To the Members of Rollatainers Limited
Report on the Standalone Ind AS Financial Statements
Opinion
1. We have audited the accompanying standalone Ind AS financial statements of Rollatainers Limited ( the
Company ), which comprise the balance sheet as at March 31, 2024, the statement of profit and loss
(including other comprehensive income), the statement of cash flows and the statement of changes in equity
for the year then ended and a summary of the significant accounting policies and other explanatory information
(herein after referred to as standalone Ind AS financial statements ).
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 ( Act ) in the
manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India including Indian Accounting Standards ( Ind AS ) specified under section 133 of the Act, of
the state of affairs of the Company as at March 31, 2024, and its loss (including other comprehensive
income), its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the
Act. Our responsibilities under those standards are further described in the Auditor s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India ( ICAI ) together with the
ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act
and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
4. As stated in note no. 3.29 to the accompanying financial statements, the Company has incurred a net loss
of Rs. 21.69 lakhs for the year ended March 31, 2024 and accumulated losses stand at Rs. 12,286.93 lakhs
resulting in erosion of its net worth. This condition indicate that a material uncertainty exists which may cast
significant doubt about the Company s ability to continue as a going concern. However, these financial results
have been prepared on the going concern basis as the management is confident on the Company s abilityto continue as a going concern for a foreseeable future.
Our report is not modified in respect of the above-mentioned matter.
Emphasis of matter
5. Few bank accounts are dormant and pending for reconciliation. The balances in the same are not material.
6. Trade payables, trade receivables and other loans and advances given or taken are subject to reconciliation
and confirmation.
Our report is not modified in respect of above-mentioned matters.
Key audit matters
7. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the standalone financial statements of the current period. These matters were addressed in the context
of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Key Audit Matters |
Procedures Performed/Auditor s Response |
Contingent liabilities |
|
The contingent liabilities related to ongoing litigations and claims with various tax authorities. The computation of contingent liability requires significant judgement by the company because of the inherent complexity in estimating future costs. Refer Note No 3.17.2 to the financial statements. |
Obtained details of completed tax assessments and demands for the year ended March 31, 2023 from management. We involved our internal experts to challenge the management s underlying assumptions in estimating the tax provision and the possible outcome of the disputes. |
Receivable from revenue authorities As at March 31, 2024, current assets amounting to Rs. 32.09 lakhs which are pending from various statutory authorities. Refer Note No. 3.7 to the financial statements |
We have involved our internal experts to review the nature of the amounts recoverable, the sustainability and the likelihood of recoverability. |
8. The Company s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board s Report including Annexures to Board s Report, Business Responsibility Report, Corporate Governance and Shareholder s Information, but does not include the standalone financial statements and our auditor s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this regard.Management s responsibilities for the standalone financial statements
9. The Company s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
10. In preparing the standalone financial statements, Board of Directors are responsible for assessing the Company s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
11. The Board of Directors is also responsible for overseeing the Company s financial reporting process.
Auditor s Responsibilities for the audit of the standalone financial statements
12. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a
whole are free from material misstatement, whether due 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 anaudit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these standalone
financial statements.
13. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
14. Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
15. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
16. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
17. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other matters
18. As disclosed in note no. 3.26 to the accompanying financial statement, pursuant to the meeting held on April 20, 2024 of the board of directors, the Company had proposed to issue of 11,76,47,070 convertible equity warrants to certain non-promoter entities on a preferential basis at Rs 1.70/- each, aggregating Rs. 2,000 lacs. This proposal was approved by shareholders in an extraordinary general meeting on May 16, 2024. The
Company is in the process of getting regulatory approval for the same.
19. As disclosed in note no. 3.9.2 to the accompanying financial statement, pursuant to the meeting held on May 10, 2024 of the board of directors, the Company have proposed variation/alteration in the terms of preference shares of the Company as below:
a. Allotment of 53,63,984 10% Compulsorily Convertible Preference Shares (CCPS) of Re. 1/- each in lieu of existing 1,40,000, 10% Redeemable Non-Convertible Preference Shares (RNCPS) of Rs. 100 each.
b. Allotment of 3,83,14,176 2% Compulsorily Convertible Preference Shares (CCPS) of Re. 1/- each in lieu of existing 10,00,000, 2% Redeemable Non-Convertible Preference Shares (RNCPS) of Rs. 100 each.
The extraordinary general meeting for this proposal is scheduled to be held on June 05, 2024.
