferred by the Company to the special account in compliance with the provision ofsub section (6) of section 135 of the said Act ;
Annexure - B
to the Independent Auditor's Report
(Referred to in paragraph 2 (f) of the Independent Auditors' Report ofeven date to the members of WEST COAST PAPER MILLS LIMITED on the Standalone financialStatements as of and for the year ended March 312022)
Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ('the Act')
1. We have audited the internal financial controls over financialreporting of West Coast Paper Mills Limited ('the Company') as of March 312022 inconjunction with our audit of the Financial Statements of the Company for the year endedon that date.
Management's Responsibility for Internal Financial Controls
2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India ('ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.
3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the 'Guidance Note') and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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
4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.
5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;
(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations' of management and directors of theCompany; and
(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over FinancialReporting
7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
8. In our opinion the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.
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