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Inherent Limitations of Internal Financial Controls
Over Financial Reporting
7. Because of the inherent limitations of Internal
Financial Controls over financial reporting,
including the possibility of collusion or improper
override of controls by the Management, 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
8. 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, 2016, 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.
For Dalal & Shah Chartered Accountants LLP
Firm Registration Number: 102020W | W-100040
S Venkatesh
Mumbai
Partner
April 29, 2016
Membership Number: 037942