Report on other legal and regulatory requirements
20. 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 of the Companies Act, 2013, we give in the Annexure
A , a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
21. 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 best of our knowledge
and belief were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books;
c) The Balance Sheet, the Statement of profit and loss including Other comprehensive income, Statement
of changes in equity and the Statement of cash flows dealt with by this Report are in agreement with
the books of account;
d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as
amended;
e) On the basis of the written representations received from the directors as on March 31, 2024 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from
being appointed as a director in terms of Section 164 (2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
with reference to these Financial Statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in Annexure B to this report;
g) In our opinion, the managerial remuneration for the year ended March 31, 2024 has been paid/
provided by the company to its directors in accordance with the provisions of section 197(16) of the
Act, as amended;
h) With respect to the other matters to be included in the Auditor s Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of
our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its
Financial Statements Refer note. 3.17.2 to the standalone financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; iii. There were no amounts which were required to be transferred to the Investor Education and Protection fund by the Company during the year ended March 31, 2024. iv. The Management has represented that, to the best of its knowledge and belief: a) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ( Intermediaries ), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any 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) No funds (which are material either individually or in the aggregate)have been received by the Company from any person or entity, including foreign entity ( Funding Parties ), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ( Ultimate Beneficiaries ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. v. During the year, the Company has not declared any dividend. vi. Based on our examination which included test checks, the Group has used an accounting software which partially has a feature of recording audit trail for maintaining its books of accounts.
The management faced constraints on selecting the appropriate software vendor in delivering and installing the required updates, which prevented the immediate implementation of audit trail-compliant software. Additionally, the company s current accounting software is fully capable of ensuring that the books of account and other relevant records are retained completely in their original format or in a format that accurately presents the information. The software ensures that the data remains complete and unaltered, thereby maintaining the integrity and reliabilityoftherecords.
As proviso to Rule 3(1) of the Companies (Accounts) Rules 2014 is applicable from April 01, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.
For Chatterjee & Chatterjee |
Chartered Accountants |
Firm registration no: 001109C |
BD Gujrati |
Partner |
Membership no: 010878 |
Place : New Delhi |
Date : May 29, 2024 |
UDIN : 24010878BKHBQO8488 |
Annexure A to the Independent Auditor s Report
(Referred to in paragraph 18 under the heading Report on Other Legal & Regulatory Requirements section of our report of even date to the members of Rollatainers Limited) Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:
(i) In respect of the Company s property, plant and equipment:
(a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of property, plant and equipment and relevant details of right-of-use assets, if any. However,
according to the information and explanation given to us and on the basis of examination of books and
records, the management had impaired the full value of property, plant and equipment during the earlier years.
(b) In view of the above, no physical verification was considered necessary by the Management during the year.
(c) According to the information and explanations given to us, no immovable property is held in the name of company as on March 31, 2024. Accordingly, reporting under clause 3(i)(c) is not applicable.
(d) The Company has not revalued its property, plant and equipment (including right-to-use assets) during the year.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) (a)
There are no inventories held by the Company during the year. Accordingly, the reporting under clause
3(ii)(a) of the Order is not applicable.(b) The Company has not been sanctioned working capital limits from banks or financial institution on the
basis of security of current assets during the current year. Accordingly, the reporting under clause
3(ii)(b) of the Order is not applicable.(iii) According to the information and explanations given to us and on the basis of examination of books and
records by us,
(a) The Company has not made any investment, granted any loans or provided advances in the nature
of loans or stood guarantee or provided security to its subsidiaries, joint venture and associates during
the year.
(b) The investments made, guarantees provided, security given and the terms and conditions of the grant
of all loans and advances in the nature of loans and guarantees provided by the Company are not
prejudicial to the Company s interest.
(c) Status of Investment made, guarantees provided, security given, Loans given or advances in the nature
of loans given in earlier years by the Company as March 31, 2024 is specified below:
Particulars |
|
Balance as at 31.03.2024 (Amount in Lakhs) |
|
1 Investments in subsidiaries and joint ventures |
2,300.00 |
2 Advances to related parties |
567.02 |
(d) The Company does has not any amount which is overdue for more than ninety days. Accordingly, the reporting under clause 3(iii)(d) of the Order is not applicable.
(e) The Company has not granted any loan or advance in the nature of loan during the year that has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties. Accordingly, the reporting under clause 3(iii)(e) of the Order is not applicable.
(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment. Accordingly, the reporting under clause 3(iii)(f) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act in respect of loans, investments, guarantees, and security.
(v) The Company has not accepted any deposits and also there were no amounts which are deemed to be the deposits. Hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013, and the rules framed there under, do not apply to this Company.
