The Members of
WORTH PERIPHERALS LIMITED Indore
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the accompanying standalone Ind AS financial statementsof WORTH PERIPHERALS LIMITED ("the Company") which comprise theBalance Sheet as at 31st March 2022 the Statement of Profit & Loss(including Other Comprehensive Income) the Statement of Changes in Equity and theStatement of Cash Flows for the year ended on 31st March 2022 and notes to theStandalone Ind AS Financial Statements including a summary of significant accountingpolicies and other explanatory information.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Companies Act 2013 as amended ("the Act") inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312022 its profit including other comprehensive income changes in equity and its cashflows for the year ended on that date.
Basis of Opinion
We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit of the Standalone Ind AS FinancialStatements' section of our report. We are independent of the Company in accordancewith the Code of Ethics' issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone Ind AS financial statements forthe financial year ended March 312022. These matters were addressed in the context of ouraudit of the standalone Ind AS financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each key auditmatter below our description of how our audit addressed the matter is provided in thatcontext.
We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor's responsibilities for the audit of the standalone Ind ASfinancial statements' section of our report including in relation to these matters.Accordingly our audit included the performance of procedures designed to respond to ourassessment of the risks of material misstatement of the standalone Ind AS financialstatements. The results of our audit procedures including the procedures performed toaddress the matters below provide the basis for our audit opinion on the accompanyingstandalone Ind AS financial statements.
|Key Audit Matters ||How our audit addressed the Key Audit Matters |
|Revenue Recognition ||We assessed the Company's process to identify the impact of adoption of new Revenue Accounting Standard (Ind AS 115). Our audit approach included assessment of design and testing of operating effectiveness of internal controls related to revenue recognition calculation of discounts and rebates and other substantive testing. We carried out: |
|The management is of the opinion that it controls the goods before transferring them to the customer. ||Evaluation of the design of internal controls relating to implementation of new revenue accounting standard. |
|The variety of terms that define when control are transferred to the customer as well as the high value of the transactions give rise to the risk that revenue is not recognized in the appropriate accounting period. || Selection of samples of both continuing and new contracts for |
|Revenue is measured net of returns and allowances trade discounts and volume rebates (collectively Discount and rebates'). There is a risk that these discount and rebates are incorrectly recorded as it also requires ascertain degree of estimation resulting in understatement of the associated expenses and accrual. ||- testing of operating effectiveness of the internal control |
|Accordingly due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 ||- identification of contract wise performance obligations and |
|Revenue from Contracts with Customers' it was determined to be a key audit matter in our audit of the Ind AS Consolidated Financial Statements. ||- Determination of transaction price. |
| || Verification of individual sales transaction on sample basis and traced to sales invoices sales orders and other related documents. Further the samples were checked for revenue recognition as per the shipping terms. |
| || Sample of sales transactions were selected pre- and post year end agreeing the period of revenue recognition to third party support such as transporter invoice and customer confirmation of receipt of goods. |
| || Direct confirmations were obtained from customers to support existence assertion of trade receivables and assessed the relevant disclosures made in the Standalone Financial Statements; to ensure revenue from contracts with customers are in accordance with the requirements of relevant accounting standards. |
| || In the cases where direct confirmations are not available additional procedures were applied in respect of receipts in the Subsequent period. |
|Valuation of Inventories || |
|At the balance sheet date the value of inventory amounted to Rs. 17.27/- Crores representing 10.77 % of total assets. Inventories were considered as a key audit matter due to the size of the balance and because inventory valuation involves management judgment. According to the financial statements and accounting principles inventories are measured at the lower of cost or net realizable value (using First In F irst Out Method). The company has specific procedures for identifying risk for obsolescence and measuring inventories at the lower of cost or net realizable value. ||To address the risk of material error in valuation of inventories our audit procedures included amongst others: |
| || Assessing the compliance of company's accounting policies over inventory with applicable accounting standards. |
| || Assessing the inventory valuation processes and practices. We reperformed the cost calculations and tested the effectiveness of the key controls. |
We have determined that there are no other key audit matters tocommunicate in our report.
Information other than the Financial Statements and Auditor'sReport Thereon
The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annual Report2021-22 but does not include the Ind AS Standalone financial statements and ourauditor's report thereon.
Our opinion on the Ind AS standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.
In connection with our audit of the Ind AS standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. 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 forthe Ind AS Standalone Financial Statements
The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") withrespect to the preparation of these Ind AS standalone financial statements that give atrue and fair view of the financial position financial performance (changes in equity)and 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 with the Companies (Indian Accounting Standards) Rules 2015as amended.
This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and 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 financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the Ind AS financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting 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 theCompany's financial reporting process.
Auditor's Responsibilities for the Audit of the Ind AS StandaloneFinancial Statements
Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted 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 Ind AS financialstatements.
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 Ind ASstandalone 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 the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls with reference tostandalone financial statements in place and the operating effectiveness 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 Ind AS 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 conditionsmay cause 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.
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 Ind AS Standalone FinancialStatements ofthe current period and are therefore the key audit matters. We describe thesematters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub- section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by Section 143(3) of the Act 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 (including Other ComprehensiveIncome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.
