Page 211 - Arvind 2024

Corporate Overview Statutory Reports Financial Statements
Notes to Standalone Financial Statements for the year ended 31st March, 2024 (Amount in Rs. Lac, unless stated otherwise)
42 The company has migrated to SAP Application software from legacy Farvision software wef July 31, 2023 for maintaining its books of account during the year. In respect of SAP Application software, which has a feature of recording audit trail (edit log) facility, the same has operated for all the transactions recorded in the Application except that audit trail feature is not enabled for direct changes to data when using certain access rights to the HANA application. Further there is no instance of audit trail feature being tampered with in respect of the SAP Application accounting software. In respect of legacy software, Farvision which was operated by a third-party software service provider, Management is not in possession of Service Organization Controls report to determine whether audit trail feature of the said software was enabled and operated throughout the year for all relevant transactions recorded in the software or whether there were any instances of the audit trail feature being tampered with.
43 Other statutory Information:
a The Company has availed loans from banks on the basis of security of current assets. The Company files statement of current assets with the bank on periodical basis. There are no material discrepancies between the statements filed by the Company and the books of accounts of the Company.
b The company has not been declared a wilful Defaulters by any bank or financial institution or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.
c There are no proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
d The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.
e The company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting periods.
f There is no immovable property whose title deed is not held in the name of the company.
g There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.
h The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
i The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.
j The company does not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
k The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999)and the Prevention of Money-Laundering Act, 2002 wherever applicable.
Annual Report 2023-24 | 209