globe international carriers ltd Auditors report

To

The Members

Globe International Carriers Ltd, Jaipur

Report on the audit of the Standalone Financial Results Opinion

1. We have audited the accompanying Standalone financial statements of Globe International Carriers Ltd ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2023, the Standalone Statement of Profit and Loss and Standalone Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information ( hereinafter referred to as "the standalone financial statement)

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the profit/loss and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India and/or specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone 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 independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

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.

I. Contingent Liabilities

The Company has significant tax and other litigations against it. There is a high level of judgement required in estimating the level of provisioning required and appropriateness of disclosure of those litigations as contingent liabilities.

Refer to Note 30 "Contingent Liabilities" of the standalone financial statement.

II. Bad Debts/Unrecoverable Advances

The Company management has decided to write-off non-recoverable debtors and advances during the Year by Rs.18.49 Lakhs including non-recoverable amount of advances.

Refer to Note 25 "Other Expenses" of the standalone financial statement.

III. Loss By Theft

There is theft by employee named Rohit Singh Bhati of Rs. 2.00 Lakhs for which Company has not lodged any FIR but terminated him immediately. The management of Company is trying to recover the amount from that employee and till now recovered only Rs.0.95 Lakhs.

IV. Advance Against Land

The Company has made an advance of Rs.850.00 Lakhs to Mr. Khyati Prakash Shah for purchase of Land for construction of Ware House to expand the business, but no registered agreement executed for the same. We advised to make agreement now and register the same on immediate basis.

V. Bonus Issue

The company issued Bonus Share to existing shareholders in 1:1 Ratio on 27^th Oct, 2022 through postal ballot by capitalisation of reserves.

Refer to Note 3 "Share Capital" of the standalone financial statement.

VI. Proposed Dividend

The Board of Directors of the Company have proposed final Dividend of the year ended 31 March 2023 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend proposed is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

Refer to Note 31 "Dividend" of the standalone financial statement.

How our audit addressed the key audit matter

For legal, regulatory and tax matters our procedures included examining external legal opinions obtained by management; meeting with regional and local management and examining relevant Group correspondence; discussing litigations with the Companys legal counsel and tax head; assessing managements conclusions through understanding precedents set in similar cases; and circularization, where appropriate, of confirmations to third party legal representatives regarding certain material cases. In light of the above, we examined the level of provisions recorded and assessed the adequacy of disclosures in Standalone financial statements.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information.

The other information comprises the information included in the Management Discussion and

Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditors 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.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("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, and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Companys 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.

The Board of Directors are responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

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 auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit 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. 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 controls 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 management.

Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors 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.

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 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 financial statements. 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. 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. 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 auditors 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.

As required by the Companies (Auditors 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.

As required by Section 143(3) of the Act, based on our audit 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 and Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standard specified under Section 133 of the Act, read with Rule 7 of the Companies Accounts) Rules, 2014 as amended.

e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 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 and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors 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 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

For Gourisaria Goyal & Co. Chartered Accountant FRN 016681C

Sd/-

(CA Sandeep K Agrawal) Partner M. No. 417193

Place: Jaipur Date: May 30, 2023

UDIN: 23417193BGXESD8604

ANNEXURES REFERRED IN THE AUDITORS REPORT ON THE CONSOLIDATED ACCOUNTS OF GLOBE INTERNATIONAL CARRIERS LTD FOR THE YEAR ENDING 31^ST MARCH, 2023

Annexure A to the Auditors Report

As required by the Companies (Auditors report) Order, 2016 issued by the Central Government of India in terms of section 143(11) of the Companies Act, 2013, we report that:

In respect of fixed assets:
(a)	(A)The Company is maintaining proper records showing full particulars, including Quantitative details and situation of fixed assets based on available information.
	(B) The Company is maintain proper records showing full particulars of intangible Assets.
(b)	As explained to us, all the fixed assets have been physically verified by the management at the end of every year, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. As explained, no material discrepancies were noticed on such physical verification.
(c)	The Company does not hold any immovable property, thus, the paragraph 3(i)(c) is not applicable on the Company. However Company has made advance of Rs.850.00 Lakhs for purchase of Land, but agreement for the same has not executed, as certified by management.
(d)	As explained to us, the company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year and, thus, the paragraph 3(i)(d) is not applicable on the Company.
(e)	As explained to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, thus, the paragraph 3(i)(e) is not applicable on the Company

 