(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended.
(e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in termsof Section 164 (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".
(g) In our opinion the managerial remuneration for the year ended March 312022 hasbeen paid/ provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Companies Act 2013.
(h) 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 inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has no pending litigations hence the impact of pending litigations onits financial position in its Standalone Financial Statements is not disclosed.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection F und by the Company.
iv. (a) The Management has represented that to the best of its knowledge and beliefno funds 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 person(s)or entity(ies) including foreign entity ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary 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 its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("Funding Parties")with the understanding whether recorded in writing or otherwise that the Company shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the F unding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.
v. (a) The final dividend paid by the Company during the year in respect of the samedeclared for the previous year is in accordance with section 123 of the Act to the extentit applies to payment of dividend.
(b) As stated in Note 12 to the standalone financial statements the Board of Directorsof the Company have proposed final dividend for the year which is subject to the approvalof the members at the ensuing Annual General Meeting. The amount of dividend proposed isin accordance with section 123 of the Act to the extent it applies to declaration ofdividend.
|For KHANDELWAL & JHAWER |
|Chartered Accountants |
|FRN: 003923C |
|CA. Anil K. Khandelwal |
|M. No.072124 |
|Place : Indore |
|Date : 28th May 2022 |
|UDIN : 22072124AJOEZD4457 |
ANNEXURE - A TO INDEPENDENT AUDITOR'S REPORT
Annexure A - Referred to in paragraph under the heading Report on Other Legal andRegulatory Requirements' of our report of even date to the members of WorthPeripherals Limited for the year ended March 31 2022
i (a) (A) The company is maintaining proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.
(B) The company is maintaining proper records showing full particulars of intangibleassets.
(b) The management during the year has physically verified the Property Plant andEquipment of the company and no material discrepancies were noticed on such physicalverification. The management has adopted physical verification in a phased manner so thatall the Property Plant & Equipment are covered within a period of three years.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of all the immovable properties(other than properties where the company is the lessee and the lease agreements are dulyexecuted in favour of the lessee) disclosed in the financial statements are held in thename of the company.
(d) As informed and explained to us the management 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 no proceedings have been initiated or arepending against the company for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 (previously known as Benami Transactions(Prohibition) Act 1988) and rules made thereunder.
ii. (a) Physical verification of inventory has been conducted at reasonable intervalsby the management. In our opinion the coverage and procedure of such verification by themanagement is appropriate. No discrepancies of 10% or more in the aggregate for each classof inventory were noticed during such physical verification by the management.
(b) As informed and explained to us by the management at any point of time during theyear the company has not been sanctioned working capital limits in excess of 5 crorerupees in aggregate from banks.
iii. (a) During the year the Company has not provided loans advances in the nature ofloans stood guarantee or provided security to Companies Firms Limited LiabilityPartnerships or any other parties. Accordingly the requirement to report on clause3(iii)(a) of the Order is not applicable to the Company.
(b) During the year the Company has not provided loans advances in the nature ofloans stood guarantee or provided security to Companies Firms Limited LiabilityPartnerships or any other parties. Accordingly the requirement to report on clause3(iii)(b) of the Order is not applicable to the Company.
(c) During the year the Company has not granted loans and advances in the nature ofloans to Companies Firms Limited Liability Partnerships or any other parties.Accordingly the requirement to report on clause 3(iii)(c) (d) (e) and (f) of the Orderis not applicable to the Company.
iv. In our opinion and according to the information and explanations given to usprovisions of section 186 of the Act in respect of investments made have been compliedwith by the Company. Further in our opinion and according to the information andexplanations given to us there are no loans guarantees and securities given in respectof which provi sions of section 185 and 186 of the Act are applicable. Accordingly therequirement to report on clause 3(iv) of the Order is not applicable to that extent to theCompany.
v. The Company has not accepted any deposits under sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed there under.
vi. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Act.
vii. (a) According to the books of accounts and records examined by us as per thegenerally accepted auditing practices in India in our opinion the company has beenregular in depositing undisputed statutory dues including Goods and Service Tax providentfund employee's state insurance Income Tax Duty of Customs Cess and any otherStatutory dues to the appropriate authorities. According to the information andexplanations given to us there were no undisputed amounts payable in respect of suchstatutory dues which have remained outstanding as at 31st March 2022 for aperiod of more than six months from the date they became payable.
(b) According to the information and explanations given to us there are no amountspayable in respect of income tax wealth tax service tax sales tax goods & servicetax customs duty and excise duty which have not been deposited on account of anydisputes.
viii. According to the explanations and information given to us by the managementthere has been no amount surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961.
ix. (a) The Company has not defaulted in repayment of loans or other borrowings or inthe payment of interest thereon to lenders.
(b) According to the information provided to us by the management the company has notbeen declared as a wilful defaulter by any bank or financial institution or any otherlender.
(c) The term loans were applied for the purpose for which the loans were obtained.
(d) On an overall examination of the financial Statements ofthe Company no fundsraised on short-term basis have been used for long-term purposes by the Company.
