Page 167 - Index

Mission-Critical Decisions, Made with Confidence.
generally accepted accounting principles. A company’s
internal financial controls with reference to financial
statements include 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 authorisations
of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or
timely detection of unauthorised 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 with Reference to Financial
Statements
7. Because of the inherent limitations of internal
financial controls with reference to financial
statements, 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 with reference to financial
statements to future periods are subject to the risk
that the internal financial controls with reference
to financial statements may become inadequate
because of changes in conditions, or that the degree
of compliance with the policies or procedures
may deteriorate.
Opinion
8. In our opinion and based on the consideration of the
reports of the other auditors on internal financial
controls with reference to financial statements of
the subsidiary companies, the Holding Company
and its subsidiary companies, which are companies
covered under the Act, have in all material respects,
adequate internal financial controls with reference
to financial statements and such controls were
operating effectively as at 31 December 2024, based
on the internal financial controls with reference
to Consolidated Financial Statements criteria
established by the respective Companies considering
the essential components of internal control stated in
the Guidance Note issued by the ICAI.
Other Matter
9. We did not audit the internal financial controls with
reference to financial statements in so far as it relates
to one (1) subsidiary, which are companies covered
under the Act, whose financial statements reflect total
assets of ` 200 lakhs and net assets of ` 147 lakhs as
at 31 December 2024, total revenues of ` 300 lakhs and
net cash outflows amounting to ` 110 lakhs for the year
ended on that date, as considered in the consolidated
financial statements. The internal financial controls
with reference to financial statements in so far as
it relates to such subsidiary companies have been
audited by other auditor whose reports have been
furnished to us by the management and our report
on the adequacy and operating effectiveness of the
internal financial controls with reference to financial
statements for the Holding Company and its subsidiary
company, as aforesaid, under Section 143(3)(i) of the
Act in so far as it relates to such subsidiary company,
is based solely on the reports of the auditors of such
company. Our opinion is not modified in respect of this
matter with respect to our reliance on the work done
by and on the report of the other auditors.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Manish Gujral
Partner
Membership No.: 105117
UDIN: 25105117BMOLIV4433
Place: Mumbai
Date: 10 February 2025
Annual Report 2024
165
Financial Statements