In respect of its inventories:

a) The Company is a service Company, primarily rendering transportation services. Accordingly, it does not hold physical inventories except few items of stores and consumables. As explained to us, the inventory has been physically verified by the management at regular intervals during the year. In our opinion, the coverage, and procedure of verification is reasonable. There were no material discrepancies of 10% or more in each class of inventory were noticed on physical verification of inventory as compared to the book records. There was no inventory at the end of year.

b) The company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets; the quarterly returns or statements filed by the company with such banks or financial institutions are in not agreement with the books of account of the Company, the details are as follow;

 

Month	Submitted	Debtors Actual	Difference	Submitted	Creditors Actual	Difference
Apr-22	49,23,07,236	49,59,81,210	36,73,974	11,48,52,347	17,45,66,510	5,97,14,163
May-22	47,97,15,968	50,07,30,969	2,10,15,001	14,26,77,070	22,21,98,871	7,95,21,801
Jun-22	58,42,03,767	55,42,50,073	-2,99,53,694	20,54,45,563	22,35,67,449	1,81,21,886
Jul-22	57,23,50,315	53,76,23,824	-3,47,26,491	18,74,41,264	19,33,79,671	59,38,407
Aug-22	61,51,19,395	50,13,73,141	-11,37,46,254	18,31,38,958	17,33,70,811	-97,68,147
Sep-22	46,23,37,663	55,13,62,382	8,90,24,719	2,55,10,565	14,74,65,552	12,19,54,987
Oct-22	55,29,51,777	56,78,51,163	1,48,99,385	9,63,07,268	24,22,74,609	14,59,67,341
	52,66,11,789	52,89,70,366	23,58,577	5,17,31,323	21,34,85,729	16,17,54,406
Nov-22
Dec-22	47,41,24,594	46,92,19,296	-49,05,298	4,87,63,188	19,45,07,936.78	14,57,44,749
Jan-23	39,93,06,130	34,70,43,784	-5,22,62,346	4,23,48,791	17,30,44,389.77	13,06,95,599
Feb-23	39,41,56,948	34,21,27,714	-5,20,29,234	3,53,21,779	11,60,09,887.17	8,06,88,108
Mar-23	39,60,45,448	41,75,23,169	2,14,77,721	3,64,11,812	9,72,95,795.21	6,08,83,983

The Company has provided guarantee and granted unsecured loans, to companies, firms, limited liability partnerships and any other parties a) During the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity

( A) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates;

Particulars	The aggregate amount during the year	Balance as on 31-03-2023
Govind Kripa Enclave LLP	30966000.00	31969560.00
Intra Globe Supply Chain Pvt Ltd	61480.00	0.00
GRC Logistics LLP	525000.00	0.00

( B) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to other than subsidiaries, joint ventures and associates;

Particulars	the aggregate amount during the year	Balance as on 31-03-2023
KHYAT PRAKASH SHAH	8,50,00,000.00	8,50,00,000.00
TELEPHONE SECURITY (CTR)	1,000.00	1,000.00
Rent Advance,Ahmedabad	10,000.00	10,000.00
E HEMANT SINGH RATHORE - LOAN	3,00,000.00	2,50,000.00
E MUKESH SHARMA(BHIWADI) - LOAN	2,70,000.00	1,62,500.00
L ROHIT SINGH BHATI-LOAN	28,282.00	13,282.00
L TAPAS PAU LOAN	20,000.00	12,173.00

b) The Company has provided guarantee and given adhoc loans to such parties and there are no terms and conditions on record for such guarantee and loans. According to the information and explanations given to us, the terms and conditions of the grant of such loans and guarantee are not prejudicial to the Companys interest except interest component

c) According to the information and explanations given to us, the schedule of repayment of principal and payment of interest has not been stipulated

d) As the schedule of repayment of principal and payment of interest has not been stipulated, there is no overdue amount. However, as per the information and explanations given to us, the Company has taken reasonable steps for recovery of principal or interest, if any from such parties.

e) As explanations given to us and information available to us, loan or advance in the nature of loan granted which has fallen due during the year, has not been renewed or extended or fresh loans has not granted to settle the overdue of existing loans given to the same parties, there is no such transactions.