(e) The company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiary.
(f) The company has not raised loans during the year on the pledge of securities heldin its subsidiary.
x (a) The Company did not raise any money by way of initial public offer/ furtherpublic offer (including debt instruments).
(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partly or optionally convertible) during the periodunder audit.
xi. (a) According to the information and explanations given to us no fraud by theCompany or no fraud on the Company has been noticed or reported during the year underaudit.
(b) No report under sub section (12) of section 143 of the Companies Act has been filedby the auditors in Form ADT 4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year;
(c) As per our information and according to the explanations given to us no whistleblower complaints were received by the company during the year.
xii. In our opinion the company is not a Nidhi Company and therefore the provisionsof clause (xii)(a) (xii)(b) and (xii)(c) of para 3 of the said order are not applicableto the Company.
xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone Ind AS financial statements as requiredby the applicable accounting standards.
xiv. (a) In our opinion and according to the information and explanations given bymanagement the company has an internal audit system commensurate with the size and natureof its business.
(b) The reports of the Internal Auditors for the period under audit were duly obtainedand considered by us.
xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him as referred to in section 192 ofthe Act.
xvi. (a) According to the information and explanations given to us by the managementthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.
(b) According to the information and explanations given to us by the management thecompany has not conducted any Non-Banking Financial or Housing Finance activities withouta valid Certificate of Registration (CoR) from the Reserve Bank of India as per theReserve Bank of India Act 1934.
(c) According to the information and explanations given to us by the management thecompany is not a Core Investment Company (CIC) as defined in the regulations made by theReserve Bank of India.
(d) According to the information and explanations given to us by the management theGroup does not have any CIC as part of the Group hence clause (xvi)(d) of paragraph 3 ofthe said order is not applicable to the company.
xvii. The company has not incurred any cash losses in the current financial year andimmediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year.
xix. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and in our knowledge of the Board of Directors and management planswe are of the opinion that no material uncertainty exists as on the date of the auditreport that company is capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.
xx. According to the information and explanations given to us by the management and onthe basis of our examination of the records of the company the company has spent theentire amount as per the requirement of section 135 of the Companies Act 2013 andtherefore sub- clauses (a) and (b) of clause (xx) of para 3 are not applicable.
xxi. Since this report is being issued in respect of standalone financial statements ofthe company hence clause (xxi) of paragraph 3 of the said Order is not applicable to thecompany.
| ||For KHANDELWAL& JHAWER |
| ||Chartered Accountants |
| ||FRN: 003923C |
| ||Sd/- |
| ||CA. Anil K. Khandelwal |
|Place: Indore ||Proprietor |
|Date: 28th May 2022 ||M. No.072124 |
ANNEXURE - B TO INDEPENDENT AUDITOR'S REPORT
Annexure B - Referred to in paragraph (f) under the headingReport on Other Legal and Regulatory Requirements' of our report of even dateto the members of Worth Peripherals Limited for the year ended March 31 2022
Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of subsection 3 of Section 143 of the Companies Act 2013 (the"Act")
We have audited the internal financial controls with reference to thestandalone financial statements of Worth Peripherals Limited (the "Company") asof March 31 2022 in conjunction with our audit of the standalone Ind AS financialstatements of the Company for the year ended on that date. Management'sResponsibility for Internal Financial Controls
The Management of the Company 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 (the"ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.
Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to the standalone Ind AS financial statementsof the Company based on our audit. We conducted our audit in accordance with the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing issued by the ICAI and prescribed under Section143(10) of the Act to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting with reference to the standalone Ind ASfinancial statements was established and maintained and if such controls operatedeffectively in all material respects.
Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to the standalone Ind ASfinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to the standalone Ind AS financial statements included obtainingan understanding of internal financial controls over financial reporting assessing therisk that a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to the standalone Ind AS financial statements.
Meaning of Internal Financial Controls with reference to thesestandalone Ind AS financial statements
A company's internal financial control with reference to thesestandalone Ind AS financial statementsis a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation ofstandalone Ind AS financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control with referenceto these standalone Ind AS financial statements includes those policies and proceduresthat (1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets ofthe company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone Ind AS financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone Ind AS financial statements.
Inherent Limitations of Internal Financial Controls with reference tothese standalone Ind AS financial statements
Because of the inherent limitations of internal financial controls withreference to these standalone Ind AS financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these standaloneInd AS financial statementsto future periods are subject to the risk that the internalfinancial control over financial reporting with reference to these standalone Ind ASfinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls over financial reporting with reference to these Standalone Ind ASFinancial Statements and such internal financial controls over financial reporting withreference to these Standalone Ind AS Financial Statements were operating effectively as atMarch 312022 based on the criteria for internal financial control over financialreporting established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the ICAI.
| ||For KHANDELWAL& JHAWER |
| ||Chartered Accountants |
| ||FRN: 003923C |
| ||Sd/- |
| ||CA. Anil K. Khandelwal |
|Place: Indore ||Proprietor |
|Date: 28th May 2022 ||M. No. : 072124 |