(vi) The maintenance of cost records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company. Accordingly, the provisions the requirement to report on clause 3(vi) of the order is not applicable.
(vii) (a) According to the records, the Company is generally regular in depositing undisputed statutory dues including Goods and service tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and all other material statutory dues with the appropriate authorities and there were no arrears of statutory dues as at March 31, 2024 for a period of more than six months from the date they became payable of the financial statement.
(b) According to the records of the Company and the information and explanations given to us, there were no statutory dues referred to in sub clause (a) which have not been deposited on account of dispute.
(viii) According to the information and explanations given to us and based on our verification, there were no
transactions which are not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43) of 1961.
(ix) a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or in the payment of interest thereon to any lender.
b) The Company has not been declared wilful defaulter by any bank or financial institution or any other lender.
c) In our opinion and according to the information and explanations given to us, the Company has not taken any term loan during the year and there are no unutilized term loans at the beginning of the year. Accordingly, the reporting under clause 3(ix)(c) is not applicable.
d) In our opinion and according to the information and explanations given to us, we report that no funds raised 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 to meet the obligations of its subsidiaries, associates or joint ventures.
f) The Company has not raised any loans during the year. Accordingly, clause 3(ix)(f) of the Order is not applicable.
(x) a) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, clause 3 (x)(a) of the Order is not applicable.
b) The Company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Accordingly, clause 3 (x)(b) of the Order is not applicable.
(xi) a) According to the information and explanations given by the management and based upon the audit procedures performed no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.
b)No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT- 4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government during the year and up to the date of this report;
c) As represented to us by the management, there are no whistle blower complaints received by the
Company during the year.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi
Company. Accordingly, clause 3(xii) of the Order is not applicable
(xiii) According to the information and explanations given to us and based on our examination of the records of
the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act
where applicable and details of such transactions have been disclosed in the financial statements as required
by the applicable accounting standards.
(xiv) a) In our opinion, the company has an adequate internal audit system commensurate with the size and
nature of its business;
b) We have considered the reports of the Internal Auditors for the period under audit;
(xv) According to the information and explanations given to us and based on our examination of the records of
the Company, the Company has not entered into non-cash transactions with directors or persons connected
with him. Accordingly, clause 3(xv) of the Order is not applicable.
(xvi) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India
Act 1934, and is not a core investment Company (as defined in the Core Investment Companies (Reserve
Bank) Directions, 2016 and hence reporting under clause 3(xvi) and sub-clauses of the Order are not
applicable.
(xvii) The Company has not incurred any cash losses in the current year as well as in the immediately preceding
financial year.
(xviii)
There has been no resignation of the Statutory Auditors during the year. Accordingly, reporting under clause
3(xviii) of the Order is not applicable to the Company.(xix) As stated in the paragraph 4 of the Independent auditor s report, the Company has incurred a net loss of
Rs. 21.69 lakhs for the year ended March 31, 2024 and accumulated losses stand at Rs. 12,286.93 lakhs
resulting in erosion of its net worth. This condition indicate that a material uncertainty exists which may cast
significant doubt about the Company s ability to continue as a going concern. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting is based
on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that
all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the
Company as and when they fall due.
(xx) The provisions of section 135 are not applicable to the Company and hence reporting under clause 3(xx) and
its sub-clauses of the Order are not applicable.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial
statements. Accordingly, no comment in respect of the said clause has been included in this report.
Chartered Accountants |
Firm registration no: 001109C |
BD Gujrati |
Partner |
Membership no: 010878 |
Place : New Delhi |
Date : May 29, 2024 |
UDIN : 24010878BKHBQO8488 |
Annexure B to the Independent Auditor s Report
Report on the Internal financial controls under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013 ( the Act )
We have audited the internal financial controls over financial reporting of Rollatainers Limited ( the Company ) as of March 31, 2024 in conjunction with our audit of the standalone Ind AS 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 internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal financial controls over financial reporting issued by the Institute of Chartered Accountants of India ( ICAI ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors responsibilities
Our responsibility is to express an opinion on the Company s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company s internal financial controls system over financial reporting.
Meaning of internal financial controls over financial reporting
A company s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company s assets that could have a material effect on the financial statements.
Inherent limitations of internal financial controls over financial reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on audit of Internal financial controls over financial reporting issued by the Institute of Chartered Accountants of India.
Chartered Accountants |
Firm registration no: 001109C |
BD Gujrati |
Partner |
Membership no: 010878 |
Place: New Delhi |
Date: May 29, 2024 |
UDIN: 24010878BKHBQO8488 |
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