Particulars
Aggregate amount of such dues renewed or extended or settled by fresh loans	NA
% of the aggregate to the total loans or advances in the nature of loans granted during the year	NA

f) the company has granted loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment,

Particulars
Aggregate Amount of Such	Rs. 11,71,81,760.00
Loans/Advances
% thereof to the total loans granted	100%
Aggregate amount of laons granted to	Rs. 3,15,52,480.00
Promoters, related parties as defined in
clause (76) of section 2 of the companies
Act, 2013

(iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees, and security, the provisions of Section 185 and 186 of the Companies Act, 2013 have not been complied with respect to loan given to firm in which director are partner or having substantial interest. (v) According to the information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public within the meaning of the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any relevant provisions of the Companies Act, 2013 and the rules made there under. (vi) In our opinion and according to the information and explanations given to us the maintenance of cost records has not been prescribed by the Central Government under Section 148(1) Act, for any of the services rendered by the Company.

(vii) In respect of statutory dues:

(a) 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, Goods and Service Tax, Cess and other statutory dues applicable to it with the appropriate authorities. (b) According to the information and explanations given to us, there are no dues of Income Tax or Sales Tax or Service Tax, or duty of customs or duty of excise or Value Added Tax, Goods and Service Tax which have not been deposited on account of any dispute except the Income Tax Liability of Rs. 1,27,18,190/- which was in arrears as at the end of the financial year or a period of more than six months from the date they became payable. However, this liability has not been acknowledged as debt by the Company upto the end of reporting period as company has taken significant proceeding to rectify the same. According to the information and explanations given to us, there is no such transactions viii) which not recorded in the books of account previously, 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 explanation given to us, the Company has not defaulted in repayment of loans or borrowing or in the payment of interest thereon to any lender. (b) In our opinion and according to the information and explanation given to us, the company is not a declared willful defaulter by any bank or financial institution or other lender;

(c) In our opinion and according to the information and explanation given to us, term loans if any, were applied for the purpose for which the loans were obtained.

(d) In our opinion and according to the information and explanation given to us funds raised on short term basis have not been utilized for long term purpose.

(e) In our opinion and according to the information and explanation given to us, during the year 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) In our opinion and according to the information and explanation given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint venture or associate companies. x) (a) In our opinion and according to the information and explanations given to us, the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) (b) In our opinion and according to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures( fully, partially or optionally convertible) during the year (xi) (a) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of audit except theft by employee named Rohit Singh Bhati of Rs. 2.00 Lakhs for which Company has not lodged any FIR but terminated him immediately. The management of Company is trying to recover the amount from that employee and till now recovered only Rs. 0.95 Lakhs. (b) According to the information and explanations given to us, any report under subsection (12) of section 143 of the Companies Act has not been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government;

(c) The auditor has not received any whistle blower complaints.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. (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 Act where applicable and details of such transactions have been disclosed in the Consolidated Financial Statements as required by the applicable accounting standards. (xiv) (a) According to the information and explanations given to us, the company has its own internal audit system commensurate with the size and nature of its business

(b) The reports of internal auditors for the period under audit are considered by us.

(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 any non-cash transactions with directors or persons connected with him. (xvi) (a) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-1A of the Reserve Bank of India Act, 1934. (b) In our opinion and according to the information and explanations given to us, the company has not conducted any Non-Banking Financial or Housing Finance activities So compliance regarding a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934 is not applicable on company; (c) In our opinion and according to the information and explanations given to us, the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, so compliance of the same is not applicable on the company. (d) In our opinion and according to the information and explanations given to us, the company is not part of any group that has CIC as part of the Group.

xvii) In our opinion and according to the information and explanations given to us, the company has not incurred any cash losses in the financial year and in the immediately preceding financial year, xviii) There is no resignation of statutory auditor during the year. xix) In our opinion and according to the information and explanations given to us there is no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date The opinion is on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans. xx) The provision of section 135 of the Company Act, is not applicable on the company, so reporting on CSR Compliance is not applicable.

For Gourisaria Goyal & Co. Chartered Accountant FRN 016681C

Place: Jaipur	(CA Sandeep K Agrawal)
Date: May 30, 2023	M. No. 417193
	Partner

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 Globe International

Carriers Limited (‘the Company) as of 31 March, 2023 in conjunction with our audit of the consolidated financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys 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 the Companys 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 Responsibility

Our responsibility is to express an opinion on the Companys 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 the 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. 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 auditors judgment, including the assessment of the risks of material misstatement of the 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 Companys internal financial controls system over financial reporting.

A Companys 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 Companys 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 the management and directors of the Company; and 3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys 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, to the best of our information and according to the explanations given to us, 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, 2023, 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 Gourisaria Goyal & Co. Chartered Accountant FRN 016681C

Place: Jaipur	(CA Sandeep K Agrawal)
Date: May 30, 2023	M. No. 417193
	Partner
UDIN: 23417193BGXESD8604